The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development programs (e.g. bridges, roads, schools, etc.) with the stated goal of reducing poverty.
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PSD Blog - The World Bank Group
Continue reading "David and Goliath: Dambisa Moyo at the World Bank Group" ... World Bank gets ahead of the pack in the race to open data ...psdblog.worldbank.org/World Bank blogs
Most of you may know about the World Bank Youtube channel. ... The World Bank-IMF Spring Meetings took place this past weekend, and this year, ...blogs.worldbank.org/Governance Matters | A blog about Governance and Development for All
This is the World Bank's blog on governance and anti-corruption. ... World Bank East Asia and Pacific blog. World Bank Private Sector Development Blog ...governanceblog.worldbank.org/World Bank President
... alleged cronyism, double standards and other scandals surrounding World Bank president Paul Wolfowitz, his partner Shaha ... World Bank president blog takes ...worldbankpresident.org/Poverty & Growth blog | - Building Capacity to Reduce Poverty
... on this topic at the World Bank's blog Crisis Talk. Ignacio's blog ... blog is maintained by the Poverty and Growth Program (PGP) of the World Bank Institute. ...pgpblog.worldbank.org/The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development programs (e.g. bridges, roads, schools, etc.) with the stated goal of reducing poverty.
The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions:
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
Whereas the latter incorporates these two in addition to three more:
- International Finance Corporation (IFC)
- Multilateral Investment Guarantee Agency (MIGA)
- International Centre for Settlement of Investment Disputes (ICSID)
History
The World Bank is one of two major financial institutions created as a result of the Bretton Woods Conference in 1944. The International Monetary Fund, a related but separate institution, is the second. Delegates from a wide variety of countries attended the Bretton Woods Conference, but the most powerful countries in attendance, the United States and Britain, mainly shaped negotiations.
1945–1968
From its conception until 1968 the bank undertook a relatively low level of lending. Fiscal conservatism and careful screening of loan applications was generally accepted practice at the World Bank during this early period. Bank staff attempted to balance the priorities of providing loans for reconstruction and development with the need to instill confidence in the bank as a reliable institution suitable for investment. Bank president John McCloy selected France to be the first recipient of World Bank aid; two other applications presented at this time from Poland and Chile were rejected. The loan was for $250 million, half the amount requested, and came with strict conditions. Staff from the World Bank would monitor the end use of the funds, ensuring that the French government would present a balanced budget, and give priority of debt repayment to the World Bank over other foreign governments. The United States State Department also acted at this time to inform the French Government that Communist elements within the Cabinet needed to be removed. The French Government complied with this request and removed the Communist elements from the 1947 coalition government. Within hours of this event the loan to France was approved. The Marshall Plan of 1947 caused lending practices at the bank to be altered, as many European countries received aid that competed directly with World Bank loans. Emphasis was shifted to non-European countries and up until 1968 loans were primarily earmarked for projects that would directly enable a borrower country to repay loans (such projects as ports, highway systems, and power plants).
