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Whose World Bank?

By Joseph E. Stiglitz NEW YORK: US President Barack Obama’s nomination of Jim Yong Kim for the presidency of the World Bank has been well received — and rightly so, especially given some of the other names that were bandied about. In Kim, a public-health professor who is now President of Dartmouth University and previously led …


World Bank head says US leadership still key

By Ravi Nessman / AP NEW DELHI: Amid a global debate about who should succeed him as World Bank president, Robert Zoellick said Friday that it is important for US candidates to get top leadership roles in international institutions if the world wants to keep Washington supporting them. The 187-nation World Bank has been led by …


Breakthrough leadership for the World Bank

By Jeffrey Sachs NEW YORK: Last month, I called for the World Bank to be led by a global development leader rather than a banker or political insider. “The Bank needs an accomplished professional who is ready to tackle the great challenges of sustainable development from day one,” I wrote. Now that US President Barack Obama …


Developing nations to name two candidates for World Bank

By Lesley Wroughton / Reuters WASHINGTON: Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to be nominated to lead the World Bank, sources with knowledge of emerging market efforts to find candidates said on Tuesday. The candidacies of Okonjo-Iweala and Ocampo, who have credentials as both economists and diplomats …


Water deficit may cost Egypt $11 bln annually: World Bank

By Reem Abdellatif CAIRO: The world’s water deficit will grow to 200 billion cubic meters (BCM) per year by 2050, and may cost Egypt $11 billion annually, a World Bank official said. “Closing this deficit will be a significant challenge, costing the world $104 billion per year, while costing Egypt alone $11 billion per year,” Bekele …


IEG evaluates World Bank response to financial crisis

By Amir Makar CAIRO: In spite of facing some macro-economic hurdles, countries that were better prepared to engage in the World Bank’s crisis-related financial sector operations were less affected by the global financial crisis, according to a recent report by the Independent Evaluation Group (IEG). IEG, which reports directly to the World Bank Group’s boards of …


Race picks up to head World Bank

By Veronica Smith / AFP WASHINGTON: The race to succeed World Bank president Robert Zoellick is heating up with the emergence of the first declared candidate, another American. Renowned economist Jeffrey Sachs, who led the UN committee on the Millennium Development Goals, threw his hat in the ring Friday in a Washington Post op-ed piece, saying …


PA approves Egypt contribution to IDA’s replenishment

By Heba Hesham CAIRO: Egypt will increase its contribution to the International Development Association, a World Bank fund that helps the world’s poorest nations, after the People’s Assembly approved the move. “The total increase is estimated at SDR 31.5 billion, which is equivalent to $47.25 billion, while Egypt’s share is estimated at about $2.2 million to …


Hikma gets up to $110 mln from World Bank lender

LONDON: Jordan-based Hikma Pharmaceuticals is to receive up to $110 million in debt financing from the World Bank’s private-sector lender to help improve access to high-quality generic medicines in the Middle East and North Africa. The International Finance Corp (IFC) said on Monday the investment would enable Hikma to provide more high-quality medicines to people …


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