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World Bank reports on Sri Lanka's stabilized economy amid ongoing reforms
By Globe Banner | Oct 10, 2024
Sri Lanka's economy is showing signs of stabilization, with growth projected to reach 4.4 percent in 2024, according to the World Bank. This forecast surpasses earlier predictions and follows four consecutive quarters of growth driven by the industrial and tourism sectors. The positive outlook has been supported by critical structural and policy reforms.
World Bank issues SEK 3 billion bond supporting sustainable development goals
By Globe Banner | Oct 10, 2024
The World Bank has issued a Swedish krona-denominated bond, raising SEK 3 billion. The bond, which matures on October 10, 2034, was placed with Nordic investors and offers an annual coupon of 2.5%. Nordea Bank Abp acted as the lead manager for this transaction.
World Bank: Greater investment crucial as Pacific economy slows
By Globe Banner | Oct 10, 2024
The World Bank's October 2024 Pacific Economic Update offers a comprehensive evaluation of the economies in several Pacific nations, including the Federated States of Micronesia, Fiji, Kiribati, and others. This report is the first post-pandemic analysis to provide fresh insights into investment trends and forecasts for the region.
World Bank coordinates donor financing mechanisms to aid Ukrainian recovery
By Globe Banner | Oct 10, 2024
Since the Russian invasion in February 2022, the World Bank Group has been instrumental in providing essential financing to support Ukraine. This assistance comes through various mechanisms such as trust funds, financial intermediaries, guarantees, and co-financing aimed at sustaining public services, rebuilding infrastructure, and supporting private sector initiatives.
World Bank funds Philippine project for improved broadband connectivity
By Globe Banner | Oct 10, 2024
The World Bank has approved funding of EUR 268.22 million (US$287.24 million) for the Philippines Digital Infrastructure Project, which aims to enhance broadband connectivity across the country. This initiative is expected to benefit over 20 million Filipinos by improving internet access and infrastructure.
World Bank report outlines challenges for Mongolia amid global shift from coal
By Globe Banner | Oct 10, 2024
Mongolia is facing significant challenges from climate change and the global transition to a low-carbon economy, according to a new report by the World Bank Group. The Mongolia Country Climate and Development Report (CCDR) highlights the need for urgent actions to enhance climate resilience while reducing reliance on coal, a major economic driver.
NCUA Chairman addresses Citadel Federal Credit Union's redlining settlement
By Globe Banner | Oct 10, 2024
National Credit Union Administration (NCUA) Chairman Todd M. Harper has commented on the U.S. Department of Justice's settlement with Citadel Federal Credit Union concerning allegations of lending discrimination. Citadel, a financial institution in Southeastern Pennsylvania, manages assets worth $6 billion.
World Bank report assesses air quality issues and solutions for Tashkent
By Globe Banner | Oct 9, 2024
The World Bank has released a report titled "Air Quality Assessment for Tashkent and the Roadmap for Air Quality Management Improvement in Uzbekistan," which evaluates air quality in Tashkent and proposes a roadmap for enhancing air quality management across Uzbekistan. The report was jointly produced with the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan, supported by the Ministry of Economy and Finance.
World Bank highlights opportunities for growth in Latin America amid structural challenges
By Globe Banner | Oct 9, 2024
Latin America and the Caribbean are projected to experience a growth rate of 1.9 percent in 2024, according to the World Bank's latest report titled "Taxing Wealth for Equity and Growth." The region is expected to grow by 2.6 percent in 2025, which remains the lowest among global regions due to ongoing structural challenges.
World Bank aids DRC's fight against mpox with strategic investments
By Globe Banner | Oct 8, 2024
The World Bank has taken significant steps to support the Democratic Republic of Congo (DRC) in combating the mpox epidemic. According to Dr. Michel Muvudi, long-term investment financing has been provided for healthcare and diagnostic infrastructure, with over $2 billion invested in the health sector over the past decade. The World Bank is actively supporting the government's response plan by mobilizing funds for projects like REDISSE and PMNS.
Axel van Trotsenburg discusses global finance challenges at Vienna conference
By Globe Banner | Oct 8, 2024
Thank you, Ms. Milborn, for your introductory remarks. I would also like to thank the financial supervision authority for the kind invitation, which was extended to me by Helmut Ettl and Eduard Müller.
World Bank raises $5 billion through sustainable development bond
By Globe Banner | Oct 8, 2024
The World Bank has announced the pricing of a five-year benchmark bond, raising USD 5 billion to support sustainable development activities in developing countries. The bond, which matures in October 2029, attracted over USD 11 billion in orders from 175 high-quality investors. These investors included bank treasuries, official institutions, and asset managers.
Off-grid solar aims to electrify nearly 400 million people globally by 2030
By Globe Banner | Oct 8, 2024
Off-grid solar power is positioned as a key solution for providing electricity to almost 400 million people globally by 2030, according to the latest Off-Grid Solar Market Trends Report (MTR) 2024. The report, published by the World Bank’s Energy Sector Management Assistance Program (ESMAP) and GOGLA, highlights the potential of off-grid solar as the most cost-effective method to supply energy access to those currently without it.
World Bank highlights need for fiscal tools in Equatorial Guinea's forestry sector
By Globe Banner | Oct 8, 2024
The World Bank released the 2024 Equatorial Guinea Economic Update on October 8, which examines the nation's recent economic trends and future outlook. The report emphasizes the significance of creating effective fiscal instruments to promote sustainable forestry and diversify the economy.
Pacific cities embrace sustainable mobility with World Bank's new car-lite initiative
By Globe Banner | Oct 8, 2024
In March 2024, Saint John Bosco Primary School in Tarawa, Kiribati, underwent a significant transformation. Students and community members collaborated to enhance the area by adding a crosswalk, narrowing the road at the crossing, clearing debris, painting murals on the road, planting coconut trees, and installing no-parking signs. These changes resulted in traffic speed reduction from 34.7 to 19.7 km/h and increased car stops for pedestrians from 9 percent to 81 percent. The initiative improved safety for students walking to school daily and beautified the neighborhood.
World Bank unveils strategy for inclusive growth in Zimbabwe
By Globe Banner | Oct 8, 2024
The World Bank Group has announced the approval of a new Country Engagement Note (CEN) for Zimbabwe, covering the period from 2025 to 2026. This strategy is designed to support Zimbabwe's immediate development priorities and aligns with the nation's Vision 2030 and the National Development Strategy 2021-2025. The CEN aims to contribute to the World Bank Group's overarching goals of ending extreme poverty and promoting shared prosperity.
World Bank approves $150 million fund to boost Nepal's disaster response
By Globe Banner | Oct 8, 2024
The World Bank has approved $150 million in contingent financing for Nepal to address natural or climate-induced hazards and health emergencies. The financial support, known as the Nepal Disaster Resilience Development Policy Credit with Catastrophe Deferred Drawdown Option (Cat DDO), aims to bolster policy and regulatory reforms that enhance disaster resilience and improve institutional mechanisms for effective disaster response.
Fubon Life honored as best insurance company in Taiwan by World Finance
By Globe Banner | Oct 7, 2024
Fubon Life has been named the "Best Insurance Company in Taiwan" by World Finance for the thirteenth time, marking a significant achievement in the life insurance industry.
Binance announces inclusion in Argentina's virtual asset registry
By Globe Banner | Oct 5, 2024
Binance has announced its incorporation into Argentina's Virtual Asset Service Providers Registry by the National Securities Commission (CNV), marking its 20th regulatory milestone worldwide. This development allows Binance to expand its full range of services to users in Argentina.
World Bank approves $800 million support for Uzbekistan's reform initiatives
By Globe Banner | Oct 4, 2024
The World Bank's Board of Executive Directors has approved an $800 million financial package in concessional loans to support Uzbekistan's reform agenda. The aim is to facilitate the country's transition to a more inclusive and resilient market economy.