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World Bank

World Bank Group Increases Support for Climate Action in Developing Countries

4 mins read

The FINANCIAL —  The World Bank Group today announced its new Climate Change Action Plan that aims to deliver record levels of climate finance to developing countries, reduce emissions, strengthen adaptation, and align financial flows with the goals of the Paris Agreement. The Action Plan for 2021-25 broadens World Bank Group efforts from investing in “green” projects to helping countries fully integrate their climate and development goals. The Plan also comes as countries seek sustainable pathways out of the disruption caused by the COVID-19 pandemic. “Our new Action Plan will identify and prioritize action on the most impactful mitigation and…

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World Bank Group Increases Support for Climate Action in Developing Countries

4 mins read

The FINANCIAL —  The World Bank Group today announced its new Climate Change Action Plan that aims to deliver record levels of climate finance to developing countries, reduce emissions, strengthen adaptation, and align financial flows with the goals of the Paris Agreement. The Action Plan for 2021-25 broadens World Bank Group efforts from investing in…

Many Developing Countries Struggle with the Pandemic’s Lasting Effects

8 mins read

The FINANCIAL -- The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies. However, many emerging market and developing economies continue to struggle with the COVID-19 pandemic and its aftermath, the World Bank says in its June 2021 Global…

Spreading the Gains from Trade More Widely

4 mins read

The FINANCIAL -- Global trade has contributed to growth and poverty reduction in the past three decades, but gains from trade can be more inclusive, the World Bank said today. Spreading the benefits of trade more widely, within and between countries, can play a key role as the world seeks to recover from the COVID-19…

COVID-19: Schools for more than 168 million children globally have been completely closed for almost a full year, says UNICEF

5 mins read

The FINANCIAL -- Schools for more than 168 million children globally have been completely closed for almost an entire year due to COVID-19 lockdowns, according to new data released today by UNICEF. Furthermore, around 214 million children globally – or 1 in 7 – have missed more than three-quarters of their in-person learning UNICEF notes.…

Climate Change – Challenges for Ukraine

6 mins read

The FINANCIAL -- We are living in a world that is very different from the one we grew up in. The world today seems buffeted by crises on all sides. Some are immediate, like the unprecedented global crisis caused by the COVID-19 pandemic that is taking human lives and livelihoods. Others are longer term, but…

Lao PDR: New Project to Protect Landscapes and Enhance Livelihoods

2 mins read

The FINANCIAL -- The World Bank’s Board of Executive Directors approved a US$57 million project to help Lao PDR promote sustainable forest management, improve protected area management, and enhance livelihoods opportunities in eight provinces across the country. As World Bank notes, project funding comes from the World Bank’s International Development Association, with contributions from the…

Germany contributes €10 Million to WB Trust Fund for Disease Preparedness in Developing Countries

3 mins read

The FINANCIAL — According to World Bank, Germany is contributing 10 million euros (about US$12.1 million) to the Health Emergency Preparedness and Response Trust Fund Program (HEPR Program), established last year to help developing countries respond to the health consequences of COVID-19 and increase investments in health preparedness and emergency response.…

Global Economy to Expand by 4% in 2021; Vaccine Deployment and Investment Key to Sustaining the Recovery

7 mins read

The FINANCIAL -- The global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. A recovery, however, will likely be subdued, unless policy makers move decisively to tame the pandemic and implement investment-enhancing reforms, the World Bank says in its January 2021 Global Economic Prospects.…

World Bank Signs USD 400 Million Project to Protect India’s Poor and Vulnerable from the Impact of COVID-19

7 mins read

The FINANCIAL — The Government of India and the World Bank signed a USD 400 million project to support India’s efforts at providing social assistance to the poor and vulnerable households, severely impacted by the COVID-19 pandemic. This is the second operation in a programmatic series of two. The first operation of USD 750 million…

Georgia Launches This Year’s Best Annual Report and Transparency Award with European Union and World Bank Support

4 mins read

The FINANCIAL -- The European Union and World Bank joint project - Georgia Financial Inclusion and Accountability – in partnership with the National Reforms Support Foundation in Accounting, Reporting and Auditing (RSF), held a virtual award ceremony for the second Best Annual Report and Transparency Award (BARTA).…

10 of the world’s largest multilateral development banks increase commitment to road safety

3 mins read

The FINANCIAL — In a virtual meeting, the European Investment Bank (EIB) and nine other multilateral development banks (MDBs) signed a high-level joint statement on road safety, under the auspices of the World Health Organization and the United Nations Road Safety Collaboration.   In the statement, the MDBs welcome the global call for increased road safety action,…

IFC lends support to UniCredit Leasing to enhance SME and Climate financing in Romania

3 mins read

The FINANCIAL — IFC, a member of the World Bank Group, is lending its support to UniCredit Leasing Corporation (UCLC), Romania’s top leasing company, to increase access to finance for small and medium sized enterprises (SMEs) and to provide more climate finance to its clients across the country. The €27.5 million investment will generate jobs,…

IFC and TCX strengthen partnership to support capital flows into world’s poorest countries

3 mins read

The FINANCIAL — IFC, a member of the World Bank Group, and The Currency Exchange Fund (TCX) have bolstered their partnership to promote cross-border investment flows by helping investors manage currency risk in the world’s poorest countries. IFC is investing $10 million in TCX for its own account and $40 million as the implementing entity…

World Bank prices long-dated Australian Dollar Bonds Totaling AUD 1.65 bln

1 min read

The FINANCIAL — The World Bank (International Bank for Reconstruction and Development, rated Aaa/AAA) priced a long-dated 5-year AUD 1.1 billion and a 10-year AUD 550 million Sustainable Development Bond representing IBRD’s largest-ever AUD issuance and the largest for the Sovereigns, Supranationals, and Agencies (SSA) issuer segment in the Kangaroo market in a single outing.…

IFC and AIA Sri Lanka partner to increase Sri Lankan women’s access to insurance, create more jobs

3 mins read

The FINANCIAL — Sri Lankan women, including female entrepreneurs, are expected to have increased access to insurance and more of a chance of a job in the insurance industry, in the wake of an agreement between IFC, a member of the World Bank Group and AIA Sri Lanka —subsidiary of the life insurance group, AIA Group.…

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