World Bank

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Growing African Economies Could Lessen Poverty

Ten years of positive growth could 'put a dent' in poverty: World Bank report

(Newser) - The growth of Africa's economy over the past 10 years is strong enough to "put a dent in a dent in poverty," according to a World Bank report. Growth over the past decade has averaged 5.4%, but more foreign investment is needed to keep that going. The...

ITU Head Wants Broadband Net Help for Africa

Less than 1% on continent have high-speed access

(Newser) - Fewer than four per cent of Africans use the Internet and less than one per cent have broadband access, helping to keep Africa behind in education, medicine and business, the BBC reports. Dr Hamadoun Toure, head of the International Telecommunication Union, is asking world organizations to make sure a third...

World Bank President Touts New Strategy

Zoellick calls for fast funds and alternative energy sources

(Newser) - Robert Zoellick has outlined a new strategy for the World Bank, including giving the private sector a bigger role in development, speeding aid to countries coming out of conflict, and promoting green energy alternatives, Reuters reports. The new president  has been quick to reposition the global bank's mission following the...

New World Bank Head Stakes Out Own Ground

Zoellick mops up after Wolfowitz, but greater challenges lie ahead

(Newser) - Though he's proven more popular with staffers than his predecessor, new World Bank head Robert Zoellick faces a greater challenge in setting a new path for the poverty-fighting lender, the Wall Street Journal reports. As shareholders meet today for the first time since Zoellick took over for the disgraced Paul...

World Bank Pledges Record $3.5B to Aid Poorest Nations

Move intended to spur aid from rich countries

(Newser) - The World Bank has doubled its previous promises and pledged a record $3.5B in grants and credits to aid the world's poorest countries. The bank's new president said the dramatic move is intended to spur an increase in donations from rich countries, the BBC reports. The bank also eased...

Chinese Seek Fortune in Africa
Chinese Seek Fortune in Africa
Aug 17, 2007 3:22 PM CDT

Chinese Seek Fortune in Africa

To satisfy country's thirst for oil, emigrants strike it rich out west

(Newser) - A growing number of poor Chinese are flocking to Africa, hoping to cash in on the destitute continent’s infinite growth potential. China is building factories in eastern Africa, and trade between the two burgeoning economies ballooned to $55 billion last year. The eastern entrepreneurs are diving into every sector...

Snubbing the West, Bolivia Waxes Red

Country turns to Chávez, socialism, in lieu of IMF cash

(Newser) - Bolivia’s populist president is traveling his country handing out aid—straight from his anti-American neighbor Hugo Chávez. The Washington Post reports that Evo Morales has been taking more than a cue from Chávez, using the Venezuelan leader's cash to fund social welfare programs and build clinics and...

China Raises Profile in Africa
China Raises Profile in Africa
Jun 27, 2007 9:28 AM CDT

China Raises Profile in Africa

UN peacekeepers, volunteers, economic efforts reflect Beijing's new commitment

(Newser) - China is increasing the number of UN peackekeepers it sends to Africa and raising its profile on the continent, creating a kind of "peace corps" to address problems from job shortages to health care, the Christian Science Monitor reports. China, itself a developing nation, appears determined to both do...

World Bank Confirms New Prez
World Bank Confirms New Prez
Jun 26, 2007 5:48 AM CDT

World Bank Confirms New Prez

Robert Zoellick to take over July 1

(Newser) - Declaring that he's looking forward to "encouraging hope, opportunity and dignity," Robert Zoellick was elected yesterday to succeed the embattled Paul Wolfowitz as new chief of the World Bank. The Goldman Sachs investment banker and former US deputy secretary of state will officially step into office July 1....

World Bank Will Pay Countries to Spare Trees

$250M pilot program will reward "avoided deforestation"

(Newser) - The World Bank is planning a $250-million fund to pay countries to refrain from cutting down tropical forests. The plan, which won approval at the G-8 summit last week, depends on companies to contribute to the fund, but that's not likely to happen unless rules governing carbon emissions credits are...

Next World Bank Prez Meets World
Next World
Bank Prez
Meets World
Jun 5, 2007 11:33 AM CDT

Next World Bank Prez Meets World

Zoellick begins circuit to meet and greet bank's poorest clients

(Newser) - Former trade rep Robert Zoellick embarked on a world tour yesterday, in advance of his likely ascension to president of the World Bank this month. Zoellick will stop in Africa to visit the bank's largest beneficiaries, and Europe to schmooze with its largest donors. "I want to leave no...

Zoellick Vows to Mend World Bank
Zoellick Vows
to Mend
World Bank
May 31, 2007 7:37 AM CDT

Zoellick Vows to Mend World Bank

Nominee sounds prepared to clean up Wolfowitz mess

(Newser) - Robert Zoellick knows he has his work cut out for him, and he says he will try to "calm the waters" if he is confirmed as World Bank president. "This institution has been through a traumatic period and there is a lot of anxiety, some frustration and anger,...

Former Trade Rep to Head World Bank
Former Trade Rep to Head World Bank
May 29, 2007 5:30 PM CDT

Former Trade Rep to Head World Bank

Bush expected to name Zoellick to replace Wolfowitz

(Newser) - President Bush will tap former US trade representative Robert Zoellick as the new World Bank prez, sources close to administration said this afternoon. Zoellick, who has spent over 20 years in government, served as deputy secretary of state and the country's top trade official until last year, when he joined...

Frist Heads World Bank Shortlist
Frist Heads World Bank Shortlist
May 24, 2007 6:10 AM CDT

Frist Heads World Bank Shortlist

Bush determined to replace Wolfowitz with American

(Newser) - The White House is eying former Senate majority leader Bill Frist to take the World Bank presidency soon to be vacated by Paul Wolfowitz, the Wall Street Journal reports. Also getting a look are Treasury No. 2 Robert Kimmitt, onetime trade representative Robert Zoellick, and Federal Reserve chairman Paul Volcker,...

Wolfowitz Reportedly Back on the Market

Ex-World Bank president has lost both job and girlfriend

(Newser) - First the World Bank dumped him, and now Paul Wolfowitz is on the outs with girlfriend Shaha Riza, Page Six reports. "She was furious about the embarrassment," a source tells the Post, which says she resented implications she'd slept her way to the top. What's more, Riza didn't...

Wolfowitz Torpedoed 2nd Chance
Wolfowitz Torpedoed
2nd Chance
May 18, 2007 11:14 AM CDT

Wolfowitz Torpedoed 2nd Chance

Repeated the same mistakes at the Pentagon, World Bank

(Newser) - Paul Wolfowitz clung to his job at the World Bank with characteristic tenacity, but friends and colleagues tell the New York Times that his failure there may have been inevitable. He approached the bank position with the same single-mindedness he displayed at the Pentagon, where he was blind to dissenting...

Wolfowitz Resigns From World Bank
Wolfowitz Resigns From World Bank
May 17, 2007 5:59 PM CDT

Wolfowitz Resigns From World Bank

White House yields; speculation on successor already lively

(Newser) - Paul Wolfowitz will leave the World Bank on June 30, capping a tumultuous two years for the development institution and its beleaguered president. Wolfowitz's tenure was marked by controversy from day one, when he assumed the office under the cloud of the Iraq war, until today, when a drawn-out ethics...

Wolfowitz Headed Out the Door
Wolfowitz Headed
Out the Door
May 16, 2007 3:55 PM CDT

Wolfowitz Headed Out the Door

World Bank board negotiating terms of president's exit

(Newser) - Paul Wolfowitz may step down from the World Bank as early as today, CNNMoney reports.  Wolfowitz and the World Bank board are still wrangling over the terms of his departure, but early accounts suggest that the beleaguered president would leave voluntarily and the bank would admit some responsibility for...

White House Support for Wolfowitz Crumbles

Bank will discuss his fate today

(Newser) - The White House is looking for an exit srategy for besieged World Bank President Paul Wolfowitz. After months of unwavering support that failed to soften the bank's European partners, the Bush administration has indicated a willingness to replace him if it can be done without firing, the Washington Post reports....

Wolfowitz Blames Ethics Panel and Riza for His Woes

Calls her 'intractable' and 'extremely angry'

(Newser) - Paul Wolfowitz fought back aggressively in a written response to the charges that he mishandled a raise and promotion for his girlfriend, the Washington Post reports. The embattled World Bank president claims the ethics committee forced him to handle the transfer himself because Shaha Riza was "extremely angry and...

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