World Bank

The World Bank and the International Monetary Fund (IMF) were both created at the 1944 Bretton Woods Conference. The World Bank’s mandate is to lend to developing countries to fund capital programs to alleviate poverty. The IMF, an organisation of almost 200 countries, helps alleviate problems among member countries. Since the onset of the global financial crisis in 2008, the IMF has taken part in rescues of countries such as Greece.

World Bank raises forecast for global economic growth to 3.2 per cent in 2014

Shoppers in Barcelona, Spain, where improvements in the economy contributed to the World Bank raising its growth forecast for the euro region to 1.1 per cent. Photo: Bloomberg

The World Bank has raised its global growth forecasts as the easing of austerity policies in advanced economies supports their recovery, boosting prospects for developing markets' exports.

Thursday, 16 January, 2014, 2:22am

World Bank raises US$165 million with first 'women's bond'

World Bank president Jim Yong Kim has designated gender as one of five “themes” that must tie in to everything the bank does. Photo: AFP

The World Bank said on Wednesday its private sector arm issued about US$165 million in “women’s bonds” in the first debt sale by the development lender specifically aimed at raising money for businesses owned or run by women in emerging markets.

The International Finance Corporation (IFC) issued the new five-year, triple-A-rated bond to Japanese investors.

7 Nov 2013 - 11:41am

Real estate rules making life harder for Hong Kong businesses

Hong Kong is still a great place to do business, the World Bank says, but delays in property registration are an extra hurdle. Photo: Robert Ng

Hong Kong is second only to Singapore as the world’s best place to run a business, but the city’s high ranking obscures its “glaring” problems with real estate regulations, the World Bank and the International Finance Corporation said on Tuesday.

30 Oct 2013 - 2:37pm 2 comments

World Bank cuts US$400m off budget amid sweeping revamp

World Bank President Jim Yong-kim. Photo: Reuters

The savings are part of the bank's first major strategic realignment in 17 years. The figure will be presented to the World Bank's member countries later this week during its annual meetings, along with a new strategy to focus the institution on its poverty-fighting goals.

9 Oct 2013 - 5:27am

World Bank sees slower growth in China, East Asia

The World Bank says the mainland's massive, investment-heavy stimulus programme has run its course. Photo: Reuters

The World Bank yesterday lowered its economic growth forecasts for China and most of developing East Asia for this year and next year, citing slower growth in the world's most populous country as well as weaker commodity prices that have hurt exports and investments in countries such as Indonesia.

8 Oct 2013 - 10:08am

World Bank blacklist over graft soars

The US-based World Bank is getting tougher. Photo: SCMP

The number of companies and people banned by the World Bank for corruption or fraud has soared this year, and the lender warns it will step up its actions against firms for such wrongdoings.

16 Sep 2013 - 3:57am

World Bank to insist projects it funds include steps to curb air pollution

World Bank to insist projects it funds include steps to curb air pollution

The World Bank is planning "aggressive action" to help developing nations cut emissions of soot and other air pollutants blamed for causing climate change, in a shift also meant to protect human health and aid crop growth.

5 Sep 2013 - 4:44am

Rights watchdog slams World Bank for inadequate human rights standards

President of the World Bank Jim Yong Kim speaks at a press conference at the La Moneda presidential palace in Santiago, Chile, 4 July 2013. Photo: EPA

The World Bank funds programmes that worsen or contribute to human rights abuses, New York-based Human Rights Watch said in a report published on Monday.

23 Jul 2013 - 4:29pm

State-owned green firm gets World Bank ban

The World Bank headquarters in Washington.

The World Bank has barred a subsidiary of a state-owned leader in energy conservation and environmental protection from work on projects financed by the lender after the company admitted to fraud.

3 Jul 2013 - 5:16am

No more rankings, panel tells World Bank

World Bank President Jim Yong Kim. Photo: Reuters

An independent panel set up by the World Bank to look at the validity of one of its highest-profile country reports said yesterday that the bank should stop producing headline rankings because they might be misleading.

25 Jun 2013 - 4:45am

World Bank cuts growth forecasts

Growth is slipping in the biggest emerging-market economies.

The World Bank cut its global growth forecast for this year after emerging markets from China to Brazil slowed more than projected, while budget cuts and slumping investor confidence deepened Europe's contraction.

14 Jun 2013 - 3:49am

World Bank U-turn brings hydropower in from cold

The Xiaolangdi dam on the Yellow River. Reversing its previous position, the World Bank sees big hydropower dams as a key source of energy for the developing world. Photo: AFP

The World Bank is making a major push to develop large-scale hydropower projects around the globe, something it had all but abandoned a decade ago but now sees as crucial to resolving the tension between economic development and the drive to tame carbon use.

11 May 2013 - 3:58am

Who said it?

Jim Yong Kim

For the first time in history, we have committed to setting a target to end poverty. We are no longer dreaming

Jim Yong Kim, president of the World Bank

 

Today health care has got phenomenal services … But what percentage of the people of this planet can afford it?

Indian surgeon Devi Shetty

 

22 Apr 2013 - 1:58am

World Bank and IMF join forces to eradicate extreme poverty by 2030

Refugee children play on an old plane that crashed at the Yida camp in South Sudan. Most of the world's extreme poverty cases are concentrated in Africa. Photo: Reuters

Kim, a US physician and global health activist who became head of the Bank last July, announced two weeks ago the plan to eradicate extreme poverty - defined as living on less than US$1.25 a day - to 3 per cent or less of the world by 2030.

22 Apr 2013 - 5:48am

BRICS nations seek to establish rival to World Bank

South Africa's foreign minister, Maite Nkoana-Mashabane, addresses delegates in Durban. Photo: EPA

The grouping of Brazil, Russia, India, China and hosts South Africa is racing to flesh out proposals for an infrastructure-focused lender that would challenge seven decades of dominance by the World Bank.

27 Mar 2013 - 5:44am

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