Latest news with #WBG
Zawya
07-07-2025
- Business
- Zawya
World Bank Group Appoints New Country Manager for Burundi
Mr. Babacar Sedikh Faye has been appointed as the World Bank Group (WBG) Country Manager for Burundi, effective July 1, 2025. His appointment is part of a global initiative by the World Bank Group aimed at unifying and strengthening its representation at the country level. Mr. Faye will be responsible for the operations of all the institutions in Burundi, including the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). " It is an honor to represent the World Bank Group in Burundi and to continue strengthening our partnership with the country. The World Bank Group's interventions have seen significant growth and notable impact in recent years. Our goal is to continue this growth, with more efficiency and innovation, to better support the country in its efforts to improve the living conditions of Burundians and reduce inequalities," said Babacar Sedikh Faye, World Bank Group Country Manager for Burundi. Mr. Faye arrives at a time when the Country Partnership Framework (CPF) is being prepared with Burundi for the next six years. The new CPF is the strategic framework that allows the WBG to better align its interventions with Burundi's development priorities. " The CPF is an opportunity for the World Bank Group to better integrate the interventions of all its institutions to support the government in achieving the ambitions defined in its plan titled 'Vision Burundi: Emerging Country by 2040 and Developed Country by 2060'. The WBG is also convinced that this will require sustained support for the emergence of a dynamic private sector that drives inclusive and sustainable growth," noted Mr. Faye. A Senegalese national, Mr. Faye joined the World Bank Group in 2006 as a legal advisor, based in Johannesburg, South Africa. He has since worked in a dozen countries and held various positions of responsibility within the IFC, which focuses on the private sector in emerging countries. Mr. Faye has notably been the Resident Representative of the IFC in Nepal, the Democratic Republic of Congo (DRC), Liberia, and Sierra Leone. Distributed by APO Group on behalf of The World Bank Group.
Muscat Daily
02-07-2025
- Business
- Muscat Daily
World Bank appoints new country manager for Oman
Muscat – The World Bank Group (WBG) announced today the appointment of Wendy Werner as the first Country Manager of the World Bank Group in the Sultanate of Oman, based in Muscat. 'This underscores the World Bank Group's commitment to the partnership with Oman and support its 'Vision 2040',' the World Bank stated. 'A new WBG office in Muscat will deepen our engagement in response to development challenges, and national priorities with speed, efficiency, and impact.' Most recently, Wendy was the Country Head for the International Finance Corporation (IFC) in India and the Maldives, overseeing IFC's largest country portfolio. With over two decades of experience across emerging and frontier markets, she has led transformative investments in climate finance, gender inclusion, and sustainable infrastructure including impactful projects such as building India's electric vehicle ecosystem, developing renewable energy supply and infrastructure, scaling green finance and embedding sustainability in manufacturing. 'I am honoured to take on the responsibility as the first World Bank Group's Country Manager for The Sultanate of Oman and bring together our forces to increase the impact we deliver in Oman and beyond,' said Wendy. 'I look forward to working closely with Oman's public and the private sector to address the country's key priorities, including building economic resilience, enhancing access to sustainable finance for Small and Medium Enterprises, and fostering private sector development both within and outside the country.' The World Bank has been providing advisory services to the Government of Oman in support of its development goals, with a focus on strengthening human capital, diversifying the economy, and enhancing the development of the private sector. IFC, a member of the World Bank Group focused on the private sector in emerging markets, has invested and mobilised US$780mn in Oman across 16 projects. IFC offers tailored financial and advisory solutions to Omani companies looking to attract investments, grow, and expand to new markets in developing countries. IFC also aims to bolster the country's sustainable finance market. IFC's latest investments include US$120mn investment in NFC, Oman's leading finance company, which is expected to enhance access to sustainable finance for small and medium enterprises (SMEs) involved in clean transport, renewable energy, and resource efficiency, as well as a US$200mn sustainability loan to Sohar International Bank to support the bank on-lending to sustainable and green projects MIGA, home of the World Bank Group Guarantee Platform, supported US$1.7bn in commercial financing of the infrastructure works for the Duqm Special Economic Zone. The project contributes to expanding the logistics sector and Oman export capacity, a key pillar of Oman Vision 2040 aimed at economic diversification.
IOL News
20-06-2025
- Business
- IOL News
Are we inviting the World Bank's interference or seeking genuine support?
Later this year the World Bank Group will launch the second pilot edition of its B-READY report, a new benchmark for assessing global business climates. Image: Wikipedia Has the World Bank's flagship business index already been hijacked — from a South African perspective — even before the country's debut in the pilot phase? Money, as Ayn Rand wrote, is the barometer of a society's virtue. In her 1957 novel Atlas Shrugged, Rand observed: 'When you see that trading is done not by consent but by compulsion, when you see that to produce, you need permission from men who produce nothing, when money flows to those dealing in favors rather than goods — when corruption is rewarded and honesty becomes self-sacrifice — you may know your society is doomed.' Nearly seven decades later, her words remain chillingly relevant. Later this year (September–October 2025), the World Bank Group (WBG) will launch the second pilot edition of its Business Ready (B-READY) report, a new benchmark for assessing global business climates. South Africa is set to join the third pilot in 2026, alongside 184 economies, before the project's full rollout in 2027. B-READY, an evolution of the discontinued Doing Business survey, evaluates regulatory frameworks and public services affecting firms. For South Africa, the index focuses on 10 key areas — business entry, utilities, labour, financial services, taxation, dispute resolution, and more — spanning four departments: Employment and Labour; Finance; Small Business Development; and Trade, Industry, and Competition. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The WBG has already critiqued South Africa's 'hard regulations', including BEE policies, local content rules, and collective bargaining, arguing they stifle implementation and breed corruption. A February 2025 WBG report, Driving Inclusive Growth in South Africa, also highlighted weak market competition as a critical flaw. Notably, the report's contributors included prominent South African economists and private-sector representatives — Tania Ajam, Haroon Bhorat, Mcebisi Jonas, and others. While the World Bank is a respected institution, its reports often reflect local biases rather than impartial Washington analysis. South African policymakers are well aware of this — and of attempts to influence policy through institutions and 'experts' of perceived gravitas. B-READY's methodology relies on firm-level surveys and confidential expert input, raising questions about transparency. In a country with low internet penetration and a gatekeeping culture, how representative will these surveys be? The selection process — scouring LinkedIn, conferences, and embassy directories — hardly guarantees objectivity. The Doing Business report's demise in 2020 followed data manipulation scandals involving China, Saudi Arabia, and the UAE. Is South Africa immune to such interference? With competing economic agendas, disjointed governance, and external pressures (including from Trump-aligned figures), the risk of distortion is real. Domestically, the DA is challenging labour laws in court, while AfriForum lobbies foreign governments against B-BBEE. Meanwhile, institutions such as the CIPC, Competition Commission, and SARS — though theoretically capable of enabling business — remain inefficient and disjointed. Consider recent examples: CIPC's mass deregistration of 'non-compliant' companies, under the guise of FATF compliance, ignores South Africa's unemployment crisis. Private-sector exploitation of undocumented workers (Uber, SPAR franchises) flouts labour and tax laws. Tshwane's revenue crackdown exposes rampant illegal utility connections by businesses. Will the World Bank's surveys capture these realities? Or will its findings — like past reports — be skewed by advocacy masquerading as research? A 2005 evaluation of WBG research (led by Nobel laureate Angus Deaton) found that the Bank elevated favourable studies and ignored inconvenient ones, blurring the line between analysis and agenda. South Africa doesn't need external interference — it needs will. Regulatory bodies must function cohesively. Policies should enable, not strangle. And if B-READY is to be Rand's 'noble medium', it must resist becoming another tool of coercion. The question lingers: Is the World Bank's index a genuine reform tool—or a new frontier of influence against South Africa? * Makgwathane Mothapo is a marketing and communications practitioner. ** The views expressed here do not reflect those of the Sunday Independent, IOL, or Independent Media. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
Yahoo
13-05-2025
- Business
- Yahoo
Nigeria sees highest growth in 10 years — World Bank report
Nigeria's gross domestic product (GDP) grew by 3.4% in 2024, the World Bank said in a new report published Monday. That's the highest rate of growth since 2014, excluding the 2021-2022 COVID-19 rebound, the bank said. The acceleration in Nigeria's GDP growth was driven mainly by a continued oil and gas sector recovery and strong growth in the tech and finance industries, according to the latest Nigeria Development Update. [NEWS] The latest edition of the #Nigeria Development Update 'Building Momentum for Inclusive Growth', released today, indicates that Nigeria's macroeconomic situation is improving as a result of sustained reforms: — World Bank Nigeria (@WBG_Nigeria) May 12, 2025 The World Bank expects the rate of growth of Nigeria's economy to slightly increase in 2025 to 3.7%. At the same time, the country's agriculture sector showed slow growth, the bank warned, because of insecurity in the Middle Belt and high input costs. The Middle Belt refers to a broad sweep of 14 states across the center of Nigeria. Hundreds of thousands of hectares of farmland have been abandoned there because of ongoing violent clashes, often between farmers and nomadic herdsmen. At a presentation of its report in the capital Abuja, the World Bank praised government reforms in Africa's largest economy. President Bola Tinubu implemented a broad swath of economic reforms after winning the 2023 elections. These include ending costly petrol subsidies, slashing electricity allowances and twice devaluing the naira currency. A recent report by the International Monetary Fund (IMF) on Nigeria also praised the reforms and issued a warning about high levels of poverty. Tinubu recently justified his reforms, stressing that he made what he called "tough decision" so that Nigeria could grow. "We are gradually seeing the light at the end of the tunnel," Tinubu said on Friday. But the reforms have come at a cost for many ordinary Nigerians, who are facing the worst cost-of-living crisis in a nearly 30 years, according to Human Rights Watch. Successive years of rising inflation and surges in food prices have seen poverty soar in the West African nation — although some key staples have become cheaper in the past few months. Nearly half of all Nigerians lived in poverty in 2024, the World Bank update found, making Nigeria home to the world's second-largest poor population after India. The 2024 Global Hunger Index ranks Nigeria 110th out of 127 countries. Nearly a third of its children are stunted because of chronic undernutrition. While inflation is expected to fall over the course of this year, it is still forecast to remain high at an average of 22.1%, the World Bank said. "Labor incomes have not kept up with inflation, depleting the purchasing power of Nigerians. Poverty has deepened and broadened, especially among urban Nigerians," it said. There is a need for the economy to generate more and better jobs at scale and reduce poverty, the bank noted, especially if it wants to reach its goal of achieving a $1 trillion (€900 billion) economy by 2030. Edity by: Alex Berry
Time of India
27-04-2025
- Business
- Time of India
World Bank eyes energy financing options, holds fast on equality issues
The World Bank 's steering committee on Friday endorsed the lender's plans to explore options to expand energy access, including potential financing for nuclear energy, in a move in line with directives to broaden energy financing by US President Donald Trump's administration. But the group's statement also endorsed the development lender's gender and equality strategy, just days after US Treasury Secretary Scott Bessent on Wednesday said the World Bank and the International Monetary Fund had suffered from 'mission creep' straying too far from their core development and economic stability mandates into climate change, gender and inclusion issues. A statement from the World Bank and International Monetary Fund joint Development Committee called on the World Bank Group (WBG) to work towards providing energy access to 300 million Africans by 2030. 'We encourage the WBG to explore further options for increased affordable and reliable energy access, including potential support for nuclear energy,' the Development Committee said. Bessent urged the World Bank to focus on energy affordability rather than seeking to 'meet distortionary climate financing targets.' He welcomed the lender's plan to end a prohibition on the bank's nuclear energy financing and urged it to support gas and other fossil-fuel-based energy production. The Development Committee noted the bank's target to devote 45 per cent of its lending to climate activities by fiscal year 2026, but said that this should respond to 'client requests for mitigation support including access to electricity, effective and resilient transportation solutions, biodiversity, sustainable food production and climate adaptation projects.' Taking a stand The panel's statement fully endorsed the World Bank Group's gender strategy and called for further efforts to promote equality. 'We commend the WBG for its programs that expand economic opportunities for women entrepreneurs, including its work to provide 80 million more women and women-led businesses with capital, and elevate human capital for women and girls,' the statement said. German Development Minister Svenja Schulze told reporters she pressed for inclusion of critical issues such as women's rights and climate during the Development Committee's discussions. 'I insist on mentioning women's rights and empowerment and climate change concerns, even if the US is pressuring the bank to retreat from those goals,' Schulze said, adding that EU members make up 23 per cent of the bank's shareholdings, with the US, the largest single shareholder, at 16 per cent. 'We set a course for the bank over the past two years, and we must stick to it,' Schulze said. Participants noted that the United States did not speak first during the Development Committee meeting as it has traditionally done, and there was little support for its views, except from Russia. One participant, who asked not to be identified, said the US stance toward the World Bank was surprising after decades of strong support, noting that it remained unclear if Washington would make good on its pledge to provide $4 billion for the International Development Association , the bank's fund for the World's poorest countries. Bessent said that a decision whether to proceed with the pledge, made by former President Joe Biden, would depend on US budget deliberations and implementation of reforms to the World Bank.
