The World Bank is taking bold new steps to increase its lending capacity, a major boost in firepower that will give millions of people a chance to escape poverty and improve their lives. At this critical moment in history, and echoing the calls from the international community, the Bank is doubling down to tackle intertwined challenges – jobs, climate, fragility, and pandemics. These efforts entail decisive action to build a better Bank to achieve a world free of poverty on a livable planet.
Category Archives: WBG News & Reports
The World Bank and the 78th Session of the UN General Assembly (UNGA)
The world is off-track to achieve the Sustainable Development Goals (SDGs), which have
devastating implications for people’s lives worldwide. Evidence from the World Bank’s Atlas of the SDGs shows that some 574 million people—nearly seven percent of the world—will be severely restrained by extreme poverty in 2030 unless the poorest countries grow at rates never seen before.
World Bank and IDB Join Forces to Maximize Development Impact
Partnership will boost innovation and unlock opportunities across Latin America and the Caribbean
WASHINGTON, August 31, 2023 ― The World Bank and the Inter-American Development Bank (IDB) today announced a groundbreaking four-year partnership to drive stronger results for people in Latin America and the Caribbean.
How a new financing pact can help climate-vulnerable countries
This blog originally appeared in the Project Syndicate on September 8, 2023
Amid an escalating climate emergency and a global debt crisis, calls for a new “fit for climate” global financial architecture are growing louder throughout the developing world. The urgent need for decisive action has been underscored by Barbadian Prime Minister Mia Mottley’s Bridgetown Initiative, the V20 group of climate-vulnerable countries, and the recent Paris Summit for a New Global Financing Pact. This week’s Africa Climate Summit in Nairobi presented a unique opportunity to promote much-needed measures to support low-income countries in pursuing sustainable growth.
In Southern Angola, a Race to Manage Scarce Water While Promoting Economic Growth
Beer is 95% water (the rest is alcohol and gas). In Lubango, a city on a high plateau in
Southern Angola, the makers of N’Gola beer depend heavily on a water source of exceptional quality. Rainwater seeps into the vertical crevasses of Tundavala, breathtaking rock formations 2,200 meters above sea level. It collects in the rock then rushes downhill to Lubango, producing at times 200 cubic meters of water per hour. The source is so special it is mentioned on the N’Gola beer label and stylized as a golden waterfall with a crown.
How solar can empower African youth
This week, as we gather in Nairobi for the Africa Climate Summit which brings together
policymakers from across the continent to talk about the climate challenges faced by African countries, I am encouraged by some of the stories of young Africans whose lives are being transformed by solar power – and the potential it has for the continent.
The Promise and Peril of Online Gig Work in Developing Countries
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Good, inclusive jobs provide the surest path out of extreme poverty, while boosting shared prosperity for all. But as new technologies transform our global economies, we must expand our way of thinking about job opportunities in the developing world.
The online gig economy, in which digital platforms match workers to tasks posted by clients already accounts for up to 12 percent of the global labor market. In developing countries gig platforms are opening unique avenues of employment, with significant potential for young people, women, and people in remote areas that may have been left out of more traditional job markets.
Continue readingWorld Bank Statement on Morocco Earthquake
WASHINGTON, September 9, 2023―The World Bank today issued the following statement in the wake of the Morocco earthquakes:
“Our hearts go out to the people of Morocco, who are suffering the effects of devastating earthquakes that have caused a tragic loss of life, injuries, and damages in the areas south of Marrakech. We have relayed our profoundest condolences to the Kingdom at the highest levels and offered our full support to the country in the wake of this catastrophe. Our sole focus at this stage is on the Moroccan people and the authorities who are dealing with this tragedy.”
Contacts:
In Washington: Ashraf Al-Saeed, +1-202-473-1187, aalsaeed@worldbank.org
In Rabat: Meryam Benjelloun, +212659597046, mbenjelloun@worldbankgroup.org
Investing in Nature for People and a Livable Planet: Armenia, Colombia, Ghana, and Tonga in VR 360°
Tackling Food Insecurity
Stories of resilience from Madagascar, the Central African Republic, and Egypt
We couldn’t even figure out how to face the next day or find food for our children.”
Volatsarasoa is a mother of four who lives in the village of Malangy, near the southern tip of Madagascar in one of the poorest regions in the country. With a fifth child on the way, she spends a lot of time thinking about a prosperous future for her children by learning from the experiences of her recent past.
When the El Niño phenomenon hit during the 2015-16 rainy season, Madagascar recieved just 50-80% of its normal precipitation – triggering a drought and crop yields that were 90% below normal.
“Me, my husband, and my children suffered a lot because there was no food, and we were starving. We barely ate, most of the time just a cup of rice for all of us, and only in the evening. It was very hard, and we couldn’t even figure out how to face the next day or find food for our children with everything going on I was worried. I was panicked.”
Netherlands for the World Bank 
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