Online Media Briefing Center (OMBC) news for accredited journalists
Highlights
A staggering 400 million students globally experienced school closures from extreme weather since 2022, according to a new World Bank report released today. The report examines the detrimental impacts of climate change on education in low- and middle-income countries and offers solutions to harness education to spur climate action.
In almost 60% of banks in Emerging Market and Developing Economies (EMDEs), lending for climate-related investment accounts for less than 5% of their overall portfolios, and more than one-quarter offer no climate financing at all, according to a new World Bank report.
Expanded ambition and partnership with the G20 Global Alliance Against Hunger and Poverty to reach at least 500 million people in need
The World Bank Group today unveiled a comprehensive package of initiatives to address urgent poverty and hunger, and enable vulnerable people to increase earnings, enhance resilience against climate shocks, and promote empowerment for women and girls.
The United States pledged up to $667 million, and Germany pledged $54 million to the Pandemic Fund as it works towards raising at least $2 billion to meet strong demand from low- and middle-income countries.
The World Bank Group today announced the launch of the High-Level Advisory Council on Jobs, a new initiative that will identify actionable policies and programs to address the looming jobs crisis in the Global South.
“Poverty and hunger are intertwined and are impacted by many challenges that have far-reaching consequences if left unaddressed.
For example, depriving a child of proper nutrition reduces learning potential and exacerbates health problems, which in turn significantly [17 percent annually] decreases income for the rest of their life.”
The annual Country Policy and Institutional Assessment (CPIA) for Africa confirms that countries in Sub-Saharan Africa (SSA) weathered 2023 relatively well thanks to credible economic and social policy reforms. In particular, governments and central banks have started to shift attention from weathering global shocks to building credibility, capacity, and transparency.
The platform, housed at the Multilateral Investment Guarantee Agency (MIGA), brings together products and experts from the World Bank, International Finance Corporation (IFC), and MIGA for simplicity, efficiency, and speed. It aims to boost WBG annual guarantee issuance to $20 billion by 2030.
