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Home » banking » interview » World Bank And The World Bank Group » World Bank And The World Bank Group(wbg)

World Bank And The World Bank Group(wbg)

on banking , on interview , on World Bank And The World Bank Group
at Tuesday, 26 June 2012

World Bank

           The World Bank was established in 1944 and is headquartered in Washington, D.C with more than 100 offices worldwide and over 10,000 employees.

The World Bank is divided into two development institutions owned by 186 member countries:

1. The International Bank for Reconstruction and Development (IBRD) aims to reduce poverty in middle-income and creditworthy poorer countries.

2. The International Development Association (IDA) focuses on the world's poorest countries.

   The World Bank provides financial and technical assistance to developing countries around the world. The
mission is to decrease poverty in world and to help people and their environment by providing resources, sharing knowledge, building capacity and forging partnerships in the public and private sector. Low-interest loans, interest-free credits and grants are provided to developing countries for a wide array of purposes that also include investments in various sectors.

Key Factors:

The World Bank says that there are five key factors necessary for economic growth:

1.Build capacity: Making governments stronger and more educated.

2.Infrastructure creation: Making laws to encourage business, and protect individual and property rights.

3.Development of Financial Systems: Starting strong systems that can lend and borrow in many different situations.

4.Combating corruption: Stopping corruption in governments.

5.Research, Consultancy and Training: helping students, academics  and organisations who are interested do research into financial affairs.        


Leadership:

  • The President of world Bank is currently Robert B. Zoellick.But from 1st July,2012 Jim Yong Kim will be the new president of World Bank.
  •  President is responsible for chairing the meetings of the Boards of Directors and for running the Bank. The Bank President has always been a US citizen chosen by the United States, the largest shareholder in the bank.


The World Bank Group(WBG)
 

    The World Bank Group (WBG) is a family of five international organizations that makes leveraged loans, generally to poor countries.

The WBG came into formal existence on 27 December 1945.

The term "World Bank" generally refers to just the IBRD and IDA, whereas the term World Bank Group or WBG is used to refer to all five institutions collectively.

These Five institutions together make up the World Bank Group:

IBRD 



The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries.

IDA 



The International Development Association (IDA) provides interest-free loans—called credits— and grants to governments of the poorest countries.

IFC 



The International Finance Corporation (IFC) provides loans, equity and technical assistance to stimulate private sector investment in developing countries.

MIGA 



The Multilateral Investment Guarantee Agency (MIGA) provides guarantees against losses caused by non-commercial risks to investors in developing countries.

ICSID 



The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.

Collectively, the World Bank Group is:

  • The world’s largest funder of education
  • The world’s largest external funder of the fight against HIV/AIDS
  • A leader in the fight against corruption worldwide
  • A strong supporter of debt relief
  • The largest international financier of biodiversity projects
  • The largest international financier of water supply and sanitation projects.

Leadership:

President of World Bank and World Bank Group is the same.




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