World Bank

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The World Bank logo

World Bank building at Washington.jpg

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The Gold Room - Bretton Woods Mount Washington Hotel

World Bank Group headquarters

The World Bank is an international financial institution that provides loans and grants to the governments of low and middle-income countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group.

History

The World Bank was created in 1944 during the Bretton Woods Conference, along with the International Monetary Fund (IMF). The Bank's initial aim was to help Europe rebuild after World War II. As of 2021, the World Bank's stated goal is to reduce poverty by providing loans to developing countries for development programs (e.g., bridges, roads, schools, etc.) that are expected to improve the economic prospects and quality of life for people in those countries.

Structure

The World Bank Group consists of five institutions:

• 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)

Functions

The World Bank provides financial and technical assistance to developing countries for development programs (e.g., bridges, roads, schools, etc.) that are expected to improve the economic prospects and quality of life for people in those countries. The World Bank's projects are aimed at reducing poverty and building shared prosperity.

Leadership

The President of the World Bank Group is responsible for chairing the meetings of the Boards of Directors and for overall management of the World Bank Group. The President is selected by the Board of Executive Directors for a renewable five-year term.

Criticism

The World Bank has been criticized for its policies and operations, particularly in relation to its structural adjustment programs which have been accused of exacerbating poverty and inequality. Critics argue that the conditions attached to World Bank loans often lead to reduced social spending and increased unemployment.

See also

• International Monetary Fund
• Development economics
• Globalization
• Poverty reduction
• Sustainable development

References

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