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ZOUK MOSBEH, Lebanon — Israeli airstrikes and its burgeoning ground invasion have forced dozens of Lebanese Christians to take shelter in a monastery close to the border with Israel. Milad Louis, head of the municipality of Ain Ebel, a largely Christian town, said Israeli airstrikes forced the community to evacuate in just 45 minutes. Lebanese military personnel direct civilians Tuesday in the town of Rmeish along the border with Israel. Some 70 villagers were given shelter in the nearby monastery and school, with residents also opening up their homes to 30 fleeing the violence nearby, according to monastery officials. Lebanese civilians in the town of Rmeish along the border with Israel on Tuesday.

Persons: ZOUK, Milad Louis, ”, Israel, Louis, —, Jihan Kaisi Organizations: NBC News, Maronite, NBC, Union of Relief, Development Associations Locations: ZOUK MOSBEH, Lebanon, Israel, Ain, Ain Ebel, U.S, Rmeish, Ein, “, Lebanon's, Beirut, Lebanese

Meanwhile in southern Lebanon, an Israeli official told NBC News that Israeli forces had begun launching small special forces operations ahead of a potential ground offensive. People gather outside an apartment building hit by an Israeli strike in Beirut's Cola district on Monday. Thousands of families in southern Lebanon have also been displaced from their homes over the past year due to the cross-border attacks. Families rest on Beirut's corniche after fleeing the Israeli airstrikes in Beirut's southern suburb, Lebanon, on Monday. 'No safe place'Kaisi, the executive director of URDA, said humanitarian workers were "shocked" by the strike in Cola.

Persons: Israel, Kaisi, Fadel Itani, Hassan Nasrallah, Najib Mikati, Beirut's, Hassan Ammar, Fatima, I'm, Nayef Fouani, URDA, Charlotte Gardiner, Israel’s, ” Organizations: Union of Relief, Development Association, NBC News, Popular Front, Liberation, Residents, Getty, Israel, Hezbollah, Lebanon's, NBC, IDF Locations: BEIRUT, Lebanon, Beirut, Israel, Palestinian, Palestine, Lebanese, Washington, Beirut's Cola, AFP, Iran, Gaza, Beirut's, Cola, Saida, Sidon

☆ Saudi Arabia is seeking billions in Chinese investment for Neom. But it comes with a massive risk.
▼ + stars: | 2024-06-13 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

Read previewAt a recent exhibition in Hong Kong, Saudi Arabia showcased its futuristic vision for its planned Neom megacity. It was part of Saudi Arabia's drive to secure billions in new investment for the project, which is the centerpiece of Saudi ruler Mohammed bin Salman's Vision 2030 strategy. China sees Saudi Arabia as not just a business opportunity but a way of undercutting the influence of its longtime Saudi ally, the US. AdvertisementIn April, Saudi Arabia's Public Investment Fund-subsidiary Alat signed a deal with Dahua Technology, one of China's most important surveillance technology firms. "The main risk today to Saudi Arabia's tech cooperation with China is the growing China-US tech war.

Persons: —, Mohammed bin Salman's, Xi Jinping, Mohammed bin Salman Al Saud, Yue Yuewei, Leonard Chan, Robert Mogielnicki, Abdullah Al, Crown Prince Mohammed, Alat, GREG BAKER, Camille Lons, Neom that's, Saudi Arabian Crown Prince Mohammed bin Salman, Saudi Arabia's, Biden Organizations: Service, Business, Saudi, Saudi Crown Prince, Getty, Hong Kong Innovative Technology Development Association, Gulf States Institute, Crown, Public Investment Fund, Dahua Technology, US, European Council, Foreign Relations, Saudi Arabian Crown, New York Times Locations: Hong Kong, Saudi Arabia, Saudi, Riyadh, Xinhua, China, Washington, Neom, Riyadh Tower, Beijing, Israel

☆ 'We can save our planet faster': Robotics tech and software offer efficient reforestation solutions
▼ + stars: | 2024-04-23 | by ( Christine Macintyre | ) www.businessinsider.com time to read: +8 min

Companies are using drones and special software to plant trees and overcome reforestation pain points. Robotics making reforestation more efficientThe tech-driven company Mast Reforestation uses drones and biotechnology to help landowners restore forestland after wildfires. Another company using robotics to plant trees is Flash Forest, which employs automated drones to restore burn sites and other damaged forest areas. To combat this issue, Mast Reforestation uses its custom-built software as a seed-inventory and seed-collection logistics platform. The software helped Mast Reforestation collect enough seeds last year to reforest about 2,100 acres on Sheep Creek Ranch in Montana.

Persons: Matthew Aghai, Aghai, Grant Canary, they're, Chris Ireland, Flash, Randy Johns, Jeff Renton, Forest's Organizations: Service, Global Forest Watch, Forest, Ireland, Business, Flash, Boreal, Keewatin Community Development Association, Flash Forest Locations: forestland, Technology, —, Canada, Ireland, Keewatin, Canadian, Saskatchewan, Montana, , Montana

☆ Here's why owning a timeshare may not be worth it
▼ + stars: | 2024-01-22 | by ( Ryan Baker | ) www.cnbc.com time to read: +2 min

While the industry has grown more popular, it has come under fire, as owners often struggle to exit their contracts. "I could have retired if I had my money back from this, but I can't retire right now because of this situation that I'm in," said timeshare owner Sheila Wagner. The timeshare industry is valued at more than $10 billion. Some timeshare companies will take back the deed once a buyer has paid off their entire contract, but that is not always an option. Even after the timeshare is fully paid off, the owner is accountable for rising annual maintenance costs.

Persons: Sheila Wagner, Brian Rogers, Jeff Weir Organizations: American Resort Development Association, Timeshare, Better, Wyndham, Hilton Locations: —

☆ World Bank Eyes Speeding up Loan Approvals Amid Bold Overhaul
▼ + stars: | 2023-11-02 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

Disbursements currently take an average of 27 months from the time the bank gets a loan request. Adding resources to the implementation stage of projects backed by the bank is another way of reducing the timeframe of disbursements, Mountfield said. The World Bank has launched a broader reform process that includes stretching its balance sheet as international threats from geopolitical tensions to global warming pile pressure on vulnerable nations. The United States, the bank's largest shareholder, has been urging the bank for months to take bolder and faster steps to free up resources. The study, carried out by international finance analytics firm Risk Control, found the bank's two main lending arms, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), have "significant headroom" to boost lending.

Persons: Rosario, Elisa Martinuzzi, Ed Mountfield, Mountfield, Disbursements, Jorgelina, Christina Fincher Organizations: Elisa Martinuzzi LONDON, Bank, Operations, Country Services, World Bank, Reuters, AAA, Rockefeller Foundation, International Bank for Reconstruction, International Development Association, IDA Locations: London, United States

☆ 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

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. "Uganda's Anti-Homosexuality Act fundamentally contradicts the World Bank Group's values. World Bank President Ajay Banga, who took office in June after the Ugandan law was enacted, has come under pressure to respond to the Ugandan law. The existing portfolio will continue to disburse funds, even as new lending is put on hold, a World Bank source said. It said the IFC and MIGA would also implement additional measures to "ensure inclusion and non-discrimination as needed."

Persons: Johannes P, Ajay Banga, Banga, Kanishka Singh, Andrea Shalal, Leslie Adler, Jonathan Oatis, Richard Chang Organizations: Bank, International Monetary Fund, REUTERS, United Nations, World Bank, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, Reuters, IFC, Thomson Locations: Nusa Dua, Bali, Indonesia, Uganda, Washington

☆ World Bank chief Banga unveils new plans to boost lending 'firepower'
▼ + stars: | 2023-07-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

July 18 (Reuters) - World Bank President Ajay Banga unveiled new plans on Tuesday to stretch the bank's balance sheet and help countries tackle climate change and other challenges, but said a capital increase would still eventually be needed. The new steps, still being discussed with shareholder countries, come on top of initial steps approved in April that will boost World Bank lending by up to $50 billion over the next decade. "We are building a better bank, but eventually we will need a bigger bank." It proposes to absorb more risk and expand lending by widening conditions for callable capital - money pledged by governments but not currently "paid-in." And it plans to expand very low or zero-interest lending, including through a new $6 billion crisis facility set up for the poorest countries through the International Development Association.

Persons: Ajay Banga, Banga, David Malpass, Janet Yellen, Andrea Shalal, Sonali Paul Organizations: Mastercard, World Bank, Bank, Treasury, International Development Association, Thomson Locations: Banga, Gandhinagar, India, U.S

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris summit?
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +4 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 22 (Reuters) - President Macron hosts a summit in Paris starting Thursday to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. They should simplify and harmonise the way countries can apply to access loans across the world. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary Fund, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ Explainer: What is the 'Bridgetown Initiative' asking for at Paris financial summit?
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +5 min

[1/2] An aerial view shows the Seine River and the skyline of La Defense financial and business district near Paris, France, June 19, 2023. REUTERS/Stephanie LecocqPARIS, June 20 (Reuters) - President Macron hosts a summit in Paris this week to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges. A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'. Simplify and harmonise the way countries can apply to access loans across the world, and provide more support in the process. The international financial institutions should also finance development plans that help protect shared resources.

Persons: Stephanie Lecocq PARIS, Macron, Simon Jessop, Leigh Thomas, Christina Fincher Organizations: La Defense, REUTERS, Bridgetown Initiative, Monetary, Rapid, IMF, World Bank, African Development Bank, Development Association, Growth Trust, Resilience, Sustainability Trust, World Trade Organisation, International Financial, Thomson Locations: Paris, France, Barbados, Bridgetown

☆ Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
▼ + stars: | 2023-04-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. Reuters reported Beijing was poised to drop its demand that multilateral development banks share in debt restructuring losses, partly in exchange for the IMF and World Bank providing earlier access to their debt sustainability analyses for countries receiving debt treatments. The statement said the debt roundtable participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

☆ Sovereign debtors, creditors agree steps to jumpstart debt restructurings
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, April 12 (Reuters) - Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data-sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes. "The discussion focused on the actions that can be taken now to accelerate debt restructuring processes and make them more efficient, including under the G20 Common Framework," the statement said. Participants agreed on the importance to urgently improve information sharing on macroeconomic projections and debt sustainability assessments in debt treatment cases, the statement said. "This work will also help in clarifying potential timetables to accelerate debt restructurings," the statement said. It said the IMF, World Bank and the G20 Presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

☆ New French fund with 87.5 mln euros targets African solar development
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

PARIS, Feb 24 (Reuters) - A new investment fund with 87.5 million euros ($92.63 million) will finance solar power production across Africa, with a focus on West and Central Africa, French fund manager RGREEN INVEST and investment adviser ECHOSYS INVEST said on Friday. The AFRIGREEEN Debt Impact Fund's first closing will finance on- and off-grid solar power plants for small- and medium-sized commercial and industrial consumers across the continent, the statement said. The groups are looking to have a portfolio of twenty to thirty investments, with aim of meeting long-term debt financing needs of between 10 and 15 million euros, with an average of around 5 million euros over eight to ten years, the statement said. RGREEN INVEST and ECHOSYS INVEST said that the first closing included commitments from the European Investment Bank (EIB) and the International Finance Corporation (IFC). The group is aiming to raise a total of 100 million euros from development finance institutions and private investors.

The World Bank management aims to have specific proposals to change its mission, operating model and financial capacity ready for approval by the joint World Bank and International Monetary Fund Development Committee in October, according to the document. A World Bank spokesman said that the document aimed to provide details on the scope, approach, and timetable for the evolution, with regular updates for shareholders and decisions later in the year. A U.S. Treasury spokesperson declined comment on the World Bank document. Development experts say this shift would greatly increase the amount of lending compared to the current capital structure, which only utilizes paid-in capital. "The challenges the world is facing call for a massive step up in the international community's support," the bank said in the document.

☆ World Bank approves Sri Lanka's concessional funding request
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Dec 6 (Reuters) - The World Bank has approved crisis-hit Sri Lanka's request to access concessional financing from the International Development Association so as to help stabilise its economy, the lender said on Tuesday. Soaring inflation, a weakening currency and low foreign exchange reserves have left the island nation of 22 million struggling to pay for imports of essentials such as food, fuel and medicine. Through the IDA, Sri Lanka will receive concessional financing, technical assistance, and policy advice from the World Bank to implement reforms towards economic recovery. Access to IDA's concessional financing would also alleviate debt service pressures as it offers more favourable terms, the World Bank said in a statement. Reporting by Uditha Jayasinghe; Writing by Sudipto Ganguly; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Sri Lanka to keep 'middle-income' status but seek concessional loans
▼ + stars: | 2022-10-11 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com Register"Sri Lanka will remain a middle-income country," the office said in a statement. "We will request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA)." The local World Bank office in Colombo had no immediate comment on the Sri Lankan request. It said it would continue its discussions with Sri Lanka and that the "key priority" was to move ahead with debt restructuring and economic reforms to put the country's growth back on track. Sri Lanka reached a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout in September but has to put its debt on a sustainable path before the funds can be disbursed.

☆ World Bank's Malpass, under fire on climate views, says no shareholders asked him to resign
▼ + stars: | 2022-09-23 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

World Bank President David Malpass responds to a question from a reporter during an opening press conference at the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. Asked if any shareholder had asked him to resign over the issue, Malpass said, "No, none have." The president of the United States traditionally nominates World Bank presidents, subject to confirmation by the bank's board. Treasury declined comment when asked if it supported a second term for Malpass when his term ends in 2024. Activists and former climate advocates worry the World Bank is falling short on climate action.

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