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World Bank approves $1.5 billion financing to aid India's low-carbon transition
By Globe Banner | Jun 28, 2024
The World Bank’s Board of Executive Directors has approved $1.5 billion in financing to support India’s transition to low-carbon energy. The operation aims to develop a market for green hydrogen, scale up renewable energy, and stimulate finance for low-carbon investments.
World Bank appoints Dina Abu-Ghaida as new country manager for Yemen
By Globe Banner | Jun 28, 2024
The World Bank Group announced the appointment of Dina Abu-Ghaida as Country Manager for Yemen, a role aimed at unifying country-level leadership to support both public and private sector priorities. Based in Amman, Jordan, Abu-Ghaida will lead the institution’s engagement in Yemen, involving policy dialogue with government officials, civil society, the private sector, and development partners.
World Bank approves $300M loan for energy transition in China's Shaanxi province
By Globe Banner | Jun 28, 2024
The World Bank’s Board of Executive Directors has approved a US$300 million (€276.5 million) loan to support the transition to renewable and low-carbon energy sources in China’s Shaanxi province's heating sector. The project also aims to pilot a pricing reform program.
World Bank approves funding for resilient schools and economic recovery in Philippines
By Globe Banner | Jun 28, 2024
The World Bank's Board of Executive Directors has approved funding support for two government projects aimed at ensuring safer and more resilient schools, as well as strengthening economic recovery in the Philippines.
World Bank approves $650 million for Bangladesh's Bay Terminal development
By Globe Banner | Jun 28, 2024
Washington, June 28, 2024—The World Bank’s Board of Executive Directors today approved $650 million to help Bangladesh invest in infrastructure critical for developing the Bay Terminal deep seaport. This development aims to improve Bangladesh's global trade competitiveness and reduce import and export costs by increasing port operational efficiency and mobilizing private investment.
World Bank approves $110 million loan to improve healthcare in Armenia
By Globe Banner | Jun 28, 2024
Washington, June 28, 2024 — The World Bank’s Board of Executive Directors has approved a loan amounting to $110 million (EUR 102 million) to support the Enabling Universal Health Coverage Program for Armenia. This initiative aims to enhance the quality of primary health care, ensure accessible services nationwide, and increase the efficiency of government healthcare spending. It aligns with the Government of Armenia's Five Year Action Plan (2021-2026) and is part of the national Healthcare System Development Strategy.
World Bank approves $200M loan for sustainable fodder production in China's Gansu
By Globe Banner | Jun 28, 2024
The World Bank's Board of Executive Directors has approved a US$200 million (€186.5 million) loan aimed at enhancing productivity, reducing methane and other greenhouse gas (GHG) emissions, and improving climate resilience in the livestock sector of China's Gansu province.
Lao PDR commits renewed efforts towards combating childhood malnutrition
By Globe Banner | Jun 27, 2024
At the Second Lao PDR Human Capital Summit today, the Lao government announced a renewed commitment to tackling malnutrition, recognizing that proper nutrition in a child’s first 1,000 days will determine a person’s intelligence and strength for life.
World Bank approves $600 million for Türkiye's flood and drought resilience
By Globe Banner | Jun 27, 2024
The World Bank Board has approved $600 million in financing to support Türkiye's efforts to enhance resilience against floods and droughts, which are becoming more frequent and severe due to climate change. The Türkiye Flood and Drought Management Project aims to increase flood control for residents in flood-prone areas, improve farmers' drought-monitoring capacity, and strengthen the country's institutional capacity for managing flood and drought risks.
World Bank official emphasizes urgent action needed for climate resilience
By Globe Banner | Jun 27, 2024
Axel van Trotsenburg, Senior Managing Director of the World Bank, addressed the UST-USAID High-Level Dialogue on Financing for Climate Resilience on June 27, 2024. In his remarks, he emphasized the urgency of addressing climate change as 2024 has already experienced numerous heatwaves and record-breaking temperatures.
World Bank launches $2.48 billion initiative for digital inclusion in Africa
By Globe Banner | Jun 27, 2024
WASHINGTON, June 27, 2024 – A new program aimed at benefiting over 180 million people by 2032 is set to significantly increase internet access and the inclusive use of digitally enabled services in Eastern and Southern Africa.
World Bank funds IDEA program for digital transformation in Eastern & Southern Africa
By Globe Banner | Jun 27, 2024
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) program aims to increase internet access and the inclusive use of digitally enabled services. With $2.48 billion in funding from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA seeks to address challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection. The program will be implemented over eight years with Angola, Democratic...
Inclusive Digitalization Program targets improved internet access across Eastern & Southern Africa
By Globe Banner | Jun 27, 2024
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) program aims to enhance internet access and the use of digitally enabled services across 15 countries and Regional Economic Communities. Funded with $2.48 billion from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA addresses challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection issues. The program is expected to drive...
Burkina Faso's economy grows amid security crisis; inflation falls
By Globe Banner | Jun 27, 2024
The economy of Burkina Faso demonstrated resilience in 2023, with a growth rate of 3.2% despite ongoing security challenges. Inflation decreased to 0.7%, attributed to declining local product prices. This marked an improvement from the previous year’s sluggish economic performance, where GDP growth was at 1.8%. The successful agricultural season contributed to the downward trend in inflation, which turned negative from May to October 2023.
World Bank urges increased public health spending for sustainable growth
By Globe Banner | Jun 27, 2024
KAMPALA, June 27, 2024 — Economic activity in Uganda has remained resilient despite multiple successive shocks, with real gross domestic product (GDP) accelerating from 5.3% in FY22/23 to an estimated 6% in FY23/24, a new World Bank report notes. The expansion was driven by oil-related construction activity and the growth of the mining and quarrying sector, which benefited from sustained increases in gold prices and an improved domestic environment for artisanal mining.
World Bank launches major initiative for energy efficiency in Europe & Central Asia
By Globe Banner | Jun 27, 2024
The World Bank has announced a significant new regional initiative aimed at accelerating energy efficiency across Europe and Central Asia. The 10-year "Scaling Up Energy Efficiency in Europe and Central Asia Program" (E3 Program) is expected to save over 63 terawatt hours (TWh) of energy, equivalent to Switzerland's annual electricity production, and reduce CO2 emissions by 18.7 million metric tons.
Inclusive Digitalization program aims to expand internet access across Eastern & Southern Africa
By Globe Banner | Jun 27, 2024
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) Program aims to increase internet access and the inclusive use of digitally enabled services across 15 countries. Funded with $2.48 billion from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA seeks to address challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection issues. The program's objective is to foster sustainable...
Climate-smart agriculture transforms lives in Eastern Zambia
By Globe Banner | Jun 27, 2024
In Zambia’s Eastern Province, Wilson Banda, a lead farmer, is teaching other farmers at a field school in Katete how planting shade trees can enhance soil nutrients and improve harvests. Training teams of farmers in such practices has transformed the region's negative cycle into a positive one. Previously, poor farming practices caused soil degradation, leading to deforestation for agriculture and further ecosystem disruption. Farmers are now adopting climate-smart agriculture practices such as precision farming, agroforestry, crop rotation, crop diversification, and...
World Bank reports deepening crises for Yemen's economy amid ongoing conflict
By Globe Banner | Jun 26, 2024
Yemen’s economy continues to face significant hurdles as ongoing conflict and regional tensions exacerbate the nation's economic and humanitarian crises, according to the World Bank’s latest Yemen Economic Monitor. Yemen's GDP is projected to contract by 1.0% in 2024, following a 2.0% contraction in 2023 and modest growth of 1.5% in 2022. Between 2015 and 2023, Yemen experienced a 54% decline in real GDP per capita, leaving the majority of Yemenis in poverty. Food insecurity affects half the population, and youth mortality rates have surged.
Zambia farmers adopt climate-smart practices boosting yields
By Globe Banner | Jun 26, 2024
In Zambia’s Eastern Province, Wilson Banda, a lead farmer, is teaching other farmers at a field school in Katete how planting shade trees can help nutrients in the soil and lead to better harvests.