World Bank

26 Oct 2024 14:01:22 pm

Tags : World Bank

Topic: International Institutions

Why in the news?

The World Bank has forecast a growth of 7% for the Indian economy for the current fiscal year, upping its earlier estimate of 6.6%.

Source: The Hindu

About World Bank:

It is an international financial institution that provides loans and grants to the governments of low and middle-income/developing countries for the purpose of pursuing capital projects.
It was established along with the IMF at the 1944 Bretton Woods Conference.
The World Bank Group includes:
- International Bank for Reconstruction and Development (IBRD):
  - It provides loans, credits and grants.
- International Development Association (IDA):
  - It provides low or no-interest loans to low-income countries.
- International Finance Corporation (IFC):
  - It provides investment, advice and asset management to private companies and governments.
- Multilateral Guarantee Agency (MIGA):
  - It insures lenders and investors against political risk such as war.
- International Centre for the Settlement of Investment Disputes (ICSID):
  - It settles investment-disputes between investors and countries.
These all serve the dual objectives of the World Bank Group, which are to end extreme poverty by 2030 and increase shared prosperity for the bottom 40% of the population worldwide.
It is run by a President and 25 executive directors. IBRD and IDA have 189 and 174 member countries, respectively, and the S., Japan, China, Germany and the U.K. have the largest voting power.