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World Bank approves $600 million for Türkiye's earthquake recovery
By Globe Banner | Jul 29, 2024
The World Bank Board has approved $600 million in financing to support the revival of micro enterprises destroyed or severely damaged by the earthquakes that struck Türkiye in February 2023.
World Bank approves $150 million boost for Azerbaijan's employment support program
By Globe Banner | Jul 29, 2024
The World Bank’s Board of Executive Directors has approved an additional $150 million in financing to expand the ongoing Azerbaijan Employment Support Project (AESP). The project aims to assist vulnerable populations, particularly internally displaced persons, women, youth, and the long-term unemployed, by promoting self-employment opportunities.
World Bank supports Serbia's real estate management with $32.5M loan
By Globe Banner | Jul 29, 2024
The World Bank’s Board of Executive Directors has approved a EUR30 million ($32.5 million equivalent) loan for the Second Real Estate Management Project, aimed at enhancing Serbia's real property management systems.
Pilot program launched in Lebanon supports economic empowerment for low-income households
By Globe Banner | Jul 26, 2024
BEIRUT, July 25, 2024 – The Ministry of Social Affairs, the René Moawad Foundation, and the World Bank launched today the Productive Economic Inclusion in Lebanon (PEIL) program. This pilot initiative aims to improve the livelihoods of 1,500 low-income Lebanese households who are current beneficiaries of the Emergency Social Safety Net Program (ESSNP). Funded by a $2.7 million grant from the Japan Social Development Fund, the PEIL program complements the ESSNP by providing services aimed at enhancing household income, welfare, and resilience.
World Bank highlights women's empowerment in Sub-Saharan Africa
By Globe Banner | Jul 26, 2024
Saying that women are vital to ending poverty is particularly relevant in Sub-Saharan Africa. Despite the devastating social and economic effects of the COVID-19 pandemic, women in Western and Central Africa have been challenging norms and stereotypes.
Mauritania's economy shows resilience amid global challenges but faces long-term structural issues
By Globe Banner | Jul 26, 2024
Nouakchott, July 26, 2024 – Despite a slowdown in economic growth in 2023, lower inflation and improved fiscal and external balances have helped strengthen Mauritania's macroeconomic stability. Although growth has moderated, it remains above the global average and that of Sub-Saharan Africa.
World Bank releases economic update on Mauritania’s slowdown
By Globe Banner | Jul 26, 2024
NOUAKCHOTT, July 26, 2024 - The World Bank has released the seventh edition of its Economic Update for Mauritania, highlighting a slowdown in economic growth in 2023 despite strengthened macroeconomic stability.
World Bank approves €599.1 million loan for green growth in Romania
By Globe Banner | Jul 25, 2024
The World Bank Group Board of Executive Directors approved a Development Policy Loan (DPL) for Romania amounting to €599.1 million. The Romania Fiscal Management and Green Growth DPL aims to strengthen the country's fiscal framework, promote green and inclusive growth, and stimulate private-sector investment.
Malawi faces economic hurdles amid drought; urgent reforms needed
By Globe Banner | Jul 25, 2024
LILONGWE, July 25, 2024 – A drought and an incomplete reform agenda are undermining prospects for a rapid economic recovery in Malawi. Economic growth in Malawi fell short of expectations in 2023 and is projected to remain subdued in 2024. While the implementation of planned macroeconomic and structural reforms is expected to boost GDP growth over the medium term, an El Niño-induced drought has worsened the near-term growth outlook. The drought has compounded longstanding macroeconomic imbalances, with large fiscal deficits, balance-of-payments challenges, unsustainable debt,...
Community efforts revive abandoned center near Valle Nuevo National Park
By Globe Banner | Jul 25, 2024
At the border of Valle Nuevo National Park in the Dominican Republic, an abandoned community center known as “Las Golondrinas” stands as a testament to unfulfilled aspirations. Named after the endemic bird species residing in the park, the center was built in 2010 to foster social connections and promote conservation efforts for Valle Nuevo National Park.
World Bank urges urgent reforms for Malawi's economic stability
By Globe Banner | Jul 25, 2024
Malawi's current economic challenges necessitate a blend of immediate response measures and urgent reforms to address longstanding macroeconomic imbalances, including persistent fiscal deficits, balance-of-payments issues, unsustainable debt, and price instability. These factors have significantly impacted the country's economy in recent years, according to the latest World Bank Malawi Economic Monitor (MEM).
Binance announces cryptocurrency investigation training in Sri Lanka
By Globe Banner | Jul 24, 2024
Binance announced that its Financial Crime Compliance team conducted a comprehensive cryptocurrency investigation training for Sri Lanka’s Financial Intelligence Unit and other key law enforcement agencies. The training session was held at the Central Bank of Sri Lanka's Training Center, and participants included officials from the Financial Intelligence Unit of Sri Lanka (FIU) and Sri Lanka Police departments.
World Bank highlights circular economy potential in Central Asia
By Globe Banner | Jul 24, 2024
The World Bank has released a new report titled "Circular Economy as an Opportunity for Central Asia," highlighting the potential benefits of adopting circular economy principles in the region. The report outlines three action plans focused on construction, agri-food, and urban management sectors, based on case studies from Kazakhstan and Uzbekistan.
US commits $667M; Germany pledges $54M towards pandemic fund goal
By Globe Banner | Jul 24, 2024
The United States has pledged up to $667 million and Germany has committed $54 million to the Pandemic Fund, aiming to raise at least $2 billion to address high demand from low- and middle-income countries. This announcement was made on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro.
World Bank commits as lead knowledge partner in G20 Global Alliance Against Hunger
By Globe Banner | Jul 24, 2024
Poverty and hunger are intertwined and impacted by many challenges that have far-reaching consequences if left unaddressed.
World Bank announces new initiatives targeting global hunger
By Globe Banner | Jul 24, 2024
The World Bank Group today unveiled a comprehensive package of initiatives to address urgent poverty and hunger, aiming to enable vulnerable populations to increase earnings, enhance resilience against climate shocks, and promote empowerment for women and girls.
World Bank announces new partnership framework with Cameroon focusing on jobs and service delivery
By Globe Banner | Jul 23, 2024
WASHINGTON, July 23, 2024 – The World Bank Group (WBG) has announced a new Country Partnership Framework (CPF) for Cameroon, focusing on creating more and better jobs and enhancing effective and inclusive service delivery institutions. This initiative will also pay special attention to climate and fragility issues.
Public Institutions Data and Analytics Global Unit enhances governance through strategic data initiatives
By Globe Banner | Jul 23, 2024
The Public Institutions Data and Analytics Global Unit is responsible for enhancing the use of data and analytics in governance and institutional topics. It provides strategic support for cross-cutting engagements with a focus on how data and evidence can improve the functioning of public institutions. The unit delivers on three main programs: global trends in governance, country-level data and analytics, and climate change and institutions, including the political economy of climate change.
World Bank partners with Japan on $2.76M project benefiting farmers
By Globe Banner | Jul 23, 2024
SAN SALVADOR, July 23, 2024—The World Bank, Japan, and El Salvador are collaborating on a project to improve market access, food security, and dietary diversity in the El Bálsamo mountain range in La Libertad department. This initiative will directly benefit 6,250 farming families and will be implemented by Catholic Relief Services (CRS) of El Salvador.
Trends show fragile states receive less climate adaptation funding
By Globe Banner | Jul 23, 2024
Global funds supporting climate adaptation are essential for low-income countries, particularly those experiencing fragility and conflict. Countries on the World Bank’s Fragile and Conflict-affected Situations (FCS) list are notably underserved in terms of adaptation finance from international funders. The scale and nature of this financing gap remain unclear, as does the allocation of adaptation finance across different fragile and conflict-affected settings.