Working for a World Free of Poverty – The World Bank | Trade Samaritan

Working for a World Free of Poverty – The World Bank

The World Bank was created in 1944 at the Bretton Woods Conference. The World Bank is headquartered in Washington DC and has more than 100 offices in member countries.

The United States and United Kingdom were the leading and most authoritative countries at the Bretton Woods conference. Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. The sole purpose of World Bank at inception was reconstruction. It immediately started off by helping rebuild Europe after the war. Today the bank has sharpened its focus on poverty reduction and boosting shared prosperity.

The World Bank group comprises of five organizations as listed below. Each of the five organizations have members (countries) in the range of 149 – 180 each. Member countries pan across all the continents, Africa, East Asia and Pacific, Europe and Central Asia, Latin America and Caribbean, Middle East and North Africa and South Asia.

World Bank

The five institutions that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues. To become a member of World Bank the country must first join the International Monetary Fund (IMF). World Bank has two main sources of income; the first derives from their lending operations and second is by investing in markets. World Bank undertakes improvement projects all over the world and has lent to over 144 countries across several industries; namely

  •       Agriculture, fishing and forestry
  •       Public Administration Law and justice
  •       Information and Communication
  •       Education
  •       Finance
  •       Health and Other Social Services
  •       Energy and mining
  •       Transportation
  •       Water, Sanitation and Flood protection
  •       Industry and Trade

The disbursement of the World Bank financing for Annual Development Program has witnessed an upward trend in the last four years. The World Bank disbursement for the current financial year is $437 million (till February 28, 2013). For the similar period, the disbursement in FY12 was $283.5 million.

World Bank’s business: (Five institutions, One group)

Dr. Jim Yong Kim is the present President and the Chairman of the World Bank (5 years term).

Sustaining China’s growth rate at 7.5% to Europe’s recovery to global warming and poverty is all World Bank’s business. World Bank also provides aids and consulting platform to its member countries to tackle problems such as trade deficit, natural calamity and sovereign debt. In the nutshell The World Bank group conducts many programs and projects that World Bank lending supports, and demonstrates how they are helping to end extreme poverty and promote shared prosperity in partner countries across the world.

 References

The World Bank

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