Tag: World Bank

In line with its commitment on green financing, the World Bank Group announced in late September the creation of PROBLUE, a new multi-donor trust fund intended to support healthy and productive oceans by tackling marine pollution, managing fisheries and fostering sustainable growth of coastal economies.

The small island countries of the Organisation of Eastern Caribbean States face serious challenges, coupled with low growth, natural disasters, high debt, unsustainable approaches to resource management. Efforts by the World Bank on behalf of the Caribbean’s blue economy have delivered significant results.

Ransoms Total Over US$339 Million, Says new research Image credit: World Bank A new study traces the flow of more than US$400 million in ransom money from the hijacking of ships in the Indian Ocean and calls for coordinated international action to address the isue.A new study, entitled as ''Pirate Trails'' sheds lights to the illicit financial flows from pirate activities off the Horn of Africa and unveils that between US$339 million and US$413 million was taken in ransom from the hijacking of ships off the coast of Somalia and the Horn of Africa the last seven years (2012 -2005). The new report has been recently released by theWorld Bank, theUNODC, andINTERPOL and hasused data and evidence from interviews with former pirates, government officials, bankers and others involved in countering piracy - investigates the flow of ransom money paid out to Somali pirates operating in the Indian Ocean.The study examines the reach of the pirates into the stimulant "khat" trade, human trafficking and other illegal activities that hinder development. Tracing a pattern that it calls "the pirate money model," the study analyzes the investments made by a sample of 59 pirate "financiers" to reveal the range of sectors - including ...

Over US$339 million Taken in Pirates Ransom

Piracy is a symptom of the breakdown of Somalias political system The global fight against piracy in Somalia has centered on prosecuting pirates and mobilizing naval forces. But to get to the root cause of the problem, the international community must focus on helping the nation build a functional political system, according to a new World Bank study Three elements - political capital, manpower and financial resources - form the foundation of the hijack-for-ransom phenomenon in Somalia, where a history of inter- and intra-clan competition and European colonization has left many areas without functioning institutions, according to the study. That has allowed pirates to recruit local youth, buy guns and speedboats, and most importantly, secure coastal areas where they can anchor hijacked vessels for months or years.Pirates in the East African nation favor places such as Puntland and Central Somalia, which provide enough political stability to do business in, but not enough state control to challenge piracy operations. They then use bribes and physical threats to tilt the balance of power between politicians and gain long-term access to the coasts.The cost of that political operation takes up as much as 86% of the piracy proceeds, according to the study. A ...

World Bank endorses Jamaica aims for logistics hub

The World Bank has extended a 50m loan The World Bank has extended a 50m loan to the Croatian port of Ploce to improve infrastructure.The loan has been extended for the ongoing Trade and Transport Integration Project,which aims to develop trade along the Corridor Vc by improving the infrastructure capacity, efficiency and quality of services at the southern end of the corridor at the Port of Ploce.The loan will help finance the total additional costs of 51.3m related to construction of a bulk terminal and bridge the financial gap of 10.4m for the container terminal, which is completed.The Corridor Vc is an important pan-European transport corridor connecting the EU with the south-east European region, running from the Port of Ploce through Bosnia and Herzegovina into Hungary.Source: Ship-Technology

Efforts to keep climate action on track The World Bank will suggest a global levy on jet and shipping fuel in recommendations to G20 governments later this year on raising climate finance, a senior official said on Sunday, Reuters reported.Developed countries have already written off chances of agreement on a new binding deal at a U.N. conference in Durban this year, placing a new focus on piecemeal efforts including fund-raising.Binding targets under the Kyoto Protocol cap the greenhouse gas emissions of nearly 40 industrialized countries but expire in 2012 and now look unlikely to be extended in time.The World Bank is focusing on a levy on shipping and jet fuels in a report to G20 finance minister in October, among other efforts to keep climate action on track.The Bank estimates the extra cost to help the developing world prepare for more droughts, floods and rising seas at $100 billion annually. Various sources put the extra cost of cutting carbon emissions at $200 billion or more annually.Andrew Steer, World Bank special envoy for climate change said he was disappointed by the pace of a U.N. climate process which launched talks in 2007 to find a Kyoto successor.The U.N. talks are stalled ...