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August 2014

Demonstrating Pragmatic Solidarity through Sports and Beyond

Adam Russell Taylor's picture
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Demonstrating Pragmatic Solidarity through Sports and Beyond
Organizers of Match for Peace present Pope Frances' football shirts.
Credit: Match for Peace

On Sept. 1, leading football stars from multiple faiths will come together to play in a watershed Interreligious Match for Peace, supported by Connect4Climate of the World Bank Group.

At its best, sport possesses the power to bring out the best of the human spirit, particularly in moments when athletes display remarkable teamwork and sportsmanship. By affirming shared aspirations, religion and sport share the profound capacity to bring people together across the boundaries of race, nationality, income, and more. 

Progress in the Millennium

Mahmoud Mohieldin's picture
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Progress in the Millennium
The “What Will It Take” campaign let people share their ideas on ending poverty.
​© Simone D. McCourtie/World Bank.

In September 2000, world leaders committed to the Millennium Development Goals.

Until then, few dared to imagine goals such as eradicating extreme poverty and hunger, universalizing access to education or reducing maternal mortality would be possible. Now, with 500 days left before the end of 2015, the MDGs are less a leap of imagination and more of a challenge that many leaders feel is within reach.

How to Stop Ebola — and the Next Outbreak

Jim Yong Kim's picture
Also available in: العربية | Español | Français | 中文


​For only the third time in its 66-year history, the World Health Organization has declared a global public health emergency. This time it is for the Ebola outbreak in the three West African countries of Guinea, Liberia, and Sierra Leone. After their traumatic ordeal in recent months, governments and communities in those three countries are looking desperately for signs that Ebola can be stopped in its tracks.

As medical doctors who understand well both the continent of Africa and infectious disease control, we are confident that the Ebola virus disease response plan, led both by the countries and the World Health Organization, can contain this Ebola outbreak and, in a matter of months, extinguish it. Let's also keep in mind that this is not an African problem, but a humanitarian one that happens to occur in a small part of Africa.

Corruption Fight Aided by Technology

Jim Yong Kim's picture
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World Bank Group President Jim Yong Kim and Philippines President Benigno S. Aquino III on July 15, 2014. © Dominic Chavez/World Bank



Good governance is critical for all countries around the world today. When it doesn’t exist, many governments fail to deliver public services effectively; health and education services are often substandard; corruption persists in rich and poor countries alike, choking opportunity and growth. It will be difficult to reduce extreme poverty — let alone end it — without addressing the importance of good governance.

Disaster Risk: Using Capital Markets to Protect Against the Cost of Catastrophes

Michael Bennett's picture
Hurricane Sandy / NOAA
Hurricane Sandy / NOAA


In addition to their often devastating human toll, natural disasters can have an extremely adverse economic impact on countries. Disasters can be particularly calamitous for developing countries because of the low level of insurance penetration in those countries. Only about 1% of natural disaster-related losses between 1980 and 2004 in developing countries were insured, compared to approximately 30% in developed countries. This means the financial burden of natural disasters in developing countries falls primarily on governments, which are often forced to reallocate budget resources to finance disaster response and recovery. At the same time, their revenues are typically falling because of decreased economic activity following a disaster. The result is less money for government priorities like education or health, thereby magnifying the negative developmental impact of a disaster.

To address this problem, the World Bank Treasury has been helping our clients protect their public finances in the event of a natural disaster. The most recent innovation is our new Capital-at-Risk Notes program, which allows our clients to access the capital markets through the World Bank to hedge their natural disaster risk. Under the program, the World Bank issues a bond supported by the strength of our own balance sheet, and hedges it through a swap or similar contract with our client. The program allows us to transfer risks from our clients to the capital markets, where interest in catastrophe bonds is growing.