What is the World Bank?
The World Bank (WB) is an international organization dedicated to providing funding, advice, and research to developing countries to aid their economic development. It is a member of the World Bank Group and a member of the United Nations Development Group (UNDG).
The World Bank’s goal is to end poverty. As of 2022, the World Bank identified 17 goals to achieve by 2030. The top two are stated in their mission statement. The first is to end extreme poverty by reducing the number of people living on less than $1.90 a day to below 3% of the world population. The second is to enhance overall prosperity by increasing income growth for the world’s poorest 40% of countries.
As a global provider of financial and technical assistance to individual countries, the World Bank provides qualifying governments with low-interest loans, zero interest credits, and grants, all to support the development of individual economies. Debt borrowings and cash infusions help with global education, healthcare, public administration, infrastructure, and private-sector development. The World Bank also shares information with various institutions through policy advice, research and analysis, and technical assistance. It offers advice and training for both public and private sectors.
History of the World Bank
The World Bank was established in 1944 out of the Bretton Woods Agreement, which was secured under the auspices of the United Nations in the latter days of World War ll. The Bretton Woods Agreement included several components: the collective international monetary system, the establishment of the World Bank, and the creation of the International Monetary Fund (IMF).
Since their founding, both the World Bank and IMF have had many of the same goals. The original goals of both the World Bank and IMF were to help Western European countries rebuild their economies after the war. However, after 1948, many European countries began to rely on the Marshall Plan to rebuild the economic recovery of nations. Therefore, the World Bank turned to developing countries. It provided medium and long-term loan support to promote their economic and social development.
The World Bank is not a “bank” in common sense.
The World Bank and its subsidiary groups operate within their own provisions and develop their own proprietary financial assistance products, all with the same goal of serving countries’ capital need internationally.
World Bank’s Institutions
World Bank manages the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID), each of them addresses different aspects of the problem with the aim of “ending extreme poverty and promoting shared prosperity”.
In which country is the World Bank located?
The World Bank is headquartered in Washington D.C., with 189 member countries, and offices in over 130 locations.
What is the purpose of the World Bank?
The World Bank is an organization that provides funds, advice and research to developing nations to help advance their economy and combat poverty. Its detailed purpose is as follows.
1. To assist in the economic revival and construction of member countries through investment in production businesses, and to encourage the development of resources in less developed countries.
2. To promote private foreign investment using guarantees or participations in loans and other investments made by private investors; and when private capital is not available on reasonable terms, to supplement private investment by providing, on suitable conditions, finance for productive purposes out of its capital, funds raised by it and its other resources.
3. To promote international trade and the maintenance of equilibrium in balances of payments by supporting the development of the productive resources of members.
4. To arrange the loans made or guaranteed by it in relation to international loans through other channels.
Where does the World Bank get its funds?
1. The capital subscriptions of member countries
2. Borrowing in international capital markets
3. Bonds issued by member countries and interest charged on loans
Who is the CEO of the World Bank?
The World Bank is led by President David Malpass. The organization’s Board of Directors is comprised of four separate Boards, one for each division of the World Bank. For example, the Board for the International Bank for Reconstruction and Development (IBRD) oversees the operations for that segment, and the Board for the International Development Agency (IDA) oversees the operations for that segment.
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