Tag Archives: World Bank

The World Bank Group and Ukraine

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The invasion in Ukraine will have far-reaching economic and social impacts – well beyond780-ukraine-030722 the immediate impact it is already having on the lives and livelihoods of those in the country. The World Bank Group continues to coordinate with Ukraine and other development partners to assess these costs and develop a robust response to help the Ukrainian people during this difficult period.

The World Bank’s overall portfolio of projects in Ukraine supports improvements in basic public services, in areas such as water supply, sanitation, heating, power, energy efficiency, roads, social protection, education and healthcare, and private sector development. Since Ukraine joined the World Bank in 1992, the Bank’s commitments to the country have totaled more than $14 billion in about 90 projects and programs.

“We are a long-standing partner of Ukraine and stand with its people at this critical moment.”
David Malpass
President, World Bank Group
 

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Remarks by World Bank Group President David Malpass at the Ninth World Water Forum in Dakar, Senegal

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As Prepared: bf-hauling-water-on-bike-cifor-flickr

President Sall, Presidents, Distinguished Guests, Honorary Speakers, Friends,

Thank you for inviting me to speak at the opening of this year’s World Water Forum. This is a timely and historic event—the first time this forum has met in sub-Saharan Africa. 

Thank you to the organizers for focusing this year’s Forum on Water Security for Peace and Development. Now more than ever, the world needs more peace and more development.  

The recent trends for both these imperatives are disheartening.  

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How to Work with IFC

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IFC, a member of the World Bank Group, is the largest global development institution focusedlogo_ifc exclusively on the private sector in developing countries.

 

We utilize and leverage our products and services—as well as products and services of other institutions in the World Bank Group—to provide development solutions customized to meet clients’ needs. We apply our financial resources, technical expertise, global experience, and innovative thinking to help our partners overcome financial, operational, and political challenges. Working in more than 100 countries, IFC committed a record $31.5 billion in own-account investments and mobilization from third parties to private companies and financial institutions in developing countries in fiscal year 2021 (FY21).

 

IFC FACT SHEET

 
 
 

World Bank Announces Additional $200 Million in Financing for Ukraine

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Financing will support essential social services; combined total of World Bank-mobilized support for Ukraine now stands at more than $925 million

WASHINGTON, March 14, 2022— The World Bank today announced nearly $200 million in additional and reprogrammed financing to bolster Ukraine’s social services for vulnerable people. This comes on top of the $723 million mobilized for Ukraine and its people last week, of which $350 million has already been disbursed to Ukraine. This financing is part of the $3 billion package of support that the World Bank Group previously announced it is preparing for Ukraine over the coming months.

The combined total of support mobilized by the World Bank for Ukraine now stands at more than $925 million. As part of the mobilization efforts, Austria has contributed €10 million ($11 million equivalent) to the multi-donor trust fund (MDTF) set up by the World Bank to facilitate channeling grant resources from donors to Ukraine. This raises the current MDTF total to $145 million.

“The ongoing war continues to have severe human costs and has created financing gaps that jeopardize the ability of vulnerable people in Ukraine to meet basic needs,” said World Bank Group President David Malpass. “This rapid support will help to bridge those gaps during a time of extreme disruption as we work on broader support efforts for Ukraine and the region.”

While the full impact remains uncertain, the Russian invasion of Ukraine is causing a growing number of civilian casualties, destroying livelihoods, and damaging critical civilian infrastructure, including homes, water and sanitation, schools, health facilities and highways.

The World Bank in Ukraine

We are losing a generation: The devastating impacts of COVID-19

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Governments across the globe will spend about $5 trillion on K-12 education this year.  Butindermit_leadunless they get all children and young people back to school, keep them in class, and recover the central elements of learning, this generation could lose twice or three times that amount in earning losses.

The first impact was the millions of lives lost due to the disease caused by the COVID 19 virus. The second was the human suffering caused by job instability and poverty. The third is on children and youth who should have been in school but were told to stay at home.

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International Women’s Day 2022—Accelerate Equality: Experience the Impact When you Break the Bias

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On the occasion of International Women’s Day 2022, we at the World Bank Group will220x220-East Asia Pacific Gender celebrate women’s achievements and contributions with a series of events and engagements – we look forward to your participation!

The UN theme for this year’s International Women’s Day is “Gender equality today for a sustainable tomorrow, recognizing the contribution of women and girls around the world, who are leading the charge on climate change adaptation, mitigation, and response, to build a more sustainable future for all.”  

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World Bank Mobilizes an Emergency Financing Package of over $700 million for Ukraine

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WASHINGTON, March 7, 2022—The World Bank Board of Executive Directors today approved a supplemental budget support package for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine – or FREE Ukraine – for $489 million. The package approved by the Board consists of a supplemental loan for $350 million and guarantees in the amount of $139 million and is also mobilizing grant financing of $134 million and parallel financing of $100 million, resulting in total mobilized support of $723 million. The fast-disbursing support will help the government provide critical services to Ukrainian people, including wages for hospital workers, pensions for the elderly, and social programs for the vulnerable.

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World Bank Group Stands with Ukraine and its People

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Prepares to support countries in the region affected by the conflict World Bank building

WASHINGTON, Feb. 24, 2022—David Malpass, President of the World Bank Group, today released the following statement: 

“The World Bank Group is horrified by the shocking violence and loss of life as a result of the events unfolding in Ukraine. We are a long-standing partner of Ukraine and stand with its people at this critical moment.

Today, I discussed the situation with our Board of Directors and have mobilized our Global Crisis Risk Platform to accelerate coordination across the World Bank Group.

The devastating developments in Ukraine will have far-reaching economic and social impacts. We are coordinating closely with the IMF to assess these costs.

When I met with President Zelenskyy in Munich on Saturday, I reaffirmed the World Bank Group’s strong support and commitment to the people of Ukraine and the region.

We stand ready to provide immediate support to Ukraine and are preparing options for such support, including fast-disbursing financing. Alongside development partners, the World Bank Group will use all our financing and technical support tools for rapid response.

The World Bank Group is also in active dialogue to support neighboring countries and people that may be affected by this conflict and will make additional resources available.”

Prepares to support countries in the region affected by the conflict 

WASHINGTON, Feb. 24, 2022—David Malpass, President of the World Bank Group, today released the following statement: 

“The World Bank Group is horrified by the shocking violence and loss of life as a result of the events unfolding in Ukraine. We are a long-standing partner of Ukraine and stand with its people at this critical moment.

Today, I discussed the situation with our Board of Directors and have mobilized our Global Crisis Risk Platform to accelerate coordination across the World Bank Group.

The devastating developments in Ukraine will have far-reaching economic and social impacts. We are coordinating closely with the IMF to assess these costs.

When I met with President Zelenskyy in Munich on Saturday, I reaffirmed the World Bank Group’s strong support and commitment to the people of Ukraine and the region.

We stand ready to provide immediate support to Ukraine and are preparing options for such support, including fast-disbursing financing. Alongside development partners, the World Bank Group will use all our financing and technical support tools for rapid response.

The World Bank Group is also in active dialogue to support neighboring countries and people that may be affected by this conflict and will make additional resources available.”

An Accessible Future for Persons with Disabilities

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120 kilometers south of Kigali, in a remote part of Southern Rwanda’s Huye District, dl1b0245wb-iei-rwanda-1-900x1350 lies the G.S. Kabuga school.  

Warm sunshine—with the occasional drizzle of rain—greets students as they trickle into class on a Monday morning. Led by their class prefect and teacher, the kids assume their seats inside a spacious classroom with two large blackboards on opposing flanks. One learner, a wheelchair user, rolls up alongside a bench and shuffles in alongside a classmate. 

“Children with disabilities are just like other children,” remarks Brother Jovite Sindayigaya, headmaster at the school. “The country needs them and so does the world in general. I get happiness from seeing them succeed.” 

G.S. Kabuga is one of 3,388 schools in Rwanda that have benefitted from reconstruction and refurbishment efforts, funded by the government of Rwanda and the World Bank, with technical assistance provided by the Bank’s Inclusive Education Initiative. In the span of just one year, 22,505 classrooms across all 30 districts of Rwanda were built or refurbished with some accessibility features for learners with disabilities.

FULL ARTICLE

Addressing fragility is critical for development

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The outlook for people in developing countries remains grim.  The COVID-19 pandemic anddm_fcv_blog_feb_17_1140 related shutdowns are challenging the effectiveness of civil and institutional structures around the world and adding to fragility and violence, resulting in interrelated crises for foreign policy, development, and economics.

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