&w=3840&q=100)
World Bank plans securitisation, debt swaps to boost development
It's designed the initiative to help accelerate the pace of development in some of the world's poorest nations and create some of the jobs that hundreds of millions of young people will need in the next decade, he said in an interview in Mozambique.
'We can't do project by project,' he said of the securitisation plans. 'We don't have 100 years.'
Banga, who took charge of the world's biggest multilateral development bank two years ago, said he's trying to change the way the lender works to speed up projects. The securitisation plan envisages private institutions like large pension funds taking loans off the World Bank's balance sheet, allowing the lender to invest more. The swaps would enable countries to spend the interest savings on development.
Under the securitisation plan, the bank is working with Goldman Sachs Group Inc. on a pilot project to combine some of the projects backed by its International Finance Corp. unit into a package to offer to the market in the next four to five months, he said.
'It's the first time the World Bank has done this,' he said, adding that the idea would be to get the packages credit ratings. 'Banks do it all the time.'
Goldman Sachs declined to comment.
The debt-for-development swaps will be modeled on an arrangement the bank concluded with Ivory Coast in December. Under that plan, the West African nation will buy back about €400 million ($462 million) of its most expensive debt that matures over the next five years.
By using a partial World Bank guarantee, it will take out a commercial loan with a longer maturity, lower interest rate and grace period to free up €330 million over the period and save €60 million — on condition the savings are spent on education.
'I've got nine more in the pipeline like that,' Banga said, declining to identify the countries. 'They are all across Africa and parts of Asia.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
2 hours ago
- NDTV
Japanese Population Sees Record Drop In 2024, Down By 9 Lakh
Japan: The population of Japanese nationals fell by a record amount -- more than 900,000 people -- in 2024, official data showed, as the country battles to reverse its perennially low birth rates. While many developed countries are struggling with low birth rates, the problem is particularly acute in Japan where the population has been declining for years. Prime Minister Shigeru Ishiba has called the situation a "quiet emergency", pledging family-friendly measures like more flexible working hours and free day care to try and reverse the trend. Last year, the number of Japanese fell by 908,574, or 0.75 percent, to 120.65 million. The decline -- for a 16th straight year -- was the largest drop since the survey began in 1968, the internal affairs ministry said Wednesday. Foreign resident totals, however, were at their highest since records began in 2013. There were 3.67 million foreigners as of January 1, 2025, representing nearly three percent of the whole population in Japan, which was more than 124.3 million as of that date. The overall population of the country declined by 0.44 percent from 2023. The latest figures come as the government struggles to raise stubbornly low birth rates, while frustration over inflation and other concerns among some voters prompted the rise of a new opposition party with a slogan of "Japanese First". The anti-immigrant party has falsely claimed foreigners enjoy more welfare benefits than Japanese nationals. Foreign nationals are helping address labour shortages exacerbated by the ageing population, and most commonly hold jobs in the manufacturing, hospitality and retail sectors. Abandoned homes By age, Japanese nationals aged 65 and over accounted for nearly 30 percent of the population, while the age group between 15 and 64 made up 60 percent, both minor increases from the previous year. Japan has the world's second-oldest population after tiny Monaco, according to the World Bank. The number of births in Japan last year fell below 700,000 for the first time on record, health ministry data released in June said. The fast-ageing nation welcomed 686,061 newborns in 2024 -- 41,227 fewer than in 2023, the data showed. It was the lowest figure since records began in 1899. The shrinking population is also gutting rural communities, with the number of abandoned homes in Japan soaring to almost four million over the last two decades, government data released last year showed. Many of the homes belong to people living in major cities who have inherited them from relatives and who are unable or unwilling to keep them renovated. The world's oldest person, Japanese woman Tomiko Itooka, died at the age of 116 in December. Women typically enjoy longevity in Japan, but the expanding elderly population is leading to soaring medical and welfare costs, with a shrinking labour force to pay for it.
Time of India
6 hours ago
- Time of India
Japanese population sees record drop in 2024
The population of Japanese nationals fell by a record amount -- more than 900,000 people -- in 2024, official data showed, as the country battles to reverse its perennially low birth rates. While many developed countries are struggling with low birth rates, the problem is particularly acute in Japan where the population has been declining for years. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Prime Minister Shigeru Ishiba has called the situation a "quiet emergency", pledging family-friendly measures like more flexible working hours and free day care to try and reverse the trend. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo Last year, the number of Japanese fell by 908,574, or 0.75 percent, to 120.65 million. The decline -- for a 16th straight year -- was the largest drop since the survey began in 1968, the internal affairs ministry said Wednesday. Live Events Foreign resident totals, however, were at their highest since records began in 2013. There were 3.67 million foreigners as of January 1, 2025, representing nearly three percent of the whole population in Japan, which was more than 124.3 million as of that date. The overall population of the country declined by 0.44 percent from 2023. The latest figures come as the government struggles to raise stubbornly low birth rates, while frustration over inflation and other concerns among some voters prompted the rise of a new opposition party with a slogan of "Japanese First". The anti-immigrant party has falsely claimed foreigners enjoy more welfare benefits than Japanese nationals. Foreign nationals are helping address labour shortages exacerbated by the ageing population, and most commonly hold jobs in the manufacturing, hospitality and retail sectors. Abandoned homes By age, Japanese nationals aged 65 and over accounted for nearly 30 percent of the population, while the age group between 15 and 64 made up 60 percent, both minor increases from the previous year. Japan has the world's second-oldest population after tiny Monaco, according to the World Bank. The number of births in Japan last year fell below 700,000 for the first time on record, health ministry data released in June said. The fast-ageing nation welcomed 686,061 newborns in 2024 -- 41,227 fewer than in 2023, the data showed. It was the lowest figure since records began in 1899. The shrinking population is also gutting rural communities, with the number of abandoned homes in Japan soaring to almost four million over the last two decades, government data released last year showed. Many of the homes belong to people living in major cities who have inherited them from relatives and who are unable or unwilling to keep them renovated. The world's oldest person, Japanese woman Tomiko Itooka, died at the age of 116 in December. Women typically enjoy longevity in Japan, but the expanding elderly population is leading to soaring medical and welfare costs, with a shrinking labour force to pay for it.
The Hindu
15 hours ago
- The Hindu
Blue Flag project to be expanded to three more Chennai beach stretches
Chennai's three beaches — Thiruvanmiyur, Palavakkam and Uthandi — are expected to be developed under the Blue Flag certification programme. Further, the Greater Chennai Corporation (GCC) is set to begin work on the second phase of the Marina Beach Blue Flag project — from the Mahatma Gandhi Statue to Nochi Nagar, opposite the Karaneeswarar Koil Street. After the inauguration of the Blue Flag project at Marina Beach by the Deputy Chief Minister Udhayanidhi Stalin on Sunday, Mayor R. Priya said a total of 30 acres along Loop Road had been planned for the next stage. She further said the Detailed Project Report was being prepared for these sites, and the tender would be finalised soon. The works, estimated to cost over ₹6 crore for each beach, will be funded under the Tamil Nadu: Strengthening Coastal Resilience and the Economy Project, supported by the World Bank. The plan includes new toilets and changing rooms, wheelchair-accessible paths, solar lighting, waste bins, lifeguard stations and grey water treatment systems. Seating areas and Blue Flag programme-compliant signboards will also be installed. Dedicated access for persons with disabilities will be created, according to the GCC. 'A total ₹6.02 crore has been allocated for each beach. The works will take seven months to complete, and the beaches will then be maintained for another year under the same contract by the private party engaged,' an official said. There was no mention of shops in the proposals for any of the four Blue Flag projects. To this, the Mayor said the decision to remove shops in the first phase at Marina Beach received good response from the public. 'This is also crucial to keep the beach clean — a critical criterion for Blue Flag certification. A complex can be set up for authorised vendors, and illegal shopkeepers will be evicted as per GCC regulations,' she said.
