Yemen: World Bank Grant to Support Private Sector Growth and Social Protection

Yemen: World Bank Grant to Support Private Sector Growth and Social Protection

The World Bank’s Board of Executive Directors approved today a Development Policy Grant for the Republic of Yemen, for the amount of US$70 million, in support of reforms critical to setting the conditions for non-hydrocarbon growth in Yemen, and for improving the protection of the poor and vulnerable. 

Yemen is an oil-dependent economy that faces a rapidly declining oil production. On average, 85 percent of exports and 65 percent of fiscal revenues were derived from oil exports and domestic oil trade since 2000.

World Bank Supports Bangladesh to Create Employment for the Poor

World Bank Supports Bangladesh to Create Employment for the Poor

The World Bank today approved a US$150 million IDA credit to Bangladesh to create employment opportunities for the extreme poor in rural areas during the lean season and monga period. One-third of the employment opportunities will benefit poor women.
Despite commendable progress, around 60 million people in Bangladesh remain poor, with around 35 million of these people still living in extreme poverty.

World Bank President Praises Reforms In Zambia, Underscores Need For Continued Improvements In Policy And Governance

World Bank President Praises Reforms In Zambia, Underscores Need For Continued Improvements In Policy And Governance

World Bank Group President Robert B. Zoellick today praised Zambia’s efforts to reform its economy and encouraged its continued efforts to promote inclusive economic growth, especially to create opportunities for rural populations to overcome poverty.

Leaving after his two day visit, Zoellick noted that Zambia was among the top 10 global reformers in the World Bank’s Doing Business report this year.

World Bank Approves US$10 Million for Economic Diversification in Republic of Congo

World Bank Approves US$10 Million for Economic Diversification in Republic of Congo

The World Bank Board of Executive Directors approved today a US$10 million loan from the International Development Association (IDA) for the Economic Diversification Project (SEDP) in the Republic of Congo.

The project will receive a 50% co-financing from the government raising its total to US$20 million. It illustrates a new type of partnership that is increasingly redefining the relationship between the World Bank and the Government of the Congo Republic,

The World Bank Supports Russia’s Government Efforts to Improve Financial Literacy, Education, and Consumer Protection of Citizens

The World Bank Supports Russia’s Government Efforts to Improve Financial Literacy, Education, and Consumer Protection of Citizens

The World Bank Board of Executive Directors today approved a US$25 million loan for the Financial Education and Financial Literacy Project for the Russian Federation. This innovative Project will assist the Russian Government in its continued efforts to improve the financial literacy of Russian citizens and their protection as financial consumers.

New Report Sees Cities as Central to Climate Action

New Report Sees Cities as Central to Climate Action

A new report from the World Bank released today outlines how residents of cities are responsible for as much as 80% of global greenhouse gas emissions while at the same time facing significant impacts from climate change.  The report, Cities and Climate Change: An Urgent Agenda, says that up to 80 percent of the expected $80 billion to $100 billion per year in climate change adaptation costs will likely be borne by urban areas.  Nevertheless, says the report, climate change offers cities opportunities to alter course, implement smart policies,

International Donors Commit US$31million for River Blindness Efforts

International Donors Commit US$31million for River Blindness Efforts

At the 16th meeting of the Joint Action Forum (JAF) in Abuja, Nigeria, international donors committed US$31 million to the African Program for Onchocerciasis Control (APOC) to support efforts to control and eliminate the tropical disease onchocerciasis, commonly called river blindness. Health officials also confirmed that river blindness is moving towards elimination using existing treatment methods developed by APOC and partners.

Inadequate sanitation costs India the equivalent of 6.4 per cent of GDP

Inadequate sanitation costs India the equivalent of 6.4 per cent of GDP

Inadequate sanitation causes India considerable economic losses, equivalent to 6.4 per cent of India’s GDP in 2006 at US$53.8[i] billion (Rs.2.4 trillion), according to The Economic Impacts of Inadequate Sanitation in India, a new report from the Water and Sanitation Program (WSP), a global partnership administered by the World Bank.

The study analyzed the evidence on the adverse economic impacts of inadequate sanitation, which include costs associated with death and disease, accessing and treating water, and losses in education, productivity, time, and tourism. The findings are based on 2006 figures, although a similar magnitude of losses is likely in later years.

First client goes live with direct real-time data reporting service

First client goes live with direct real-time data reporting service

UBS now directly reporting global real-time terminal inventory
LSEG adopts policy change following successful pilot scheme
Offers greater flexibility for customers

London Stock Exchange Group [or “Group”] today announced that leading international bank UBS AG, has become the first client to begin directly reporting its global real-time terminal inventory to the Group.
Today’s announcement follows LSEG successfully piloting a ‘direct reporting’ initiative with a number of proactive clients, allowing them to report their usage of London Stock Exchange and Borsa Italiana data directly to the Group, in addition to continuing to report through market data vendors.

Despite ongoing weakness, positive signs for business

Despite ongoing weakness, positive signs for business

Despite continued negative spending growth, conditions are looking more positive for Australian businesses, according to the latest Commonwealth Bank Business Sales Indicator (BSI) released today.
The BSI, which tracks the value of credit and debit card transactions processed through Commonwealth Bank point-of-sale terminals, fell for the 12th straight month in November however also revealed that weakness was concentrated in a small number of industry sectors.