World Bank to invest over $5bn in African Drylands

world bank to support oil demand decline

World Bank to invest over $5bn in African Drylands The World Bank plans to invest over $5 billion in African drylands over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti. World Bank Group President David Malpass announced the investment at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss. “This investment, which comes at…

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World Bank/FT Global Blog/Essay Writing Competition 2021

World Bank/Financial Times Global Blog/Essay Writing Competition 2021

World Bank Global Blog/Essay Writing Competition 2021 If your answers to questions in the next paragraph yes, then take part in the World Bank Group and the Financial Times’ third joint global blog/essay writing competition. Are you 16 to 19 years old? Are you currently enrolled in a high school or secondary school? Has COVID-19 affected your learning or the education of a friend or family member? The pandemic has disrupted our lives everywhere, and is changing the way we live, work and learn. This health crisis is creating another…

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Oil demand decline to persist – World Bank

world bank to support oil demand decline

Measuring sectoral impacts of COVID-19 pandemic continue to suggest that oil demand decline will persist through 2021. While metal and agricultural commodities recouped their losses from the COVID-19 pandemic and expected to make modest gains in 2021, energy prices, despite some recovery still stabilize below pre-pandemic levels next year, the World Bank said Thursday. Oil prices Oil prices fell dramatically in the early stages of COVID-19. And they have only partially regained pre-pandemic price levels. The World Bank’s semi-annual Commodity Markets Outlook report revealed this. The prediction for oil prices…

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World Bank to support Nigeria’s essential sectors

world bank to support oil demand decline

World Bank to support the Nigerian government to strengthen the health and education sectors. The President, World Bank Group, David Malpass, said this during a press briefing at the 2020 annual general meeting on Thursday. Pointedly, the World Bank support for the country in the cause of the pandemic continue to reduce public fiscal constraint He said: “For Nigeria, the vital steps are to strengthen the health system and the education system, and we try to work in those areas. “Also, the governance system and transparency are vital in order…

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World Bank Approves $12bn for COVID-19 Vaccines

covid-19 vaccine on the display in a lab for distribution

The World Bank’s Board of Executive Directors today approved an envelope of $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests, and treatments for their citizens. The financing, which aims to support vaccination of up to a billion people, is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 to help developing countries fight the COVID-19 pandemic. It adds new financing to the World Bank’s COVID-19 emergency response programs that are already reaching 111 countries. This…

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Prioritise inclusive jobs creation, World Bank urges African countries

inclusive jobs creation as highlighted by the world bank's Africa' Pulse

The World Bank Group admonishes sub-Sahara African countries to prioritise policies that will guarantee inclusive jobs creation on the continent. Focusing on the paths to recovery for the continent, the Bank projected African economy will enter into a recession for the first time in 25 years. Reversing this, however, will require policies that prioritise firstly, sustained growth and secondly, inclusive jobs creation. The Bank disclosed this in a report titled Africa’s Pulse: Charting the road to recovery. “Steady recovery in Sub-Saharan Africa after the COVID-19 pandemic requires policies that foster sustained growth and…

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Funmi Adewara, wins World Bank’s SDGs award

Funmi Adewara receives world banks award

Funmi Adewara, chief executive officer of Mobihealth International, has been honoured by the World Bank for her role in promoting the Sustainable Development Goals (SDGs) three. Mobihealth International is said to be Africa’s first fully integrated telehealth start-up leveraging technology in harnessing diaspora, local doctors and medical service providers through a secure electronic medical record and video software. Adewara, a graduate of the University of Ibadan, is one of the seven women entrepreneurs rewarded with the 2020 SDGs and Her Awards. Other winners include Annisa Hasanah Ashyad of Ecofun Indonesia;…

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19-year-old Nigerian wins World Bank’s Writing Competition

world bank writing competition for bloggers on basic education

A 19-year-old Nigerian boy, Ayomide Olawale was announced as the winner of the World Bank Group and Financial Times’ joint Blog Writing Competition. The Bank made the announcement on its blog saying the blog competition asked young people around the world how they would help children learn to read by the time they are 10 years old. Mr Olawale is a student of Bookers International School in Lagos titled his submission for the competition as “A pathway from the street to the book” which narrated his experience in term of…

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COVID-19 pushes 60m persons into extreme poverty – World Bank

The World Bank Group warns that the gain in recent years in terms of extreme poverty reduction could be reversed with the outbreak of Coronavirus disease, COVID-19 by adding 60 million people into extreme poverty. The Bank’s President David Malpass disclosed this in a press statement in Washington on Tuesday, stressing the need to support the most vulnerable countries and businesses. He said: “The pandemic and shutdown of advanced economies could push as many as 60 million people into extreme poverty – erasing much of the recent progress made in…

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