Latest News
World Bank pledges support for Bulgaria's data governance efforts
By Globe Banner | May 21, 2024
The World Bank has announced its intention to provide analytical and advisory support to the Bulgarian Ministry of eGovernment. This assistance aims to bolster the strategic, organizational, and technical foundations for data governance and data spaces in Bulgaria. The move aligns with Bulgaria's efforts to comply with the European Union's (EU) strategy for data, which seeks to increase the availability of data for economic and societal use while ensuring adherence to European rules regarding privacy, data protection, and competition.
Global carbon pricing revenues hit record $104 billion in 2023
By Globe Banner | May 21, 2024
In 2023, carbon pricing revenues reached a record $104 billion, according to the World Bank’s annual “State and Trends of Carbon Pricing 2024” report released today. The report indicates that there are now 75 carbon pricing instruments in operation worldwide. More than half of the collected revenue was allocated to fund climate and nature-related programs.
1 in 3 Malaysians worry about scams in real-time payments
By Globe Banner | May 21, 2024
Global analytics software firm FICO has unveiled the results of its latest survey, which underlines the apprehensions of Malaysians concerning real-time payments and the associated risks. The survey points to a growing trend of real-time payment scams, which is causing significant concern among citizens.
Young Antiguan wins global sustainable car design contest
By Globe Banner | May 21, 2024
Fourteen-year-old Daniel Athill Jona from Antigua and Barbuda was declared the second-place winner in his age group in the 2023 global competition for sustainable car design. His entry was chosen among 780,000 entries from 90 countries, making him the first Caribbean winner in the history of the competition.
World Bank approves $35M loan for Black Sea submarine cable project
By Globe Banner | May 21, 2024
The World Bank’s Board of Executive Directors has approved a $35 million loan for the first phase of the Enhancing Energy Security through Power Interconnection and Renewable Energy (ESPIRE) Program for Georgia. The ESPIRE Program, with a potential financing envelope of up to $500 million, aims to enhance Georgia’s institutional capacity for submarine cable projects, strengthen its domestic power transmission system, and establish an electricity interconnection between the South Caucasus and Southeast Europe. Additionally, it seeks to reduce internet connection costs and...
Egypt prioritizes education reform to prepare students for future workplaces
By Globe Banner | May 21, 2024
Education is widely recognized as a powerful catalyst for development, instrumental in reducing poverty and improving health, gender equality, peace, and stability. It is also crucial for preparing children for the future by equipping them with fundamental skills such as reading, which is essential for further learning and productivity later in life.
Nepal and World Bank launch $4.6 million project to combat gender-based violence
By Globe Banner | May 21, 2024
On May 21, 2024, the Government of Nepal and the World Bank jointly launched the Institutionalizing Gender-Based Violence Response in Federal Nepal Project. The Honorable Minister of Women, Children, and Senior Citizens, Ms. Bhagbati Chaudhary, and World Bank Country Director for Maldives, Nepal, and Sri Lanka, Mr. Faris Hadad-Zervos were present at the launch.
Uzbekistan plans new solar plant with World Bank Group support
By Globe Banner | May 21, 2024
TASHKENT, May 21, 2024 — A new solar photovoltaic plant and battery energy storage system (BESS) are set to be constructed in Uzbekistan, thanks to a financial package signed by the World Bank Group, Abu Dhabi Future Energy Company PJSC (Masdar), and the Government of Uzbekistan. The project, which will have a capacity of 250 megawatts (MW) with a 63-MW BESS, aims to provide clean and reliable electricity access to approximately 75,000 households.
Zambia signs agreement with World Bank to reduce carbon emissions
By Globe Banner | May 21, 2024
Communities in Zambia's Eastern Province are set to benefit from a new Emission Reductions Purchase Agreement (ERPA) signed by the Government of the Republic of Zambia and the World Bank’s BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL). The agreement will provide up to $30 million in results-based payments, rewarding these communities for their efforts to reduce around three million metric tons of CO2e emissions between 2024 and 2029.
Addressing global disparities in access to water: A call for action
By Globe Banner | May 20, 2024
The global disparity in access to water resources and services, as well as the impacts of climate-related water shocks, necessitates a comprehensive response to enhance water accessibility, bolster climate resilience, alleviate poverty, and promote shared prosperity.
World Bank report calls for urgent action on global water security
By Globe Banner | May 20, 2024
Water security is a crucial component of poverty reduction, yet billions worldwide may continue to lack access to clean water unless urgent action is taken, according to a report released by the World Bank on May 20, 2024. The report highlights the necessity of safe drinking water and sanitation, reliable water supply for agriculture and industry, and protection against droughts and floods for human and economic development.
Korea to host World Bank's IDA 21st replenishment meeting in December 2024
By Globe Banner | May 20, 2024
Donors are preparing to announce their pledges for the International Development Association's (IDA) 21st replenishment cycle in Seoul, Korea in December 2024. This meeting is a crucial opportunity to increase commitments and reorient the world towards eradicating poverty on a habitable planet. The IDA, known as the world's largest global solidarity fund for the poor, assists countries in planning their own future.
World Bank approves substantial investment for rural water access in Pernambuco, Brazil
By Globe Banner | May 17, 2024
On May 17, 2024, the World Bank Board of Directors approved a significant new investment aimed at increasing access to water and sanitation for approximately one million people in rural Pernambuco, located in northeastern Brazil.
Efforts to conserve endangered species in the Amazon region
By Globe Banner | May 17, 2024
The Amazon region, renowned for its immense biodiversity, is home to 10% of the world's known species. This rich diversity contributes significantly to the ecosystem goods and services that form the foundation of the Amazon region's economies, offering access to food, water, housing, energy, and even medicines. It also plays a crucial role in climate regulation, soil erosion prevention and pollination - processes that maintain ecosystem functioning and help mitigate climate change impacts. However, these species are at risk due to threats such as habitat loss or...
World Bank approves action plan following inspection panel investigation in Bolivia
By Globe Banner | May 17, 2024
On May 16, 2024, the World Bank’s Board of Executive Directors approved a Management Action Plan in response to an independent Inspection Panel investigation of the Bolivia: Santa Cruz Road Corridor Connector Project (San Ignacio–San Jose). The Panel's investigation was prompted by a Request for Inspection filed on December 19, 2022, by four leaders of Chiquitano Indigenous People organizations in the Chiquitania region of eastern Bolivia.
World Bank approves $76.52m digital acceleration project in Espírito Santo
By Globe Banner | May 17, 2024
On May 17, 2024, the World Bank Board of Directors approved a project aimed at strengthening digital infrastructure resilience, modernizing emergency management, and improving digital public infrastructure in the State of Espírito Santo in Brazil. The initiative is designed to enhance the delivery of digital services and bolster the state's capacity to respond to climate-related disasters.
World Bank aids Bosnia and Herzegovina in public service reform
By Globe Banner | May 16, 2024
The World Bank has been instrumental in guiding Bosnia and Herzegovina (BiH) towards significant reforms in its health, education, and public administration sectors from 2018 to 2023. These changes aim to enhance the efficiency, effectiveness, and quality of public services for all citizens. They also seek to bolster economic development and accelerate the country's accession to the European Union (EU).
World Bank addresses global learning crisis exacerbated by COVID-19 pandemic
By Globe Banner | May 16, 2024
The global learning crisis has been exacerbated by the COVID-19 pandemic, pushing an additional 70 million people into poverty and causing a billion children to lose a year of school. Even three years later, the learning losses have not been fully recovered. It is believed that if a child cannot read with comprehension by age 10, their future prospects in education and career are significantly compromised.
World Bank Group commits to elevating women's economic empowerment
By Globe Banner | May 16, 2024
Esteemed guests, partners, and colleagues, it is a privilege to be present here tonight. As we stand together, we celebrate the spirit of women entrepreneurs and acknowledge the leaders who echo the World Bank Group's commitment to fostering diversity and inclusion within supply chains—a commitment that resonates deeply with all of us.
World Bank Group unveils new Country Partnership Framework with Jordan
By Globe Banner | May 16, 2024
The World Bank Group has unveiled a new Country Partnership Framework (CPF) with Jordan for the period of 2024-2029. This framework aims to create opportunities for the people of Jordan, with a focus on inclusive green growth. The key areas include improving private sector jobs, particularly for youth and women; enhancing human capital outcomes; and bolstering resilience and sustainability through green investments. The CPF emphasizes that achieving these goals requires the full engagement and economic participation of women and youth.