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World Bank (WB)

  • HQ – Washington
  • Set up in 1944 with a charter to drive post-World War II reconstruction
  • Officially known as IBRD ( International bank for reconstruction and Development)
  • Provide long term soft loans to rebuild the third world (Soft loans interest rate is very low)
  • The official goal or mission of the World Bank is reduction of poverty
  • Aim – Promotion of foreign investment and international trade + Facilitation of capital investment

 

World Bank Consists of Two Institutions viz.

  • The International Bank for Reconstruction and Development (IBRD)
  • The International Development Association (IDA)

 

World Bank

World Bank Group Comprises of Five organizations viz.
  • The International Bank for Reconstruction and Development (IBRD)
  • The International Development Association (IDA)
  • International Finance Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
  • International Centre for Settlement of Investment Disputes (ICSID)

 

Key Function Areas (Same as MDG)
  • Universal Primary Education
  • Gender Equality
  • Reduce Child Mortality
  • Improve Maternal Health
  • Poverty and Hunger
  • Combat HIV/AIDS, Malaria, and Other Diseases
  • Ensure Environmental Sustainability
  • Develop a Global Partnership for Development

 

Voting Power
  • Voting power is based on economic size + International Development Association contributions.
  • In 2010, voting powers at the World Bank were revised to increase the voice of developing countries, notably China. The countries with most voting power are:

 

  • United States (15.85%)
  • Japan (6.84%)
  • China (4.42%)
  • Germany (4.00%)
  • United Kingdom (3.75%)
  • France (3.75%)
  • India (2.91%)
  • Russia (2.77%), Saudi Arabia (2.77%) and Italy (2.64%)
India Yearbook English India Yearbook Hindi Economic Survey 2017

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