Founded in 1944 as a facilitator of post-war reconstruction in
the aftermath of the Second World War, the World Bank is a global
financial institution which provides loans to developing countries and
aims to reduce global poverty.
The World Bank was first conceived as part of the Bretton Woods Conference, which was held in 1944 in the United States. Attended by 700 delegates from 44 allied nations, the Bretton Woods Conference aimed to create a new financial world order following the Second World War, major facets of which would be the World Bank and the International Monetary Fund. Although initially intended to provide loans to European nations suffering the devastation of war, the advent of the Marshall Plan in 1947 meant that the World Bank quickly found itself in competition with other major lenders of capital such as the United States government. The focus of the World Bank's funding has therefore since shifted to developing areas of the world including Latin America, Africa and Asia.
Today the World Bank is no longer comprised of one single organisation but five. Given its extended mandate to tackle worldwide poverty, the World Bank Group (as it is now formally known) is comprised of; The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA) and The International Centre for Settlement of Investment Disputes (ICSID). Although each institution carries its own objectives and mandates, all institutions work towards the World Bank Group's aim of reducing global poverty.
At the time of writing the World Bank Group (WBG) is led by President Jim Yong Kim, who was elected in 2012 to serve a 5 year term as head of the organisation. The WBG holds two key aims in its work to reduce global poverty, which it is hoped will be achieved by 2030. These are to 'end extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 3%', and to 'promote shared prosperity by fostering the income growth of the bottom 40% for every country.' By using methods such as providing low interest loans and grants to developing countries in support of education, infrastructure and agricultural development, and providing policy advice, research and technical knowledge, The WBG is a highly influential organisation on the world stage and key driver of development policy worldwide.
Like many international institutions, the WBG receives criticism from commentators who feel the work its carries out is in fact detrimental to developing countries. By operating in a globalised economy and often outside the jurisdiction of states, it has been argued that the opening of the economy and the continued push towards ever higher growth has only exacerbated global inequality levels, and has in some cases been used as a form of economic colonialism by wealthy states.
The World Bank was first conceived as part of the Bretton Woods Conference, which was held in 1944 in the United States. Attended by 700 delegates from 44 allied nations, the Bretton Woods Conference aimed to create a new financial world order following the Second World War, major facets of which would be the World Bank and the International Monetary Fund. Although initially intended to provide loans to European nations suffering the devastation of war, the advent of the Marshall Plan in 1947 meant that the World Bank quickly found itself in competition with other major lenders of capital such as the United States government. The focus of the World Bank's funding has therefore since shifted to developing areas of the world including Latin America, Africa and Asia.
Today the World Bank is no longer comprised of one single organisation but five. Given its extended mandate to tackle worldwide poverty, the World Bank Group (as it is now formally known) is comprised of; The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA) and The International Centre for Settlement of Investment Disputes (ICSID). Although each institution carries its own objectives and mandates, all institutions work towards the World Bank Group's aim of reducing global poverty.
At the time of writing the World Bank Group (WBG) is led by President Jim Yong Kim, who was elected in 2012 to serve a 5 year term as head of the organisation. The WBG holds two key aims in its work to reduce global poverty, which it is hoped will be achieved by 2030. These are to 'end extreme poverty by decreasing the percentage of people living on less than $1.90 a day to no more than 3%', and to 'promote shared prosperity by fostering the income growth of the bottom 40% for every country.' By using methods such as providing low interest loans and grants to developing countries in support of education, infrastructure and agricultural development, and providing policy advice, research and technical knowledge, The WBG is a highly influential organisation on the world stage and key driver of development policy worldwide.
Like many international institutions, the WBG receives criticism from commentators who feel the work its carries out is in fact detrimental to developing countries. By operating in a globalised economy and often outside the jurisdiction of states, it has been argued that the opening of the economy and the continued push towards ever higher growth has only exacerbated global inequality levels, and has in some cases been used as a form of economic colonialism by wealthy states.
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