Latest News
World Bank reaffirms support to South Africa & Namibia amid developmental progress
By Globe Banner | Jul 23, 2024
A delegation of the World Bank Group’s (WBG) Board of Executive Directors (EDs) has noted South Africa’s and Namibia’s progress in achieving their development goals and reaffirmed the World Bank Group's commitment to providing support. The 11 EDs and Alternate EDs were hosted by the World Bank and International Finance Corporation (IFC) country offices during their visit from July 7-13.
Binance CEO on company's 7th anniversary: 'we continue to focus a lot on efforts on education, to work closely with regulators'
By Globe Banner | Jul 23, 2024
Binance CEO Richard Teng stated that the company will continue to prioritize education, collaboration with regulatory agencies, and supporting a balance between innovation and risk management in emerging fields such as artificial intelligence (AI). Teng shared his statement during a July 16 "ask me anything" (AMA) event on X celebrating the company's seventh anniversary.
World Bank notes steady progress but calls for continued reform in Ghana
By Globe Banner | Jul 22, 2024
ACCRA, July 22, 2024 - The World Bank’s 8th Economic Update for Ghana, titled "Strengthening Domestic Revenue Systems for Fiscal Sustainability," indicates that despite recent increases in exchange rate depreciation and slower-than-expected inflation reduction, Ghana’s economic indicators remain on track for 2024 and beyond.
Algeria moves up income classification amid modernization efforts
By Globe Banner | Jul 22, 2024
The most recent example of this was seen in the release of the World Bank's annual income classification report on July 1, 2024. Algeria was one of only four countries worldwide that moved across the threshold from a lower-middle-income to upper-middle-income classification. The remarkable aspect of this shift for Algeria is that it was primarily due to a modernization of systems to overhaul statistical capacity, which allowed a more accurate measure of the country’s GDP. While the Algerian economy grew by 4.1% in 2023, the main driver of the upward reclassification was a...
Binance CEO: Company collaborates 'with regulators and policymakers' on crypto frameworks
By Globe Banner | Jul 22, 2024
Richard Teng, the CEO of Binance, the largest cryptocurrency exchange in the world by trading volume, stated that the company collaborates with regulatory agencies and lawmakers globally to provide Web3 education and contribute to shaping crypto regulations. Teng shared his statement during a June 17 episode of the Bankless podcast.
Guilherme Nazar moves to Head of Latin America at Binance
By Globe Banner | Jul 20, 2024
Guilherme Nazar was recently named Head of Latin America at Binance. He was the General Manager of Binance Brazil at the time of his appointment, according to the company's July 15 news release.
Federal agencies seek comments on updated anti-money laundering rules
By Globe Banner | Jul 19, 2024
Four federal financial institution regulatory agencies have requested public comment on a proposal to update requirements for supervised institutions to establish, implement, and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs. These amendments aim to align with changes proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), stemming from the Anti-Money Laundering Act of 2020 (AML Act).
World Bank approves $21M for financial stability and climate resilience in Marshall Islands
By Globe Banner | Jul 19, 2024
The World Bank’s Board of Executive Directors has approved a new support package aimed at strengthening fiscal management and enhancing disaster and climate resilience in the Republic of the Marshall Islands (RMI). The initiative, valued at US$21 million in grants, seeks to address long-term challenges posed by climate change, population decline, and a limited private sector.
Bosnia marks three decades of partnership with World Bank
By Globe Banner | Jul 19, 2024
Since 1993, the World Bank Group has been a partner to Bosnia and Herzegovina, fostering a lasting collaboration. Bosnia and Herzegovina has witnessed the benefits of international development support, enabling it to achieve upper-middle-income status. Today, the World Bank Group and Bosnia and Herzegovina remain dedicated to advancing the economy, enhancing living standards, and supporting the country’s aspirations to join the European Union.
NCUA Board approves rules on incentive-based compensation; maintains loan interest rate ceiling
By Globe Banner | Jul 18, 2024
The National Credit Union Administration (NCUA) Board convened its fifth open meeting of 2024, approving several significant regulatory measures. These include a proposed rule on incentive-based compensation and a revised proposal on succession planning. Additionally, the board decided to maintain the current interest rate ceiling for federal credit unions at 18 percent.
New program launched for rural land transformation in Côte d'Ivoire
By Globe Banner | Jul 18, 2024
The government of Côte d’Ivoire and the World Bank have officially launched the Rural Land Tenure Management Strengthening Program (PRESFOR) in Guiglo, located in the Cavally region. PRESFOR, implemented by the Rural Land Agency (AFOR), supports the $200 million National Rural Land Registration Program across 16 of the country’s 31 regions, focusing on efficiency, inclusiveness, and social cohesion.
Federal agencies issue final guidance on reconsiderations of value for real estate valuations
By Globe Banner | Jul 18, 2024
On July 18, 2024, five federal regulatory agencies issued final guidance on reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises financial institutions on policies and procedures to allow consumers to provide information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal.
Moroccan economy shows resilience amid global challenges but faces internal hurdles
By Globe Banner | Jul 18, 2024
RABAT, July 18, 2024 — Despite various obstacles, including a slowdown in the global economy, an inflation shock, and the Al Haouz earthquake, the Moroccan economy has shown resilience and accelerated with real output increasing by 3.4 percent in 2023, according to the World Bank's latest economic monitor for the country.
Uzbekistan empowers villages through community-driven development projects
By Globe Banner | Jul 18, 2024
Nearly half of Uzbekistan’s 37 million population resides in rural areas, where access to clean drinking water, quality healthcare services, and education outcomes are often limited. These disparities particularly affect women and children.
Morocco's economy grows despite challenges; private sector faces productivity issues
By Globe Banner | Jul 17, 2024
The Moroccan economy expanded by 3.4% in 2023 despite global economic headwinds, an inflation surge, and the Al-Haouz earthquake. Growth was propelled by a tourism rebound, strong manufacturing exports, and increased private consumption, supported by sound macroeconomic policies. Foreign direct investment (IDA) inflows grew, and the current account deficit shrank to its lowest since 2007. Challenges remain, with per capita consumption just reaching pre-pandemic levels and a new social aid program to assist vulnerable households. Growth is expected to slow to 2.9% in 2024,...
Binance investigator: 'We greatly value the trust of our law enforcement partners'
By Globe Banner | Jul 17, 2024
Carlos Mak, a specialist on the Binance Investigations team, stated that many of his colleagues' backgrounds in law enforcement enhance their collaboration with partners in the field. Mak shared his statement in a July 11 post on Binance's website about the company's Law Enforcement Training Program.
Western Balkan economies urged to invest $37B in climate resilience
By Globe Banner | Jul 17, 2024
VIENNA, July 17, 2024 – The six economies of the Western Balkans need to collectively invest at least $37 billion over the next decade to effectively protect people and property from the damaging impacts of climate change, according to the World Bank Group’s Western Balkans regional Country Climate and Development Report (CCDR), released today.
Uganda combines economic ecological advancement amid pandemic pressures
By Globe Banner | Jul 17, 2024
When the COVID-19 pandemic impacted global economies in early 2020, Uganda's forests and national parks faced increased pressure from illegal extraction as nearby communities struggled to sustain their livelihoods. The tourism sector, which had been growing, came to a halt, reducing funds for conservation activities.
India's drive towards becoming a global business destination through enhanced logistics
By Globe Banner | Jul 17, 2024
An efficient logistics sector is pivotal for India to become a globally preferred business destination. It reduces manufacturing costs, makes businesses more competitive, and links them with global value chains, boosting the Make in India initiative. The sector is also one of India’s largest employers, employing over 22 million people.
Agencies issue final rule on automated valuation models under Dodd-Frank Act
By Globe Banner | Jul 17, 2024
Six federal regulatory agencies issued a final rule on July 17, 2024, aimed at ensuring the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. This action is pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule will implement quality control standards for automated valuation models (AVMs) utilized by mortgage originators and secondary market issuers.