World Bank
The World Bank is an international financial institution that provides loans, credits, and technical assistance to developing countries for the purpose of promoting economic development and reducing poverty. It was established in 1944, alongside the International Monetary Fund, at the Bretton Woods conference.[1]
Purpose
The World Bank's stated mission is to end extreme poverty and promote shared prosperity. It provides financing, knowledge, and technical assistance to governments for projects and reforms in areas such as infrastructure, education, health, agriculture, and public sector management.[1]
Structure
The World Bank Group comprises several institutions:
| Institution | Role |
|---|---|
| International Bank for Reconstruction and Development (IBRD) | Lends to middle-income and creditworthy low-income countries. |
| International Development Association (IDA) | Provides concessional financing to the poorest countries. |
| International Finance Corporation (IFC) | Supports the private sector. |
| Multilateral Investment Guarantee Agency (MIGA) | Provides political risk insurance and guarantees. |
| International Centre for Settlement of Investment Disputes (ICSID) | Settles investment disputes. |
Criticism
The World Bank has been criticised for the social and environmental impacts of some projects, for the policy conditions attached to its lending, and for the influence of major shareholder countries on its governance. In response, it has adopted strategies emphasising sustainability, social safeguards, and country ownership of development programs.[1]