World Bank

From Citizendium, the Citizens' Compendium
Jump to: navigation, search
This article is a stub and thus not approved.
Main Article
Talk
Related Articles  [?]
Bibliography  [?]
External Links  [?]
Citable Version  [?]
 
This editable Main Article is under development and not meant to be cited; by editing it you can help to improve it towards a future approved, citable version. These unapproved articles are subject to a disclaimer.

The World Bank [1] was set up in 1944 at the Bretton Woods Conference. Its purpose is to reduce global poverty and improve living standards by providing low-interest loans, interest-free credit and grants to developing countries. It raises most of its funds by issuing bonds on the world's financial markets - and the remainder from members' contributions. Its current President is Robert Zoellick.

The Bank’s five branches are:

International Bank for Reconstruction and Development

The IBRD publishes the World Development Report for Reconstruction and Development, ranking countries by income and other economic factors. It also provides loans to middle-income countries.

International Development Association

The IDA gives interest-free loans to the poorest countries.

Uganda has been considered one of its success stories. Starting in 1963, International Development Association (IDA) for electric power development. Since then, the Bank has made available more than US$ 4.8 billion in loans and credits and about US$600 million in grants. Currently (December 2008), the portfolio comprises 21 active projects with commitments of US$1,212 million in all major sectors. Uganda's inflation rate has dropped dramatically and its economy is growing, even in spite of droughts. [1]

International Finance Corporation

IFC finances private-sector projects and provides technical support.

Multilateral Investment Guarantee Agency

The MIGA guarantees foreign investors against non-commercial risks.

International Center for the Settlement of Investment Disputes

This branch seeks to settle disputes between foreign investors and host countries.

World Bank representatives serve on the international Financial Stability Forum

References