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NEWS ABOUT: World Bank

World Bank Nixes Loan to Burmese Junta

Military government 'in arrears' on earlier debts; aid still scarce

(Newser) - As Burma looks for loans to cover an estimated for $10 billion worth of damage from Cyclone Nargis, the World Bank won't be among the lenders, the Telegraph reports. The junta has been in debt to the bank for more than a decade, and the bank is legally barred from... More »

G-7 Leaders Offer No Fix for Credit Crisis

Ministers endorse more transparency, but not coordinated action

(Newser) - Group of Seven finance ministers ended 3 days of meetings in Washington yesterday by endorsing a plan to create greater transparency and oversight in financial markets to avert future crises, but no emergency measures to stem the current one. Despite a downbeat report on the likelihood of worldwide recession, and... More »

Surging Energy Prices Drive Global Inflation

Food costs, up 83% in 3 years, also slap worldwide economies

(Newser) - Inflation in Europe and the US is projected to reach its highest point since 1995, the Wall Street Journal reports, with food prices up 83% in three years and rising energy and transportation costs. The International Monetary Fund predicts the US and Europe will see inflation of 2.6% this... More »

Bomb Threat Closes World Bank

Phone call threatens bomb at noon today

(Newser) - The Washington headquarters of the World Bank will be closed for business Friday as it investigates a bomb threat, Reuters reports. "The bank is working with law enforcement officials to determine the validity of the threat," said a statement from the bank. Few other details were released. The... More »

World Bank Cuts China's Economy Down to Size

World Bank says the world's second-largest economy is poorer than thought

(Newser) - China's economy, predicted to become the world’s largest by 2012, actually is 40% smaller than previously estimated, the World Bank concludes, after updating the way it calculates GDP. Although China’s $5.33-trillion economy is still the second largest in the world behind the $12-trillion US, the new appraisal... More »

Gates Charity Creates New African Woes

AIDS dollars distort fragile health systems, undermining basic care

(Newser) - The Bill and Melinda Gates Foundation has given $8.5 billion to global health causes and is slowly defeating AIDS in Africa, but it’s creating unexpected new problems for the continent, the LA Times reports. By pouring money into the treatment of AIDS, TB and malaria, it has lured... More »

Britain Tops US in Funding for World Bank

Institution raises record $25.1B for globe's poorest countries

(Newser) - Great Britain has supplanted the United States as the largest contributor to the World Bank, pledging $4.2 billion of the total $25.1 billion raised for the world's poorest nations, a record high. The shift in power reflects both the dollar's waning dominance as well as an end to... More »

Aid Finally Reaches Bengalis

After six days, relief starts flowing to victims of Cyclone Sidr

(Newser) - Bangladesh’s army has finally reached most parts of the southern coastline devastated by Cyclone Sidr six days ago, delivering small amounts of aid to most affected areas, the AFP reports. With relief efforts thus far stymied by the devastation, any aid was welcomed: "We spent the last six... More »

Africa: Let There Be Light

World Bank initiative aims to bring electric power to 250 million Africans

(Newser) - Even after decades of development, most African communities have no electrical power and still go dark when the sun goes down. Only 5% of Ugandans, 6% of the Congolese population and 15% of Kenyans have electricity. Now the World Bank has launched an initiative to light the homes of 250... More »

Growing African Economies Could Lessen Poverty

Ten years of positive growth could 'put a dent' in poverty: World Bank report

(Newser) - The growth of Africa's economy over the past 10 years is strong enough to "put a dent in a dent in poverty," according to a World Bank report. Growth over the past decade has averaged 5.4%, but more foreign investment is needed to keep that going. The... More »

ITU Head Wants Broadband Net Help for Africa

Less than 1% on continent have high-speed access

(Newser) - Fewer than four per cent of Africans use the Internet and less than one per cent have broadband access, helping to keep Africa behind in education, medicine and business, the BBC reports. Dr Hamadoun Toure, head of the International Telecommunication Union, is asking world organizations to make sure a third... More »

World Bank President Touts New Strategy

Zoellick calls for fast funds and alternative energy sources

(Newser) - Robert Zoellick has outlined a new strategy for the World Bank, including giving the private sector a bigger role in development, speeding aid to countries coming out of conflict, and promoting green energy alternatives, Reuters reports. The new president  has been quick to reposition the global bank's mission following the... More »

New World Bank Head Stakes Out Own Ground

Zoellick mops up after Wolfowitz, but greater challenges lie ahead

(Newser) - Though he's proven more popular with staffers than his predecessor, new World Bank head Robert Zoellick faces a greater challenge in setting a new path for the poverty-fighting lender, the Wall Street Journal reports. As shareholders meet today for the first time since Zoellick took over for the disgraced Paul... More »

World Bank Pledges Record $3.5B to Aid Poorest Nations

Move intended to spur aid from rich countries

(Newser) - The World Bank has doubled its previous promises and pledged a record $3.5B in grants and credits to aid the world's poorest countries. The bank's new president said the dramatic move is intended to spur an increase in donations from rich countries, the BBC reports. The bank also eased... More »

Chinese Seek Fortune in Africa

To satisfy country's thirst for oil, emigrants strike it rich out west

(Newser) - A growing number of poor Chinese are flocking to Africa, hoping to cash in on the destitute continent’s infinite growth potential. China is building factories in eastern Africa, and trade between the two burgeoning economies ballooned to $55 billion last year. The eastern entrepreneurs are diving into every sector... More »

Snubbing the West, Bolivia Waxes Red

Country turns to Chávez, socialism, in lieu of IMF cash

(Newser) - Bolivia’s populist president is traveling his country handing out aid—straight from his anti-American neighbor Hugo Chávez. The Washington Post reports that Evo Morales has been taking more than a cue from Chávez, using the Venezuelan leader's cash to fund social welfare programs and build clinics and... More »

China Raises Profile in Africa

UN peacekeepers, volunteers, economic efforts reflect Beijing's new commitment

(Newser) - China is increasing the number of UN peackekeepers it sends to Africa and raising its profile on the continent, creating a kind of "peace corps" to address problems from job shortages to health care, the Christian Science Monitor reports. China, itself a developing nation, appears determined to both do... More »

World Bank Confirms New Prez

Robert Zoellick to take over July 1

(Newser) - Declaring that he's looking forward to "encouraging hope, opportunity and dignity," Robert Zoellick was elected yesterday to succeed the embattled Paul Wolfowitz as new chief of the World Bank. The Goldman Sachs investment banker and former US deputy secretary of state will officially step into office July 1.... More »

World Bank Will Pay Countries to Spare Trees

$250M pilot program will reward "avoided deforestation"

(Newser) - The World Bank is planning a $250-million fund to pay countries to refrain from cutting down tropical forests. The plan, which won approval at the G-8 summit last week, depends on companies to contribute to the fund, but that's not likely to happen unless rules governing carbon emissions credits are... More »

Next World Bank Prez Meets World

Zoellick begins circuit to meet and greet bank's poorest clients

(Newser) - Former trade rep Robert Zoellick embarked on a world tour yesterday, in advance of his likely ascension to president of the World Bank this month. Zoellick will stop in Africa to visit the bank's largest beneficiaries, and Europe to schmooze with its largest donors. "I want to leave no... More »

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