World Bank

Treasury’s Bessent urges World Bank to end oil, gas ban

US Treasury Secretary Scott Bessent has called on the World Bank to "formally retire its prohibition on financing upstream gas and oil." He made the demand in a written statement dated October 14 to the steering committees of the World…

World Bank in crisis aid talks with 30 to 40 nations

The World Bank is talking with 30 to 40 countries about possible emergency financing as the Middle East war pushes up energy, diesel and fertilizer costs across the developing world, President Ajay Banga told Reuters in an interview in Bangkok.…

World Bank sees Hormuz closure shrinking Mideast economy

The World Bank on Tuesday said economic output across the Middle East, North Africa, Afghanistan and Pakistan region will shrink by an average of 2.1% in 2026, after growing 3.3% in 2025. The bank blamed the Iran war and the…

World Bank lifts East Asia 2026 growth forecast to 4.5%

The World Bank has raised its 2026 growth forecast for developing East Asia and the Pacific to 4.5%, up 0.3 percentage point from its previous estimate. The bank credits global demand for AI-related hardware and exports for the upgrade. Its…

World Bank chief says data centers won’t reach emerging markets

World Bank Group President Ajay Banga said on Wednesday that data centers are unlikely to take root in emerging markets, arguing that developing nations cannot afford to divert scarce energy resources to power artificial intelligence infrastructure.

World Bank, IMF approve debt framework overhaul for poor countries

The World Bank and International Monetary Fund on Monday approved reforms to their joint framework for evaluating the debt of low-income countries, the first overhaul of the system since 2017, as rising debt levels and shifting financing sources create new…

World Bank mobilizes record $112B in private capital

The World Bank Group announced Thursday that it mobilized a record $112 billion in private capital for developing economies in the fiscal year ending in June, more than tripling the $35 billion recorded in fiscal year 2022 and marking a…

World Bank names Nobel laureate Kremer chief economist

The World Bank on Wednesday appointed Nobel Prize-winning economist Michael Kremer as its next chief economist and senior vice president for development economics, making him the first person to arrive at the post with a Nobel already in hand.

AI investment in emerging markets hits record $8.8B in first half of 2026

Private investors are channeling record sums into artificial intelligence infrastructure across the developing world, with deal volumes in the first half of 2026 surpassing the full-year total for 2025, according to data from the Global Private Capital Association.

World Bank says developing nations have more to gain from AI than rich ones

The World Bank on Tuesday warned that developing countries face a narrow window to harness artificial intelligence or risk being left behind, releasing its annual World Development Report with a call for urgent action on infrastructure and policy.

World Bank warns Middle East war could cut global growth to 1.3%

World Bank chief economist Indermit Gill warned on Tuesday that escalating hostilities between the United States and Iran could push global economic growth down to just 1.3% in 2026, less than half the 2.9% recorded last year, while driving global…

MDBs hit record $163B in climate finance for 2025

Multilateral development banks committed a record $163 billion in climate financing in 2025, with funding to low- and middle-income countries jumping 21% to $103 billion, according to a joint annual report released Monday. The milestone arrives just two weeks after…

World Bank projects China’s growth slowing to 4.4% in 2026

The World Bank on Tuesday released its latest China Economic Update, projecting that China's economic growth will slow to 4.4% in 2026 and ease further to 4.3% in 2027, as a prolonged property market correction and cautious consumers weigh on…

World Bank plans to end all lending to China by 2031

The World Bank will phase out its lending to China by 2031, according to a proposal submitted to the multilateral lender's board on Tuesday, the Financial Times reported. The plan would cap loans to China at no more than $2…

Global gas flaring hits six-year high, World Bank says

Global gas flaring surged to 167 billion cubic meters in 2025, marking a third consecutive annual increase and wasting an estimated $54 billion worth of natural gas, the World Bank announced on Monday in its annual Global Gas Flaring Tracker…

Economists warn U.S.-Iran deal won’t ease inflation already baked into global economy

The U.S.-Iran memorandum of understanding signed this week may have ended hostilities and set the stage for reopening the Strait of Hormuz, but economists and central bankers warn the inflationary damage from months of disrupted energy markets will persist well…