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World Bank delays Uganda’s $90 million loan over anti-LGBT law

The World Bank stalled a $90 million loan planned to help Uganda strengthen its health care system on Thursday after the country put in place a harsh anti-gay law. “We have postponed the project for further review to ensure that the development objectives would not be adversely affected by the…

World Bank declares Singapore and Hong Kong most business-friendly places in the world

Singapore and Hong Kong rank the world’s best places to run a business, while mainland China remains far down the list, according to the World Bank’s annual competitiveness survey Tuesday. The Southeast Asian entrepots and finance centers topped the survey for the eighth straight year, with New Zealand, the United…

World Bank devotes $700 million to women and childrens’ health

World Bank President Jim Yong Kim announced Monday that at least $700 million would be made available over the next two years for women’s and children’s health needs in poor countries. Speaking at the United Nations, Kim said the money was to help developing countries meet the targets of the…

World’s poorest will feel brunt of climate change, warns World Bank

Millions of people around the world are likely to be pushed back into poverty because climate change is undermining economic development in poor countries, the World Bank has warned. Droughts, floods, heatwaves, sea-level rises and fiercer storms are likely to accompany increasing global warming and will cause severe hardship in…

U.S. nominee Jim Yong Kim chosen to lead World Bank

The World Bank chose Korean-American physician Jim Yong Kim as its next chief Monday in a decision that surprised few despite the first-ever challenge to the US lock on the Bank’s presidency. The Bank’s directors chose Kim, a 52 year old US health expert and educator, over Nigerian Finance Minister…

Geithner urges Congress to back IMF, World Bank

WASHINGTON — US Treasury Secretary Timothy Geithner on Tuesday urged a tight-fisted Congress laden with conservatives opposed to global institutions to keep up financial support for the IMF and World Bank. With the International Monetary Fund prodding members for more funding and Washington seeking support for its new nominee to…

World Bank nominee raps, dreamed of being a star quarterback

Singing rap, citing Buddhist teachings, and once dreaming of being a sports star, the likely next head of the World Bank may not be widely known — but he’s no faceless bureaucrat. Korean-born Jim Yong Kim is the president of Ivy League Dartmouth College, a medical doctor and, above all,…

US faces deadline to nominate World Bank chief

The United States faced a deadline Friday to nominate a new World Bank chief, as strong candidates backed by emerging countries ramped up the pressure on Washington to name a high-profile figure. The White House has until 6:00 pm (2200 GMT) to nominate a candidate to succeed Robert Zoellick at…

BRICS call for open selection of next World Bank chief

MEXICO CITY (Reuters) – A meeting of BRICS major emerging countries discussed the selection process of the next head of the World Bank and emphasized it should be open to all countries, rejecting the tradition that the job automatically goes to an American, a senior BRIC official said on Saturday.…

Africa losing out on billions in trade: World Bank

Africa is losing out on billions of dollars in potential earnings every year because of high trade barriers on the continent, the World Bank said Tuesday. “It is easier for Africa to trade with the rest of the world than with itself,” the World Bank said in releasing a new…

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