Latest News
World Bank approves $118.5 million loan for Bolivia's climate-resilient road project
By Globe Banner | Jun 17, 2024
The World Bank Board of Directors has approved a new project in Bolivia aimed at enhancing climate risk management in the road sector and improving the resilience and safety of bridges and highways. The initiative comes as Bolivia, ranked tenth on the Global Climate Risk Index, faces significant damage from extreme weather events such as high temperatures and heavy rainfall, leading to landslides and flooding.
NCUA reports Q1 decline in assets for federally insured credit unions
By Globe Banner | Jun 17, 2024
ALEXANDRIA, Va. (June 17, 2024) – For federally insured credit unions, assets and shares and deposits declined at the median over the year ending in the first quarter of 2024. At the same time, loans outstanding increased and delinquencies grew at the median, according to the latest Quarterly U.S. Map Review released today by the National Credit Union Administration.
Morocco enhances climate resilient irrigation amid severe water stress
By Globe Banner | Jun 17, 2024
Morocco, one of the world's most water-stressed countries, faces significant fluctuations in water availability due to climate change. This has led to declining rainfall, reduced runoff, and increased groundwater depletion. A large portion of Morocco's water resources is consumed by irrigated agriculture. To address this issue, Morocco has implemented the National Program of Water Savings in Irrigation, which aims to modernize irrigation on approximately 550,000 hectares, including 220,000 hectares covered by large-scale irrigation plans.
World Bank Group addresses barriers in South Asia's mortgage lending
By Globe Banner | Jun 15, 2024
"My dream is very simple—owning a tiny apartment. It doesn’t have to be extravagant or luxurious, but with basic amenities that I can call home,” says Sakib Ahmed, a 31-year-old from Dhaka, Bangladesh.
World Bank Group initiates stakeholder consultations for new partnership framework in Pakistan
By Globe Banner | Jun 14, 2024
The World Bank Group (WBG) is in the process of preparing a new Country Partnership Framework (CPF) for Pakistan, which will outline its strategic support in the country over the next 6-10 years.
World Bank highlights informal Lao PDR waste workers' contribution
By Globe Banner | Jun 14, 2024
The important and often unrecognized work of individuals who collect and recycle waste from landfill sites or city streets in the Lao PDR is documented in a report issued by the World Bank today. "Unseen Green Jobs, a Study on Informal Waste Workers" details the role of waste pickers in building a green economy and recommends actions to protect them against dangers and improve their legal status.
Côte d'Ivoire receives $35M payment for verified reduction of carbon emissions
By Globe Banner | Jun 14, 2024
Côte d'Ivoire has received $35 million from the World Bank for successfully reducing 7 million tons of carbon emissions. This payment, part of the Emission Reductions Payment Agreement (ERPA) with the World Bank’s Forest Carbon Partnership Facility (FCPF), directly benefits local communities and forest conservation stakeholders who have played a key role in reducing pollution by fixing damaged forests, planting crops and trees, and preserving existing forests. The amount granted is part of a larger agreement aiming for a total emission reduction of 10 million tons, valued at...
NCUA places 1st Choice Credit Union into conservatorship
By Globe Banner | Jun 14, 2024
The National Credit Union Administration (NCUA) has placed 1st Choice Credit Union in Atlanta, Georgia, into conservatorship. This decision was made in consultation with the Georgia Department of Banking and Finance.
World Bank suggests structural reforms to sustain China's economic growth
By Globe Banner | Jun 14, 2024
Economic activity in China picked up in early 2024, driven by stronger exports, while growth in domestic demand moderated. Manufacturing and infrastructure investment and consumer spending on services remained robust, despite the ongoing property market correction, according to the World Bank's latest report titled "Growing Beyond Property: Cyclical Lifts and Structural Challenges," released today.
World Bank approves $50 million for Cameroon's transport sector development
By Globe Banner | Jun 14, 2024
The World Bank has approved $50 million in additional financing from the International Development Association (IDA) to support the construction of urban roads in Bamenda, located in Cameroon's North-West region. This funding is part of the Cameroon Transport Sector Development Project, which aims to enhance transport planning, improve efficiency and safety on the Babadjou–Bamenda section of the Yaoundé–Bamenda transport corridor, and bolster safety at selected airports.
World Bank approves $150 million to enhance primary education in Punjab
By Globe Banner | Jun 14, 2024
The World Bank’s Board of Executive Directors has approved $150 million for a project aimed at increasing participation rates in pre-primary and primary grades and enhancing reading proficiency in Punjab Province, Pakistan. The initiative, titled "Getting Results: Access and Delivery of Quality Education Services in Punjab Project" (GRADES), will focus on improving learning outcomes, recovering from COVID-19 related learning losses, strengthening school management, and expanding school participation levels.
World Bank approves $40M program supporting refugees' aid & economic reforms in Moldova
By Globe Banner | Jun 14, 2024
The World Bank's Board of Executive Directors approved the Growth and Resilience Development Policy Operation (DPO) for the Republic of Moldova. This initiative aims to support the Moldovan government's efforts to assist refugees and households affected by Russia’s invasion of Ukraine, while maintaining progress on economic integration with the European Union (EU) and enhancing climate resilience.
World Bank Group addresses CAO investigation into Bridge International Academies
By Globe Banner | Jun 13, 2024
The World Bank Group issued a statement today regarding the IFC's investment in Bridge International Academies. The statement, released on behalf of Bank Group management and the IFC’s Board of Executive Directors, addressed concerns raised by a CAO investigation report.
World Bank mandates HSBC for $200 million Amazon reforestation bond
By Globe Banner | Jun 13, 2024
The World Bank (International Bank for Reconstruction and Development, IBRD) has mandated HSBC to structure a new outcome bond aimed at supporting reforestation efforts in the Brazilian Amazon region. This principal-protected outcome bond, with an expected nominal amount of approximately $200 million, will support the World Bank’s sustainable development activities while mobilizing private capital from foregone coupon payments to finance reforestation projects in Brazil.
Salvador advances digital transformation in public health sector
By Globe Banner | Jun 13, 2024
At 9:30 a.m. on a bustling Friday morning at the Imbuí Basic Health Unit in Salvador, family physician Suzane Araújo is with Clayton Arapiraca, a 62-year-old retiree in for a routine post-surgery check-up. Instead of sifting through physical files, Dr. Araújo simply logs into the Vida+ system on her computer. This digital tool, a key component of the municipality's public health digital overhaul, allows her to review Clayton's medical history, medications, vaccinations, and more, and to update his records on the spot.
World Bank approves $2.25 billion financing package for Nigerian economic reforms
By Globe Banner | Jun 13, 2024
The World Bank has approved two financial operations for Nigeria, totaling $2.25 billion. The initiatives include the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and the $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR). These funds aim to support Nigeria's efforts to stabilize its economy and provide assistance to vulnerable populations.
World Bank emphasizes youth empowerment initiatives in Africa
By Globe Banner | Jun 13, 2024
The population of young people aged 15-24 in Africa is projected to reach 500 million by 2080. This growing working-age population presents an opportunity to enhance economic growth and lead to greater prosperity for billions on the continent. However, this potential can only be realized if the population is healthy, educated, and skilled.
World Bank Group engages stakeholders in developing new partnership framework for Pakistan
By Globe Banner | Jun 13, 2024
The World Bank Group (WBG) has initiated stakeholder consultations in Pakistan as part of the development of a new Country Partnership Framework (CPF). The CPF is designed to outline key objectives and development results to support Pakistan in its efforts to reduce poverty and enhance shared prosperity.
World Bank approves $4 million grant for inclusive carbon credit program in Ghana
By Globe Banner | Jun 13, 2024
The World Bank and Solidaridad West Africa (SWA) have signed a grant agreement for a US$4 million project aimed at enhancing social inclusion in the Ghana Cocoa Forest Reducing Emissions from Deforestation and Forest Degradation (REDD+) Program (GCRP). The initiative will engage 20,000 farmers from 100 communities, including women, youth, migrant farmers, and persons with disabilities, to improve their participation in climate action and ensure equitable access to emissions reduction benefits.
Nigeria embarks on significant economic reforms amid rising poverty
By Globe Banner | Jun 13, 2024
“Naija no dey carry last” is a popular term in Nigeria that conveys the resilient and enterprising spirit of Nigerians. Despite this optimism, many Nigerians, especially the youth, have become less hopeful about Nigeria’s potential to stand tall as a giant nation due to its inability to accelerate economic progress.