Latest News
Forests, Wetlands, and Landscapes to Restore in Armenia with World Bank Support
By Globe Banner | May 8, 2024
The World Bank’s Board of Executive Directors approved the RESILAND: Armenia Resilient Landscapes Project (RESILAND Armenia) on May 8, 2024, to help the government strengthen community engagement and improve the management of forests, wetlands, and protected areas in selected locations in Armenia. The project, supported by the Global Environment Facility (GEF) and co-financed by the Government of Sweden, aims to reinforce the institutional framework for sustainable landscape management, expand areas under sustainable management, mitigate forest fragmentation, increase tree...
World Bank Vice President Engages with Pakistan on Development Strategies
By Globe Banner | May 8, 2024
World Bank Vice President Visits Pakistan, Agrees to Jointly Prepare an Ambitious and Focused New Country Partnership Framework
Maldives Economy Facing Challenges, Urgent Fiscal Reforms Required for Stability
By Globe Banner | May 8, 2024
The Maldives economy is expected to grow by 4.7% in 2024, lower than previous estimates, reflecting a moderation in growth momentum. The outlook faces potential risks due to external and fiscal vulnerabilities, and increased debt risks could arise if fiscal reforms are not implemented, says the World Bank in its twice-a-year update.
World Bank Expands Leadership in USD SOFR Market with Second Transaction of 2024
By Globe Banner | May 8, 2024
The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) announced on May 8, 2024, the pricing of a USD 1.5 billion Sustainable Development Bond linked to the Secured Overnight Financing Rate (SOFR), maturing on May 15, 2028. The transaction garnered significant interest from investors, resulting in an order book of nearly USD 2.1 billion.
Global Sovereign Debt Roundtable fosters understanding on debt sustainability
By Globe Banner | May 8, 2024
The Global Sovereign Debt Roundtable (GSDR), a collaborative platform for debtor countries and creditors, aims to foster a shared understanding of debt sustainability and restructuring challenges. The GSDR seeks to develop strategies to effectively address these issues.
Digitrans Project Aims to Boost Digitalization in European MSMEs
By Globe Banner | May 7, 2024
The European Union's dual digital and green transitions, as well as enhancing competitiveness of the EU economy, depend on the widespread adoption and productive use of digital tools by firms. While the COVID-19 pandemic accelerated digitalization among companies, the gap between the most and least digitalized firms has expanded, threatening the collective progress towards achieving these goals. With digital technologies becoming increasingly accessible, the key to successful digitalization lies in the capacity of firms to leverage technology for productive use.
Nepal Fiscal Federalism Update
By Globe Banner | May 7, 2024
May 7 2024The Nepal Fiscal Federalism Update is produced by the World Bank Group annually to report on the progress of fiscal federalism in Nepal. According to the report, it identifies gaps between the vision of fiscal federalism laid out in the 2015 Constitution and the current state of play.The update is intended for a wide audience, including policy makers of all three tiers of government, business leaders, the community of analysts and professionals engaged in the fiscal federalism debate, and the general public.This report serves as a crucial tool...
World Bank approves Kosovo health project with $20 million in funding
By Globe Banner | May 7, 2024
The World Bank's Board of Executive Directors approved today the Kosovo Comprehensive Approach to Health System Strengthening Project (KOMPAS), which aims to strengthen institutional capacity and governance for quality of care in the Kosovo health system.
About the Digitrans Project
By Globe Banner | May 7, 2024
The completion of a dual, digital, and green transformation in the European Union and the increase in the productivity of EU companies will depend on the broad implementation and productive use of digital tools by enterprises. The COVID-19 pandemic accelerated the digitization of companies but also deepened the gap between the most and least digitized companies. From the perspective of the entire economy, this poses a threat to the successful transformation. In an environment where digital technologies are becoming increasingly available, the key to effective digitization is...
Funding a water-secure future: World Bank's report on global water spending and gaps
By Globe Banner | May 7, 2024
The World Bank's flagship report, "Funding a Water-Secure Future: An Assessment of Public Spending," breaks ground by quantifying, for the first time, government expenditure in the water sector and estimating the financing gaps crucial to meeting global water needs. Highlighting the vital role of water in sustaining life and fostering prosperity, the report is set against the backdrop of rising water insecurity, with billions lacking access to safe water and sanitation, compounded by climate change.
Public asset managers cautious amid inflation and geopolitical uncertainties
By Globe Banner | May 7, 2024
Public Asset Managers remain cautious amid inflation and geopolitical uncertainties: Key Insights from the 20th Annual Executive Forum for Public Asset Managers
World Bank Managing Director Visits Lebanon to Discuss Economic Recovery
By Globe Banner | May 7, 2024
BEIRUT, May 7, 2024 – World Bank Managing Director of Operations Anna Bjerde has arrived on a two-day visit to Lebanon to engage with stakeholders on the latest socio-economic developments in the country and reaffirm the World Bank’s strong support to Lebanon at a time of difficulty. She is accompanied by Ousmane Dione, the new Middle East and North Africa Vice President.During their visit, Bjerde and Dione will meet with Lebanese officials, development partners, and other stakeholder groups. Together with WFP Deputy Executive Director Carl Skau, they will meet with...
World Bank Loan to Namibia Supports Renewable Energy Integration
By Globe Banner | May 6, 2024
Today, May 6, 2024, Namibia celebrates the approval of its first-ever World Bank financed energy project, aimed at enhancing the reliability of the country's transmission network and enabling increased integration of renewable energy into the electricity system.Satu Kahkonen, World Bank Country Director for Namibia, expressed the World Bank's support for Namibia's commitment to renewable energy, stating, “Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future. This project will support NamPower to develop future...
Changes in Farm and Food Production Can Cut Greenhouse Emissions by a Third
By Globe Banner | May 6, 2024
WASHINGTON, May 6, 2024 – The global agrifood system has the potential to significantly reduce greenhouse gas emissions by almost a third through accessible and cost-effective measures, all while ensuring food security for a growing population. This revelation comes from a new World Bank report titled "Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System."Axel van Trotsenburg, the World Bank Senior Managing Director, emphasized the impact of food production on climate change, stating, “While the food on your table may taste good, it is also a...
Women and Girls in Mozambique to Benefit from New Initiative Combatting Gender-Based Violence
By Globe Banner | May 6, 2024
Women and girls in Mozambique are set to benefit from a new initiative aimed at combating Gender-based Violence (GBV), as approved by the World Bank Board of Directors on April 30. The Capacity Building for Improved Gender-based Violence Response Project is designed to address the critical challenge of GBV in Mozambique by enhancing support services and promoting survivor engagement.Idah Z. Pswarayi-Riddihough, World Bank Country Director for Mozambique, emphasized the significance of strengthening support systems for GBV survivors, stating, "Improving access to services...
World Bank Approves $80 Million to Strengthen Financial Sector in Nepal
By Globe Banner | May 6, 2024
WASHINGTON, May 6, 2024—The World Bank’s Board of Executive Directors has given the green light to an $80 million development policy credit for Nepal aimed at bolstering the stability of the financial sector, diversifying financial solutions, and enhancing access to financial services.Faris Hadad-Zervos, the World Bank Country Director for Maldives, Nepal, and Sri Lanka, emphasized the significance of the project, stating, “This project supports Nepal’s green, resilient, and inclusive development and will help create an enabling environment for private investment to...
Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System
By Globe Banner | May 6, 2024
May 6, 2024"Agrifood is a bigger contributor to climate change than many think. It generates almost a third of global greenhouse gas emissions, averaging around 16 gigatons annually. This is about one-sixth more than all of the world’s heat and electricity emissions."According to the report titled "Recipe for a Livable Planet," the agrifood system has been identified as a significant source of greenhouse gas emissions, with the potential to make a substantial impact on mitigating climate change. The report highlights the importance of addressing agrifood emissions to...
Incentive-Based Compensation Regulations Proposed by Federal Agencies
By Globe Banner | May 6, 2024
The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956). The National Credit Union Administration (NCUA) is expected to take action on the NPR in the near future. The U.S. Securities and Exchange Commission (SEC) has included a rulemaking to implement section 956 on its...
Climate-Smart Road Rehab: A crucial upgrade for São Tomé and Príncipe
By Globe Banner | May 6, 2024
May 6, 2024The recent completion of the rehabilitation and upgrade of the National Road 1 (EN1) in São Tomé and Príncipe has brought significant improvements to the country's infrastructure, mobility, businesses, and residential areas.Helder Paquete, the National Executive Director of STP's National Road Institute (INAE), emphasized the importance of the project, stating, "We expect all future roads to be built to at least this standard, with a focus on climate resilience." The project, financed by the World Bank, sets a new standard for building climate-resilient roads...
Bhutan's Economy Maintains Robust Growth Despite Challenges
By Globe Banner | May 3, 2024
THIMPHU, May 3, 2024—Bhutan’s economy is on a path of robust growth despite facing challenges, as highlighted in the recent World Bank reports.The April 2024 Bhutan Development Update revealed that the economy is expected to experience a 4.6 percent real GDP growth in FY22/23, with a further acceleration to 4.9 percent in FY23/24. Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan, emphasized the importance of enabling the business environment to attract Foreign Direct Investments and promoting the private sector to create more jobs aligned with the...