Saturday, September 5, 2009
The World Bank is an international financial institution that provides leveraged loans to poorer countries for capital programs with a goal of reducing poverty.
Formation : 27 December 1945
Type : International organization
Legal status: Treaty
Membership :186 countries
President :Robert B. Zoellick
Five key factors
The Bank’s mission is to aid developing countries and their inhabitants to achieve development and the reduction of poverty, including achievement of the MDGs, by helping countries develop an environment for investment, jobs and sustainable growth, thus promoting economic growth through investment and enabling the poor to share the fruits of economic growth. The World Bank sees the five key factors necessary for economic growth and the creation of an enabling business environment as:
1. Build capacity: Strengthening governments and educating government officials.
2. Infrastructure creation: implementation of legal and judicial systems for the encouragement of business, the protection of individual and property rights and the honoring of contracts.
3. Development of Financial Systems: the establishment of strong systems capable of supporting endeavors from micro credit to the financing of larger corporate ventures.
4. Combating corruption: Support for countries' efforts at eradicating corruption.
5. Research, Consultancy and Training: the World Bank provides platform for research on development issues, consultancy and conduct training programs (web based, on line, tele-/ video conferencing and class room based) open for those who are interested from academia, students, government and non-governmental organization (NGO) officers etc.
The Bank obtains funding for its operations primarily through the IBRD’s sale of AAA-rated bonds in the world’s financial markets. The IBRD’s income is generated from its lending activities, with its borrowings leveraging its own paid-in capital, plus the investment of its "float". The IDA obtains the majority of its funds from forty donor countries who replenish the bank’s funds every three years, and from loan repayments, which then become available for re-lending.
The World Bank is active in the following areas:
* Agriculture and Rural Development
* Conflict and Development
* Development Operations and Activities
* Economic Policy
* Financial Sector
* Health, Nutrition and Population
* Information and Communication Technologies
* Information, Computing and Telecommunications
* International Economics and Trade
* Labor and Social Protections
* Law and Justice
* Macroeconomic and Economic Growth
* Poverty Reduction
* Private Sector
* Public Sector Governance
* Rural Development
* Social Development
* Social Protection
* Urban Development
* Water Resources
* Water Supply and Sanitation