The World Bank is an international institution providing "financial and technical assistance to developing countries around the world" (1). The World Bank is not a bank in the common sense - it is rather a kind of fund. Tbe Bank is made up of two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Those institutions together with International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the International Centre for the Settlement of Investment Disputes (ICSID) are known as a The World Bank Group. The Bank was established in 1944 during the Bretton Woods Conference. It is headquartered in Washington, D. C. There are 186 member countries.
Mission and goals
Bank mission is: to reduce poverty, to help people themselves (and their environment) by providing: resources, sharing knowledge, building capacity and forging partnerships in the public and private sectors.
Bank goals are:
- poverty reduction and the sustainable growth in the poorest countries, especially in Africa,
- solutions to the special challenges of post-conflict countries and fragile states,
- development solutions with customized services as well as financing for middle-income countries,
- regional and global issues that cross national borders - climate change, infectious diseases, and trade,
- greater development and opportunity in the Arab world,
- pulling together the best global knowledge to support development.
Member countries are shareholders of the World Bank. They are represented by Board of Governors (usually ministers of finance or ministers of development of member countries), which meet once a year on Annual Meeting. Board of Governors delegate duties to 24 Executive Directors. The five largest shareholders, France, Germany, Japan, the United Kingdom and the United States have their Executive Director, the rest of the world is represented by 19 Directors. President of the World Bank is a chairman of Board of Directors. President is traditionally nominated by United States (the biggest shareholder) and he/she is usually an American.
- The Creative Communications Group for the World Bank (2000), The World Bank - partnerships for development, London
- World Bank website.
Author: Katarzyna Florek