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The Latest Breaking News from the World Bank

BP Nears Deals For Oil Fields, Curbs On Gas Flaring In Iraq

Iraq and British oil giant BP are set to finalise a deal by early February to develop four oil fields in Kirkuk and curb gas flaring, Iraqi authorities announced Wednesday.

International Business Times

Lebanese whose homes were destroyed in the war want to rebuild. Many face a long wait

It's been six weeks since a ceasefire halted the war between Israel and Hezbollah and many displaced Lebanese whose homes were destroyed in the fighting want to rebuild

The Independent UK

Two-income households need social housing too. Here’s why

In a private property market where supply is restricted, increased family wealth can simply drive up the cost of suitable homes

The Guardian - UK

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China raises its estimate for the size of its economy in 2023

China says its economy grew a bit more in 2023 than earlier thought, according to an economic census conducted every five years

The Independent UK

Labour urged to lead global debt relief effort as cost of repayments soars

Campaigners call for action in 2025, as crippling repayments prevent spending to cut poverty and tackle climate crisis

The Guardian - UK

Single-use plastic will soon be banned in Nigeria – but is the country ready?

With restrictions due next month, food vendors are still using such plastics and some traders have not heard of ban

The Guardian - UK

Palestinian Economy Facing Unprecedented Crisis: World Bank

The war in the Palestinian territories is having a catastrophic impact on the local economy, the World Bank said Monday, noting that all sectors have been badly affected by Israel's attacks.

International Business Times

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Myanmar's economy set to contract as floods and fighting take heavy toll, the World Bank says

The World Bank forecasts that Myanmar's economy will contract this year, as flooding and fighting take a severe toll nearly four years after the military ousted its government headed by Aung San Suu Kyi

The Independent UK

World Bank Announces Record $100 Bn Support For World's Poorest Countries

The World Bank announced Thursday that it has raised close to $24 billion to provide loans and grants for some of the world's poorest nations, which it can leverage to generate a record $100 billion in total spending power.

International Business Times

Afghan economy shows modest signs of growth but recovery remains fragile, says World Bank

The World Bank says Afghanistan’s economy is showing modest signs of growth after two years of severe contraction

The Independent UK

Vietnam Pushes Electric Motorbikes As Pollution Becomes 'Unbearable'

In Vietnam's heavily polluted capital Hanoi, teenage taxi driver Phung Khac Trung rides his electric motorbike through streets jammed with two-wheelers belching toxic fumes.

International Business Times

UK increases World Bank contribution, boosting climate finance prospects

Government puts forward £1.98bn in funding over three years, an increase of about 40% on last pledge

The Guardian - UK

Biden Urges Global Action On Climate Change At G20

President Biden advocates for increased funding for climate initiatives in developing nations to combat climate change.

Top News

Debt-saddled Laos Struggles To Tame Rampant Inflation

Suffocating under a mountain of debt to China, communist Laos is struggling to tame rampant inflation, with food prices rising so sharply that a growing number of households are resorting to foraging.

International Business Times

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International Business Times

Beirut Businesses Struggle To Stay Afloat Under Israeli Raids

Lina al-Khalil has fled her south Beirut home to escape escalating Israeli attacks on Hezbollah, but she still returns daily to the bombarded area to keep the family business running.

International Business Times

Pakistan's Policies Hazy As It Fights Smog

From banning tuk-tuks and barbecues to demolishing old brick kilns, Pakistan's government is pushing a series of measures to fight record-breaking smog.

International Business Times

Lebanon Economic Losses Top $5 Billion In Year Of Clashes: World Bank

More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion in economic losses, with actual structural damage amounting to billions more, the World Bank said on Thursday.

The Guardian - UK

Poorer nations need $1tn a year by 2030 in climate finance, top economists find

Study says funding to cope with climate breakdown needed five years earlier than expected

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The Guardian - UK

Barbados PM asks Donald Trump for face-to-face meeting on climate

Exclusive: Mia Mottley, who has championed climate action, says she would seek common ground with US president-elect

Evening Standard

UK says £58bn climate finance tool to launch on London Stock Exchange

The new capital market mechanism is designed to raise money to help build clean energy projects in developing countries.

The Guardian - UK

Cop29: which climate finance ideas are most likely to work?

With $1tn a year needed, we analyse how best to fill the gap, from wealth taxes to levies on flying and oil extraction

The Guardian - UK

Cop29 jargon buster: key terms for this year’s climate conference in Azerbaijan

Here are some of the phrases that are likely to crop up over the coming days in Baku

The Independent UK

Multilateral banks are key to financing the fight against global warming. Here is how they work

International mega banks, funded by taxpayer dollars, are the biggest, fastest-growing source of climate finance for the developing world

The Guardian - UK

What would a good outcome at Cop29 look like?

Focus will be on climate finance and improving on current goal of providing $100bn a year to poor countries

International Business Times

Banks, Beaches And Boom Times: Four Facts About Mauritius

Mauritius, one of Africa's richest countries and a stable democracy in a sometimes volatile neighbourhood, is holding a legislative election on Sunday.

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