World Bank Group

HSBC, IFC launch $1 bn trade finance programme for emerging markets

Demand for trade finance far outpaces supply, especially in emerging markets, with the global trade finance gap last estimated at $2.5 trillion, according to a report from the Asian Development Bank

Myanmar's economy likely to shrink as floods compound crisis: World Bank

In June, the bank had projected Myanmar's economy would grow 1 per cent during the current fiscal year, which ends in March 2025, but warned of increasing poverty and escalating violence

World Bank gets $100 billion replenishment of fund for poorest countries

World Bank made the announcement today in Seoul at a pledging conference for the International Development Association, which provides grants and very low-interest loans to 78 low-income countries

Afghan economy shows modest signs of growth; recovery fragile: World Bank

Afghanistan's economy is showing modest signs of growth after two years of severe contraction, the World Bank said. In its latest development update issued late Wednesday, the financial institution said modest GDP growth of 2.7 per cent was driven by private consumption. The partial recovery, coupled with falling food prices, helped to gradually improve household welfare. Before the Taliban returned to power in August 2021, Afghanistan's economy relied heavily on foreign aid and corruption was rife. Their takeover three years ago sent the economy into a tailspin, as billions in international funds were frozen, and tens of thousands of highly skilled Afghans fled the country and took their money with them. Afghan's exports remained stable in 2023-24 but imports surged, creating a widening trade deficit, according to the World Bank. This deficit, exacerbated by dependence on imports for essential goods like fuel, food and machinery, could pose a risk to the country's economic ...

India reshapes its workforce to plug into the electric vehicle era

TaMo to upskill half its workforce in 5 years; Tamil Nadu teams up with World Bank to fuel the transition

US President Biden announces $4 billion to replenish World Bank's IDA

Established in 1960, IDA complements the World Bank's original lending arm, the International Bank for Reconstruction and Development (IBRD) and helps low-income countries

India's path to becoming high-income nation: Escaping 'middle-income trap'

Five key course corrections for India to become an advanced country and set a better path for others

IFC commits $400 mn to Bajaj Finance to help boost finance, empower women

IFC, a member of the World Bank Group, has committed USD 400 million (about Rs 3,300 crore) to help expand access to finance for customers opting to buy EVs and energy efficient consumer goods as well as support women-owned microenterprises. This USD 400 million support is part of the USD 1 billion fundraising exercise by Bajaj Finance Ltd (BFL). The funding aims to increase competitiveness in the climate finance market, support the country's climate goals, and promote financial inclusion, a joint statement said on Wednesday. IFC's USD 400 million loan will enable BFL to expand access to finance for customers opting to buy EVs, including two-wheelers, three-wheelers and four-wheelers, and strengthen its presence in the energy efficient consumer goods (EECG) space. "Accelerating climate financing is crucial for India to meet its net-zero goals. IFC's investment in Bajaj Finance will boost market competition, inspiring other NBFCs and investors to expand their financing for ...

Global economy chiefs fret over Trump's return as US election nears

Financial markets are seeing a return of "Trump trades" in assets from stocks to bitcoin to the Mexican peso that bet in favor of a Trump victory as his poll numbers have improved

129 mn Indians living in extreme poverty in 2024: World Bank report

Earlier, the World Bank had said that extreme poverty in India declined by 38 million in 2021 to 167.49 million, following a surge in the two preceding years

Manufacturing output to jump 9% if more women join workforce: World Bank

The report said that in all South Asian countries, output gains from closing the gender gap in labour force participation would be driven by the manufacturing sector, followed by the services sector

India urges action to reform financial systems for debt-free Global South

India has called for a concerted global effort to reform the international financial architecture to ensure debt sustainability and prevent debt traps for the Global South that has been disproportionately impacted by multiple crises. India's Permanent Representative to the UN Ambassador P Harish was addressing the 79th Session of the UN General Assembly on 'Fostering Resilience and Growth in an Uncertain World' on Tuesday when he drew attention to how development gains have gone off the rails, threatening progress towards Sustainable Development Goals (SDG) targets. A concerted global effort is required to reform the international financial architecture to ensure debt sustainability and prevent debt traps, provide access to affordable finance, and address inequalities in global trade and investment flows, Harish said. Highlighting the need for focussing on the issues of the most vulnerable, with the aim of leaving no one behind, Harish said, Empowering women and youth is the key to

Yunus meets Chinese FM, WB President Banga; discusses bilateral cooperation

Earlier on Tuesday, Yunus called for repatriation of Rohingyas amid the "deteriorating" security situation in Bangladesh during a high-level meeting

World Bank climate finance increases by 10% to record $42.6 bn this year

World Bank President Ajay Banga has increased balance sheet leverage and taken other capital adequacy measures to squeeze out an additional $10 billion to $12 billion

World Bank's India Development Update unlikely to be taken seriously

At home, there is general irritation with reports from any agencies based outside the country, especially if the report is unflattering and preachy

ISA partners with MIGA to fund Solar Energy projects in Sub-Saharan Africa

MIGA and ISA will work together to launch solar power and distributed energy projects in eligible developing countries

Rediscovering integration: World Bank argument on trade is worth hearing

Besides the argument that India must re-evaluate its approach to trade pacts, including the RCEP, other in-progress deals like those with the EU and the UK, must be the targets for political attention

World Bank urges India to reconsider RCEP stance for $1 trn export goal

On the issue of the carbon border adjustment mechanism (CBAM), World Bank economist Nora Dihel said that it was a big export potential for India

India to play prominent role in rule-making for fintech, DPI, says official

India has always been a "rule-taker" but it has a prominent role to play in rule-making in the fin-tech solutions and DPI area given that most of these technologies are made in the country, a senior diplomat said on Wednesday. Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said India wants to collaborate with the World Bank and the International Monetary Fund to help set standards for digital payments, blockchain technologies, and cyber securities. India is also trying to build and help countries in the global south with DPI (Digital Public Infrastructure). "For a long time, India has always been a rule-taker. We just complied with the rules made by the global community, largely driven by the Western nations. But in the fin-tech solutions, fin-tech technologies, and the DPI world, India has an eminent role to play in rule-making because most of the technologies are made in India," Ravi said while addressing Global Fintech Fest in Mumbai. The youth of Indi

WB issues world's 1st carbon removal bond to fund Amazon reforestation

The World Bank sold a nine-year, $225 million note this week which will help raise funds for reforestation in the Amazon