World Bank

Despite volatility, rise of foreign banks in developing countries holds promise

CAPE TOWN, South Africa, June 10, 2008 - In the wake of financial turmoil in high income countries and amidst high food and energy prices, developing countries' growth is easing but is still robust.

Bourke's Luck Potholes, Blyde River, South Africa: Photo by Pet_r (CC)

Private capital flows to emerging markets, which hit a record $1 trillion in 2007, are expected to drop to around $800 billion by 2009, which would still be the second highest level ever, says a new World Bank report.    » read more »

WASHINGTON, June 3, 2008 – The World Bank Board of Directors today approved a US$15.7 million grant for the Republic of Haiti to provide basic infrastructure and social services for disadvantaged urban communities.

Public school in Labadee Village, Haiti.: Photo by Ali (CC)    » read more »

03 June 2008 -- A top World Bank official says the institution is committed to building a prosperous and stable Afghanistan but the people must do their part by fighting corruption and improving services.

World Bank Managing Director Ngozi Okonjo-Iweala just concluded a three-day visit to Afghanistan in which she met with President Hamid Karzai, Cabinet ministers and members of the donor community.

In a statement issued Tuesday Okonjo-Iweala says much has been accomplished in Afghanistan in a short amount of time and she called on the international community to support the nation and its development.    » read more »

May 14, 2008 — The HIV/AIDS epidemic will remain for the foreseeable future an unprecedented economic, social, and human challenge to Sub-Saharan Africa. This, according to a new strategy on HIV/AIDS in Africa launched by the World Bank Group on May 14. As well, African countries must continue to champion efforts to slow and reverse the rate of new HIV infections.    » read more »

Study urges countries to further cut red tape and barriers to entrepreneurs

BRUSSELS, May 14, 2008 — Big gains in the productivity of workers in Eastern Europe and the former Soviet Union during the past decade have helped boost growth and living standards, but more must be done to eliminate red tape and barriers to enable firms to become more productive in a rapidly globalizing world, says a new World Bank report.    » read more »

WASHINGTON, May 14, 2008 – World Bank Group President Robert B. Zoellick said the institution was ready to help the victims of China’s earthquake as he expressed his condolences following the disaster that hit the central province of Sichuan on May 12, killing about 15,000 people.

“The World Bank stands ready to support the Chinese Government in any way it may find useful in the recovery and reconstruction process,” Mr. Zoellick wrote in a May 12 letter to Chinese Premier Mr. Wen Jiabao. “Our thoughts are with the Chinese people at this tragic and sorrowful time,” he wrote.

Mr. Zoellick said the Bank Group would draw on its considerable expertise in catastrophe management and reconstruction.    » read more »

ACCRA, GHANA, May 9, 2008—The World Bank Group has selected 16 companies and organizations as winners of the Development Marketplace competition for their innovative products or services tailored to Sub-Saharan Africa’s off-grid lighting market.

LED lighting at home in Accra, Ghana: Photo by The World Bank, International Finance Corporation and Lighting Africa

The winners will receive up to $200,000 to implement projects that offer affordable, clean, and safe off-grid lighting and that improve access to lighting for people living without electricity across the region.    » read more »