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Sub-Saharan Africa's economic growth is set to outpace the global average over the next three years, according to the World Bank. Higher commodities, increasing investment and a general pick-up in the world economy should all boost the continent's growth to more than 5%.

Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.

Global food prices are rising again, pushed higher by costlier oil, strong demand from Asia and bad weather in parts of Europe, South America and the United States, the World Bank said on Wednesday.

Jim Yong Kim, an American who is president of Dartmouth College, has been chosen to be the next president of the World Bank. His selection Monday extends the U.S. hold on the top job at the 187-nation development agency.

President Obama on Friday nominated Dartmouth College President Jim Yong Kim, a physician and anthropologist by training, to succeed Robert Zoellick as the next president of the World Bank.

World Bank President Robert Zoellick said he plans to step down in June at the end of a five-year term in which he led the institution through a volatile period in the global economy.

The World Bank is moving to prop up the European banking system in response to the crisis in the region, echoing the steps it took during the 2008 world crisis and reflecting heightening fear that the euro’s problems are starting to crimp the global economy.

The head of the World Bank said Wednesday the world had entered a new economic danger zone and that Europe, Japan and the United States all need to make hard decisions to avoid dragging down the global economy.

Markets are in a "new danger zone" as investors have lost confidence in the economic leadership of several countries, the World Bank president says.

Egypt will not borrow from the World Bank and International Monetary Fund after revising its budget and cutting the forecast deficit, even though a loan had been agreed, Finance Minister Samir Radwan said Saturday.