Latest News
World Bank approves $200 million to improve Senegal's water security
By Globe Banner | Jun 21, 2024
The World Bank has approved $200 million in financing to aid Senegal in enhancing its sanitation services and water resources in key water security hotspots. This initiative marks the first phase of the Integrated Water Security and Sanitation Program for Senegal (PISEA), targeting improved access to drinking water, better sanitation, and resilience against flood and drought risks.
World Bank approves $110M boost for municipal support program in Senegal
By Globe Banner | Jun 21, 2024
The World Bank has approved an additional $110 million in Program for Results financing for the Municipal and Agglomeration Support Program (PACASEN) in Senegal. This additional financing aims to scale up efforts to local governments and improve their management of public investments.
World Bank approves $107 million credit for sustainable transport infrastructure in southern Viet Nam
By Globe Banner | Jun 21, 2024
The World Bank Board of Directors has approved a US$107 million credit to enhance the capacity, efficiency, and safety of inland waterways in southern Viet Nam. This initiative aims to reduce greenhouse gas emissions within the country's transport sector.
World Bank approves $145 million investment for Cambodia's water security
By Globe Banner | Jun 21, 2024
Over 113,000 people in Cambodia are expected to benefit from improved water supply infrastructure following the approval of a new World Bank-supported project. Funded by a US$145 million credit from the World Bank’s International Development Association, the Cambodia Water Security Improvement Project aims to enhance water security, increase agricultural productivity, and build resilience to climate risks.
Uzbekistan receives $7.5 million grant from World Bank for emissions reduction
By Globe Banner | Jun 21, 2024
Uzbekistan has become the first country to receive a payment from the World Bank for reducing carbon emissions through a policy crediting program. The Innovative Carbon Resource Application for Energy Transition (iCRAFT) project was designed to support Uzbekistan in implementing energy efficiency measures, phasing out energy subsidies, and transitioning to cleaner energy sources.
World Bank approves $120 million financing package for Chad's social protection
By Globe Banner | Jun 21, 2024
The World Bank has approved $100 million in International Development Association (IDA) financing for Chad, supplemented by an additional $20 million from the Sahel Adaptive Social Protection Program, a multi-donor trust fund. This funding aims to enhance access to social safety nets for poor and vulnerable populations, including refugees, and to strengthen Chad's social protection system.
IMF announces Madagascar as first beneficiary of Enhanced Cooperation Framework
By Globe Banner | Jun 21, 2024
WASHINGTON, June 21, 2024 – The World Bank Group (WBG) and International Monetary Fund (IMF) announced that the Enhanced Cooperation Framework for Climate Action is now operational. Madagascar will be the first country to benefit from the Framework under the Resilience and Sustainability Facility (RSF) arrangement approved today by the IMF Executive Board, alongside active WBG engagement on climate change in the country.
World Bank approves $900 million funding package for Bangladesh
By Globe Banner | Jun 21, 2024
The World Bank's Board of Executive Directors has approved two projects totaling $900 million to aid Bangladesh in bolstering fiscal and financial sector policies, as well as enhancing urban infrastructure and management for sustainable and climate-resilient growth.
Somalia anticipates 3.1% GDP growth amid improved weather conditions
By Globe Banner | Jun 20, 2024
Somalia's economy is projected to grow by 3.1 percent in 2023, an increase from the 2.4 percent growth seen in 2022. This recovery has been attributed to improved weather conditions and policy reforms implemented by the government aimed at reaching the Heavily Indebted Poor Countries (HIPC) Completion Point.
World Bank Group launches academy to enhance global development expertise
By Globe Banner | Jun 20, 2024
A new World Bank Group (WBG) platform, the WBG Academy, aims to equip future leaders with development expertise to help them realize their countries’ full potential. As a key component of the Bank Group’s efforts to transform its approach to knowledge, the Academy will deliver programs that enhance engagement among government, development practitioners, Bank Group staff, and other stakeholders. The goal is to share knowledge, learn from experience, and identify actions needed to solve difficult development challenges.
Solar power expands electricity access in rural Malawi
By Globe Banner | Jun 20, 2024
Lilongwe – As the sun sets in most villages in Malawi, darkness brings anxiety for many, particularly school-going children. Only 23% of Malawi’s population has access to electricity. Many households rely on battery-powered torches, candles, and kerosene lamps for lighting. This struggle impacts daily life, security, and food preparation.
World Bank approves $275 million credit for Cambodia's economic growth
By Globe Banner | Jun 20, 2024
The World Bank Board of Directors approved $275 million in credit to support Cambodia’s efforts to promote long-term economic growth and resilience. The financing, sourced from low-interest International Development Association funds for developing countries, aims to enhance private sector competitiveness, strengthen the country's fiscal position, and provide assistance to the most vulnerable populations.
World Bank approves $535 million for social protection and climate-smart growth in Pakistan
By Globe Banner | Jun 20, 2024
The World Bank’s Board of Executive Directors has approved $535 million in financing for Pakistan to support two projects aimed at enhancing social protection and promoting climate-smart growth in the livestock and aquaculture sectors. The additional financing for the Crisis Resilient Social Protection (CRISP) Program seeks to fortify the country's social protection system and build resilience among poor and vulnerable households. Concurrently, the Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA) Project will foster climate-smart practices among small and...
World Bank supports modernization of Gambian agriculture through GIRAV initiative
By Globe Banner | Jun 20, 2024
Jongfolo Korta looks at her rice field with satisfaction. She is among the many small farmers in the Eastern region of Jahally, in The Gambia, where agriculture is thriving.
Binance CEO: 'Macron's government has been very supportive of technological innovation'
By Globe Banner | Jun 20, 2024
Binance CEO Richard Teng stated that the French government's regulation and support of technological innovation have benefited the crypto industry. Teng shared his statement on an episode of the Bankless podcast on June 17.
Croatia embarks on $116M initiative for dual transition
By Globe Banner | Jun 20, 2024
The USD 116.4 million Croatia Digital, Innovation and Green Technology (DIGIT) Project will facilitate the digital transformation and green transition of the Croatian economy, increase resources for applied research and experimental development, and support the authorities' efforts to strengthen institutional capacity to deliver research and innovation policies.
Sint Maarten showcases recovery progress at Results Fair
By Globe Banner | Jun 20, 2024
On a regular busy day in Sint Maarten, the sun casts a glimmering reflection over the island’s blue waters. Philipsburg’s four-street runway is lined with retail shops and restaurants, and businesspeople welcome customers into their premises. This is the calm after the storm.
World Bank discusses strategic partnership with Port of Djibouti
By Globe Banner | Jun 20, 2024
On Tuesday, June 18, a high-level government delegation comprising the Ministers of Economy, Finance and Industry, Infrastructure and Equipment, Trade and Tourism, Budget, along with the President of the Djibouti Port and Free Zones Authority, received a World Bank delegation led by Mr. Nicolas Peltier-Thiberge, Global Director of Transport. The meeting focused on enhancing the partnership between Djibouti and the World Bank.
Global rise in gas flaring reaches highest level since 2019
By Globe Banner | Jun 20, 2024
In 2023, the amount of gas flared worldwide rose by nine billion cubic meters (bcm) to 148 bcm, its highest level since 2019. The increase resulted in an additional 23 million tonnes of carbon dioxide equivalent emissions, an amount similar to adding about five million cars to the roads, finds new satellite data compiled by the World Bank's Global Flaring and Methane Reduction (GFMR) Partnership.
World Bank junior analyst discusses challenges and achievements
By Globe Banner | Jun 19, 2024
Matheus Raka Pradnyatama, a Treasury Junior Analyst at the World Bank, provides insights into his role and experiences. His daily responsibilities include assisting traders in pricing and executing various financial instruments to hedge the World Bank’s balance sheet against interest rate and foreign exchange risks. He also develops cash flow projections for liquidity levels and analyzes funding, loan, and investment portfolios.