The World Bank has been headed by someone from the United States, the lender’s dominant shareholder, since its founding at the end of World War II
World Bank
UAE
UAE economy to grow 4.1% this year: World Bank
UAE economy to thrive in 2023 despite global headwinds
Ajay Banga
Indian-American Ajay Banga is the US pick for World Bank president
If confirmed by the World Bank board of directors, Banga would be the first Indian-American to head either of the two top international financial institutions: IMF and the World Bank
David Malpass
World Bank board aims to pick next president by early May, US nominee expected soon
Top contenders for the post include Samantha Power, who currently leads the USAID, and Rajiv Shah, former USAID administrator under Obama and currently president of the Rockefeller Foundation
David Malpass
World Bank chief David Malpass to step down early
Malpass, a former US President Donald Trump pick, came to helm the World Bank in 2019
currency crisis
Lebanese go hungry as poverty rises amid economic failure: Report
The majority of people in Lebanon are unable to secure their social and economic rights
bilateral debt
World’s poorest countries paid $62bn in debt service payments in 2022: World Bank
China is expected to account for 66 percent of the debt service payments to be made by IDA countries on their official bilateral debt
GCC tourism
Royal Commission for AlUla, World Bank sign development pact for ‘sustainable regeneration’
Through the partnership, RCU will work closely with World Bank specialists to ensure the transformation of the historic area
business activities
UAE’s real GDP to grow by 5.9 percent in 2022: World Bank
The bank, however, expected the country’s real GDP to moderate to 4.1 percent in 2023 as slower global demand may dampen growth due to tightening financial conditions
bilateral economic relations
Saudi finance minister heads country’s delegation for this year’s IMF, World Bank meet
The IMF-World Bank meetings are being held from October 10 until 16
Egypt
World Bank approves $400 million financing for Egypt’s GCA railway corridor
The financing is to support the logistics and transport sectors’ shift towards low-carbon transportation
AD Ports
Four out of five of the world’s most efficient ports are in the Middle East
The region ranked highly in the global index of 370 ports developed by the World Bank and S&P Global Market Intelligence
economic recovery
Covid prevention in focus at G20 finance, health ministers meet as rising cases limit economic recovery
Ministers also discussed the possible establishment of a financial intermediary fund (FIF) for pandemic prevention, preparedness, and response
AlUla
Saudi Arabia calls for global leaders to support World Bank fund, commits $100mn to close tourism financing gaps
The spring meetings of the World Bank Group examined the impact of Covid-19 and climate change as well as the need to support vulnerable communities in the tourism sector
David Beasley
World Bank calls for ‘urgent’ support of vulnerable countries amidst rising food insecurity
War in Ukraine, ongoing coronavirus, climate change all cited as reasons for sharply rising food and oil prices
David Malpass
Countries in the MENA region must create 300 million jobs to protect social stability: World Bank President
The MENA region should focus on deepening trade relationships, labour and capital mobility, investing in knowledge, and enabling a strong business environment, the World Bank President said
circular economy
Water in the circular economy needs sustainable financing
Demands on public finance in emerging markets have increased across sectors and priorities are continuously changing