he World Bank was created at the 1944 Bretton Woods Conference along with the International Monetary Fund (IMF). The president of the World Bank is, traditionally, an American.

Millennium Development Goals The Millenium Development Goals are based on the 5 Key Factors – Build capacity Infrastructure creation Development of financial systems Combating corruptions Research, consultancy and Training

The World Bank & India India was one of the 17 countries which met in Atlantic City, USA in June 1944 to prepare the agenda for the Bretton Woods conference In fact, the name “International Bank for Reconstruction and Development” [IBRD] was first suggested by India to the drafting committee The Bank lending to India started in 1949 when the first loan of $34 million was approved for the Indian Railways The aggregate of the Bank’s lending in India in the last 45 years was approximately $42 billion

India is the single largest borrower of WB and IDA The World Bank Group’s Partnership Strategy for India (2013-2017) will help India lay the foundations for achieving “faster, sustainable, and more inclusive growth” as outlined in the government’s 12th five-year plan The World Bank Group will support India with an integrated package of financing, advisory services, and knowledge. During the World Bank financial year (July 2013-June 2014), funding for India was $5.2 billion ($2.0 billion in International Bank for Reconstruction and Development (IBRD), $3.1 billion in International Development Association and $0.1 billion in CTF or Clean Technology Fund) across 16 projects.

Criticism towards the World Bank Promoting Washington consensus and allow only big corporations to flourish Ignore the environmental and social impact of projects Resentment and social turmoil in India Cause high debt amongst the countries Working with private sector will lead to decrease in the role of the state as primary provider Decisions are made and policies implemented by leading industrialized countries There are many controversies in the policies of World Bank, still, it works to bridge this divide and turn rich country resources into poor country growth. One of the world’s largest sources of development assistance, the World Bank supports the efforts of developing country governments to build schools and health centres, provide water and electricity, fight disease, etc.

The World Bank Group consists of five organizations: The International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries. The International Development Association The International Development Association (IDA) provides interest-free loans — called credits — and grants to governments of the poorest countries. Together, IBRD and IDA make up the World Bank. The International Finance Corporation The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. The Multilateral Investment Guarantee Agency The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders. The International Centre for Settlement of Investment Disputes The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.

MCQs on World Bank Goals of World Bank includes promotion of foreign investment promotion of international trade facilitation of capital investment all of above

First country who has received loan from World Bank is United Kingdom Russia France Germany

Organization which is not a member of World Bank Group is International Monetary Fund International Finance Corporation International Development Association International Bank for Development and Reconstruction

World Bank is a recognized member of United Nations Development Council United Nations Development Group United Nations Security Council United Nations General Assembly

International financial institution 'World Bank' was founded in October, 1948 April, 1949 July, 1944 May, 1945