News | Publications | Events & Discussions | Regional News and Projects I Newly Disclosed Documents I Business & Career Opportunities | On the Blogs I Take a Look | Did You Know? * Zoellick Calls on G-20 for Fast, Coordinated Response to Crisis
* Bank Commits $100 Billion in Support for Developing Countries
* Japan Plans to invest $2 billion to Support Banks in Poorest Countries
* Impact of the Global Financial Crisis on Developing Countries
* Energy Initiative to Benefit the Poor
* Mobile Transformation in Africa
* CGAP Virtual Conference
* Speak Out on Global Financial Crisis
* Books - World Development Report 2009: Reshaping Economic Geography
* Universal Children's Day 2008 – The Right to Play
* Online Meeting - Live Discussion on China Quarterly Update
* Partnering for Private Sector Development in a Changing World
* Opening - Junior Professional Officers Program
* Blog – Remittance Flows Slow Down amid Global Crisis
* Using Knowledge to Improve Development Effectiveness NEWS Zoellick Calls on G-20 for Fast, Coordinated Response to Crisis
Leaders of the G-20 nations meeting in Washington to discuss cooperative action to address the world financial crisis expressed their determination to work together to achieve needed reforms in the world's financial systems. The meeting brought together leading industrial powers such as the US, Japan, and Germany, with emerging market countries such as China, India, and Brazil in a group that represents 85 percent of the world economy. In a post-summit statement, Bank President Robert Zoellick said the summit of G-20 leaders had begun to lay a productive foundation of discussion, input, and agreement. “What matters now are the follow up actions. People are looking to leaders for a global, coordinated and fast response.” He welcomed the reaffirmation by the Heads of Government of the importance of the Millennium Development Goals and their commitment to honor their pledges of overseas aid. Read more...
Bank Commits $100 Billion in Support for Developing Countries
The Bank announced that it would substantially increase financial support for developing countries, including the launch or expansion of four facilities for the crisis-hit private sector that is critical to employment, recovery and growth. Making the announcements ahead of a G20 summit in Washington, the Bank said its International Bank for Reconstruction and Development could make new commitments of up to US$100 billion over the next three years. This year, lending could almost triple to more than US$35 billion compared to US$13.5 billion last year. This increase in financial support will protect the poorest and most vulnerable from harm, support countries facing big budget short-falls, and help sustain long-term investments upon which recovery and long-term development will depend. Read more…
See transcript of Zoellick's press call
See multimedia gallery of announcement
Japan Plans to invest $2 billion to Support Banks in Poorest Countries
The Bank announced that the Japanese government would become a key founding partner in a Bank fund by investing $2 billion to help recapitalize banks in smaller emerging markets. The Japanese contribution would be the first to the fund, which was announced last week by Bank President Robert Zoellick as part of a larger Bank Group response to the crisis that includes a substantial increase in financial support for developing countries. The fund aims to inject capital into banks in smaller emerging markets, which may suffer as investment flows decline in the wake of the global financial crisis. This would particularly hurt small and medium-sized enterprises. Read more…
Impact of the Global Financial Crisis on Developing Countries
The world economy has changed dramatically since September 2008. What began as a downturn in the US housing sector is now a global crisis, spreading to both rich and poor economies. Many believe that this may go down in history as the worst crisis since the Great Depression of the 1930s. Developing countries—at first sheltered from the worst elements of the turmoil—are now much more vulnerable, with dwindling capital flows, huge withdrawals of capital leading to losses in equity markets, and skyrocketing interest rates. GDP growth in developing countries, recently expected to grow by more than 6 percent, is now likely to be only 4.5 percent, according to economists at the Bank. Read more…
Energy Initiative to Benefit the Poor
Donor nations are scheduled to meet in Paris next week to discuss a new initiative to help developing countries provide relief to the poor as they deal with high and volatile energy prices.
The Bank’s Energy, Transport, and Water Department has been leading the formulation of an “Energy for the Poor Initiative” since the government of Saudi Arabia convened an international energy conference, where the issue was discussed, in Jeddah last June. The initiative was given a boost at the Annual Meetings when the Development Committee, in its final communiqué “encouraged the Bank and its partners to move forward with a planned new program – Energy for the Poor – that would provide rapid support for countries’ efforts to strengthen social safety nets to protect the poor against the impact of high fuel bills.” Read more…
Mobile Transformation in Africa
As part its ongoing series of workshops discussing the role of Mobile for Development (M4D), the e-Development Thematic Group and its partners are offering another event focused on Africa. Mobile services are fast emerging as the new frontier in transforming government, health, banking and many other sectors due to fast growing penetration of mobile phones even in the poorest and most remote areas of the globe. In theory, many services can be now made available on a 24x7 basis anywhere in the world covered by mobile networks, which today means almost everywhere. This trend in improving service delivery can be called mobile-enabled development (m-development) or mobile transformation. A number of Ministers and regulators from Africa will be joining the discussion among other stakeholders in Cape Town and a number of other sites all over Africa. Join the conversation…
CGAP Virtual Conference
Join the Consultative Group to Assist the Poor (CGAP) and industry experts at a Virtual Conference to discuss the impact of the financial crisis on microfinance and poor people. Over the course of three days (November 18-20), participants will share their experiences and insights and discuss how to respond to upcoming challenges. The Virtual Conference will focus on microfinance institutions and their clients, and on donors and investors. Ahead of the conference, all participants are encouraged to complete a short survey to help guide the discussion. Results will be compiled and shared with all participants during the conference. Join the conversation…
Speak Out on Global Financial Crisis
The world economy has changed dramatically in the last few months. The financial crisis has become a global crisis, threatening to shrink developing countries’ access to trade and investment. World trade is projected to decline in 2009, making it the first such drop in almost three decades. Real GDP growth will slow down in all regions, according to the latest Bank estimates. Each 1 percent drop in growth could trap another 20 million in poverty. What can developing countries do? What can the World Bank do to help them? Join Danny Leipziger, the Bank’s Vice President for Poverty Reduction and Economic Management for a live online discussion on November 24, 2008 at 10 a.m. EST
PUBLICATIONS World Development Report 2009: Reshaping Economic Geography
Rising densities of human settlements, migration and transport to reduce distances to market, and specialization and trade facilitated by fewer international divisions are central to economic development. These transformations are most noticeable in North America, Western Europe, and Japan, but countries in Asia and Eastern Europe are changing in ways similar in scope and speed. World Development Report 2009: Reshaping Economic Geography concludes that these spatial transformations are essential, and should be encouraged. The conclusion is not without controversy. Slum-dwellers now number a billion, but the rush to cities continues. High poverty and mortality persist among the world's "bottom billion", while others grow wealthier and live longer lives. Concern for these three billion often comes with the prescription that growth must be made spatially balanced. The WDR has a different message: economic growth is seldom balanced, and efforts to spread it out prematurely will jeopardize progress. Read more…
FOR A FULL LIST of available publications:
http://publications.worldbank.org/ecommerce/ EVENTS AND DISCUSSIONS Universal Children's Day 2008 – The Right to Play
November 20 – Global – In1954, the UN recommended that all countries institute a Universal Children's Day, to be observed as a day of worldwide fraternity and understanding between children. In 2000 world leaders outlined the Millennium Development Goals, which range from halving extreme poverty to halting the spread of HIV/AIDS and providing universal primary education, all by the target date of 2015. Though the Goals are for all humankind, they are primarily about children. The “right to play,” which is the theme of this year’s Day, is something many take for granted; others believe that such a right is impossible for those children who live in war-torn areas all over the world. This year's Universal Children's Day encourages further awareness so people everywhere could appreciate the importance of play. Read more…
Live Online Discussion on China Quarterly Update
With global growth prospects for 2009 weaker than they have been in a long time, China's economy is braced for a significant further slowdown, says the Bank's latest edition of the China Quarterly Update. Fortunately, China's domestic economy has several sources of strength, including still robust growth in several parts and strong macroeconomic fundamentals that provide room for policy stimulus to dampen the downturn. What does this all mean, for China and the rest of the world? Join authors David Dollar, Country Director, and Louis Kuijs, Senior Economist, for a live online discussion on December 1, 2008 at 8am EST, which is 13:00 GMT/UTC and 9pm in Beijing. Read more…
REGIONAL NEWS AND PROJECTS Summary of proposed projects in all regions:
November 11 List of Newly Disclosed Documents
AFRICA Obama Urged to Provide Leadership in Support of Africa's Development
The Bank has urged the United States of America under President-elect Barack Obama to provide "bold leadership" in bringing about the "combination of development assistance, investment, trade and other technical and partnership support" needed by Africa to transform from a continent "still wrestling with pernicious poverty" to one that is the "next growth pole" for the world. In an interview published Thursday by The Guardian (Nigeria), the Bank's Vice President for the Africa Region Obiageli Ezekwesili, described the election victory of Barack Obama as "an epic event", adding that it demonstrates that even what may seem impossible can be attained with a clearly articulated vision. Read more...
Mapping of Economic Geography for Growth
The Bank’s annual World Development Report for 2009: Reshaping Economic Geography argues that policies that facilitate geographic concentration and economic integration, both within and across countries as well as within the global economy, will promote long-term growth. This is key in Africa, where accelerated growth is critical for poverty reduction in the years ahead. The report notes that Sub-Saharan Africa today faces the triple challenges of low density or scarce and scattered populations; long distances between remote areas and centers of economic activity; and deep divisions in national, religious, and ethnic terms. These dimensions of economic geography reduce connectedness between economic agents within the region, as well as with the rest of the world. Read more…
Community Nutrition Program Succeeds in Madagascar
A community nutrition program co-financed by the Bank has proven to be a success in Madagascar, where the rate of malnutrition remains a source of concern. Each year, close to 60,000 children die before their fifth birthday, with 35 percent of these deaths being linked to malnutrition. The Malagasy Government has made combating malnutrition one of the pillars of the Madagascar Action Plan, which sets forth the country’s road map for the 2007-2012 period. Combating malnutrition is also one of the Millennium Development Goals, used by the government as a frame of reference for formulating a National Nutrition Policy, which sets the target of halving the rate of malnutrition by 2015. Read more…
Training Workshop on Result Monitoring for Congo Teams
The World Bank missions in DR Congo and Brazzaville held a training workshop on October 20-23 in Kinshasa aimed at enhancing the capacity of local staff on results-based monitoring. The workshop brought together some fifty participants, including Bank project coordinators, government representatives, and interested observers. A review of the Bank’s portfolios in February 2008 had issued the recommendation that a training session be held for capacity building in order to provide better result monitoring. The workshop was conducted by two quality control officers from Washington, who reminded participants that results-based monitoring seeks to improve the design and implementation of projects in order to achieve expected results for the beneficiary populations. Read more…
Burundi Launches Water and Electricity Project
President Pierre Nkurunziza of Burundi on October 28 launched a water and electricity project aimed at improving Burundi’s overall infrastructure. Ceremonies launching the Bank-funded Multi-sectoral Water and Electricity Infrastructure Project took place in Taba, located north of Burundi’s capital, Bujumbura. By installing the first pipe at the project worksite, Nkurunziza marked the start of the project, which will supply increased water and electricity. The project also will help with the rehabilitation of Burundi’s hydroelectric power grid and other infrastructure for the distribution of electricity. Read more…
For more regional information: http://www.worldbank.org/afr EAST ASIA AND THE PACIFIC Bank Group Opens New Solomon Islands Office
The Bank’s Director for the Pacific Region, Nigel Roberts, and the Asian Development Bank's Regional Director of the Sydney Office, Eugene Zhukov, jointly opened the new premises of the World Bank Group, which will also host the ADB development coordinator. These premises symbolize the deepening working relationship by both banks with the Solomon Islands Government and with each other. In establishing their presence in Honiara, ADB and the Bank Group are reaffirming their commitment to assisting small states affected by conflict and fragility, in which a sustained local presence better enables the two banks to bring their varied international experience to bear, and thereby provide better support. Read more…
Philippines Better Positioned to Weather Global Slowdown
Past policy reforms have put the Philippines in a better position to weather the uncertainties brought about by the global financial crisis and higher food and fuel prices, and with appropriate policies going forward, short-term growth prospects can be improved, says the Philippines Quarterly Update, released by the Bank. The report nonetheless expects the Philippine economy to slow down, in line with global trends. Read more…
For more regional information: http://www.worldbank.org/eap EUROPE AND CENTRAL ASIA Avian Influenza Preparedness Project Gets Underway
Implementation of the Avian Influenza Preparedness Project started at a workshop in Sarajevo, attended by representatives of the state and entity governments, local health and veterinary experts, foreign donors and Bank officials. This US$7 project is aimed at minimizing the threat posed both to humans and domestic animals and poultry by the Avian Influenza or similar diseases, and to prepare for, respond to and control this or other pandemics. The project will include human and animal health protection and disease prevention and control, support for the poultry culling compensation scheme, as well as a country-wide communication campaign. The project will also support strengthening of health and veterinary services, disease surveillance, diagnostic capacity and applied research, as well as enhancing public health program planning and coordination. Read more…
For more regional information: http://www.worldbank.org/eca LATIN AMERICA AND THE CARIBBEAN Approved
ARGENTINA - Renewable Energy in the Rural Market Project (Additional Financing) - US$50 million to provide rural areas of the participating provinces with reliable electricity supply in a sustainable manner using renewable energy technologies, when feasible; to support studies by the borrower of critical energy sector issues; to assist in the development of sustainable business operations for rural energy in Argentina; and to strengthen private sector participation in the provision of electricity in rural areas and to strengthen the capacity of provincial governments to regulate private sector participation. The additional financing will help finance the costs associated with the scaling up of activities to enhance the development impact of the project in the period 2008-2011. Read more…
Press release
For more regional information: http://www.worldbank.org/lac MIDDLE EAST AND NORTH AFRICA IFC Client Begins Facilitating Trade for Smaller Businesses
Egypt Factors, a trade finance company established with help from the International Finance Corporation (IFC), has begun operations to promote cross-border trade by the country’s smaller businesses, helping to improve access to finance in a time of global economic uncertainty. The company is the first in Egypt to provide export factoring services, which is often scarce in developing countries. Export factoring is an alternative form of finance for local exporters that face difficulty obtaining domestic bank finance. A factoring company typically pays cash for an exporter’s foreign accounts receivables, freeing the exporter of the risk that a foreign purchaser of the exports might not be able to pay. Egypt Factors provides such services as bad-debt protection, and financing of up to 90 percent of a client’s trade receivables.Read more…
For more regional information: http://www.worldbank.org/mena SOUTH ASIA Growth and Perception in Bangladesh
Since1990s, Bangladesh's economic growth has been phenomenal and it has made convincing progress with economic and human development since independence in 1971. Sadiq Ahmed, Acting Chief Economist for the Bank's South Asia region said Bangladesh could join the ranks of middle-income countries within a decade or soon after. In his book, “Transforming Bangladesh into a Middle Income Economy,” Ahmed proposed “in order to sustain this high growth, however, Bangladesh needs to diversify the economy and improve the environment for foreign direct investment.” He also pointed out that its impressive record of economic growth and social development has been achieved despite apparent weak governance. Bangladesh often ranks near the bottom in cross-country comparisons relating to governance. Read more…
For more regional information: http://www.worldbank.org/sar BUSINESS AND CAREER OPPORTUNITIES Partnering for Private Sector Development in a Changing World
The International Finance Corporation (IFC) has renewed its commitment to working with donor partners in developing the private sector in emerging markets, especially in light of the global financial crisis. Donors help the IFC strengthen its impact in the developing world. They back much of its advisory services and help develop innovative solutions to support private sector—led growth in emerging economies, and are key partners in defining its responses to global challenges. The current financial crisis has put a strain on resources available for development. Given this, IFC sees an even greater need for strong partnerships and collaboration with its donors. Read more…
Opening - Junior Professional Officers Program
The JPO Program is a donor funded program that provides professionals from donor countries an opportunity to gain experience in an international organization. Candidates must be 32 years old or younger, with Masters Degree and a minimum of two years’ experience in a related field. Fluency in English is required. JPOs are hired for two or three years, assigned in Washington, DC or a World Bank country office. JPO positions are advertised by individual donors on a yearly basis. World Bank hiring managers interview and make final selections. Read more…
For a full list of open positions and scholarships
http://www.worldbank.org/jobs ON THE BLOGS Amid Global Crisis, Remittance Flows Slow Down
Dilip notes in the People Move blog that “After several years of strong growth, remittance flows to developing countries began to slow down in the third quarter of 2008. This slowdown is expected to deepen further in 2009 in response to the global financial crisis, although the exact magnitude of the growth moderation (or outright decline in some cases) is hard to predict given the uncertainties about global growth, commodity prices, and exchange rates. Migration flows from developing countries may slow as a result of the global growth slowdown, but the stock of international migrants from developing countries is unlikely to decrease. Remittance flows from the GCC countries are likely to fall more than those from the US and Europe, affecting recipient countries in the Middle East and North Africa and South Asia. Join the conversation…
TAKE A LOOK Using Knowledge to Improve Development Effectiveness
The Bank has committed itself to becoming a "global knowledge bank", using knowledge to improve the development effectiveness of its work. Two of the analytical and advisory ways the Bank provides knowledge to its client countries are economic and sector work (ESW) and non-lending technical assistance (TA). ESW and TA are an essential part of the Bank's engagement with its clients—it spent $910 million (26% of its spending on country services) on these products during fiscal 2000-06. This evaluation assesses the extent to which the stated objectives of ESW and TA have been met. Read more…
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