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☆ 'This is real money being put to real work,' World Bank president says
▼ + stars: | 2023-12-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'This is real money being put to real work,' World Bank president says"This is real money being put to real work," World Bank President Ajay Banga tells CNBC's Dan Murphy, after the organization said it would put 45% of its annual financing to climate by 2025.

Persons: Ajay Banga, Dan Murphy Organizations: World Bank

☆ World Bank and kin head for a $100 bln cash call
▼ + stars: | 2023-11-20 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

World Bank President Ajay Banga arrives for a signing ceremony with Thailand to host the 2026 International Monetary Fund and the World Bank annual meetings on the last day of this year's meeting, following last month's deadly earthquake, in Marrakech, Morocco, October 15, 2023. REUTERS/Susana Vera Acquire Licensing RightsLONDON, Nov 20 (Reuters Breakingviews) - The World Bank and its fellow institutions are heading for a cash call. The World Bank and its regional peers, such as the African Development Bank and the Asian Development Bank, are well placed to help developing countries craft strategies to develop in a green way. Donald Trump may seem an unlikely supporter of the World Bank if he wins. The People’s Republic, for its part, will want to increase its stake in the World Bank as part of any capital increase.

Persons: Ajay Banga, Susana Vera, Fitch don’t, Chris Humphrey, Janet Yellen, Joe Biden, Donald Trump, There’s, David Cameron, Peter Thal Larsen, Thomas Shum Organizations: Monetary Fund, World Bank, REUTERS, Reuters, African Development Bank, Asian Development Bank, Group, FIRST, AAA, Bank, Moody’s, European Bank for Reconstruction, U.S, Thomson Locations: Thailand, Marrakech, Morocco, Washington, United States, China, Britain, Ukraine, U.S, Israel, Republic, United Kingdom, France

☆ COP28’s big challenge: green cash for poor states
▼ + stars: | 2023-11-15 | by ( George Hay | ) www.reuters.com time to read: +7 min

Rather than drawing attention to this paucity of ambition, al-Jaber wants states to commit to trebling global capacity of renewable energy by 2030. Progress in China and the West is largely a function of cash: these regions accounted for 84% of the $1.3 trillion committed to global climate finance in 2022. They calculate that by 2030, developing countries need to invest around $2.4 trillion a year in order to decarbonise their economies. The problem is that the developed world has consistently missed targets to channel climate cash to less developed counterparts. In September al-Jaber announced a $4.5 billion scheme to deploy UAE state cash and private sector resources to help Africa decarbonise.

Persons: al, Jaber, hasn’t, Nicholas Stern, Stern, Ajay Banga, Mark Carney, Shriti Vadera, Larry Fink, Joko Widodo, UAE Crown Prince Mohammed bin Zayed, Nahyan, Breakingviews, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, United, Conference of, Abu Dhabi National Oil Company, United Nations, International Energy Agency, The, IEA, World Bank, concessional, Bank, Bank of England, Prudential, BlackRock, U.S, Indonesian, Africa decarbonise, UAE Crown, Thomson Locations: United Arab Emirates, Abu Dhabi, Paris, China, The U.S, British, Egypt, Indonesia, Japan, South Africa, Vietnam, U.S, Al, UAE, Africa, COP28, Dubai

For a Biden administration committed to stopping the Israel-Hamas war from widening, the conflict could amplify the economic strains and possibly cause governments to collapse. “Let’s support Egypt," Michel told reporters afterward. One major potential setback for Egypt stemming from the latest Israel-Hamas War would be the loss of tourists seeking to explore the country's ancient pyramids and history. Tourism is one of Egypt's leading economic sectors, and along with foreign investment provides needed access to the rest of the global economy. Before the latest Israel-Hamas war, some officials had pointed to Lebanon’s rebounding tourism industry as an economic lifeline.

Persons: Joe Biden, Christopher Swift, Ajay Banga, Charles Michel, Michel, Abdel Fattah el, Sissi, Israel, ”, Swift, ” Swift, it's, Mubarak, Moody’s, Mirette, Mabrouk, ” Mabrouk, Paul Salem, Abby Sewell Organizations: WASHINGTON, Hamas, International Monetary Fund, European Union, reverberations, Treasury Department, European Council, el, IMF, Tourism, Associated, World Bank, U.S, Middle East Institute Locations: Israel, Egypt, Jordan, Lebanon, Saudi Arabia, Gaza, Sudan, East, Hamas, United States, Qatar, Washington, Beirut

☆ Peace talks in the Middle East will take time to resume, World Bank chief says
▼ + stars: | 2023-10-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

MARRAKESH, MOROCCO - OCTOBER 13: Ajay Banga, President of the World Bank Group, speaks during the International Monetary Fund (IMF) meeting in Marrakesh, Morocco on October 13, 2023. Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course, making regional cooperation much more difficult. The president of the World Bank on Tuesday said that it will be some time before progress toward a more peaceful Middle East can resume in earnest. Banga was speaking at the Future Investment Initiative Institute conference in Riyadh, where business leaders are gathered to discuss economic and investment prospects of the Middle East region. The World Bank chief said that the conflict could have ramifications not only for the region, but also for the wider global economy — most notably for energy markets.

Persons: Ajay Banga, Abu Adem Muhammed, Banga, CNBC's Dan Murphy, I'm, Kristalina Georgieva Organizations: World Bank Group, International Monetary Fund, Anadolu, Getty, CNBC, World Bank, Future Investment Initiative Institute, Palestinian, Israel Locations: MARRAKESH, MOROCCO, Marrakesh, Morocco, Israel, Riyadh, East, Gaza, Saudi Arabia, Banga, Russia, Ukraine

☆ A more peaceful Middle East will have to take 'a little while,' World Bank president says
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA more peaceful Middle East will have to take 'a little while,' World Bank president saysAjay Banga, World Bank president, discusses the Israel-Hamas war and geopolitical turmoil in the region.

Persons: Ajay Banga Organizations: World Bank Locations: Israel

In the United States, the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures. HEADACHE FOR THE ECBIn the euro zone, business activity drooped as demand fell in a broad-based downturn across the region, causing the bloc to enter the fourth quarter on the wrong foot and suggesting it may slip into recession. "The flash PMIs mark a poor start to October for the euro zone, especially after showing some early signs of recovery in September," said Rory Fennessy at Oxford Economics. Suggesting a recession is well underway in Germany, Europe's largest economy, business activity contracted there for a fourth straight month as the downturn in manufacturing was matched by a renewed decline in services, its PMI showed. In France, the euro zone's second-largest economy, business activity remained in contraction territory in October, PMI data showed, improving just slightly from September's near three-year low.

Persons: Rebecca Cook, Chris Williamson, Christine Lagarde's, Rory Fennessy, Williamson, Ajay Banga, Dan Burns, Jonathan Cable, Lindsay Dunsmuir, Andrea Ricci Organizations: Ford Rouge Electric Vehicle, REUTERS, P Global, Composite, Federal, Commerce Department, Reuters, P, P Global Market Intelligence, P Global PMI, September's, European Central Bank, Oxford Economics, PMI, European Union, Bank of, Palestinian, Hamas, Thomson Locations: Dearborn , Michigan, U.S, United States, joblessness, Germany, Europe's, France, September's, Britain, Gaza, Ukraine

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ World Bank's Banga says geopolitics pose biggest, but not the only, risk to world economy
▼ + stars: | 2023-10-24 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +1 min

LONDON, Oct 24 (Reuters) - Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. So yes, that is right there lurking in the shadows," Banga said, referring to a rise in the benchmark for borrowing costs around the world which further threaten an economic slowdown. Banga said that while everything in the developed world looks better than had been expected some time ago, "I think that we're at a very dangerous juncture." He said private sector investment is needed in developing economies but political risks in some of these countries remain a barrier. There is not enough money in government coffers or even in the multilateral development banks, we need to involve the private sector with their capital," he said.

Persons: Ajay Banga, Banga, Jorgelina, Karin Strohecker, Mike Harrison, Susan Fenton Organizations: World, Treasury, Future Investment Initiative, Thomson Locations: Riyadh, Israel, Gaza, Rosario

☆ Top economists unanimous on 'higher for longer' rates as inflation threats linger
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. Mandel Ngan | Afp | Getty ImagesTop economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets. Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank's 2% target. The European Central Bank last month issued a 10th consecutive interest rate hike to take its main deposit facility to a record 4% despite signs of a weakening euro zone economy. "We may have more shocks that may drive inflation up, and that's why of course we have to remain very cautious about inflation developments."

Persons: Mandel Ngan, Ajay Banga, Greg Guyett, Guyett, Boris Vujčić, Vujčić, Mārtiņš Kazāks, CNBC's Joumanna Bercetche, Silvia Amaro, Austrian National Bank Governor Robert Holzmann Organizations: World Bank Group, International Monetary Fund, Washington DC, Afp, Getty, U.S . Federal Reserve, World Bank, IMF, Bank, Labor Department, U.S ., HSBC, CNBC, European Central Bank, Council, Croatian National Bank, U.S, Bank of Latvia, ECB, Governing Council, Austrian National Bank Governor Locations: Washington, Central, U.S, Marrakech, Morocco, ECB's, Europe, Marrakech ., Israel

IMF Managing Director Kristalina Georgieva did not mention the new conflict at opening events. The inability to respond extended to chair's statements issued by the Group of 20 major economies and the IMF and World Bank steering committees, which failed to mention the conflict. "You know, without peace, it's hard for people to get stability, growth, look after their children, get jobs," he said. But conflicts remain the biggest challenge to the global economy, said Josh Lipsky, a former IMF official who directs the Atlantic Council's GeoEconomics Center. "Geopolitical shocks are economic shocks now and economic shocks are geopolitical shocks - and they're trying to detach the two."

Persons: Kristalina Georgieva, that's, Rachel Nadelman, Joe Biden, China's Xi, Ajay Banga, Josh Lipsky, Andrea Shalal, David Lawder, Giles Elgood Organizations: Global, International Monetary Fund, World Bank, IMF, West Bank, Reuters, Research Center, Group, GeoEconomics, Thomson Locations: MARRAKECH, Morocco, Israel, Gaza, Lebanon, Ukraine, United States, China, Bali, Africa

The Group of 20 major economies did reach consensus on an official communique but omitted any mention of the Israel-Hamas war. Senior World Bank Group officials were more pointed in a statement to staff, saying they were "shocked and appalled by the unprecedented escalation of violence in Israel and Gaza." "We condemn terrorism in all forms, including the abhorrent targeting of innocent civilians and kidnapping," the leaders of the World Bank, the International Finance Corp and the Multilateral Investment Guarantee Agency, said in an internal statement seen by Reuters. "Geopolitical shocks are economic shocks now and economic shocks are geopolitical shocks - and they're trying to detach the two." Reporting by Andrea Shalal and David Lawder; Editing by Giles Elgood and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina Georgieva, that's, Rachel Nadelman, Joe Biden, China's Xi, Ajay Banga, Josh Lipsky, Andrea Shalal, David Lawder, Giles Elgood, Stephen Coates Organizations: Global, International Monetary Fund, World Bank, IMF, West Bank, Reuters, Research Center, U.S, Treasury, Bank Group, International Finance Corp, Multilateral Investment Guarantee Agency, GeoEconomics, Thomson Locations: MARRAKECH, Morocco, Israel, Gaza, Lebanon, Ukraine, United States, China, Africa

☆ Key takeaways from the IMF/World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +5 min

Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France. Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of debt, while talks with other official creditors are stalling. There was much talk ahead of Marrakech on revamping the IMF and World Bank to better reflect the emergence of economies like China and Brazil.

Persons: Ajay Banga, Mercy Tembon, Finance Serhiy Marchenko, Ceda Ogada, Kristalina Georgieva, Pierre, Olivier Gourinchas, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen, Kate Donald, Ahmed El Jechtimi, Andrea Shalal, David Lawder, Leika Kihara, Elisa Martinuzzi, Rachel Savage, Jorgelina, Rosario, Balazs Koranyi, Mark John, Christina Fincher Organizations: Bank, Finance, International Monetary Fund, Emerging, Research, HSBC, Reuters, Export, Import Bank of, World Bank, Oxfam International's Washington DC Office, Thomson Locations: Ukraine, MARRAKECH, Morocco, Moroccan, Marrakech, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China, Brazil, U.S

☆ 'Time to set the record straight': Saudi minister defends China's lending to developing nations
▼ + stars: | 2023-10-13 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Kristalina Georgieva, managing director of the International Monetary Fund (left), Ajay Banga, president of the World Bank Group (center) and Mohammed Al-Jadaan, Saudi Arabia's finance minister, during a panel session at the annual meetings of the International Monetary Fund and World Bank in Marrakesh, Morocco, on Thursday, Oct. 12, 2023. "Maybe it's time to set the record straight," Finance Minister Mohammed al-Jadaan said Thursday at the World Bank and International Monetary Fund joint conference in Marrakesh, Morocco. China built infrastructure that they cannot carry with them to China, it will actually be in Africa. China took the risks, when people didn't want to take the risks," he said at a panel discussion on debt reform priorities. He was speaking on a Marrakesh panel discussion, which included the heads of both the World Bank and International Monetary Fund, as well as Zambia's Minister of Finance and National Planning, Situmbeko Musokotwane.

Persons: Kristalina Georgieva, Ajay Banga, Mohammed Al, Mohammed al, Jadaan Organizations: International Monetary Fund, World Bank Group, World Bank, Finance, National Locations: Saudi, Marrakesh, Morocco, Saudi Arabia, China, Beijing, Africa, Musokotwane

☆ Watch: IMF's Georgieva and other leaders discuss debt relief and reforms on CNBC panel
▼ + stars: | 2023-10-12 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 10:45 a.m. Please refresh the page if you do not see a player above at that time.] CNBC's Joumanna Bercetche is moderating a panel at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco. Titled, "Reform Priorities for Tackling Debt," the seminar will include Kristalina Georgieva, the managing director of the IMF, Ajay Banga, the president of the World Bank Group, Mohammad Al-Jadaan, the minister of finance for Saudi Arabia, Situmbeko Musokotwane, minister of finance for Zambia, and Anna Gelpern, professor of law and international finance at Georgetown LawSubscribe to CNBC on YouTube.

Persons: Kristalina, Ajay Banga, Mohammad Al, Situmbeko Musokotwane, Anna Gelpern Organizations: International Monetary Fund, World Bank, World Bank Group, Georgetown Law, CNBC, YouTube Locations: Marrakech, Morocco, Saudi Arabia, Zambia

☆ World Bank governors endorse 'liveable planet' vision - German minister
▼ + stars: | 2023-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

MARRAKECH, Morocco, Oct 12 (Reuters) - World Bank shareholders on Thursday endorsed further reforms and a new vision statement committing the multilateral development bank to work for "a world free of poverty on a liveable planet," German Development Minister Svenja Schulze said. "With the reform, we will make the World Bank into a better bank that uses its funds in a more targeted way," she said. "The World Bank will be able to provide more funds for poverty reduction and climate action." The World Bank would begin piloting this option for small states that are particularly affected by climate change, she said. Schulze said the bank's shareholders would push on to enact reforms and improvements at other development banks.

Persons: Svenja Schulze, Schulze, Ajay Banga, Banga, Andrea Shalal, Andrew Cawthorne, Jan Harvey, Mark Porter Organizations: World Bank, IMF, International Monetary Fund, Bank, MasterCard, Thomson Locations: MARRAKECH, Morocco, United States, Germany, France, Canada, Netherlands

"This is something that we have been constantly looking at, and using information that becomes available to tighten sanctions," she said. SOFT LANDING 'NOT ... I'm not saying soft landing is an absolutely sure thing. But I continue to think it's the most likely path," due to the resilience in the labour market and moderating wage pressure, Yellen told a briefing. Yellen said Washington was monitoring the potential economic impact of the escalating conflict, though it was unlikely a major driver of the global outlook.

Persons: Janet Yellen, Yellen, Biden, Washington, Ajay Banga, Banga, Antony Blinken, there’s, I'm, Andrea Shalal, Chizu Organizations: . Treasury, Hamas, Israel, World Bank, International Monetary Fund, Ukraine, Israeli, World, Thomson Locations: MARRAKECH, Morocco, Israel, Palestinian, United States, Gaza, Iran, U.S, IRAN, Washington, Qatar, Ukraine

Shmyhal told a high-level roundtable to support Ukraine held during the International Monetary Fund and World Bank meetings in Marrakech, Morocco, that Ukraine's state budget deficit would be about 20% of the country's GDP this year and 21% in 2024. "We expect support from all our partners, both in equal amounts, Shmyhal said. He said the World Bank has been helping to assess recovery needs, adding that $14 billion alone would be needed for a rapid-recovery response program. Shmyhal said the key to the country's resilience has been economic reform programs, including those to fight corruption and boost digitalization. "If the right conditions are created, we estimate that as much as one-third of Ukraine's future needs could be met with private-sector financing," Banga said.

Persons: Denys Shmyhal, Shmyhal, Ajay Banga, Banga, Janet Yellen, Volodymyr Zelenskiy, David Lawder, Alex Richardson, Leslie Adler Organizations: Ukrainian, International Monetary Fund, World Bank, Bank, U.S, Treasury, Ukraine, Thomson Locations: MARRAKECH, Morocco, Ukraine, Marrakech, Russia, U.S

☆ Multilateral development banks, keen to expand lending, to meet with ratings agencies
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - Senior executives at multilateral development banks will meet on Wednesday with the top credit ratings agencies, bank executives said, amid a broad push to expand their lending capacity and help countries brace for climate change and other challenges. The World Bank's main lending arms could expand their lending capacity by nearly $900 billion if the ratings agencies changed their processes and modified the allowance they make for callable capital, a study commissioned by Rockefeller found. Lakshmi Shyam-Sunder, the World Bank's chief risk officer, said the ratings agencies had shown some openness to considering revisions in how they treat callable capital in the banks' balance sheets. Casali said Wednesday's meeting, on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Morocco, would include officials from the World Bank, the Asian Development Bank and the African Development Bank, along with the three top credit raters - Moody's, Standard & Poor's and Fitch. Currently, the ratings agencies apply widely different rules and standards in assessing the risks associated with the banks' lending and balance sheets.

Persons: Yuri Gripas, Roberta Casali, Rockefeller, Lakshmi Shyam, Sunder, Casali, Fitch, Ajay Banga, Janet Yellen, Andrea Shalal, David Lawder, Leslie Adler Organizations: Monetary Fund, REUTERS, Rights, Asian Development Bank, Rockefeller, AAA, International Monetary Fund, World Bank, African Development Bank, Poor's, World, Reuters, U.S, Treasury, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco

☆ Yellen says World Bank needs 'cultural change' to better mobilize private capital
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Elizabeth Frantz/File Photo Acquire Licensing RightsBEN GUERIR, Morocco, Oct 10 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday the World Bank had made progress in reforming its operations to better address climate change and other global challenges, but still needed "cultural change" to mobilize private sector capital. But more efforts were needed to equip World Bank staff to deliver the desired results, Yellen said. The reforms of the World Bank and other multilateral development banks (MDBs) are a key topic at this week's annual meetings in Morocco of the International Monetary Fund and World Bank. But government funding would never suffice, Yellen added, calling on the MDBs to establish concrete private capital mobilization targets and incentives for staff to meet them. She said the World Bank's International Finance Corp and MIGA divisions should expand their lending, guarantee and insurance instruments, and find new ways to smartly manage foreign exchange risk.

Persons: Janet Yellen, Elizabeth Frantz, BEN GUERIR, Ajay Banga, Yellen, Banga, Andrea Shalal, Catherine Evans Organizations: Treasury, Treasury Department, REUTERS, . Treasury, Bank, Mohammed VI Polytechnic University, World Bank, International Monetary Fund, Bank's International Finance Corp, Thomson Locations: Washington , U.S, Morocco, Ben Guerir

An internal World Bank memo seen by Reuters cited a "devastating loss of life, destruction and heavy toll on civilians being incurred on both sides," but voiced support for the lender's work in Gaza and the West Bank. The World Bank and our development partners have long worked to support the poorest, most vulnerable people in the West Bank and Gaza, and we remain committed to building the foundations for a more stable and sustainable future." The Oct. 9-15 annual meetings in Marrakech are expected to focus heavily on increasing resources for the IMF and the World Bank, both potentially contentious moves. World Bank Chief Economist Indermit Gill told Reuters that he worried the violence could overshadow important discussions at the IMF-World Bank meetings about sovereign debt, mediocre growth prospects and the big setback for development caused by the COVID-19 pandemic. On Sunday night, Georgieva participated in a "friendly" soccer match with World Bank President Ajay Banga and members of Morocco's Atlas Lions club attended by children from damaged mountain villages.

Persons: Anna Bjerde, Indermit Gill, It's, Eric LeCompte, LeCompte, Gill, Kristalina Georgieva, Georgieva, Ajay Banga, Andrea Shalal, David Lawder, Jon Boyle, Bernadette Baum, Andrea Ricci Organizations: Bank, International Monetary Fund, Reuters, West Bank, World Bank, IMF, Jubilee USA, Morocco's Atlas Lions, Thomson Locations: MARRAKECH, Morocco, Israel, Gaza, Marrakech, Russia, Ukraine

☆ World Bank chief sees $100 bln-plus lending boost from capital moves
▼ + stars: | 2023-09-26 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Ajay Banga, World Bank president, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. They would include U.S. President Joe Biden's proposed $2.25 billion supplemental budget request for the World Bank, along with expected contributions from Germany, Japan, South Korea, Saudi Arabia and Nordic countries, he said. The bank is also examining other ways to expand lending, including providing more loan guarantees, lending against callable capital that is pledged but not paid-in, and special bonds that can serve as hybrid capital. China, India and Brazil got larger shareholdings in the bank in a 2018 capital increase and would likely want more say in a future capital increase, Banga said. "That is a pimple on a dimple on an ant's left cheek compared to what we need in the world," Banga said.

Persons: Ajay Banga, Seth Wenig, Banga, Joe Biden's, I'm, David Lawder, Paul Grant, Rosalba O'Brien Organizations: World Bank, Bank, Foreign Relations, International Development Association, MasterCard, CFR, Bank for Reconstruction, Development, Thomson Locations: New York, Germany, Japan, South Korea, Saudi Arabia, U.S, Marrakech, Morocco, United States, China, India, Brazil

☆ Climate Forward Live Event Discussing the Threats of a Rapidly Warming Planet
▼ + stars: | 2023-09-21 | by ( Adam Pasick | The New York Times | ) www.nytimes.com time to read: +3 min

PinnedThe Times climate event will feature interviews and sessions with speakers including (clockwise from upper left) Ajay Banga, Robin Wall Kimmerer, Marie Kondo, Bill Gates, Michael R. Bloomberg and Ebony Twilley Martin. The Climate Forward live event is bringing together some of climate’s most vital newsmakers to share ideas, work through problems and answer tough questions about the threats presented by a rapidly warming planet. The former vice president noted that the United Nations had appointed a top oil executive, Sultan Ahmed al-Jaber of the United Arab Emirates, to lead this year’s global climate talks. “That’s just, like, taking the disguise off,” Mr. Gore said at The New York Times’s Climate Forward event in Manhattan. “It’s enough already.”Expert journalists from across The Times’s newsroom are providing critical analysis of the remarks by guests at the Climate Forward event, who include world leaders, activists, scientists and corporate executives.

Persons: Ajay Banga, Robin Wall Kimmerer, Marie Kondo, Bill Gates, Michael R, Ebony Twilley Martin, ”, Al Gore, Sultan Ahmed al, Jaber, “ That’s, ” Mr, Gore, “ They’ve, “, We’ll, Bill Gates Bill Gates, Paul Allen, Melinda Gates, Ajay Banga Ajay Banga, David Malpass Organizations: Bloomberg, United Nations, United Arab, The, Microsoft, Melinda Gates Foundation, Energy, World Bank, Mastercard Locations: New York City, United Arab Emirates, York, Manhattan, Banga

☆ Yellen says she trusts IMF, World Bank, Morocco to adjust annual meetings after disaster
▼ + stars: | 2023-09-20 | by ( David Lawder | ) www.reuters.com time to read: +2 min

FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. REUTERS/Thomas Peter/File PhotoNEW YORK (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday that she trusts the leaders of the World Bank and the International Monetary Fund to adjust their Oct. 9-15 annual meetings in Morocco in an appropriate way given the country’s devastating earthquake. IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga and Moroccan Economy Minister Nadia Fettah Alaoui announced on Monday that the meetings in Marrakech would proceed despite the Sept. 8 earthquake that killed over 2,900 people in the nearby High Atlas Mountains. In their statement, they said they would make some changes to their meeting plans to adapt content “to the circumstances,” of the disaster. It wants the meetings to go on and feels it’s able to do what’s necessary,” she said.

Persons: Janet Yellen, Thomas Peter, Kristalina Georgieva, Ajay Banga, Nadia Fettah Alaoui, Yellen, “, who’ve, ”, ” Georgieva Organizations: Treasury, U.S, REUTERS, . Treasury, World Bank, International Monetary Fund, IMF, World, Friday, Reuters Locations: Beijing, China, Morocco, Moroccan, Marrakech, New York

☆ IMF, World Bank to proceed with annual meetings in Morocco in October
▼ + stars: | 2023-09-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsWASHINGTON, Sept 18 (Reuters) - The International Monetary Fund (IMF), the World Bank and Morocco on Monday announced the annual meetings of the two global institutions would proceed in October in Marrakech, despite a recent nearby earthquake that killed more than 2,900 people. Senior IMF and World Bank officials made the decision, first reported by Reuters, at the direct request of the Moroccan authorities who had pressed the global institutions to proceed with the gathering which is expected to bring some 10,000-15,000 to the Moroccan tourist hub. "At this very difficult time, we believe that the Annual Meetings also provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy. Reporting by Andrea Shalal Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuri Gripas, Ajay Banga, Kristalina Georgieva, Nadia Fettah Alaoui, ” Georgieva, Andrea Shalal, Chris Reese Organizations: Monetary Fund, REUTERS, Rights, World Bank, Monday, Morocco's, IMF, Reuters, Moroccan, Thomson Locations: Washington , U.S, Morocco, Marrakech

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