New World Bank Project to Increase Regional Transport Connectivity in Central Asia
The World Bank Group’s Board of Executive Directors approved an allocation of US$45 million equivalent to finance the first phase of the transformative Central Asia Roads Links Program, to be implemented in the Kyrgyz Republic in 2014-2019.
World Bank to Finance New Hydropower Development in Burundi
The World Bank’s Board of Executive Directors approved a US$100 million grant to the Republic of Burundi to finance the Jiji and Mulembwe hydropower project.
Sri Lanka First in South Asia to Access Innovative World Bank Disaster Risk Financing
Sri Lanka became the first South Asian country to access an innovative form of World Bank financing that provides immediate payouts after a major catastrophe such as a tsunami, cyclone or flood.
Nepal's Sherpas Consider Strike
The famed Sherpa guides of Nepal are considering a strike, following a massive avalanche on Mount Everest last week that killed 13 guides. The Sherpas are seeking better pay and welfare provisions.
Project Launched to Improve Basic Urban Services for Over 3 Million in Bangladesh
The Government of Bangladesh and the World Bank launched the Municipal Governance and Service Project to improve municipal governance and basic urban services in city corporations and municipalities in Bangladesh. The initiative will benefit 3.4...
Governments endorse new OECD Guidelines on applying VAT across borders
The governments of 86 countries have taken a key step towards preventing value added tax from weighing on trade while also safeguarding state revenues by endorsing the first internationally agreed framework for applying national VAT rules to cross-...
Russia Writes Off Majority of North Korea Debt
Russia's parliament has agreed to write off almost $10 billion of North Korea's Soviet-era debt, in a deal expected to facilitate the building of a gas pipeline to South Korea across the reclusive state.
IMF Completes Eleventh Review Under an EFF Arrangement with Portugal, Approves €851 Million Disbursement
The Executive Board of the International Monetary Fund (IMF) completed the eleventh review of Portugal’s performance under an economic adjustment program supported by a 3-year, SDR 23.742 billion (about €26.58 billion) Extended Fund Facility (EFF)...
The World Bank Supports Small and Medium-sized Businesses in Tunisia with an additional US$100 million
The World Bank approved an additional loan for US$100 million for Micro, Small and Medium Enterprises (MSMEs) in Tunisia. This additional support will help finance scaling up a project that has shown good results in improving access to finance for...
US: China's Currency 'Significantly Undervalued'
The United States Treasury criticized China for "significantly" undervaluing its currency, but again refrained from labeling Beijing a currency manipulator.
