World Bank

What is world bank??? The World Bank is a vital source of financial and technical assistance to developing countries around the world. Its not a bank in the common sense. It is made up of two unique development institutions owned by 185 member countries—the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).International Bank for Reconstruction and Development (IBRD)International Development Association (IDA)

How world bank came into existence The idea of world bank came into existence in July 1944, representatives from 44 nations met at the Mount Washington Hotel in Bretton Woods, New Hampshire for the United Nations Monetary and Financial Conference. The World Bank was formally established on December 27, 1945, following the ratification of the Bretton Woods agreement.Bretton Woods agreement

Why world bank was formed ? The main reason why world bank was formed was to rebuild a war-torn Europe after World War II..The Bank issued its first loan: $250 million to France for post-war reconstruction. Over time, the "development" side of the Bank's work has assumed a larger share of its lending, although it is still involved in post-conflict reconstruction. Now apart from reconstruction its mission is global poverty reduction and the improvement of living standards.

Objectives of world bank Today also, reconstruction remains a top priority in such situations as: Natural disasters Needs affecting developing economies Post conflict rehabilitation Needs affecting a transitioning economy

Expanded Focus Some Other objectives include: Creating infrastructure. Develop financial systems. Protect individual and property rights. Implement legal systems that encourage business. As an overall objective, World Bank strives to combat corruption to ensure that the progress they make remains effective.

How it functions.. Each institution (IBRD &IDA) plays a different but supportive role in its mission of global poverty reduction and the improvement of living standards. The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world. Together these institutions provide low-interest loans, interest-free credit and grants to developing countries for education, health, infrastructure, communications and many other purposes.

Major areas: Agriculture & Rural Development AIDS Anticorruption Avian Flu Children & Youth Climate Change Education Energy Access & Renewables Environment Evaluation Monitoring Financial Sector Food Prices Health, Nutrition & Population Health, Nutrition & Population Law & Development Macroeconomics & Growth Oil, Gas, Mining, & Chemicals Oil, Gas, Mining, & Chemicals Poverty Public Sector Governance Social Development Trade Transport Urban Development Water

Some pictures… The World Bank headquarters in Washington, D.C.

Some pictures(contd..) The Mount Washington Hotel in Bretton Woods, New Hampshire, USA hosted representatives from 44 nations for the United Nations Monetary and Financial Conference during July1-22, 1944.

Some pictures(contd..) Historic plaque with the inscription commemorating the Bretton Woods Conference, July 1-22, 1944 The U.S. Secretary of the Treasury, Henry Morgenthau, Jr., addresses the delegates to the Conference, July 8, 1944

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