World Bank
Overview:
| World Bank Established: | 4th July 1944. |
| World Bank Members: | 189 Members. |
| World Bank Headquarters: | Washington D.C., United States. |
| World Bank President: | David Malpass. |
| World Bank Parent Organization: | United Nations. |
What is the World Bank?
The World Bank Group is a family of five international financial institutions. The World Bank Group is the world’s largest financial source for developing countries. The common mission of the World Bank Group's five financial institutions is to reducing poverty, increasing shared prosperity, and promoting sustainable development. The World Bank Group is a part of the United Nations. The World Bank Group is owned by the member countries of this group, as they are the shareholders, and also the member countries control the World Bank Group. Each member country has its voting power in the World Bank Group. The World Bank Group member countries provide the fund to run this organization.
The five financial institutions of the World Bank group are –
1. International Bank for Reconstruction and Development (IBRD).
2. International Development Association (IDA).
3. International Finance Corporation (IFC).
4. Multilateral Investment Guarantee Agency (MIGA).
5. International Centre for Settlement of Investment Disputes (ICSID).
Difference between the World Bank and the World Bank Group:
The first two institutions (IBRD and IDA) combined referred to World Bank whereas, all five above institutions make the World Bank Group.
Establishment of World Bank Group:
The World Bank Group came into existence after the Bretton woods conference help in July 1944, and It starts working in December 1946. The Bretton Woods conference is also known as United Nations Monetary and Financial Conference.
World Bank Group Members:
The World Bank Group has 189 members. Out of 189 members, 188 countries are the members of United Nations, and the 189th member is Kosovo.
World Bank Group Objectives:
The main aim of the World Bank Group is to end extreme poverty by 2030 and promote shared prosperity by increasing the income of the poorest 40% of people in all countries.
World Bank Group Headquarters:
The headquarters of the World Bank Group is situated in Washington D.C. in the United States.
Presidency of the World Bank Group:
The president of the World Bank Group serves a five-year term.
India and The World Bank Group:
India is one of the founding members of the World Bank Group as well as the parent organization of the World Bank Group, United Nations.