What does the World Bank actually do

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What does the World Bank actually do? • The World Bank is an international financial institution that provides loans to developing countries of the world for capital projects. • • Its 5 institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development. • • The World Bank Group consists of 5 institutions: • • 1) International Bank for Reconstruction and Development (IBRD) • 2) International Development Association (IDA) • 3) International Finance Corporation (IFC) • 4) Multilateral Investment Guarantee Agency (MIGA) • 5) International Centre for Settlement of Investment Disputes (ICSID) • • Together, IBRD and IDA form the World Bank, which provides financing, • policy advice, and • technical assistance to governments of developing countries. • • IDA focuses on the world’s poorest countries, while • • IBRD assists middle-income and creditworthy poorer countries. • • IFC, MIGA, and ICSID focus on strengthening the private sector in developing countries. • • • • GOALS • ===== • • The World Bank has 2 stated goals that it aims to achieve by 2030. • 1) The first is to end extreme poverty by decreasing the amount of people living on less than $1.90 a day • to below 3% of the world population. • 2) The second is to increase overall prosperity by increasing the income growth in the bottom 40% of • the world's population. • The Bank Group works with : • country governments, • the private sector, • civil society organizations, • regional development banks, • think tanks, and • other international institutions • • on ISSUES ranging from: • climate change, • conflict, • food security, • education, • agriculture, • finance, and • trade. • • All of these efforts support the Bank Group’s twin goals of ending extreme poverty and boosting shared prosperity of poor countries. • • FUNCTIONING BODY • ================ • • 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. • Traditionally, the President of the Bank has always been a US citizen nominated by the United States, the largest shareholder in the bank • • The nominee is subject to confirmation by the Board of Executive Directors, to serve for a 5 year, renewable term. • • The vice presidents of the Bank are its Principal Managers, in charge of regions, sectors, networks and functions. • • There are 2 Executive Vice Presidents, • 3 Senior Vice Presidents, and • 24 Vice Presidents • The Boards of Directors consist of the World Bank Group President and 25 Executive Directors. • The IBRD has 189 member countries, while • The IDA has 173 member countries. • • 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 (such as IDA). • • In 2010 voting powers at the World Bank were revised to increase the voice of developing countries, notably China. • • The countries with most voting power are now the: • United States (15.85%), • Japan (6.84%), • China (4.42%), • Germany (4.00%), • United Kingdom (3.75%), • France (3.75%), • India (2.91%), • Russia (2.77%), • Saudi Arabia (2.77%) and • Italy (2.64%). • ===================================================================== • Source: • http://timeline.worldbank.org/ • http://www.worldbank.org/en/about/his... • https://en.wikipedia.org/wiki/World_B... • ===================================================================================================== • Music: • 'Stranger Danger' • Francis Preve

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