World Bank photograph

World Bank

Use attributes for filter !
Web site www.worldbank.org
HeadquartersWashington
D.C.
United States
FoundedBretton Woods
New Hampshire
United States
Subsidiaries International Finance Corporation
International Bank for Reconstruction and Development
Founders Harry Dexter White
John Maynard Keynes
Presidents David Malpass
Ajay Banga
Raw mottoWorking for a World Free of Poverty
Parent organizations World Bank Group
Okra answer panel mission Mission
Okra answer panel criticism Criticism
Okra answer panel ownershipOwnership
Okra answer panel value Value
Okra answer panel history History
Okra answer panel goalsGoals
Okra answer panel grade levelGrade level
Okra answer panel structureStructure
Legal statusTreaty
Date of Reg.
Date of Upd.
ID618504
Send edit request

Related searches

world bank dataworld bank statisticsworld bank gdpworld bank websiteworld bank membersworld bank newsworld bank indicatorsworld bank internshipworld bank - wikipediaworld bank data gdpworld bank president 2022world bank jobsworld bank indiaworld bank development indicatorsworld bank world development indicatorsworld bank presidentworld bank subsidiariesworld bank ceoworld bank established in 1945world bank purposeworld bank data download excelworld bank president 2023world bank groupwhat does the world bank do

About World Bank


The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

COP28: Can a climate summit in an oil state change anything?

COP28: Can a climate summit in an oil state change anything?
Nov 29,2023 12:41 pm

... Also look out for evidence that big global institutions like the World Bank and the International Monetary Fund are bowing to pressure to change their lending rules to help get the cash flowing...

Toxic gas putting millions at risk in Middle East, BBC finds

Toxic gas putting millions at risk in Middle East, BBC finds
Nov 27,2023 9:41 pm

... Working with BBC Arabic, environmental scientists combined this information with the volumes of gas flared - which the World Bank publishes - to work out total pollution...

UK government plans radical shake-up of foreign aid for climate change disasters

UK government plans radical shake-up of foreign aid for climate change disasters
Nov 17,2023 10:21 pm

... The idea is to use the balance sheets of international financial institutions, such as the World Bank and the IMF, to guarantee greater investment in development from private capital such as pension funds...

Ethiopia PM Abiy eyes Red Sea port, inflaming tensions

Ethiopia PM Abiy eyes Red Sea port, inflaming tensions
Nov 7,2023 9:31 pm

... The Ethiopian economy is in a tailspin, and desperately needs a bailout from western donors along with the International Monetary Fund (IMF) and World Bank...

Shell posts $6. 2bn profit as oil prices rise again

Shell posts $6. 2bn profit as oil prices rise again
Nov 2,2023 4:21 am

... Earlier this week, the World Bank warned that the conflict in the Middle East could push the price of crude oil up to $150 a barrel - compared to $85 today...

Afghan refugees forced to leave Pakistan say they have nothing

Afghan refugees forced to leave Pakistan say they have nothing
Nov 1,2023 4:21 am

... The unemployment rate more than doubled from the period immediately before the Taliban takeover to June 2023, according to the World Bank...

World Bank warns oil prices could reach $150 a barrel

World Bank warns oil prices could reach $150 a barrel
Oct 30,2023 4:51 pm

...By Vishala Sri-PathmaBusiness reporterOil prices could rise to more than $150 a barrel if the conflict in the Middle East escalates, according to the World Bank...

China's roads win hearts in South Asia - but at a cost

China's roads win hearts in South Asia - but at a cost
Oct 14,2023 8:01 pm

... That s why it has gotten into the risky business of international bailout lending, " said Carmen Reinhart, a former World Bank chief economist and one of the study s authors...

Can Morocco solve Europe's energy crisis?

Oct 13,2023 7:11 pm

By Jonathan JosephsBusiness reporter, Bbc News , Rabat

Morocco has big ambitions to export electricity produced by solar and wind farms to Europe, but should it be prioritising such Renewable Energy for its home market?

" The resources we have here could be one of the big, big answers to European demand, " says Moroccan energy entrepreneur Moundir Zniber.

Mr Zniber is a passionate man who senses opportunity out of crisis.

" I think Morocco represents The Best opportunity to get the European continent away from the dependency it has today on Russian gas, " he says.

Mr Zniber has spent The Past 15 years building his company, Gaia Energy, into one of the leaders of a Renewable Energy revolution in his Home Country .

" Morocco has truly one of The Best solar and wind resources in The World combined, " he says. " We don't have oil, we don't have natural gas, but we have a potential that is just amazing. "

The War in Ukraine has catalysed Europe's politicians to increase their efforts to tackle Climate Change with new sources of Clean Energy . Morocco hopes to be part of The Solution .

It is On Europe 's doorstep, and has ambitious plans to generate 52% of its electricity from renewable sources by 2030. The Hope is that lots of this electricity will be exported via undersea cables to Europe.

But at present, the country still has to build many more solar and wind farms. Currently the north African nation of 39 million people depends on imports for and most of that is from fossil fuels.

In 2021, some 80. 5% of Morocco's electricity production By contrast, only 12. 4% came from wind power, and 4. 4% came from solar.

However, Morocco is already making some tangible progress to boost its Renewable Energy generation, thanks to projects such as the huge Noor-Ouarzazate Solar Complex. With The First phase opening back in 2016, this is now The World 's largest

Such facilities use mirrors to reflect and concentrate sunlight onto central tower " receivers". These contain fluid that is heated by The Light , creating steam that spins turbines to generate electricity.

At Noor-Ouarzazate the mirrors are now spread over 3,000 hectares (11. 6 sq miles). The facility was developed by Saudi Arabian firm ACWA Power, with funding also coming from the World Bank and European Investment Bank.

Mr Zniber says that private Moroccan firms like his are now planning to export solar and wind-generated electricity to Europe, and green Hydrogen - Hydrogen that has been created by Renewable Energy .

He adds that Gaia Energy is developing wind and solar schemes that could meet up to 4% of Germany and Italy's electricity needs. " And in terms of green Hydrogen we have six projects our company is developing that could answer 25% of the needs of the EU. "

Meanwhile, British Energy start-up Xlinks has plans to build an undersea electricity cable from Morocco to the UK. Its hope is that Moroccan solar and wind power can provide 8% of the UK's electricity requirements by 2030.

Increasing the size of Morocco's solar and wind power generation could help bolster Economic Growth in the country, according to the World Bank . It has provided millions of dollars of funding for the sectors.

The benefits include a decoupling from the " very heavy volatility of the prices of fossil fuels" according to the World Bank 's lead economist for the region, Moez Cherif.

In a country with an unemployment rate of 11. 2%, Mr Cherif adds that it could create as many as 28,000 much needed new jobs each year.

He also says it would allow Morocco to " position itself as an industrial hub for investments for exports of green industrial products" such as car manufacturing using Renewable Energy .

Yet the World Bank estimates that it will cost $52bn (£41. 6bn) for Morocco to hit its 2030 renewables target, with most of that money having to come from the Private Sector . The Moroccan government agrees with that.

The administration is acutely aware of the potential benefits, and is trying to accelerate the renewable vision first laid out by King Mohammed Vi in 2009.

Morocco's Minister of Energy Transition and Sustainable Development Leila Benali says some of the slow growth in renewables in the country in recent years has been caused by global factors.

" The World is just Coming Out from a historic pandemic, total dislocation of supply Chains and value Chains - also affecting Renewable Energy , including The Way we trade solar panels and Wind Turbines . "

However, she acknowledges there are also internal hurdles to overcome.

Those include " speeding up and streamlining bureaucracy" including making sure companies get things such as " access to land permits relatively fast to ensure that investors get access to the opportunities that they want".

Mrs Benali adds that the government's energy strategy is based on the three pillars of ramping up renewables, increasing efficiency, and more integration into international energy markets.

When asked if it makes sense to export green electricity before all of Morocco's own needs are met through renewables, Mrs Benali says that the " priority" is for Moroccans to have access to the " lowest-cost" green energy.

She adds that there is also a need to take advantage of the " historic opportunity" to integrate with Europe's energy market, and that such opportunities could be an incentive for the much needed private investment.

The World Bank 's Moez Cherif believes that Morocco should both increase exports of renewable power, and add more for domestic consumption. " Ideally you should do both, " he says.

Global Trade

More from the

At Last November's in Sharm el-Sheikh, Morocco signed a memorandum of understanding with France, Germany, Portugal and Spain to make it easier to sell power across borders.

However, Climate Change activist Hajar Khalmichi, from The Mediterranean Youth Climate Network, says she wants to see Morocco fulfil all its domestic energy needs from renewables before thinking of exporting any electricity.

She also thinks that the ambition of 52% of electricity coming from renewables doesn't go far enough, and that there hasn't been enough discussion about where the rest will come from as Morocco tries to lower its dependency on its gas, oil and coal power stations.

Ms Khalmichi adds that she is also concerned that the country is exploring for natural gas off its coastline.

The Moroccan government counters that it has similar challenges to other countries that are going big on renewables, and that it needs gas to deal with the fact that The Wind doesn't always blow and The Sun doesn't Always Shine .

Mr Cherif says " there may be a role, a transition role for natural gas [in Morocco]" as The Move from fossil fuels to renewables will be a gradual one over The Course of decades.

Moundir Zniber adds that Morocco needs " a mix" of energy sources. " Renewables are part of The Solution on the electric side. "

Related Topics

Source of news: bbc.com

Related Persons

Next Profile ❯