Egypt, Sharm El-Sheikh | BIRD AGENCY | The recent World Bank report urges African countries to increase their investment in climate adaptation lest they miss out on their development goals. As African nations push for more climate financing at the ongoing COP 27, a series of reports by the World Bank underscores the …
Read More »COVID-19: IMF, World Bank roll out all their lending tools
Washington, United States | AFP | The IMF and World Bank have aggressively pushed out financing to help countries deal with the health and economic impacts of the coronavirus pandemic. Here is a summary of the financing available from the Washington-based development lenders: – Regular lending capacity – All members …
Read More »World Bank President Jim Yong Kim announces resignation
Washington, United States | AFP | World Bank President Jim Yong Kim announced Monday he would step down next month, more than three years before his current term was due to expire. The decision ends Kim’s six-year tenure and may give US President Donald Trump decisive influence over the future …
Read More »Oil, metals prices set to rise amid trade tensions: World Bank
Washington, United States | AFP | Crude oil prices are expected to jump 23 percent this year amid strong economic growth, while metals prices are rising, hit by ongoing trade tensions, the World Bank said Tuesday. The World Bank raised its forecast for oil prices to an average of $65 a …
Read More »India tops world remittance payments, Uganda at $1.3 billion
Remittance payments hit record in 2017: World Bank Washington, United States | AFP | Payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of transferring funds also increased, the World Bank said Monday. Uganda’s remittance inflows improved from $1.1 billion …
Read More »World Bank shareholders approve $13 bln capital increase
Washington, United States | AFP | World Bank shareholders approved a “historic” increase in the bank’s lending capacity Saturday after the United States backed a reform package that curbs loans and charges more for higher income countries like China. World Bank President Jim Yong Kim said neither China nor any …
Read More »$1bn World Bank loan to help I.Coast end raw deal on cocoa, cashews
Abidjan, Ivory Coast | AFP | The World Bank will provide Ivory Coast $1 billion for development, in particular to help it get more value out of its agricultural exports, a top official for the bank’s Africa region has said. Of that figure, $300 million would be set aside for the …
Read More »Warming climate will displace millions in coming decades: World Bank
Washington, United States | AFP | The wave of refugees fleeing crop failures, droughts and rising sea levels will grow drastically over the next three decades if world governments do not intervene, the World Bank warned Monday. By 2050, 143 million “climate migrants” will face an “existential threat” and be …
Read More »World Bank upgrades global growth forecasts as recovery strengthens
Washington, United States | AFP | For the first time in many years, the World Bank’s outlook for the global economy is better than expected rather than worse, with all regions seeing improved growth, according to its latest forecast released Tuesday. However, the bank warns that countries must make investments to …
Read More »US slams World Bank lending to rich countries like China
Washington, United States | AFP | World Bank lending to countries like China that are rich enough to finance their own development hurts poor countries that need help, a senior US Treasury official said Wednesday. David Malpass, Treasury’s under secretary for International Affairs, cited China as a prime example of the …
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