The World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programs.
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It comprises two institutions:
The International Bank for Reconstruction and Development (IBRD)
The International Development Association (IDA)
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The World Bank is a component of the World Bank Group, and a member of the United Nations Development Group.
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The World Bank’s official goal is the reduction of poverty. According to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of Capital investment.
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The World Bank is not to be confused with the United Nations World Bank Group, a member of the United Nations Economic and Social Council, and a family of five international organizations that make leveraged loans to poor countries:
International Bank for Reconstruction and Development (IBRD)
International Development Association (IDA)
International Finance Corporation (IFC)
Multilateral Investment Guarantee Agency (MIGA)
International Centre for Settlement of Investment Disputes (ICSID)
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The World Bank was created at the 1944 Bretton Woods Conference, along with three other institutions, including the International Monetary Fund (IMF). The president of the World Bank is, traditionally, an American.The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
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Goals of World Bank
Eradicate Extreme Poverty and Hunger
Achieve Universal Primary Education
Promote Gender Equality
Reduce Child Mortality
Improve Maternal Health
Combat HIV/AIDS, Malaria, and Other Diseases
Ensure Environmental Sustainability
Develop a Global Partnership for Development
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The President of the Bank is the president of the entire World Bank Group. The president, currently Jim Yong Kim, is responsible for chairing the meetings of the Boards of Directors and for overall management of the Bank.
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The International Bank for Reconstruction and Development (IBRD) has 188 member countries, while the International Development Association (IDA) has 172 members. Each member state of IBRD should be also a member of the International Monetary Fund (IMF) and only members of IBRD are allowed to join other institutions within the Bank.
