Latest News
World Bank approves $300M loan for energy transition in China's Shaanxi province
By Globe Banner | Jun 28, 2024
The World Bank’s Board of Executive Directors has approved a US$300 million (€276.5 million) loan to support the transition to renewable and low-carbon energy sources in China’s Shaanxi province's heating sector. The project also aims to pilot a pricing reform program.
U.S. supports Professor Grossman's reelection at OAS General Assembly
By Globe Banner | Jun 28, 2024
Professor Nienke Grossman has been reelected to serve a second term on the Inter-American Juridical Committee during the 54th OAS General Assembly held in Asuncion, Paraguay.
World Bank approves funding for resilient schools and economic recovery in Philippines
By Globe Banner | Jun 28, 2024
The World Bank's Board of Executive Directors has approved funding support for two government projects aimed at ensuring safer and more resilient schools, as well as strengthening economic recovery in the Philippines.
WTO signs MoU with Afreximbank for enhanced cooperation
By Globe Banner | Jun 28, 2024
The Memorandum of Understanding (MoU) was signed by World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala and African Export-Import Bank (Afreximbank) President Benedict Okey Oramah during the 9th Global Review of Aid for Trade, held from June 26-28 in Geneva. The agreement seeks to enhance cooperation between the two entities in food, trade, and fisheries sectors in Africa.
World Bank approves $650 million for Bangladesh's Bay Terminal development
By Globe Banner | Jun 28, 2024
Washington, June 28, 2024—The World Bank’s Board of Executive Directors today approved $650 million to help Bangladesh invest in infrastructure critical for developing the Bay Terminal deep seaport. This development aims to improve Bangladesh's global trade competitiveness and reduce import and export costs by increasing port operational efficiency and mobilizing private investment.
World Bank approves $110 million loan to improve healthcare in Armenia
By Globe Banner | Jun 28, 2024
Washington, June 28, 2024 — The World Bank’s Board of Executive Directors has approved a loan amounting to $110 million (EUR 102 million) to support the Enabling Universal Health Coverage Program for Armenia. This initiative aims to enhance the quality of primary health care, ensure accessible services nationwide, and increase the efficiency of government healthcare spending. It aligns with the Government of Armenia's Five Year Action Plan (2021-2026) and is part of the national Healthcare System Development Strategy.
World Bank approves $200M loan for sustainable fodder production in China's Gansu
By Globe Banner | Jun 28, 2024
The World Bank's Board of Executive Directors has approved a US$200 million (€186.5 million) loan aimed at enhancing productivity, reducing methane and other greenhouse gas (GHG) emissions, and improving climate resilience in the livestock sector of China's Gansu province.
Finland commits EUR 700K to strengthen trade capacities of least developed countries
By Globe Banner | Jun 28, 2024
Finland has committed EUR 700,000 to the Enhanced Integrated Framework (EIF) Interim Facility, a mechanism designed to bridge the gap between the conclusion of Phase Two of the EIF and the establishment of a new multilateral support system for Least Developed Countries (LDCs). This interim facility aims to ensure continued assistance while discussions on a future support mechanism are underway within a taskforce at the World Trade Organization (WTO).
EIF reports progress on aiding disadvantaged nations
By Globe Banner | Jun 28, 2024
Also attending the meeting were Djibouti's Minister of Commerce and Tourism, Mohamed Warsama Dirieh, Finland's WTO Ambassador Heidi Schroderus-Fox, who also chairs the EIF Steering Committee, Togo's WTO Ambassador and chair of the EIF Board, Kokou Yackoley Johnson, Djibouti's WTO Ambassador and Coordinator of the WTO LDC Group, Kadra Ahmed Hassan, and the EIF Executive Director Ratnakar Adhikari.
WTO concludes advanced course on economic analysis of trade policy
By Globe Banner | Jun 28, 2024
Participants received training on various aspects of trade data analysis, learning how to calculate trade flows and trade policy indicators, and conduct trade policy analysis and simulation. Hands-on exercises formed a significant part of the program, enabling participants to use statistical software to construct tariff profiles, build datasets, and conduct trade policy analysis. The objective was to deepen the participants' understanding of the impact of trade policy, with the ultimate aim of supporting more effective participation in trade negotiations.
Aid-for-Trade vital in seizing clean-energy transition opportunities says WTO
By Globe Banner | Jun 28, 2024
The report cites that clean energy adoption is surging, with energy sources such as wind, solar, hydropower, hydrogen, and nuclear power now generating nearly 40% of global electricity. This share is expected to rise at an accelerated pace as the cost of these technologies falls and economies ramp up action to meet their net-zero greenhouse gas emission targets. The report notes that this transition to clean energy presents an opportunity for developing economies and least-developed countries (LDCs) to expand trade volumes and achieve export diversification objectives.
U.S.-Guyana relations celebrated at 248th Independence anniversary
By Globe Banner | Jun 28, 2024
Ambassador Nicole D. Theriot addressed attendees at the 248th anniversary celebration of U.S. Independence, highlighting the significance of this event and expressing gratitude for the strong ties between the United States and Guyana.
WTO concludes Aid for Trade Global Review with focus on evolving needs
By Globe Banner | Jun 28, 2024
The Aid for Trade Global Review concluded on June 28, 2024, with a commitment to continue adapting to the changing needs of developing economies and least-developed countries (LDCs). The event focused on three main themes: food security, digital connectivity, and integrating trade into development agendas.
Lao PDR commits renewed efforts towards combating childhood malnutrition
By Globe Banner | Jun 27, 2024
At the Second Lao PDR Human Capital Summit today, the Lao government announced a renewed commitment to tackling malnutrition, recognizing that proper nutrition in a child’s first 1,000 days will determine a person’s intelligence and strength for life.
WTO reviews achievements at Global Review of Aid for Trade amid challenging times
By Globe Banner | Jun 27, 2024
Minister Symmonds, Secretary-General Cormann, Excellencies, Ladies and Gentlemen,
World Bank approves $600 million for Türkiye's flood and drought resilience
By Globe Banner | Jun 27, 2024
The World Bank Board has approved $600 million in financing to support Türkiye's efforts to enhance resilience against floods and droughts, which are becoming more frequent and severe due to climate change. The Türkiye Flood and Drought Management Project aims to increase flood control for residents in flood-prone areas, improve farmers' drought-monitoring capacity, and strengthen the country's institutional capacity for managing flood and drought risks.
World Bank official emphasizes urgent action needed for climate resilience
By Globe Banner | Jun 27, 2024
Axel van Trotsenburg, Senior Managing Director of the World Bank, addressed the UST-USAID High-Level Dialogue on Financing for Climate Resilience on June 27, 2024. In his remarks, he emphasized the urgency of addressing climate change as 2024 has already experienced numerous heatwaves and record-breaking temperatures.
Food security issues dominate discussions at Aid for Trade event
By Globe Banner | Jun 27, 2024
Drawing attention to how political conflicts, value chain disruptions, and mounting inflation are compromising food security in developing economies, a session entitled “Strengthening food security through trade” explored how the international trade community can act to enhance access to safe, nutritious, and affordable food. Special emphasis was placed on helping small farmers gain more from trade by boosting their productivity and amplifying their voices in international fora. The importance of multi-stakeholder cooperation was also highlighted, notably public-private...
Global push for sustainable fisheries spotlighted at Aid for Trade Global Review
By Globe Banner | Jun 27, 2024
The Aid for Trade Global Review recently highlighted the global push for sustainable fisheries, focusing on the WTO Agreement on Fisheries Subsidies. This agreement aims to prohibit harmful fisheries subsidies and promote sustainability.
World Bank launches $2.48 billion initiative for digital inclusion in Africa
By Globe Banner | Jun 27, 2024
WASHINGTON, June 27, 2024 – A new program aimed at benefiting over 180 million people by 2032 is set to significantly increase internet access and the inclusive use of digitally enabled services in Eastern and Southern Africa.