World Bank

The World Bank is renowned all over the world for providing the much-required financial and technical assistance to these developing nations that are constantly in need of it. The World Bank is responsible for providing aid to these countries for their advancement. The main goal for the World Bank is to reduce poverty in the world. 

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World Bank

Hence, the World Bank Group aims to provide as much help that is needed in the world these days. The World Bank has the most knowledge regarding these developing countries. It is still considered to be one of the largest sources of funding and financial aid in the world. 

Some Interesting Facts about World Bank 

It is important for people to know about the World Bank that is responsible for uplifting the economy of so many developing countries. Here are some very well-known facts about the world bank. 

• David Malpass is the current President and World Bank’s Chairman. 

• Currently, about 189 countries included in IBRD and 173 developing countries under IDA possess the entire membership of the World Bank. 

• There are certain organizations such as IFC, MIGA, as well as ICSID who are responsible for managing the World Bank subsidiaries. 

• The formation and creation of the World Bank took place in the Bretton Woods Committee. It was held in the year 1944 and the creation of the World Bank to assist the development of the countries was done. 

• Along with the International Monetary Fund, the World Bank was also launched during the presence of some of the most important delegates representing different countries of the world. 

• The world bank headquarters are situated in Washington DC. There are about 10000 people working in the World Bank as their staff members. 

• Carmen Reinhart is the current World Bank Chief Economist. 

What are the Functions of the World Bank?

There are many different functions that the World Bank has. In this section of the article, these functions of the World Bank are mentioned in great detail for people to have a better understanding of the topic. 

• It provides aid to the countries that have been devastated by war by offering them loans that could help in reconstruction. 

• They provide extensive experience along with important financial resources that assist the poor and under-developed countries in increasing the growth of their economy. It also helps in reducing poverty and upgrading the living standards of countries. 

• Several development loans are also provided to those countries that are in the need of them. 

• Governments that are currently in the need of agriculture, health supplies, irrigation, water supplies, and educational resources are aided by the World Bank group. 

• The World Bank is also responsible for the promotion of several foreign investments that are made to different organizations by providing a guarantee to these loans. 

• The World Bank is responsible for providing monetary, technical, and economic advice to the countries that are currently the members. 

• It also introduces different economic reforms in order to encourage and promote the development of industries in developing countries. 

What are the Objectives of the World Bank? 

Here are some of the main objectives of the World Bank. 

• Providing capital assistance for long-term use to the different member nations in order to facilitate economic reconstruction and development. 

• Inducing different capital resources in order to improve the payment balance and hence promoting the balance of international trade. 

• Offering guarantees against different loans that are granted to small as well as large projects and units in the member nations. 

• The World Bank careers are also focused on ensuring the implementation of development projects in the member countries and introducing a sense of transparency amongst the countries. 

What are the Purposes of the World Bank?

The World Bank has many different purposes. Some of them are mentioned right below for your knowledge. 

• The World Bank aims to create a sustainable pro-investment environment in the world. 

• It wants to have an improvement in the economy of the world by reducing poverty. 

• Another one of the main purposes of the world bank includes working towards a common goal of sustainable growth. 

• It wants to increase various opportunities for businesses and employment in all of the different member countries that are not currently developed. 

• It plans on promoting the socio-economic state of our society through investment. 

• It wants to ensure that legal and judicial systems are properly developed in the member nations and all the individual rights have proper protection. 

• The world bank headquarters aim towards providing loans at low-interest rates to promote the economy in the best sense. 

These are some of the important details that one needs to know about the World Bank. With the help of this article, students will gain all the information that they might need.