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Philippines urged by World Bank: strengthen climate resilience for sustainable growth
By Globe Banner | Jun 4, 2024
The Philippines needs to intensify steps to bolster community resilience against the effects of climate change and extreme weather to minimize economic disruption and sustain inclusive growth, according to the World Bank’s Philippines Economic Update (PEU), released today.
Global shifts influence container port performance; Asian ports dominate rankings
By Globe Banner | Jun 4, 2024
The latest global Container Port Performance Index (CPPI) indicates that East and Southeast Asian ports excelled in 2023, securing 13 of the top 20 positions. The CPPI, developed by the World Bank and S&P Global Market Intelligence, is based on extensive data from over 182,000 vessel calls, 238.2 million moves, and approximately 381 million twenty-foot equivalents (TEUs) for the full calendar year of 2023.
World Bank reports analyze global impact of government subsidies
By Globe Banner | Jun 4, 2024
Governments worldwide are increasingly deploying subsidies to secure supplies of vital materials and components, reduce greenhouse gas emissions, or promote advanced technology. Some of these programs can distort trade and confer an advantage on domestic producers over foreign competitors. The World Bank, in partnership with other international organizations, is collecting data and conducting analysis on the extent, types, and objectives of government subsidies as well as their effects on trade. The purpose is to advance international dialogue on how the global, rules-based...
World Bank report highlights benefits of climate-resilient irrigation
By Globe Banner | Jun 4, 2024
Climate-resilient irrigation is a significant development in agriculture, enabling farmers to produce more food with less water and land. This method reduces water stress, increases crop yields, and lowers food prices, potentially feeding an additional 1.4 billion people.
Female workforce faces hurdles but gains ground in Nepal's transport sector
By Globe Banner | Jun 4, 2024
Meet Tila Puri, Kamala Budamagar, and Sushma Magar, female construction workers engaged in the upgradation of the Nagdhunga-Naubise-Mugling (NNM) road corridor, a crucial connectivity and trade route within Nepal and with its neighboring countries.
NCUA highlights role of Minority Depository Institutions during awareness month
By Globe Banner | Jun 3, 2024
ALEXANDRIA, Va. (June 3, 2024) – June is Minority Depository Institution Awareness Month at the National Credit Union Administration (NCUA), and the agency will feature activities and events highlighting the essential role MDIs play in their communities.
World Bank approves $40 million for Armenia's clean energy transition
By Globe Banner | Jun 3, 2024
The World Bank’s Board of Executive Directors has approved $40 million in support of the Enabling the Energy Transition project for Armenia. This initiative aims to assist the implementation of Armenia's Energy Sector Development Strategy to 2040, focusing on rehabilitating power transmission substations, adopting reforms to enable private financing for the transmission company, and promoting energy sector modernization and regional cooperation among emerging economies in Europe and Central Asia.
Spain doubles contribution towards enhancing global SDR impact
By Globe Banner | May 31, 2024
Spain is advocating for an increased impact of Special Drawing Rights (SDRs) through the International Monetary Fund (IMF) and the World Bank Group (WBG)’s enhanced framework for scaled-up climate action. The country plans to double its SDR contribution to the IMF’s Resilience and Sustainability Trust (RST). This initiative aims to optimize resources dedicated to helping countries tackle climate challenges, leveraging the IMF’s RST, WBG’s policy and project financing, and additional resources from development partners and the private sector.
World Bank Group & IMF enhance cooperation for global climate action
By Globe Banner | May 31, 2024
The World Bank Group (WBG) and the International Monetary Fund (IMF) are intensifying their collaboration through an enhanced framework aimed at helping countries scale up climate action. This joint effort seeks to provide critical support for national climate strategies via an integrated, country-led approach to policy reforms and climate investments.
World Bank approves $250 million credit for strengthening Ghana's financial sector
By Globe Banner | May 31, 2024
On May 30, 2024, the World Bank approved a $250 million International Development Association (IDA) credit for the Ghana Financial Stability Project. This five-year initiative aims to support Ghana’s Financial Sector Strengthening Strategy (FSSS) by contributing to financial stability through the recapitalization of viable banks and Specialized Deposit-taking Institutions (SDIs) affected by Ghana’s Domestic Debt Exchange Program (DDEP).
World Bank approves $79.5M boost for Cambodian education
By Globe Banner | May 31, 2024
The World Bank's Board of Executive Directors has approved $79.5 million in additional financing to enhance access to quality education across Cambodia. This funding aims to scale up the Cambodia General Education Improvement Project, initially financed with $69.25 million in January 2022. The new financing includes a $60 million credit from the International Development Association and a $19.5 million grant from the Global Partnership for Education.
World Bank supports low-carbon urban mobility transition in Yichang with $250M loan
By Globe Banner | May 31, 2024
WASHINGTON, May 31, 2024 — Yichang City in Hubei Province will transition to an environmentally cleaner transportation system with the support of a US$250 million loan approved by the World Bank Board of Executive Directors today. This initiative aims to improve travel for residents, lower greenhouse gas emissions, and potentially serve as a model for other cities.
NCUA issues prohibition orders against four individuals
By Globe Banner | May 31, 2024
The National Credit Union Administration (NCUA) issued four consent orders in May 2024, permanently prohibiting the individuals named below from participating in the affairs of any federally insured depository institution.
Access key to improving welfare among indigenous peoples in Philippines
By Globe Banner | May 30, 2024
Increasing Indigenous Peoples’ access to water, sanitation, education, health services, and economic opportunities while preserving their cultural identities could significantly improve their living standards, according to a World Bank report released today.
Experts discuss climate change impacts at Central Asia conference
By Globe Banner | May 30, 2024
Delegations from Central Asian countries and international experts are gathering in Almaty, Kazakhstan, to address sustainable water and land management, energy, food security, and environmental sustainability in the context of climate change. The Central Asia Climate Change Conference (CACCC-2024) provides a platform for regional cooperation on climate issues.
World Bank releases new report on Indigenous Peoples' welfare in Philippines
By Globe Banner | May 30, 2024
First and foremost, warm greetings to Undersecretary Fatima Aliah Dimaporo, Legislative Affairs at the Department of Social Welfare and Development; the National Commission on Indigenous Peoples Chairperson Jennifer Pia Sibug-Las; to the panelists in today’s forum; to the leaders of the Indigenous Peoples who are here with us today; the representatives of various government agencies and private sector groups; and to all participants this morning. Good morning to all of you.
World Bank approves $1.2 billion funding package for Kenya
By Globe Banner | May 30, 2024
The World Bank has approved new funding to help Kenya address short-term fiscal pressures and accelerate a more prosperous, green, and inclusive future.
Global purchasing power parities data released for 2021
By Globe Banner | May 30, 2024
New purchasing power parities (PPPs), which provide a standardized way to assess the relative buying power of different economies, were released today by the International Comparison Program (ICP) for the reference year 2021.
World Bank highlights adaptive social protection strategies in Latin America and Caribbean
By Globe Banner | May 30, 2024
In Latin America and the Caribbean, extreme weather events have doubled in the last 30 years. Not only are these events more frequent, but they are also increasingly intense. Nine countries in the region rank among the world's top 20 nations with the highest risk of disasters. Between 2000 and 2019, more than 20 devastating hurricanes impacted families, communities, businesses, and infrastructure.
World Bank partners with Türkiye on $400M project for climate-resilient forests
By Globe Banner | May 30, 2024
ANKARA, May 30, 2024—The Government of Türkiye and the World Bank have launched the $400 million Türkiye Climate Resilient Forests Project aimed at enhancing the country's ability to protect its forests and people from wildfires.