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World Bank urges for more funds to be invested into Primary School Education with focus on Reading Skills

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Students in a primary School., Pixabay
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Dubai, March 18, 2017: Manager Education Sector at the World Bank group Harry Patrinos said on Saturday that globally more money has to be invested into primary school education with a focus on reading skills.

Patrinos, at the Global Education and Skills Forum (GESF) here, said that the “government and education donors spend rising amounts of money into higher education, while investments into basic education remains stagnant, especially in the developing world,” Xinhua news agency reported.

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However, he added “a study conducted by the World Bank found out that it costs just 10 dollars per pupil per year to equip teachers in Malawi with tools to ensure no child is left behind in relation to achieve basic reading skills.”

The World Bank said Patrinos has therefore launched reading programmes in several developing countries.

The expert added that an estimated 25 percent of children in developing countries cannot read and write, while 50 per cent of all kids in middle-income countries are “technically illiterate”, meaning they are unable to understand or interpret small text.

In Sub-Saharan Africa, “we found out that 61 million people cannot read”, said Patrinos.

“The investments into reading skills shall not be regarded as losses, since the economic loss of creating generations of illiterate people goes into the trillions of dollars globally,” he added. (IANS)

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World Bank shareholders endorse capital increase plan

Following the capital increase plan announced Saturday, the combined financing arms of the World Bank

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World Bank's prompt decission to pause two seperate projects with India nad Pakistan came after India's objection against it
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The World Bank has said its shareholders endorsed a capital increase package, a series of internal reforms, and a set of policy measures to strengthen the international lender’s capabilities.

The $13 billion capital increase package includes $7.5 billion of paid-in capital for the International Bank for Reconstruction and Development (IBRD), the group’s primary lending arm, and $5.5 billion for the International Finance Corporation (IFC), the group’s private sector lending arm, said the World Bank in a statement on Saturday, Xinhua reported.

World BAnk shareholders to have better plans.

World Bank shareholders also endorsed a $52.6 billion callable capital increase for IBRD, the statement said.

“Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation,” World Bank Group President Jim Yong Kim said.

“This capital package allows for greater responsiveness to risks to global stability and security, particularly in poorer countries and fragile states,” Kim added.

Following the capital increase plan announced Saturday, the combined financing arms of the World Bank are expected to reach an average annual capacity of nearly $100 billion between fiscal year 2019 and fiscal year 2030, said the World Bank. Kim said at a press briefing this week that the capital increase package doesn’t target changes of loans to any specific country.

Also Read: India will become High-Middle Income Country by 2047, says World Bank CEO

“It’s about how we think about income levels and how the World Bank Group can continue to be a partner and to support all of our member countries who are still clients,” he argued. He said that the multilateral lender would increase lending to lower middle-income countries over time. IANS

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