The world's leading economic and energy institutions have called for renewed efforts to resolve the conflict in the Middle East and reopen the Strait of Hormuz, warning that although the global economy has remained resilient, the war continues to pose risks to growth, inflation and global trade.
The World Bank’s Board of Directors has approved a $265 million loan to support Morocco’s Ifahsa Pumped Hydropower Storage Project, a major clean energy initiative aimed at strengthening the country’s electricity grid and expanding renewable energy integration.
The conflict in the Middle East is expected to slow global growth to the lowest rate since the onset of the COVID-19 pandemic amid higher energy prices, steeper inflation, and increased borrowing costs , according to the World Bank Group’s latest Global Economic Prospects report.
The heads of the International Energy Agency (IEA), International Monetary Fund (IMF), and World Bank Group will meet on Monday to discuss the energy crisis triggered by the Iran war.
The Heads of the International Energy Agency, International Monetary Fund, and World Bank Group have agreed to form a coordination group to maximise their institutions’ response to the energy and economic impacts of the war in the Middle East.
The impact of the Middle East war is substantial, global, and highly asymmetric, disproportionately affecting energy importers, in particular low-income countries, said heads of the International Energy Agency, International Monetary Fund, and World Bank Group.
Global growth is likely to take a noticeable hit from the ongoing Middle East conflict, even if a ceasefire holds, according to an interview given by World Bank President Ajay Banga to Reuters.
The World Bank is this week launching a new global initiative - the Water Forward - designed to strengthen water security and scale partnerships that mobilse investment and unlock economic potential. Water underpins 1.7 billion jobs globally across agriculture, industry, energy, and services.
The UAE has won the hosting rights for the 2029 meetings of the World Bank Group and the International Monetary Fund in the capital, Abu Dhabi, said HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, in his X post.
The heads of the International Energy Agency, International Monetary Fund, and World Bank on Wednesday said they will form a coordination group to maximise their response to the significant economic and energy impacts of the war in the Middle East.
