Latest news with #WorldBank-backed
Deccan Herald
3 days ago
- Business
- Deccan Herald
Oldest climate fund plans wildlife bonds across Africa
The world's oldest multilateral climate fund, the Global Environment Facility, is planning a new wave of wildlife conservation bonds in a bid to help African countries save endangered species and ecosystems. Wildlife bonds, which provide low-cost funding in return for cutting poaching or other measures, were pioneered in 2022 with a World Bank-backed rhino bond and have seen a number of other examples since. There was an issue targeting chimpanzee protection in Rwanda last year, and last month the GEF approved one for lemur conservation in Madagascar. Fred Boltz, head of programming at GEF, which is linked to the World Bank, told Reuters on the sidelines of a meeting of African environment ministers that it aims to do one for every one of the 54 countries in Africa. He said such a move would require an investment of $150 million from GEF, which would then be leveraged 10 times to provide a total of $1.5 billion for conservation efforts through other borrowing. Money borrowed using wildlife bonds does not typically go onto the books of beneficiary governments, meaning they can offer much-needed financing to poorer countries, climate finance experts say. They usually target emblematic species in order to appeal to specialist investors and wealthy philanthropists and their payouts are directly linked to conservation - the better the result the less the governments are usually required to pay out. But GEF now hopes they can be expanded to include entire ecosystems such as wetlands, Boltz said. The push by the fund, which was formed after the landmark Rio Earth Summit of 1992, comes as aid and development funding cuts by the United States and other major economies threatens some conservation projects. "Many countries are asking, are suggesting, that in this tough official development assistance environment, that maintaining the last level of (species) replenishment may be difficult," Boltz said, "and that we might need to try to do more with less". $7.7 billion investment The Global Environment Facility (GEF) has in total invested $7.7 billion in Africa in various projects, such as an $85 million effort to fight desertification in the Sahel region. It is currently urging donors to replenish its cash for its next four-year cycle of programmes, starting next year. Its last fundraising for its current cycle raised $5.3 billion - an increase of more than 30% from its last operating period amid a surge of support for international efforts to meet nature and climate targets. That funding round got money from 29 countries, with the U.S. among the biggest donors, contributing $700 million.
New Indian Express
06-06-2025
- Politics
- New Indian Express
Pakistan writes fourth letter to India, requests revival of Indus pact amid water crisis
Pakistan has written to India for the fourth time, requesting it to reconsider its decision to put the Indus Waters Treaty (IWT) on hold, according to multiple reports. The IWT was suspended following the April 22 Pahalgam terror attack that resulted in the death of 26 civilians. Pakistan is on the verge of a water crisis and appears to be desperate, according to reports. Reports stated that Pakistan wrote to India on the IWT even after Operation Sindoor. Prime Minister Modi had earlier underlined the government's uncompromising position that "water and blood cannot flow together" and "terror and talks cannot happen at the same time". According to government sources, India is currently not interested in holding talks with Pakistan on this issue, and the treaty will remain suspended. The four letters sent by Syed Ali Murtaza, Secretary of Pakistan's Ministry of Water Resources, were addressed to the Ministry of Jal Shakti, which has since then forwarded them to the Ministry of External Affairs (MEA), sources indicated. In the letters, Murtaza has urged India to reinstate the agreement. Invoking its national security powers, India has stated that the treaty will stay suspended until Islamabad "credibly and permanently" stops supporting cross-border terrorism. This decision was approved by the Cabinet Committee on Security (CCS), the highest body for strategic matters. This marks the first time New Delhi has paused the World Bank-backed agreement.
India Today
05-06-2025
- Sport
- India Today
Education and sports get a major boost in Nagaland with new infrastructure projects
In a move poised to reshape educational and athletic landscapes, Nagaland's Chief Minister, Neiphiu Rio, has launched a series of transformative projects. On Wednesday, he virtually inaugurated nine new Lighthouse School Complexes (LSCs) and six sports facilities, marking a leap that is significant in developmental efforts. These projects are integral to the World Bank-backed Nagaland Education Project - The Lighthouse (NECTAR).advertisementThe LSCs will be constructed across nine districts, including Chumoukedima, Phek, Kiphire, and Dimapur, serving as academic sanctuaries for underprivileged communities. The comprehensive plan for all 16 institutions carries an estimated cost of Rs 198.57 the event, Rio praised the Department of School Education and the NECTAR team for their work in uplifting the educational environment in Nagaland. He remarked, "These initiatives equip our students to engage competitively on broader platforms." Acknowledgements were extended to the Union Ministry of Education and funding allies for their support. Simultaneously, Rio unveiled six new sports and recreational venues, among them a wrestling facility in Dimapur and a mini stadium in projects align with government efforts to foster sports and develop local talent. Rio conveyed via social media, "These amenities will support local talents and offer avenues for physical growth."advertisementFunding stems from central schemes, including the North Eastern Council and the Scheme for Special Assistance to States for Capital Investment. Such initiatives are set to rejuvenate local communities by providing essential educational and sporting developments place Nagaland on a path to bolster both educational frameworks and sports facilities, aligning with broader endeavours to enhance living standards and opportunities for its people.(WITH PTI INPUTS)Must Watch
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Business Standard
05-06-2025
- Business
- Business Standard
Choice Int'l arm secures Rs 63.47 cr govt projects in Maharashtra, Odisha
Choice Consultancy Services, an arm of Choice International, on Thursday said it has secured project management contracts worth Rs 63.47 crore across Maharashtra and Odisha. The company has been awarded a Rs 52.80 crore work order from the Maharashtra Institution for Transformation (MITRA) under the World Bank-backed MahaSTRIDE programme to set up District Strategic Units in Chhatrapati Sambhajinagar Division, the company said in a statement. In Odisha, the firm emerged as the top-ranked bidder for a Rs 10.67 crore project floated by the State Urban Development Agency to provide engineering consultancy in 58 urban local bodies, it added. "These project wins further validate our strategic direction and reinforce our positioning as a trusted execution partner in high-value public sector initiatives," Choice International's CEO and Executive Director, Arun Poddar, said.
Time of India
24-04-2025
- Politics
- Time of India
India suspends Indus treaty: When Modi said ‘blood & water can't flow together'
India suspends Indus treaty: When Modi said 'blood & water can't flow together' Team TOI Plus Updated: Apr 24, 2025, 11:42 IST IST India's latest move to suspend the Indus treaty will impact irrigation and drinking water supply in two of the four provinces of Pakistan during the peak of summer when it needs water the most India has suspended the over six-decade-old Indus Water Treaty (IWT) and downgraded diplomatic ties with Pakistan in retaliation for the April 22 Pahalgam terror attack that claimed the lives of 26 civilians, mostly tourists. The move is seen as significant as the World Bank-backed treaty had survived three wars – 1965, 1971 and Kargil — and multiple terror attacks, largely on humanitarian grounds despite the pact being in focus as a key tool to punish Islamabad for its nefarious acts.
