World Bank is an international financial institution
which provides assistance to world countries over important money matters. It consists
of two bodies, International Bank for Reconstruction and Development (IBRD)
& International Development Association (IDA). Currently IBRD has 189
members & IDA has 173 members. All members of IBRD are also members of
International Monetary Fund (IMF). Headquarters is at Washington DC, USA.
History
World Bank was created at the Bretton Woods
Conference (1944) along with International Monetary Fund (IMF) as IBDR
(International Bank for Development & Reconstruction) which started functioning
on 1945 December 27, later known to be World Bank.
Work
Motto of World Bank is 'Working for a World free of poverty'. They publish
‘Global Economic Prospects' and also World development report.
World Bank is actually part
of entity called World Bank Group. There are five organs under it. They are,
1. International Bank for Reconstruction & 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.
1. International Bank for Reconstruction & 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.
The president of the
World Bank group is the president of World Bank. The Board of Directors of WB constitutes
the president and 25 executive members.
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