As 2018 has ended extreme poverty is at the lowest level in recorded history but is expected to become increasingly concentrated in one region. A record number of people have been forcibly displaced from their homes, and an influential new report confirms we’re running out of time to limit global warming. Yet, innovation and disruptive technologies are helping to bring clean energy to millions and connecting hundreds of millions of people to the financial system. These 14 facts tell a story about the challenges we face — and the actions needed to create a more inclusive, sustainable world.
A couple of weeks ago we posted a ‘did you know’ article to recap information we have shared on this blog. We think it’s time to do another one, so here is ‘did you know – part 2’.
- … the MIGA is one of the five pillars of the World Bank Group? The MIGA provides investment insurance against non-commercial risks.
- … this blog regularly posts tender opportunities which could be interesting to Dutch companies? In the past few months several World Bank projects in the health, agriculture, water and energy sector have been brought to the attention of our readers!
- … that in Fiscal Year 2014, measured by budget, the IFC was the largest pillar of the World Bank Group, financing projects for over $22 billion?
- … that every year the World Bank Group and the IMF organize their Spring Meetings together? From April 17th to 19th, 2015 this event took place here in Washington, DC.
- …..this year the Annual Meetings will be held in Lima Peru from October 9 – 11, 2015.
Again, just some facts for you to keep in mind when you read about the World Bank and especially when you want to do business with the World Bank Group!
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We started the NL4WorldBank blog about 6 months ago, with the first blog post being published on the 22nd of August 2014. Since then we have covered a wide range of topics focusing on the World Bank Group: from the ongoing reorganization to a description of the various World Bank Group pillars like the IFC and the MIGA, as well as eConsultant2 tenders to early-stage flagging of pipeline projects.
Six months after our first post, we have now published over 100 blog posts. Therefore, we believe it is time for a recap of some of the information and figures we have presented over time. Without further ado, here is ‘Did you know – 1’ (yes, more to follow):
- … the Netherlands is represented by Mr. Frank Heemskerk in the World Bank Group Board of Directors? Mr. Heemskerk not only represent the Netherlands, but also 12 other members of our constituency.
- … the IBRD gets its capital on the market? Just like the IFC, the IBRD raises money on the financial market and lends it to borrowing countries at a slightly higher interest rate. As the IBRD has had a AAA credit rating since 1959, it is considered more creditworthy than the borrowing countries. For example (not real numbers): country X has a poor rating and can borrow at 7% interest rate. However, the IBRD borrows money at only 2%. As the IBRD is willing to borrow money to country X at 2.3%, country X can make important investments in its economy without paying a huge interest rate.
- … the IFC and IBRD both make a profit? This is then transferred to IDA, the fund for the poorest countries. This fund is periodically replenished by its donors, of which the Netherlands is one.
- … that World Bank financed projects are tendered via local organizations, usually the local (regional) government or an independent project authority. Although World Bank guidelines on procurement must be met when a project is (partially) financed by the World Bank, the local organization is responsible.
- … the World Bank is near the end of a process of reorganization, resulting in new thematic Global Practices and Cross-Cutting Solution Areas?
- … the Country Assistance Strategy (CAS) and Country Partnership Strategy (CPS) are slowly phased out and replaced by the Country Partnership Framework (CPF), based on a Systematic Country Diagnostics?
Just a quick grasp of information for you to keep in mind when you read about the World Bank and especially when you want to do business with the World Bank Group!