Page 2 - World Bank

Ajay Banga tests Covid positive; meetings with PM Modi, others cancelled

US nominee for World Bank president Ajay Banga has tested COVID-19 following which the meetings scheduled during his two-day visit to India have been cancelled. According to a Finance Ministry statement, Banga's meeting with Nirmala Sitharaman would not happen as he is in quarantine. "During routine testing, Ajay Banga tested positive for COVID-19 but remains asymptomatic. In adherence with local guidelines, he is quarantining in isolation," the statement said. Besides meeting with the Union finance minister, Banga was scheduled to meet Prime Minister Narendra Modi, Minister of External Affairs S Jaishankar and top officials during his two-day visit from March 23 to 24. Banga's New Delhi visit is the final stop on his three-week global tour that began in Africa before progressing to Europe, Latin America, and Asia to drum up support for his candidature for the World Bank's top position. In a statement on Wednesday, the US Treasury Department had said, "While in India, Banga will m

IMF, World Bank to convene next sovereign debt roundtable for April 3

The meeting comes amid continued delays in securing debt treatment agreements for Zambia, Ghana, and Ethiopia that US officials and others blame on foot-dragging by China

US pick for World Bank, Ajay Banga to meet PM Modi, Sitharaman in India

These discussions will focus on India's development priorities, the World Bank, and global economic development challenges, the Treasury said in a statement

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World Bank puts cost of rebuilding Ukraine at $411 billion over next decade

A World Bank report released Wednesday puts the cost of Ukraine's recovery and rebuilding from Russia's invasion at $411 billion over the next decade, with the cost of cleaning up the war rubble alone at $5 billion. The report details some of the toll of Russia's war in Ukraine: at least 9,655 civilians confirmed dead, including 461 children; nearly 2 million homes damaged; more than one out of five public health institutions damaged; and 650 ambulances damaged or looted. In all, the World Bank calculated $135 billion in direct damage to buildings and infrastructure so far, not counting broader economic damage. The damage would be even worse if not for the strong defense mounted by the Ukrainian forces, Anna Bjerde, the World Bank vice president for Europe and Central Asia, noted in a call with reporters. She said the worst damage has been confined to the front-line regions of Donetsk, Kharkiv, Luhansk and Kherson. As it is, the World Bank said, Russia's invasion has undone 15 year

World Bank arm IFC to invest Rs 600 cr in M&M's new last-mile mobility firm

Deal values newly incorporated company at Rs 6,020 cr; the investment, which will be in the form of compulsory convertible instruments, will give IFC an ownership of 9.97-13.64% in the enterprise

Opportunity for reforms at World Bank

Ajay Banga, its proposed new chief, must steer the bank into becoming a global institution for climate change and sustainability instead of just another multipurpose development bank

Deepak Bagla resigns as managing director and CEO of Invest India

Bagla was at the helm of Invest India since 2015. Earlier, he had stints at World Bank, Citibank, and private equity firm 3i Group

G20 must give more funds to World Bank for Global South: Rockefeller's Shah

The foundation's president says COP21 Pledge of $100 bn from richer nations hasn't been met and is no longer enough

World Bank pledges $500mn to support Lebanon's agri, vulnerable population

The World Bank announced that it will allocate about $300 million this year to provide social protection to Lebanon's vulnerable population and invest $200 million in the country's agriculture sector.

ICAR announces 1st international conference with World Bank

The conference and exhibition will be inaugurated by Narendra Singh Tomar, Minister of Agriculture & Farmers Welfare

Russia plans to challenge US nominee Ajay Banga to World Bank

Russia remains a voting member of the World Bank, although the bank halted all programs in Russia and Belarus last March

Pakistan seeks assurance from Saudi Arabia to unlock IMF deal: Report

Pakistan is seeking confirmation from Saudi Arabia for securing additional deposits of $2 billion and a %950 million loan programme from the World Bank and Asian Infrastructure Investment Bank (AIIB)

The roots of global success

Ajay Banga leading the World Bank makes us think once again about what is making Indians popular in decision-making positions

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World Bank chief nominee Ajay Banga to visit Cote D'Ivoire, Kenya next week

During his trip, Ajay will draw from his experience living and working in emerging markets and his expertise in forging public-private partnerships to mobilize investments , action to tackle challenge

Recent earthquake caused damage worth $5.1 billion in Syria: World Bank

The World Bank said on Friday that Syria sustained an estimated USD 5.1 billion in damages in last month's massive earthquake that struck southeast Turkey and northern parts of the war-torn country. The quake killed at least 50,000 people, including about 6,000 in Syria, according to the United Nations. Tens of thousands are still missing and hundreds of thousands were left homeless. In a report released on Friday, the World Bank says the level of the damage in Syria is about 10 per cent of the country's gross domestic product. Syria's northern province of Aleppo was the most severely hit region, accounting for 45 per cent of the total damages in Syria and amounting to about USD 2.3 billion in damages. Also badly hit was the rebel-held region in the northwest, home to some 4.6 million people, many of them previously displaced by Syria's war. Aleppo was followed by the northwestern province of Idlib, with estimated damages of USD 1.9 billion and Latakia, government-controlled territ

World Bank commits $1 bn to India for public healthcare infrastructure

The World Bank and India on Friday signed two complementary loans of USD 500 million each to support and enhance the country's healthcare infrastructure. Through this combined financing of USD 1 billion (about Rs 8,200 crore), the bank will support India's flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021, to improve the public healthcare infrastructure across the country, the multilateral funding agency said in a statement. In addition to the national-level interventions, one of the loans will prioritize health service delivery in seven states including Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh, it said. The agreement was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs and World Bank India country director Auguste Tano Kouam, it said. The COVID-19 pandemic brought to the fore the urgent need for pandemic preparedness and health system strengthening aro

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World Bank nominee Ajay Banga is a 'big believer' in climate science

Banga added that he's preparing to embark on a three-week trip to both creditor and borrower nations to shore up support for his nomination