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World Bank doubles investment 2 combat climate change.

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The World Bank Group has announced plans to double its investments in the fight against climate change to around 200 billion dollars for more than five years.

“Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue,” World Bank Group President, Jim Yong Kim said.



The investments, announced in a statement released Monday, will apply to the investment period for 2021-2025, which would support countries in their efforts to take “ambitious climate action.”

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The funds would be allocated for countries “to build better adapted homes, schools and infrastructure, and invest in climate smart agriculture, sustainable water management and responsive social safety nets,” said World Bank Chief Executive, Kristalina Georgieva.

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The announcement from the World Bank comes just before the opening of a UN climate conference in Katowice in Poland.

For two weeks, the delegates will focus on fleshing out the rules for financing and implementing the 2015 Paris agreement.

The Paris pact provides an outline for countries working together to limit the Earth’s warming to between 1.5 and 2 degrees Celsius.

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Business

Trump says China agree to mitigate tariffs on US cars after trade war ceasefire

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Chinese President Xi Jinping has agreed to cut tariffs below the 40 percent level currently in place on US-made vehicles after the two countries had talks in Argentina.



Trump confirmed the situation on his tweeter handle stating that: “China has agreed to mitigate and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%”.

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During the meeting in Buenos Aires, the US agreed not to increase tariffs on January 1, as had been planned, while China agreed to immediately buy more agricultural products from US farmers.

If no broader deal is reached within 90 days, the US said it would hike tariffs on $200bn of Chinese goods from 10 to 25 percent.

US Trade Representative Robert Lighthizer said last week that he was examining all available tools to raise US tariffs on Chinese vehicles to the 40 percent level that China was charging on US-made vehicles.

A source reports that the Chinese state media on Monday cautiously welcomed the trade war truce on Monday, without mentioning the US January 1 deadline.

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Asian stock markets opened higher on Monday in the wake of the truce, with Tokyo rising by one percent and Hong Kong and Shanghai rising by more than two percent.

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Finance

Central African Republic $12bn loan by Russian Bank, a mistake

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Central African Republic landed a windfall on Tuesday, at least on paper, when Russian state bank VTB reported it had lent the country 12 billion dollars.

However, the bank then said it was a clerical error and there was no such loan.

The loan was mentioned in a quarterly VTB financial report published by the Russian Central Bank.



The report included a table listing the outstanding financial claims that VTB group had on dozens of countries as of October 1 this year.

In the table next to the Central African Republic was the sum of 801,933,814,000 roubles (12 billion dollars) more than six times the country’s annual economic output.

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When asked about the data by media, the bank said the loan to the former French colony did not, in reality, exist.

“VTB bank has no exposure of this size to any foreign country.

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”Most likely, this is a case of an operational mistake in the system when the countries were being coded,” the lender said in a statement.

VTB did not say who was responsible for the mistake or how such a large figure could have been published without being spotted.

CAR government spokesman Ange Maxime Kazagui, when asked about the Russian data, said: “I don’t have that information.

”But it doesn’t sound credible because $11 billion is beyond the debt capacity of CAR.”

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