The World Bank is a United Nations international financial institution that provides loans to developing countries for capital programs. The World Bank is a component of the World Bank Group, and a member of the United Nations Development Group.
The World Bank Group offers a wide range of solutions to meet development challenges, all designed to support governments in reducing poverty and boosting prosperity.
The World Bank’s official goal is the reduction of poverty. According to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of capital investment.
Founded: July 1944, Mount Washington Hotel, Bretton Woods, New Hampshire, United States.
Founders: John Maynard Keynes, Harry Dexter White
Motto: Working for a World Free of Poverty.
Headquarters: Washington D.C., United States
Membership: 189 countries (IBRD), 173 countries (IDA)
President: David Malpass
Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Its mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post war reconstruction and development to the present day mandate of worldwide poverty alleviation in close coordination with its affiliate and other members of the World Bank Group are:
The President of the Bank is the president of the entire World Bank Group. The vice presidents of the Bank are its principal managers, in charge of regions, sectors, networks and functions. There are two Executive Vice Presidents, three Senior Vice Presidents, and 24 Vice Presidents.
The Boards of Directors consist of the World Bank Group President and 25 Executive Directors. The President is the presiding officer, and ordinarily has no vote except a deciding vote in case of an equal division. The Executive Directors as individuals cannot exercise any power nor commit or represent the Bank unless specifically authorized by the Boards to do so. With the term beginning 1 November 2010, the number of Executive Directors increased by one, to 25.
There are broadly three functions of World Bank:
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