World Bank
The World Bank is one of five institutions created at the Bretton Woods Conference in 1944
. The International Monetary Fund, a related institution, is another. Delegates from many countries attended the Bretton Woods Conference. The most powerful countries in attendance were the United States and United Kingdom, which dominated negotiations. Current president of World Bank, is Robert Zoellick who will be replaced by Jim Yong Kim who was elected on April 16, 2012, and will assume office on July 1, 2012
The World Bank's official goal is the reduction of poverty. According to the World Bank's Articles of Agreement (as amended effective 16 February 1989), all of its decisions must be guided by a commitment to promote foreign investment, international trade, and facilitate capital investment
The World Bank differs from the World Bank Group,
World Bank comprises only two institutions:
The International Bank for Reconstruction and Development (IBRD) (188 MEMBERS)
The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries.
The International Development Association (IDA) (170 MEMBERS)
The International Development Association (IDA) provides interest-free loanscalled credits and grants to governments of the poorest countries.
Whereas the world bank group incorporates these two in addition to three more.
International Finance Corporation (IFC)
The International Finance Corporation (IFC) provides loans, equity and technical assistance to stimulate private sector investment in developing countries.
Multilateral Investment Guarantee Agency (MIGA)
The Multilateral Investment Guarantee Agency (MIGA) provides guarantees against losses caused by non-commercial risks to investors in developing countries.
International Centre for Settlement of Investment Disputes (ICSID)
The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.
The bank undertook a relatively low level of lending till 1965. Fiscal conservatism and careful screening of loan applications was common. France was the first recipient of World Bank aid
The World Bank is a vital source of financial and technical assistance to developing countries around the world. Two Institutions but one Mission. It is a unique partnership to reduce poverty and support development. It comprises of two institutions managed by 188 member countries: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IBRD aims to reduce poverty in middle-income and creditworthy poorer countries, while IDA focuses exclusively on the worlds poorest countries. These institutions are part of a larger body known as the World Bank Group.
Strategy
Six strategic themes drive the Banks work,
Focusing on the poorest countries,
Fragile and conflict-affected states,
The Arab world,
Middle-income countries,
Global public goods issues, and
Delivery of knowledge and learning services.
There are also strategies for the key areas in which it works:-
Thematic and sector strategies, which guide work to reduce poverty in a specific sector or aspect of development. Each derives from a broad consultation with a wide array of stakeholders.
Country assistance strategies, which identify the key areas in which can best, support a country in reducing poverty and achieving sustainable development.
Financial Products and Services
World Bank provides low-interest loans, interest-free credits, and grants to developing countries. These support a wide array of investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. Some of the projects are co-financed with governments, other multilateral institutions, commercial banks, export credit agencies, and private sector investors.
World Bank provides or facilitates financing through trust fund partnerships with bilateral and multilateral donors. Many partners have asked the Bank to help manage initiatives that address needs across a wide range of sectors and developing regions.
Innovative Knowledge Sharing
It offer support to developing countries through policy advice, research and analysis, and technical assistance. Our analytical work often underpins World Bank financing and helps inform developing countries own investments. In addition, it supports capacity development in the countries where bank serves. It also sponsor, host, or participate in many conferences and forums on issues of development, often in collaboration with partners.
To ensure that countries can access the best global expertise and help generate cutting-edge knowledge, the Bank is constantly seeking to improve the way it shares its knowledge and engages with clients and the public at large. Key priorities include:
Results: It continues to sharpen our focus on helping developing countries deliver measurable results.
Reform: It is working to improve every aspect of work: how projects are designed, how information is made available (Access to Information), and how to bring its operations closer to client governments and communities.
Open Development: It offers a growing range of free, easy-to-access tools, research and knowledge to help people address the world's development challenges. For example, the Open Data website offers free access to comprehensive, downloadable indicators about development in countries around the globe. It also made Open Forumlive discussions open to participants worldwide.
by: govindam
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