World Bank

Climate commitments at the 'One Planet Summit'

Paris - Muslimchronicle

Moving away from using fossil fuels and leaning heavily on businesses to green up their act, the "One Planet Summit" in Paris on Tuesday set out a raft of wide-ranging commitments to turn the tables on climate change. Here are five of the major areas covered during the summit: - Oil and gas - The World Bank said it would stop financing oil andRead more

World Bank signs $1.15 billion loan with Egypt

Sharm el Sheikh - Muslimchronicle

The World Bank on Friday signed a $1.15 billion loan with the Egyptian government, a final tranche of funds to support economic reforms in the country, the international lender said. The deal was sealed on the sidelines of the "Africa 2017" investment conference which President Abdel Fattah al-Sisi inaugurated Friday afternoon in the Red Sea resort town of Sharm el-SheikhRead more

World Bank approves latest $1 bn loan

Washington - Muslimchronicle

The World Bank on Tuesday approved the latest loan for Egypt of just over $1 billion to support the country's economic reform program and reduce poverty. The loan is the last in a three-part package worth a total of $3.15 billion that started in 2015, the World Bank said in a statement. The loan will support "home-grown inclusive reforms" aimedRead more

IFC closes $653 million financing for Egypt solar plants

Cairo - Muslimchronicle

International Finance Corporation (IFC), a member of the World Bank Group, on Sunday said it had completed a $653 million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world. Generating up to 752 megawatts of solar power, the Nubian Suns Feed-in-Tariff Financing Program isRead more

US-world divide spills out at IMF-World Bank meetings

Washington - Muslimchronicle

The growing split between the United States and the rest of the world spilled into the annual meetings of the International Monetary Fund and World Bank in Washington this week. The US administration showed a diminished view of the Bretton Woods institutions that shaped a US-led order after World War II, rejecting efforts to expand their activities, and defendingRead more

Improving world economy still needs help from low rates

Washington - Muslimchronicle

The world economy is the healthiest it has been in years but could still use a little help from low-interest rates and higher government spending from countries that can afford it, the International Monetary Fund said. “There was a strong consensus that the global outlook is strengthening,” said Agustin Carstens, governor of the Bank of Mexico and outgoing chair ofRead more

Disaster-hit nations ‘must rebuild better or risk losing insurance’

Mexico - Muslimchronicle

Disaster-prone countries that keep rebuilding homes, roads and utilities are in danger of becoming uninsurable unless their new infrastructure is built to survive further catastrophe, experts said on Friday at a World Bank conference. New construction must be low in carbon emissions and built on safe land at less risk of destruction as extreme weather intensifies under global warming, theyRead more

US moves closer to EU position on taxing tech giants

Washington - Muslimchronicle

Washington is softening its position on European plans to impose taxes on US tech giants such as Apple and Google, officials said this week. The evolving attitude in recent days would mark a stark shift from American officials’ frustration at previous efforts by European authorities to collect taxes from Silicon Valley firms. “The United States is open to considering theRead more

Saudi Arabia advances 18 points in World Bank report on corruption control

Riyadh - Muslimchronicle

Saudi Arabia has progressed 18 points in the control of corruption indicator 2016, which the World Bank issued last week, compared to 2015, the National Anti-Corruption Commission (Nazaha) said in a statement to Arab News on Thursday. With this ranking, the Kingdom earned its highest percentage in controlling corruption since its entry in the World Bank indicator report in 1996.Read more

Trump administration rejects World Bank capital increase

Washington - AFP

The Trump administration on Friday rejected a capital increase by the World Bank, which the Bank says is necessary to expand its global anti-poverty mission. Treasury Secretary Steven Mnuchin said the huge Washington-based institution is inefficient and can be more effective in the nearly $60 billion in development finance it currently allocates each year. Through greater efficiency, the bankRead more