Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The World Bank has established rated criteria as the default approach for new international procurement in the transport sector, effective from September 1, 2023, focusing on evaluating non-price attributes such as quality, risks, sustainability, and technical aspects [10][12] - Rated criteria have been widely used for over 30 years in public procurement, allowing for a true value assessment that emphasizes quality and risk management [11] - The guidance and tools for implementing rated criteria are included in the updated procurement regulations and standard procurement documents [12] Summary by Sections Establishment of Rated Criteria - Rated criteria are mandatory for evaluating bids in new international procurements, focusing on non-price attributes [10][12] - The number of rated criteria varies based on project complexity, risks, and borrower experience [12] Types of Evaluation Criteria - Different evaluation criteria are used to assess bids, including process criteria, qualification criteria, minimum requirements, and qualitative rated criteria [14][16] - The evaluation approach is informed by the Project Procurement Strategy for Development (PPSD) [15] Technical vs Financial Cost Weighting - The weighting of technical versus financial costs is determined based on specific project risks and opportunities, with equal weighting in high-risk, high-value procurements [28] Rated Criteria - Rated criteria assess quality, sustainability, and innovation in bids, focusing on the methodology prepared by bidders [29][30] - A minimum quality threshold may be established to ensure only bids meeting quality standards are considered [32] Prequalification and Selection Criteria - Prequalification is used to assess minimum qualification criteria on a pass/fail basis, while initial selection evaluates bidders against rated criteria [25][26] - The evaluation process includes assessing management capabilities, technical performance, and qualitative aspects of bids [19][21] Road Safety Management - The report emphasizes the importance of road safety management in contractor selection, incorporating standards like ISO 39001 and the FIA Safety Index [64][65] - A comprehensive road safety management plan is essential for evaluating bidders' capabilities in managing road safety during contract implementation [70][73]

Investment Rating - The report does not explicitly provide an investment rating for the steel industry in China Core Insights - The transition to low-carbon and near-zero-carbon steel production is essential for meeting global climate goals and presents opportunities for high-quality development in the steel industry and its downstream partners [29][30] - The report emphasizes the need for accelerated deployment of near-zero-carbon steel projects to avoid locking in carbon emissions through the continued use of existing equipment [32][41] - The study highlights the importance of economic assessments at the project level to address the financial challenges associated with transitioning to low-carbon technologies [34][36] Summary by Sections 1. China's Steel Industry under the Carbon Neutrality Goal - China's steel industry is a major contributor to global emissions, with direct emissions accounting for approximately 14% of the country's total [38] - The industry is heavily reliant on coal, which constitutes 76% of its energy use, compared to lower percentages in Europe and the United States [39] - The report outlines the potential for increasing the share of short-process production, which currently accounts for less than 10% of total production, as urbanization and industrialization progress [40][43] 2. Economics and Transition Costs - The report categorizes steel production routes into long process, short process, and direct reduction, with varying emissions and economic implications [61][62] - The cost of producing steel through different routes varies significantly, with the BF-BOF method costing about 3,200 RMB/ton, while the cost for H2 DRI-EAF could reach around 4,100 RMB/ton as green hydrogen becomes more integrated [90][92] - The transition from higher-carbon to lower-carbon production routes is a gradual process that requires careful consideration of existing facilities and resources [97] 3. Integrated Solutions to Solve the Cost Puzzle - The report discusses the roles of policy, demand-side, and financial stakeholders in supporting the transition of the steel industry [23] - It emphasizes the need for a comprehensive solution that enhances project profitability and sustainability through various supporting levers, including green hydrogen subsidies and carbon markets [36] 4. Recommendations - The report presents six action recommendations aimed at mobilizing stakeholders to create favorable conditions for the deployment of near-zero-carbon steel projects [36]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Climate change threatens Djibouti's development goals, potentially leading to economic losses equivalent to nearly four years of current output by mid-century due to increased extreme heat, drought, and floods [49][55] - Policies and investments aimed at climate adaptation can significantly reduce economic damages, with a limited set of priority actions capable of halving potential GDP losses [50][76] - Significant infrastructure investments have been made, but Djibouti must ensure these assets deliver on their promise for resilience and economic diversification [51][56] - Capacity building, economic reform, and skills development are critical for successful adaptation and diversification [53][78] - Additional concessional resources are required for climate adaptation, with estimated needs exceeding US$2.8 billion [54][76] Summary by Sections Chapter 1 – Climate and Development - Djibouti's economic growth has elevated it to lower-middle-income status, driven by political stability, strategic location, and significant foreign direct investment [86] - The economy is heavily reliant on the services sector, particularly trade with Ethiopia, making it vulnerable to external shocks [90] Chapter 2 – Country Climate Commitments, Policies, and Capacities - The report emphasizes the need for a stronger institutional framework to implement climate policies and mobilize financing [83] Chapter 3 – Selected Climate and Development Priorities - Djibouti's interdependence with neighboring countries through trade and migration is crucial for achieving development priorities while enhancing resilience [66] - Investments in water management, urban planning, and health care are essential to safeguard livability [70] Chapter 4 – Macroeconomic and Welfare Implications of Climate Change - Climate impacts could generate a permanent annual loss of up to 6% of GDP by 2050, with cumulative losses estimated at US$14-15 billion [75] - Adaptation investments are necessary to mitigate these impacts, with a focus on fiscal management and mobilizing international support [77] Chapter 5 – Conclusion and Recommendations - Economic reform, capacity building, and investment in skills are critical to the adaptation agenda, ensuring that infrastructure investments yield expected benefits [78]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the significant potential of digitalization in enhancing the effectiveness, efficiency, and quality of Human Development (HD) services across the Europe and Central Asia (ECA) region, particularly in education, health, and social protection sectors [24][30][34]. Summary by Sections 1. Introduction - Digital Human Development services integrate information technology with service delivery, facilitating a comprehensive digital transformation that includes identification systems, management information systems, communication platforms, data analytics, mobile applications, interoperability frameworks, and cybersecurity measures [30][31]. 2. Digitalization of Human Development Services - Digitalization promises substantial improvements in service delivery effectiveness and quality, with a focus on enhancing access and efficiency in education, health, and social protection sectors [24][34]. - The report identifies critical success factors for digitalization, including the establishment of digital foundations such as high-speed internet access and modern data hosting capacity, followed by the development of digital enablers like strategy development and digital skills [52][56]. 2.1 Digital Foundations - High-speed internet access and modern data hosting capabilities are essential for effective digital service delivery across all sectors [50][56]. - Internet usage in ECA has increased, with 84% of the population using the internet in 2022, although there are significant disparities in access among countries [56][58]. 2.2 Digital Enablers - The report highlights the importance of developing interoperable and safe data platforms, which include digital identity systems, digital payments, and data sharing capabilities [24][52]. - Digital skills development is crucial for the effective adoption and use of digital technologies, with a focus on enhancing both basic and high-level digital competencies [52][56]. 3. Key Takeaways and Ways Forward - The report outlines several key takeaways for advancing digitalization, including the need for cohesive national digital strategies, robust policy frameworks, and cross-sector collaboration to avoid fragmentation and duplication of efforts [24][26]. - Investments in digital infrastructure, security, and building public trust through effective communication about data use and protection are essential for successful digital transformation [26][28].

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10974 Resolving Puzzles of Monetary Policy Transmission in Emerging Markets Jongrim Ha Dohan Kim M. Ayhan Kose Eswar S. Prasad Public Disclosure Authorized Development Economics Prospects Group November 2024 Policy Research Working Paper 10974 Abstract Conventional empirical models of monetary policy transmission in emerging market economies produce puzzling results: monetary tightening often ...

Investment Rating - The report indicates a positive outlook for the insurance industry, particularly in personal lines and commercial property and casualty (P&C) insurance, suggesting opportunities for profitable growth [6][43][156]. Core Insights - The global insurance industry is navigating a volatile environment characterized by high inflation, uncertain interest rates, and geopolitical instability, yet there are significant opportunities for growth [5][6]. - Personal P&C insurance premiums grew by 9.5% in 2022-23, reaching $1.1 trillion, indicating a recovery from previous stagnation [7][46]. - Commercial P&C insurance lines have seen an average premium increase of 8% annually over the past five years, with a focus on capturing consistent, profitable growth amid changing market conditions [10][171]. - The life insurance market is being reshaped by demographic changes, particularly the aging population, which presents opportunities for innovative retirement solutions [12][260]. Summary by Sections Personal P&C - The personal lines P&C industry is recovering, with premium growth driven primarily by rate increases rather than expansion into new risks [42][50]. - The relevance of personal lines as a share of global GDP remains below pre-pandemic levels, indicating a need for innovation and increased coverage [47][48]. - Emerging markets in Latin America and Asia present potential growth opportunities as economic conditions improve [8][33]. Commercial P&C - Commercial P&C insurance has experienced strong growth, primarily due to higher premiums, but there is a need to find growth beyond rate increases as market conditions soften [10][171]. - Insurers must focus on operational excellence and effective portfolio strategies to sustain profitability [11][202]. - The protection gap for natural catastrophes and cyber threats presents significant opportunities for insurers to innovate and expand their offerings [180][183]. Life Insurance - The life insurance industry is facing challenges with stagnant demand for traditional products, but there are bright spots in retirement solutions and health insurance [248][259]. - The aging population is driving demand for tailored retirement products, creating opportunities for insurers to regain relevance [260][284]. - Insurers are encouraged to integrate wealth and health solutions to meet evolving consumer needs and enhance customer experience [292][296]. Distribution and Technology - Distribution channels are evolving, with a shift towards embedded insurance and digital platforms that enhance customer engagement [123][130]. - The adoption of generative AI is transforming underwriting and claims processes, enabling insurers to improve efficiency and customer service [132][224]. - Insurers must adapt to changing distribution landscapes and strengthen relationships with brokers to capture profitable growth [228][230]. Strategic Directions - Insurers are encouraged to adopt clear growth strategies, focusing on distinctive capabilities and operational efficiencies to navigate the changing market landscape [210][244]. - The report outlines three archetypes for insurers: core players focusing on traditional coverage, innovators expanding into specialized products, and targeted players differentiating through marketing and servicing [137][140]. - Emphasizing the importance of partnerships and technology investments will be crucial for insurers to thrive in the evolving insurance ecosystem [131][240].

Investment Rating - The report indicates a positive outlook for the personal lines property and casualty (P&C) insurance industry, pivoting towards sustained, profitable growth [8][13]. Core Insights - The personal lines P&C industry generated approximately $1.1 trillion in gross written premiums in 2023, representing about a quarter of the total insurance industry's premiums. Premium growth of 9.5% in 2022-2023 outpaced nominal global GDP growth by 0.5 percentage points [11][12]. - Despite growth, the industry's relevance, measured as gross written premiums as a share of nominal GDP, remains below pre-pandemic levels, with personal lines at 1.0% of global GDP compared to 1.2% in 2019 [12][14]. - The report highlights that the growth in personal lines has been primarily driven by rate increases, particularly in auto and home insurance, with limited expansion into new risks [16][17]. Summary by Sections Insurance Affordability - Rising coverage costs are becoming more widespread, with home insurance costs in the U.S. increasing from 1.0% of household income in 2019 to 1.2% in 2023. This trend is attributed to rising asset prices, increased repair costs, and higher reinsurance costs [27][28][29]. Trends Affecting Personal Lines - Emerging mobility models and the increasing frequency of natural disasters are forcing carriers to rethink their coverage approaches. The report emphasizes the need for innovation and adaptation to capture new growth opportunities [45][46]. Industry Profitability - The report notes that combined ratios deteriorated in 2022-2023 due to inflation, but are expected to recover in 2024 as inflation stabilizes and rate increases take effect, shifting the focus towards profitable growth [25][26]. Market Opportunities - Select emerging markets are on the verge of expanding relevance, with notable countries such as Brazil, Chile, Malaysia, and Mexico presenting opportunities for growth as their GDP per capita increases [70][71].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The commercial property and casualty (P&C) insurance industry is facing challenges in finding profitable growth due to macroeconomic uncertainties, inflation, and shifting trade patterns [5][7][9] - The global protection gap for natural catastrophes increased to $262 billion in 2023, highlighting the need for insurers to address widening protection gaps [23][24] - Insurers must reassess their strategies to capture growth profitably as reliance on rising premiums is no longer sustainable [9][17] Summary by Sections Introduction - The commercial P&C insurers are confronting macroeconomic uncertainties, including persistent inflation and geopolitical instability, which may affect growth [5][6][7] Finding Growth Beyond Rate Increases - Premiums in commercial P&C insurance grew by an average of 8% annually over the past five years, with the average combined ratio estimated at 91% in 2023 [13][14] - Growth has primarily been driven by rate increases, with a need to find alternative growth avenues as rates show signs of softening [17][22] Is Demand for Commercial Insurance Growing? - The demand for commercial insurance is not growing fast enough, with significant protection gaps persisting, particularly in cyber insurance [23][24][26] Profitability Can Be Elusive - Specialty lines have shown consistent profitability, but overall profitability remains elusive for many insurers, with combined ratios often exceeding 100% in various lines [28][29] The Challenge: Capturing and Sustaining Profitable Growth - Insurers need to focus on capturing consistent, profitable growth amid market shifts, as performance is driven more by operational execution than by the lines of business [39][45] Four Key Drivers of Superior Commercial P&C Performance - Top-performing insurers exhibit clarity in growth strategies, invest in underwriting operations, reduce acquisition costs, and achieve operational efficiencies [51][52] Leaders Have Clear Strategies to Capture Profitable Growth - Leading insurers are more likely to have clear and targeted growth strategies, which are essential in a changing market landscape [52][53] Insurers Must Have Distinctive Capabilities - Insurers are encouraged to focus on niche markets and specialized products to enhance their competitive edge [53][55] Models Requiring Limited Underwriting Involvement Continue to Grow - The use of managing general agents (MGAs) is increasing, with significant growth in premiums written through MGAs [55] Investors Want Clear Growth Strategies from Insurers - Insurers must articulate clear growth narratives to attract investment, as traditional sources of capital are becoming more challenging [56][57] Generative AI Has Wide Applicability - Insurers are increasingly deploying generative AI to enhance underwriting processes and improve operational efficiencies [65][66] Competition for Talent is Intensifying - The competition for quality underwriting talent is increasing, necessitating insurers to provide advanced tools and analytics to attract and retain talent [66] Insurers Must Navigate a Changing Distribution Landscape - Insurers need to rethink their distribution strategies to improve efficiency and reduce acquisition costs [67] Insurer–Broker Relations Will Become Even More Important - Strong relationships with brokers are essential for insurers to achieve profitable growth in a competitive landscape [69][70] Insurers Should Manage the Quality of Their Distribution Networks - Insurers must ensure diligence in managing their distribution networks to maintain quality and profitability [71] Digital Connectivity is Transforming the Purchase of Insurance - Digital platforms are enhancing the efficiency of insurance transactions, reducing friction between brokers and underwriters [72] Leaders Manage Administration Expenses Through Operational Efficiencies - Leading insurers maintain lower administration expense ratios compared to their peers, but must continue to improve efficiency [74][75]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Lake Victoria is facing a significant water quality crisis due to unsustainable land management, human waste, and industrial effluent, which has deteriorated over the last 40 years, impacting livelihoods and health in the basin communities [10][32][34] - The Lakewide Inclusive Sanitation (LWIS) Strategy aims to address sanitation challenges through a coordinated regional approach involving the five Partner States: Kenya, Tanzania, Uganda, Rwanda, and Burundi [10][35][41] - An estimated 33 million people in the Lake Victoria Basin lack access to improved sanitation, contributing to pollution and health issues [10][32][33] Summary by Sections Chapter 1: Valuable Regional Resource Under Threat - Lake Victoria is Africa's largest lake and a critical resource for over 47 million people, yet its water quality is declining due to urbanization and inadequate sanitation services [10][31][34] - The lake supports significant fisheries, providing livelihoods for around 3 million people, but pollution from urban settlements is a primary concern [10][31][32] Chapter 2: Bringing Communities and Countries Together Around a Common Approach - The LWIS initiative focuses on understanding the impact of poor sanitation and creating solutions through stakeholder engagement across the five countries [10][38][41] - Strategic Sanitation Action Plans (SSAPs) have been developed for selected urban areas to operationalize the LWIS Strategy [10][54][55] Chapter 3: The LWIS Strategy: A Roadmap for Effective Lakewide Sanitation - The LWIS Strategy includes four components: an enabling environment for improved sanitation, integration of planning and service delivery, regional cooperation, and a sustainable sanitation economy [10][40][41] - The strategy aims to enhance vital lake functions and improve access to sanitation services for all communities around Lake Victoria [10][78] Chapter 4: Growing a Sustainable Sanitation Economy - The report highlights the potential for job creation through sanitation SMEs, estimating around 69,000 jobs over a 10-year period [10][56][59] - The estimated cost for transformational sanitation investments to reduce pollution to the lake is around US$1.9 billion [10][66] Chapter 5: A Regional Blueprint for a Healthier Lake - The LWIS approach is expected to improve water quality and resilience against climate change impacts, emphasizing the need for coordinated action and private sector involvement [10][78][80] - Recommendations include enhancing monitoring and data access, supporting policy and regulatory frameworks, and promoting private sector engagement [10][81][84]

Policy Research Working Paper 10970 Public Disclosure Authorized Public Disclosure Authorized Weathering Shocks Unraveling the Effects of Short-Term Weather Shocks on Poverty in Paraguay Teresa Janz Franziska Gassmann Lyliana Gayoso de Ervin Poverty and Equity Global Practice November 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10970 Abstract In Paraguay, poverty reduction has stalled since 2014 due to a deceleration in economic growth, which has been argued ...