Tag: World Bank

World Bank’s $1.5 bn funding to India will foster private sector investments in renewable energy: Auguste Tano Kouame

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a major boost to India’s zero carbon mission, the World Bank sanctioned a $1.5 billion loan to finance the country’s development of low-carbon energy. The Bank said that the financing is aimed at helping India scale up renewable energy, developing green hydrogen and stimulating climate finance for low-carbon energy investments.

Speaking to CNBC-TV18, Auguste Tano Kouame, World Bank Director for India, stated that India demonstrates a strong commitment to achieving net-zero emissions by 2070, and the approved loan programme is designed to assist the nation in realising this ambitious target.

“India is very committed to achieving net-zero by 2070. This programme that we approved for $1.5 billion called Low Carbon Development Policy Operation is to support India’s transition to its net-zero goals,” Kouame said.

One of the main pillars of the World Bank’s financing initiative is to bolster the advancement of green hydrogen in India. The programme will actively support the Indian government’s efforts in encouraging the adoption of green hydrogen, which can be utilised in various sectors such as transportation, industry, and power generation, significantly reducing carbon emissions.

Recognising the crucial role of renewable energy in India’s decarbonisation journey, the World Bank’s financing will also focus on boosting the demand and supply of clean energy sources. By incentivising the development and deployment of renewable energy projects, the programme aims to enhance the capacity and affordability of sustainable energy solutions across the country.

Also Read: India’s hydrogen market to surge: Morgan Stanley projects $19 billion opportunity by 2030

To accelerate the transition to a low-carbon economy, the World Bank’s loan programme will facilitate the establishment of a carbon market in India. This market mechanism will enable the trading of carbon credits and foster private sector investments in renewable energy projects.

The enthusiasm surrounding green hydrogen is not limited to India alone. Many countries worldwide are recognising its potential as a key enabler of decarbonisation and are actively exploring its development. Additionally, the COP27 summit also provided a comprehensive framework for countries to collaborate and advance green hydrogen technologies as part of their climate mitigation strategies.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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World Bank approves $1.5 bn in financing to support India’s low-carbon transition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The World Bank on June 29 approved $1.5 billion in financing to accelerate India’s development of low-carbon energy. The financing is expected to help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen and stimulating climate finance for low-carbon energy investments.

While the country’s energy consumption per capita is only one-third of the global average, India’s energy demand is expected to grow rapidly as the economy expands. This calls for a phasing down of fossil-based energy sources in line with India’s goal of achieving net-zero by 2070.

Scaling up the production of renewable energy will accelerate the transition to low-carbon electricity and support the emergence and expansion of the green hydrogen sector.

The First Low-Carbon Energy Programmatic Development Policy Operation – the first in a series of two envisaged operations- will support India in developing green hydrogen. The financing required to implement India’s energy transition is such that public sector funding alone will not be sufficient.

“The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion in private sector investment by 2030,” said Auguste Tano Kouame, World Bank Country Director for India. He adds, “the World Bank remains committed to supporting India’s low-carbon transition by complementing public financing and enabling private sector investments.”

The program aims to scale up renewable energy supply thereby reducing costs and improving grid integration. This will help India reach its committed 500 GW of renewable energy capacity by 2030. The government plans to issue bids for 50 GW of renewable energy each year from FY23-24 to FY27-28, which will avoid carbon emissions of 40 million tons per annum by 2026.

The $1.44 billion loan is from the International Bank for Reconstruction and Development (IBRD) and is facilitated by a United Kingdom $1 billion backstop aimed at boosting the World Bank’s climate change financing to India. A $56.57 million credit from the International Developworld bankment Association (IDA) is from a recommitment of cancelled IDA credit balances.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

World Bank approves $700 million to help crisis-hit Sri Lanka

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The World Bank has approved $700 million in financing to help Sri Lanka to recover from the current economic crisis and provide relief to the poor and vulnerable people, the biggest funding tranche since the IMF deal in March.

Cash-strapped Sri Lanka is currently struggling with the worst economic crisis in history.

In 2022, the economy had contracted by over seven per cent as the economic difficulties forced people to take to the streets with protests across the island nations that also led to the ouster of Sri Lanka’s powerful Rajapaksa family from politics.

The World Bank Board of Directors Wednesday approved $700 million in financing to help Sri Lanka to recover from the current economic crisis and provide relief to the poor and vulnerable people, the Washington-based bank said in a press release.

Of this amount, $500 million have been assigned for budgetary support and $200 million for social security.

This is the biggest financial relief to Sri Lanka since the International Monetary Fund (IMF) reached an agreement with Sri Lanka last March to provide an Extended Fund Facility of $2.9 billion.

In March, the IMF approved a $3 billion bailout programme to help Sri Lanka overcome its economic crisis and catalyse financial support from other development partners, a move welcomed by Colombo as a “historic milestone” in the critical period.

Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis, sparked by years of mismanagement and the raging pandemic.

The World Bank said its Board of Directors approved $700 million in financing for two operations to help Sri Lanka implement foundational reforms that restore macroeconomic stability and sustainability, mitigate the impact of current and future shocks on the poor and vulnerable, and support an inclusive and private-sector-led recovery and growth path.

The Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation ($500 million) will support reforms that help improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable. It will provide budget support in two equal tranches against agreed prior actions, it said.

The World Bank Wednesday announced that its Board of Directors discussed the new Country Partnership Framework (CPF) for Sri Lanka, which aims to help restore economic and financial sector stability and build a strong foundation for a green, resilient, and inclusive recovery.

This CPF comes at a time when the country is navigating a severe economic crisis that is having devastating impacts on people’s lives and livelihoods and which demands deep reforms to stabilize the economy and protect the poor and vulnerable.

Sri Lanka’s poverty rate is estimated to have doubled from 13.1 to 25 percent between 2021 and 2022—an addition of 2.5 million poor people—and is projected to increase by another 2.4 percentage points in 2023.

“The extent of the crisis in Sri Lanka is unprecedented, but offers a historic opportunity for deep reforms to reset the country’s economic storyline,” said Faris H. Hadad-Zervos, World Bank Country Director for Sri Lanka.

“The CPF supports this shift. Through a phased approach, the World Bank Group’s strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable. If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development,” said Shalabh Tandon, Acting Regional Director for IFC South Asia.

ALSO READ: World Bank President Ajay Banga named in 2023 list of Great Immigrants

“A strong and engaged private sector is crucial for Sri Lanka, especially in overcoming the economic crisis. Sri Lankans urgently need jobs and livelihood opportunities to rebuild lives affected by the crisis,” Tandon added.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

World Bank President Ajay Banga named in 2023 list of Great Immigrants

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ajay Banga, the President of the World Bank, has been named by a prestigious philanthropic organisation to its annual “Great Immigrants” list of honourees who have enriched and strengthened America and its democracy through their contributions and actions.

Banga, who became World Bank chief in June 2023, is the first-ever Indian American to lead the institution. He is the only honouree from India in this year’s list of ‘Great Immigrants’ by the Carnegie Corporation of New York.

With over 30 years of experience in key positions, 63-year-old Banga is expected to usher in transformative policies at the World Bank to combat poverty and address climate change, opening opportunities for people around the globe, a statement issued by Carnegie on Wednesday said.

During a fireside chat, Carnegie said Banga offered some reflections on how diversity helped him succeed as a leader: “At the end of the day, if you surround yourself with people who look like you, who walk like you and talk like you, and grew up in the same places you did and worked with you in your prior jobs, then you will have a sense of comfort of hiring people around you who have that familiarity. But you will also have the same blind spots. You will miss the same trends. You will miss the same opportunities.”

Banga started his career in India, spending 13 years at Nestle India and two at PepsiCo. In 1996, he joined Citigroup, eventually leading the Asia-Pacific region as CEO.

Later moving to the US, Banga served as president and CEO of Mastercard for 12 years before being named executive chairman. Under his leadership, Mastercard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world, the statement said.

Prior to his appointment to the World Bank, Banga was the vice-chairman at General Atlantic. He is also a co-founder of the Cyber Readiness Institute and served as vice-chair of the Economic Club of New York.

Among numerous honours, he was awarded the Foreign Policy Association Medal, the Padma Shri Award by the President of India, and the Ellis Island Medal of Honour.

Every Fourth of July, which is celebrated as America’s Independence Day, the Carnegie Corporation of New York honours a group of “remarkable” Americans — all naturalised citizens — “who have enriched and strengthened our nation and our democracy through their contributions and actions”.

This year, the corporation honours 35 individuals from 33 countries and a wide range of backgrounds. Among the honourees are individuals who have fostered opportunities for others through their work as educators, mentors, philanthropists, job creators, public servants, storytellers, and advocates.

“The Great Immigrants initiative is a tribute to the legacy of Andrew Carnegie, a Scottish immigrant who, like these honourees, found success in America, contributed enormously to his adopted country, and inspired others to do the same,” said Dame Louise Richardson, president of Carnegie Corporation of New York.

Richardson is a naturalised citizen who first came to the United States from Ireland as a graduate student. “The 35 naturalised citizens honoured today embody that tradition, reminding us that the contributions of immigrants make our country more vibrant and our democracy more resilient,” she said.

This year’s honourees include Vietnamese-born Academy Award-winning actor Ke Huy Quan, Chilian-born actor Pedro Pascal, Director-General of World Trade Organization Nigerian-born Ngozi Okonjo-Iweala, US Congressman Ted Lieu who was born in Taiwan, Grammy Award-Winning Singer and UNICEF Goodwill Ambassador Angélique Kidjo who was born in Benin, Polish-born Professor Emeritus of Chemistry, Cornell University and Nobel Laureate Roald Hoffmann and Guido Imbens, born in the Netherlands and Professor of Economics, Stanford University, and Nobel Laureate.

Carnegie Corporation of New York is a leading philanthropic foundation established by Scottish immigrant Andrew Carnegie and is now led by Irish immigrant Dame Louise Richardson. It celebrates the crucial role of naturalised citizens in making America a land of opportunity for all.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

World Bank to provide $200 million for power sector reforms in Himachal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

‘Precarious position,’ World Bank on state of global economy amid high interest rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The World Bank on Tuesday, June 6, said the global economy is in a “precarious position” and the risk of financial stress in emerging market and developing economies (EMDEs) is intensifying amid elevated global interest rates.

According to the World Bank’s latest Global Economic Prospects report, global growth has slowed sharply and is projected to decelerate from 3.1 percent in 2022 to 2.1 percent in 2023.

The World Bank expressed concern about the impact of increasingly restrictive global credit conditions on EMDEs. One in four EMDEs has lost access to international bond markets, particularly those with underlying vulnerabilities such as low creditworthiness. These economies are highly vulnerable to additional shocks, and their growth projections for 2023 are less than half of what they were a year ago.

“In EMDEs other than China, growth is set to slow to 2.9 percent this year from 4.1 percent last year. These forecasts reflect broad-based downgrades: growth projections for 70 percent of EMDEs and nearly all advanced economies have been downgraded,” the report said. 

By the end of 2024, economic activity in these economies is expected to be approximately 5 percent lower than projected before the pandemic. In low-income countries, per capita incomes in 2024 will still be below 2019 levels in more than one-third of the countries, perpetuating extreme poverty.

“Many developing economies are struggling to cope with weak growth, persistently high inflation, and record debt levels. Yet new hazards — such as the possibility of more widespread spillovers from renewed financial stress in advanced economies — could make matters even worse for them,” said Ayhan Kose, Deputy Chief Economist of the World Bank Group.

“Policy makers in these economies should act promptly to prevent financial contagion and reduce near-term domestic vulnerabilities,” Kose added.

The report also addresses the growth prospects of advanced economies, which are expected to decelerate. The US economy is forecast to grow at 1.1 percent in 2023 but slow down to 0.8 percent in 2024 due to the lingering impact of rising interest rates. In the euro area, growth is projected to slow to 0.4 percent in 2023 compared to 3.5 percent in 2022, primarily due to monetary policy tightening and energy-price increases.

“The surest way to reduce poverty and spread prosperity is through employment — and slower growth makes job creation a lot harder,” said World Bank Group President Ajay Banga, adding, “It’s important to keep in mind that growth forecasts are not destiny. We have an opportunity to turn the tide but it will take us all working together.”

Chief Economist and Senior Vice President of the World Bank Group Indermit Gill described the world economy as being far from the dynamism required to address poverty, climate change, and human capital replenishment.

“In 2023, trade will grow at less than a third of its pace in the years before the pandemic. In emerging markets and developing economies, debt pressures are growing due to higher interest rates. Fiscal weaknesses have already tipped many low-income countries into debt distress. Meanwhile, the financing needs to achieve the sustainable development goals are far greater than even the most optimistic projections of private investment,” Gill said.

The World Bank upgraded its 2023 outlook for China after Beijing late last year relaxed its draconian zero-COVID policies, which had restricted travel and hammered its economy. The world’s second-biggest economy is now expected to grow 5.6 percent in 2023, up from 3 percent last year. The World Bank envisions Japan’s growth decelerating to 0.8 percent this year from 1 percent in 2022. It foresees India’s growth slowing to a still-strong 6.3 percent from 7.2 percent last year.

The bank predicts that global trade will slow markedly this year. It foresees a sharp drop in the price of energy and other commodities this year and next.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Yellen urges new World Bank chief Ajay Banga to ‘get the most’ from balance sheet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US Treasury Secretary Janet Yellen on Thursday told incoming World Bank Group President Ajay Banga to “get the most out of the bank’s balance sheet” and mobilize more private capital for climate finance and global development objectives, the Treasury said.

During a meeting with Banga a day before the former Mastercard CEO takes office at the World Bank, Yellen “conveyed her strong desire for Treasury to continue close collaboration” with him on the lender’s evolution to address climate change and other global challenges.

That includes continuing to implement recommendations from last year’s G20 report on capital adequacy, which argued that changes to multilateral development banks could unlock hundreds of billions of dollars in new lending.

Under Banga’s predecessor, David Malpass, the bank’s shareholders in April approved an initial round of balance sheet changes to boost lending by $50 billion over 10 years while maintaining its top-tier AAA credit rating. But Yellen has insisted that further lending reforms and other changes be made on a “rolling basis” in coming months.

Yellen said continuing to implement these reforms would “get the most out of the Bank’s balance sheet,” and mobilize more private capital “for our shared development objectives and to refine the operating model to increase the responsiveness and agility of the bank,” the Treasury said.

She also said the World Bank needed to work more closely with its sister development banks.

“Secretary Yellen stressed the need to support the poorest of the banks’ member countries as they continue to face multiple crises, including continuing global macroeconomic headwinds exacerbated by Russia’s war in Ukraine,” the Treasury added.

Banga, 63, was elected to a five-year term as World Bank president by the lender’s board of governors on May 3. Nominated by US President Joe Biden, the Indian-born finance and development expert was the sole contender for the job.

The U.S., the World Bank’s largest shareholder, has traditionally chosen an American to run the World Bank, while Europe has chosen the head of the International Monetary Fund. Banga, a U.S. citizen since 2007, starts his new role on Friday.

In a parting LinkedIn post, Malpass highlighted the growth in the bank’s climate finance for developing countries during his tenure, more than doubling it to a record $32 billion last year, as well as $440 billion mobilized by the World Bank for overlapping crises starting with COVID-19, the war in Ukraine, food and energy price shocks, supply chain disruptions, and unsustainable debt.

Malpass has pushed for more debt transparency and restructuring, particularly on China’s loans to poorer countries. He said the huge buildup of government debt threatens to sap dynamism from the global economy.

“Without change, the world will likely face a long period of slow growth — and developing countries will be hit the hardest,” he added.

Also Read: US staves off a debt default after Senate clears bill to raise ceiling

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

A look at inspiring journey of Ajay Banga, the first-ever India born World Bank President

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian-origin American corporate leader Ajay Banga will start his five-year term as World Bank President from today, June 2. Banga takes charge at a crucial time when the World Bank is looking to reshape its role in addressing climate change.

In a statement on May 4, the World Bank said that it aims to work with Banga on “all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”

Ajay Banga was the sole candidate nominated by the United States for the top job. He is set to begin his new role on June 2 for a five-year term, taking over from David Malpass, who is stepping down early.

Also Read: Yellen urges new World Bank chief Ajay Banga to ‘get the most’ from balance sheet

Who is Ajay Banga?

Indian American Ajaypal Singh Banga is a top business executive who has worked in leading firms like Nestle, PepsiCo, Mastercard and Citigroup. He currently serves as the US equity firm General Atlantic vice chairman.

Banga was born on November 10, 1959, into a Saini Sikh family of the Khadki cantonment in Pune, Maharashtra. His father was an army officer, and his family moved around the country during Banga’s childhood because of his father’s transfers.

He attended the Hyderabad Public School and the St. Edward’s School in Shimla after which he pursued a Bachelor of Arts in Economics degree from St. Stephen’s College in Delhi.

He then obtained a post-graduate Management degree from the Indian Institute of Management, Ahmedabad.

Ajay Banga is married to Ritu Banga, and the couple has two children Jojo and Aditi Banga.

Career

Ajay Banga started his professional career in 1981 at Nestlé SA after which he joined PepsiCo Inc and helped the company launch its fast-food franchise in India.

He then joined Citigroup in 1996 and was made the business head of CitiFinancial and the US consumer-assets division within four years.

In 2005, Banga was appointed to lead all of the bank’s international consumer operations.

He was then named Citigroup’s head of the Asia-Pacific region in 2008 and he later stepped down from the role to join Mastercard as president and chief operating officer in 2009. He was promoted to the CEO of Mastercard in less than a year.

He then rose to the ranks of executive chairman at Mastercard and served in the position till December 31, 2020.

In 2021 he joined General Atlantic where he currently serves as the vice chairman.

Awards and recognition

Ajay Banga was felicitated with India’s fourth highest civilian honour, the Padma Shri, in 2016 for his contributions to the field of trade and industry.

He was also awarded the Foreign Policy Association Medal in 2012 and the Ellis Island Medal of Honour and the Business Council for International Understanding’s Global Leadership Award in 2019.

ALSO READ | Ajay Banga to begin five-year term as World Bank President today

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US World Bank nominee Banga set for vote on Wednesday after 4-hour interview

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The World Bank’s 25-member executive board is set to vote on the US nominee to run the World Bank, Ajay Banga, on Wednesday after completing a four-hour interview with the ex-Mastercard CEO on Monday, sources familiar with the process said.

Banga, 63, the sole contender to replace departing president David Malpass, is expected to win the consensus-based vote handily after a three-week charm offensive that saw him meet with government officials, business executives and civil society groups around the world, the sources said.

If approved, Banga could start in the new job in early June after the June 1 departure of Malpass.

US President Joe Biden nominated Banga, an Indian-born executive who is now a US citizen, in late February.

Also Read: World Bank to launch reworked business rankings for countries

One of the sources said Banga had impressed shareholders in recent weeks as a “true change maker” who will help accelerate reforms at the global development bank, which is under pressure to increase its lending to help developing countries address global challenges such as climate change and conflict.

US Treasury Secretary Janet Yellen told Reuters last month she is insisting that next steps in the World Bank’s evolution be taken “on a rolling basis” in coming months, after the bank’s board approved an initial set of reforms at its spring meetings.

She said attracting more private capital for development goals would be a key area of focus for Banga if he is approved.

The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

World Bank to launch reworked business rankings for countries

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The World Bank will announce on Monday a new methodology for assessing the business climate in up to 180 countries after embarrassing revelations of data irregularities and favoritism toward China forced it to cancel the “Doing Business” rankings two years ago.

The bank said a pilot edition of the new replacement annual series called “Business Ready” would be published in the spring of 2024, covering an initial group of 54 economies in Asia, Latin America, Europe, the Middle East and Sub-Saharan Africa.

Subsequent reports adding more countries will follow in the next two years as the bank refines its methodology and ramps up the new flagship project, which aims to help countries attract investment and boost jobs and productivity to accelerate development.

The bank scrapped Doing Business in September 2021, citing internal audits and an independent probe that found senior World Bank leaders had pressured staff to alter data to favor China, and cited data irregularities that also boosted rankings of other countries, including Saudi Arabia, the United Arab Emirates and Azerbaijan.

“Business Ready improves upon and replaces the World Bank Group’s earlier Doing Business project. It reflects a more balanced and transparent approach toward evaluating a country’s business and investment climate,” the bank said in a statement.

World Bank Chief Economist Indermit Gill said the new approach enabled “a fuller and sharper measure of the investment climate of countries — something that is badly needed in a global economy in the midst of a generalized slowdown.”

“Business Ready” was shaped by recommendations from World Bank experts, governments, the private sector, and civil society groups, and includes for the first time worker rights, as defined by the International Labor Organization, while acknowledging that regulation can also have positive aspects.

Also read: India jumps 6 places on World Bank’s Logistic Performance Index

“The main thing that went wrong was the data integrity of Doing Business was compromised,” Norman Loayza, director of the World Bank’s Indicators Group, which leads the project, told Reuters. “The main point for us is that we need to ensure data integrity and we have a very comprehensive approach to do that.”

Loayza said the bank would publish all data collected for the project — raw data, scores and calculations to obtain the scores — from private sector contributors, as well as surveys of entrepreneurs, company owners and managers to ensure full data transparency, unlike the predecessor report.

The bank will also make available the tools needed by outsiders to replicate the results of the data assessments.

But World Bank officials were still debating whether to revive the business climate rankings that were at the heart of the “Doing Business” controversy or produce an overall index, Loayza said, with a decision expected prior to the first report.

He said the rankings were criticized for encouraging political pressure to try to lift country scores, but also helped spur nearly 4,000 regulatory reforms in developing and developed economies over the past two decades.

Loayza said the new project focuses on 10 topics covering the lifecycle of a firm, including business entry, utility services, labor, dispute resolution, market competition, taxation and insolvency — another move aimed at addressing criticism of the earlier product.

“We take into account not only the perspective of the private entrepreneur, but also the perspective of workers, consumers and other market participants,” he said. “So for instance, we will look for worker safety, environmental sustainability and market competition.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow