The World Bank Board of Directors approved a US$ 265 million loan to continue infrastructure works in the Matanza-Riachuelo Basin which borders Buenos Aires City. The works will improve the wastewater system, which has become an open cyst pool, by reducing organic pollution of the river by 80%.
Argentine President Alberto Fernández Thursday met with his Italian counterpart, Sergio Mattarella, with Prime Minister Mario Draghi and with Pope Francis in another stop of his one-week European tour.
The World Bank Board of Directors approved a US$ 300 million loan to expand and improve water and sanitation services in Metropolitan Buenos Aires, particularly in the most vulnerable areas. An additional US$ 120 million will be available for the construction of social housing, benefiting nearly 10,000 inhabitants of Buenos Aires Province.
The global economy is expected to expand 4% in 2021, with China's economy expected to expand by 7.9% this year, World Bank said on Tuesday, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.
More than a third of the world's population - some 2.7 billion people - has not received government aid during the coronavirus pandemic, Oxfam said on Tuesday, with gaping differences between rich and poor countries.
The World Bank said its executive board approved on Tuesday US$12 billion in new funding for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests, and treatments for their citizens. The financing plan is part of US$160 billion in total resources that the multilateral development lender has pledged to provide to developing countries through June 2021 to help fight the coronavirus pandemic.
The vast majority of International Monetary Fund loans extended during the Covid-19 pandemic have suggested or demanded spending cuts that would worsen poverty and inequality, charity group Oxfam says.
The World Bank on Tuesday said it has asked its board of directors to approve US$12 billion to help poor countries purchase and distribute eventual vaccines against COVID-19. The bank has already implemented emergency response programs in 111 countries and the extra money, if approved, would be aimed at low- and middle-income countries.
The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank's chief economist Carmen Reinhart said on Thursday.
The association representing staff at the World Bank asked that Brazil’s nomination of Abraham Weintraub to be executive director be reviewed over his past racial comments and other concerns, according to a letter circulated in the bank on Wednesday.