World bank
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THE WORLD BANKWHAT IS THE WORLD BANK ?
2 institutions : International Bank for Reconstruction and Development (IBRD) International Development Association (IDA)
HISTORY
World Bank is one of the two Bretton Woods Institutions which were created in 1944 to rebuild a wartorn Europe after WW2.
•The
Two years later, the Bank issued its first loan: US$250 million to France for postwar reconstruction
•From
1968-1981 it focused largely on poverty alleviation.
•In
the 1980s and 1990s its main focus was both debt management and structural adjustment.
THE WORLD BANK’S ROLE
It provides financial and technical assistance to developing countries
ORGANIZATION
•
Board of Governors * policy makers at the World Bank * 187 members (member countries' ministers of finance or ministers of development) * 1 meeting annualy
•
Executive Directors * 24 members (elected during the Board of Governors meeting) * 5 largest shareholders (France, Germany, Japan, UK, US) * 19 executive directors for other members
ORGANIZATION
President (Robert B. Zoellick ) * By tradition he is American * Chairs meetings of the Boards of Directors * Responsible for overall management of the Bank Vice Presidencies * Regional Vice presidencies * Network Vice presidencies (Human & Sustainable Development ) * Other Vice presidencies (Treasury, External Affairs …) Other major units * Conflict resolution system, office of the president, Internal Auditing
MEMBERS
The IBRD 187 members The IDA 168 members
Member countries govern the World Bank Group through the Boards of Governors and the Boards of Executive Directors.
Each member state of IBRD should be also a member of the International Monetary Found
OPERATIONS
Fund Generation
Its income comes from lending out its capital. The IBRD’s income pays the World Bank’s expenses. IDA gives free assistance to the poorest countries with interest free loans.
Loans
Countries use the loan money for economic and