Latest News
Report underscores importance of fostering inclusive growth through Somalia's resilient private sector
By Globe Banner | Jun 26, 2024
NAIROBI, June 26, 2024 — Since Somalia’s private sector accounts for an estimated 95 percent of total jobs created, marshaling the private sector to support the country’s development is critical for reconstruction, transitioning from fragility, and generating more inclusive economic dividends for its people. The country also needs to focus on growth to avoid falling back into debt, create jobs, and enhance economic opportunities for citizens.
Federal Credit Union Act celebrates its 90th anniversary
By Globe Banner | Jun 26, 2024
The National Credit Union Administration (NCUA) commemorated the 90th anniversary of the Federal Credit Union Act of 1934, signed into law by President Franklin Delano Roosevelt, which authorized the formation of federally chartered credit unions in all states.
Bhutan partners with World Bank to assess primary healthcare challenges
By Globe Banner | Jun 26, 2024
Bhutan faces emerging health challenges with a shifting burden towards noncommunicable diseases and an aging population. The country continues to address high rates of malnutrition and disparities in access to maternal and child health services. To respond to these evolving challenges and develop a more resilient health system, the Royal Government of Bhutan has partnered with the World Bank to assess the current status and identify strengths and opportunities within the existing primary health care (PHC) system.
World Bank calls for increased investment in Tanzania's livestock sector amid climate challenges
By Globe Banner | Jun 26, 2024
DAR ES SALAAM, June 2024— Tanzania's livestock sector plays a crucial role in providing livelihoods for millions of citizens, with considerable potential to also play a leading role in regional production and trade. The country’s cattle population of 36.6 million is the second largest in Africa after Ethiopia, representing 1.4% of the global cattle population and 11% of the African cattle population. Tanzania also has a large number of sheep, goats, chickens, and pigs, ranking it among the top ten on the continent in terms of overall livestock amounts.
World Bank approves $95M package for resilience and growth in Fiji
By Globe Banner | Jun 26, 2024
A new package of World Bank support to Fiji, approved last week, will see a major boost for the country’s fiscal, climate, and disaster resilience, as well as efforts to support private sector development.
World Bank Group debars Ernst & Young LLP Kenya over sanctionable practices
By Globe Banner | Jun 26, 2024
The World Bank Group (WBG) announced the 30-month debarment of Kenya-based Ernst & Young LLP (EY Kenya), which provides services including assurance, tax, consulting, advisory, and information technology. The debarment is linked to sanctionable practices within the Somali Core Economic Institutions and Opportunities Program (SCORE) and the Second Public Financial Management Capacity Strengthening Project (PFM II) in Somalia.
World Bank reports slowed remittance growth for LMICs in 2023
By Globe Banner | Jun 26, 2024
After a period of strong growth during 2021-2022, officially recorded remittance flows to low- and middle-income countries (LMICs) moderated in 2023, reaching an estimated $656 billion, according to the World Bank’s latest Migration and Development Brief released today.
World Bank Group addresses severe food insecurity in Gaza
By Globe Banner | Jun 26, 2024
The World Bank Group issued a statement today expressing deep concern over the ongoing humanitarian crisis in Gaza. According to a new report by the Integrated Food Security Phase Classification (IPC) initiative, of which the World Bank is a partner, 96 percent of Gaza's population—approximately 2.15 million people—are experiencing high levels of acute food insecurity.
NCUA releases annual report on cybersecurity measures for credit unions
By Globe Banner | Jun 25, 2024
The National Credit Union Administration (NCUA) released its annual Cybersecurity and Credit Union System Resilience Report today. The report provides an overview of the current cybersecurity threat landscape, highlights key cybersecurity initiatives, and details ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry.
Equatorial Guinea explores pathways towards developing an inclusive digital economy
By Globe Banner | Jun 25, 2024
In the wake of new challenges and its prolonged oil dependency, Equatorial Guinea’s government is aiming for economic diversification as a key course of action for growth and stability. The adoption of digital technologies has the potential to increase the productivity of Small and Medium-sized Enterprises (SMEs), stimulate innovation, and create high-skilled jobs in Equatorial Guinea. Digital transformation could therefore play a critical role in diversifying Equatorial Guinea’s economy in the upcoming years.
Equatorial Guinea seeks economic diversification through strategic push towards inclusive digital transformation
By Globe Banner | Jun 25, 2024
In the wake of new challenges and prolonged oil dependency, Equatorial Guinea’s government is aiming for economic diversification as a key course of action for growth and stability. Digital transformation could play a critical role in driving diversification, financial inclusion, poverty reduction, and job creation. In 2021, the National Development Plan 2035 introduced technology and innovation as a cross-cutting theme, placing the digital economy at the center of the diversification strategy. The government is also implementing the Digital Agenda for Equatorial Guinea...
World Bank announces $700 million financing to support sustainable growth in Egypt
By Globe Banner | Jun 24, 2024
The World Bank has announced a US$700 million Development Policy Financing (DPF) for the Government of Egypt to support the country's transition towards increased private sector participation, enhanced macroeconomic and fiscal resilience, and a greener growth trajectory.
Philippines urged to invest more effectively in human capital
By Globe Banner | Jun 24, 2024
Honorable Secretary Arsenio Balisacan of NEDA, Honorable Secretary Renato Solidum, Jr. of the Department of Science and Technology, other government officials, panelists of this forum, leaders of academia, civil society, the private sector, development partners, esteemed guests, colleagues, and friends. Good morning.
World Bank urges Philippine investment in early childhood development
By Globe Banner | Jun 24, 2024
Increasing investment in children's early development will improve the well-being of all Filipinos and strengthen the country's economic potential, a World Bank report released on Monday said.
World Bank projects steady economic growth for Indonesia amid structural challenges
By Globe Banner | Jun 24, 2024
Indonesia’s economy is projected to grow steadily in the coming years, bolstered by increased public spending, rising business investment, and steady consumer demand, according to a new report from the World Bank.
Cambodia improves maternal-child healthcare through community-based initiatives
By Globe Banner | Jun 24, 2024
Providing equitable access to quality health and nutrition services for women and children in the first 1,000 days of life remains a challenge in Cambodia. Through the Cambodia Nutrition Project, the national government has reformed health and nutrition systems to give local authorities more control over managing and delivering services in their communes/sangkats and villages. The project funded the recruitment and training of 4,459 village health workers — 3,255 of them women — supporting higher quality service delivery across nine provinces.
World Bank approves $150 million for improving primary healthcare in Sri Lanka
By Globe Banner | Jun 24, 2024
The World Bank’s Board of Executive Directors has approved $150 million in financing for Sri Lanka to enhance the quality and utilization of its primary healthcare services. The newly sanctioned Sri Lanka Primary Healthcare System Enhancing Project aims to improve care quality and increase the use of primary medical care institutions, which provide essential health services to local communities.
NCUA releases annual report highlighting growth among minority depository institution credit unions
By Globe Banner | Jun 24, 2024
The NCUA Releases its Annual MDI Report to Congress Today
World Bank suggests $546M investment in Tanzanian livestock
By Globe Banner | Jun 24, 2024
Tanzania can significantly boost its livestock sector's economic contribution with a comprehensive plan that emphasizes climate-smart strategies and innovations, according to a new report by the World Bank. The 21st Tanzania Economic Update, titled "Harnessing the Opportunity for a Climate-Smart and Competitive Livestock Sector in Tanzania," recommends backing such a plan with at least $546 million in public investments over the next five years. This annual investment of approximately $109 million represents a fivefold increase over previous budgets and a 50 percent increase...
World Bank debars Future Netwings Solutions over collusive practices
By Globe Banner | Jun 24, 2024
The World Bank Group announced today the 15-month debarment of Future Netwings Solutions Private Limited (FNSPL), an India-based IT and networking services provider, due to collusive practices related to the West Bengal Institutional Strengthening of Gram Panchayats Program II in India.