Zoellick Calls for ‘Vulnerability Fund’ Ahead of Davos Forum World Bank President Robert B. Zoellick has a message for the world as heads of state, CEOs, policy-makers and economists gather in Davos, Switzerland, for perhaps the gloomiest World Economic Forum in the meeting’s 39-year history. Don’t leave developing countries “out in the cold.” Zoellick wants developed countries to dedicate 0.7 percent of their economic stimulus packages to a “Vulnerability Fund” for developing countries suffering in the global downturn.
Such a fund could speed resources to existing World Bank, United Nations and regional development bank safety-net programs that give the poor access to health, education and nutrition services; build infrastructure such as roads, bridges and low-carbon technology projects; and support small and medium-size businesses and microfinance institutions that lend to the poor, says Zoellick.
Such a fund could speed resources to existing World Bank, United Nations and regional development bank safety-net programs that give the poor access to health, education and nutrition services; build infrastructure such as roads, bridges and low-carbon technology projects; and support small and medium-size businesses and microfinance institutions that lend to the poor, says Zoellick.
The Africa Region of the World Bank on February 27, 2009 will launch the “Development Marketplace for the African Diaspora in North America” (DMADA), as part of its ongoing “Mobilizing the African Diaspora for Development” initiative.
DMADA will be implemented with the support of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), and will seek proposals from members of the African Diaspora living in the United States and Canada, who wish to implement projects related to Youth and Employment in Sub-Saharan Africa countries.
DMADA will be implemented with the support of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), and will seek proposals from members of the African Diaspora living in the United States and Canada, who wish to implement projects related to Youth and Employment in Sub-Saharan Africa countries.
The following project was approved today by the World Bank’s Board of Executive Directors:
IBRD Loan: US$18 million
TERMS: Maturity = 15 years; Grace= 5 years
Project Description: The project will strengthen the investment climate of Mauritius and advance public enterprise reform in order to encourage supply-side investment.
For project documents, please click here.
IBRD Loan: US$18 million
TERMS: Maturity = 15 years; Grace= 5 years
Project Description: The project will strengthen the investment climate of Mauritius and advance public enterprise reform in order to encourage supply-side investment.
For project documents, please click here.
The World Bank’s International Development Association (IDA) and International Monetary Fund (IMF) have agreed that Burundi has made sufficient progress and taken the necessary steps to reach its completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Because of this agreement, Burundi becomes the 24th country to reach the completion point under the Initiative.
Debt relief under the Enhanced HIPC Initiative from all of Burundi’s creditors has been revised upward to US$832 million in net present value (NPV) terms[i] from US$825 million estimated at the time of the decision point document. HIPC debt relief committed by IDA and the IMF amounts to US$425 million and SDR 19 million (US$27 million) in NPV terms, respectively.
In reaching the HIPC completion point, Burundi also becomes eligible for further debt relief from the IMF, IDA, and the African Development Fund (AfDF) under the Multilateral Debt Relief Initiative (MDRI). MDRI relief net of HIPC assistance would lead to a nominal[ii] reduction of debt owed to IDA and the IMF by US$90 million and SDR 9 million (US$13 million) respectively.
Debt relief under the Enhanced HIPC Initiative from all of Burundi’s creditors has been revised upward to US$832 million in net present value (NPV) terms[i] from US$825 million estimated at the time of the decision point document. HIPC debt relief committed by IDA and the IMF amounts to US$425 million and SDR 19 million (US$27 million) in NPV terms, respectively.
In reaching the HIPC completion point, Burundi also becomes eligible for further debt relief from the IMF, IDA, and the African Development Fund (AfDF) under the Multilateral Debt Relief Initiative (MDRI). MDRI relief net of HIPC assistance would lead to a nominal[ii] reduction of debt owed to IDA and the IMF by US$90 million and SDR 9 million (US$13 million) respectively.
Botswana’s efforts in combating the HIV/AIDS epidemic received a welcome boost, thanks to an innovative US$50 million project that includes a “buy-down” design being implemented for the first time in Africa.
Botswana, one of the countries in the region most afflicted by HIV/AIDS, is facing an uphill challenge in combating the epidemic. An estimated 283,000 Botswana adults, many in their prime are suffering from the debilitating disease. The national adult prevalence rate is nearly 24 percent.
“The Government of Botswana is committed to intensifying the battle against HIV/AIDS,” said Hon. Baledzi Gaolathe, Botswana’s Minister of Finance and Development Planning, at a project signing ceremony held in Gaborone today. “The funds will help us to increase the coverage, efficiency and sustainability of our interventions.”
Botswana, one of the countries in the region most afflicted by HIV/AIDS, is facing an uphill challenge in combating the epidemic. An estimated 283,000 Botswana adults, many in their prime are suffering from the debilitating disease. The national adult prevalence rate is nearly 24 percent.
“The Government of Botswana is committed to intensifying the battle against HIV/AIDS,” said Hon. Baledzi Gaolathe, Botswana’s Minister of Finance and Development Planning, at a project signing ceremony held in Gaborone today. “The funds will help us to increase the coverage, efficiency and sustainability of our interventions.”
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