The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank has a goal of reducing poverty.
It is established to help the Second World War effected Countries.
It encourages FDI (Foreign Direct Investment) to poorer countries.
The World Bank comprises only two institutions:
1) The International Bank for Reconstruction and Development (IBRD) and
2) The International Development Association (IDA), International Development Association (IDA) started in 1960, which is also known as World Bank Soft Window gives Long Term Loans to poor countries without interest.
Later, World Bank incorporates these two in addition to three more:
3) International Finance Corporation (IFC),
4) Multilateral Investment Guarantee Agency (MIGA), and
5) International Centre for Settlement of Investment Disputes (ICSID).
International Finance Corporation (IFC) started in 1956 to give loans to the industries that are in loss.
| Started Year | 1945 |
|---|---|
| Location | Washington DC |
| Membership | 188 countries(IBRD) 172 countries (IDA) |
| President | Jim Yong Kim |
| Main organ | Board of Directors |
| Parent organization | World Bank Group |
Traditionally, the Bank President has always been a US citizen nominated by the United States, the largest shareholder in the bank.
The nominee is subject to confirmation by the Board of Governors, to serve for a five-year, renewable term.
The Executive Directors, representing the Bank's member countries, make up the Board of Directors, usually meeting twice a week to oversee activities such as the approval of loans and guarantees, new policies, the administrative budget, country assistance strategies and borrowing and financing decisions.
The Vice Presidents of the Bank are its principal managers, in charge of regions, sectors, networks and functions.
There are 24 Vice-Presidents, three Senior Vice Presidents and two Executive Vice Presidents.
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