The World Bank

The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.[5] The World Bank is the collective name for the Internationa d Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the United Nations' Sustainable Development Goals, as well as environmental and social safeguards. As of 2022, the World Bank is run by a president and 25 executive directors, as well as 29 various vice presidents. IBRD and IDA have 189 and 174 member countries, respectively. The U.S., Japan, China, Germany and the U.K. have the most voting power. The bank aims loans at developing countries to help reduce poverty. The bank is engaged in several global partnerships and initiatives, and takes a role in working toward addressing climate change. The World Bank operates a number of training wings, and it works with the Clean Air Initiative and the UN Development Business. It works within the Open Data Initiative and hosts an Open Knowledge Repository. The World Bank has been criticized as promoting inflation and harming economic development, causing protests in 1988 and 2000. There has also been criticism of the bank's governance and response to the COVID-19 pandemic. The president David Malpass faced strong criticism as he challenged the scientific consensus on climate change. He was replaced by Ajay Banga, supporting climate action. Three priorities guide our work with countries to end poverty and boost prosperity for the poorest people. Helping create sustainable economic growth, investing in people and building resilience to shocks and threats that can roll back decades of progress. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Our mission is to end extreme poverty and boost shared prosperity on a livable planet. This is threatened by multiple, intertwined crises. Time is of the essence. We need to write a new playbook to drive impactful development that is: Inclusive of everyone, including women and young people; Resilient to shocks, including against climate and biodiversity crises, pandemics and fragility; Sustainable, through growth and job creation, human development, fiscal and debt management, food security and access to clean air, water, and affordable energy. To achieve this, we will work with all clients as one World Bank Group, in close partnership with other multilateral institutions, the private sector, and civil society. The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development. ...view more