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World Bank

Definition

What is the world bank?

The World Bank is a financial organization internationally supporting governments in low- and middle-income nations to fund investment projects. The bank’s primary role is to aid developing countries, particularly those in the middle and lower-income brackets. 

The World Bank is composed of two major institutions:

International Bank for Reconstruction and Development (IBRD)

In 1944, the first institution was founded which was named The International Bank for Reconstruction and Development (IBRD). It is composed of a 189-member worldwide development cooperative. 

Its goal is to promote sustainable development to alleviate poverty in middle-income and creditworthy impoverished countries.

IBRD serves the World Bank Group’s purpose by providing financing, assurances, risk assessment instruments, and consulting services. IBRD is also coordinating solutions to regional and global issues as the world’s largest development bank.

International Development Association (IDA)

A division of the World Bank is the International Development Association (IDA), which aids the world’s poorest countries. IDA is one of the world’s most important sources of support for the world’s 74 developing countries.

In 1960, IDA aimed to reduce poverty through the provision of credits or loans. They also provide funding for initiatives that encourage investment, reduce inequalities, and increase community situations.

What is the world bank?

What is the role of the world bank?

The World Bank Group addresses every central area of development. They offer various financial assistance and technical aid and assist countries in sharing and implementing innovative information and solutions to their problems.

They also attract investment from abroad and get a large export share. 

The World Bank and the IBRD have a role to play in investing and providing them with the best world expertise to meet challenges and expand.

History of world bank

The World Bank was renamed the International Bank for Reconstruction and Development (IBRD) in 1944 to reflect this change. Initially, its loans aided in the reconstruction of countries that World War II had destroyed.

The International Finance Corporation (IFC) was established in 1956 to lend to private firms and financial institutions in developing countries.

In 1960, the International Development Association was established. It emphasized the most impoverished countries as part of a gradual move toward poverty eradication, becoming the Bank Group’s principal mission.

The World Bank has participated in various projects over the past few decades that focus on social advancement and participation, private sector development, improved healthcare, and access to education. The number of out-of-school children and youth decreased from 196 million to 124 million, primarily because of their efforts.

The Bank Group’s work now spans practically every sector critical to combating poverty, promoting economic growth, and ensuring long-term improvements in people’s lives in developing nations.

Today, the World Bank has evolved into the World Bank Group, which includes five cooperative organizations.

Complete list of countries in world bank

The governments of member countries own the institutions that make up the World Bank Group. These countries have the final say within the organizations on all topics, including policy, financial, and membership concerns.

Afghanistan

 Albania

 Algeria

 Angola

 Antigua and Barbuda

 Argentina

 Armenia

 Australia

 Austria

Azerbaijan

 The Bahamas

 Bahrain

 Bangladesh

 Barbados

 Belarus

 Belgium

 Belize

 Benin

Bhutan

 Bolivia

 Bosnia and Herzegovina

 Botswana

 Brazil

 Brunei

 Bulgaria

 Burkina Faso

 Burundi

Cambodia

 Cameroon

 Canada

 Cape Verde

 The central African Republic

 Chad

 Chile

 Colombia

 Comoros

 D.R. Congo

 Congo

 Costa Rica

 Côte d’Ivoire

 Croatia

 Cyprus

 Czech Republic

 Denmark

 Djibouti

 Dominica

 Dominican Republic

 East Timor

 Ecuador

 Egypt

 El Salvador

 Equatorial Guinea

 Eritrea

 Estonia

 Ethiopia

 Fiji

 Finland

 France

 Gabon

 The Gambia

 Georgia

 Germany

 Ghana

 Greece

 Grenada

 Guatemala

 Guinea

 Guinea-Bissau

 Guyana

 Haiti

Honduras

 Hungary

 Iceland

 India

 Indonesia

 Iran

 Iraq

 Ireland

 Israel

 Italy

 Jamaica

 Japan

 Jordan

 Kazakhstan

 Kenya

 Kiribati

 Kosovo

 Kuwait

 Kyrgyzstan

 Laos

 Latvia

 Lebanon

 Lesotho

 Liberia

 Libya

 Lithuania

 Luxembourg

 Madagascar

 Malawi

 Malaysia

 Maldives

 Mali

 Malta

 Marshall Islands

 Mauritania

 Mauritius

 Mexico

 Micronesia

 Moldova

 Mongolia

 Montenegro

 Morocco

 Mozambique

 Myanmar

Namibia

 Nauru

   Nepal

 Netherlands

 New Zealand

 Nicaragua

 Niger

 Nigeria

 North Macedonia

 Norway

 Oman

 Pakistan

 Palau

 Panama

 Papua New Guinea

 Paraguay

 P.R. China

 Peru

 Philippines

 Poland

 Portugal

 Qatar

 Romania

 Russia

 Rwanda

 Saint Kitts and Nevis

 Saint Lucia

 Saint Vincent

 Samoa

 San Marino

 São Tomé and Príncipe

 Saudi Arabia

 Senegal

 Serbia

 Seychelles

 Sierra Leone

 Singapore

 Slovakia

 Slovenia

 Solomon Islands

 Somalia

 South Africa

 South Korea

 South Sudan

Spain

 Sri Lanka

 Sudan

 Suriname

 Swaziland

 Sweden

  Switzerland

 Syria

 Tajikistan

 Tanzania

 Thailand

Togo

 Tonga

 Trinidad and Tobago

 Tunisia

 Turkey

 Turkmenistan

 Tuvalu

 Uganda

 Ukraine

 United Arab Emirates

 United Kingdom

United States

 Uruguay

 Uzbekistan

 Vanuatu

 Venezuela

 Vietnam

 Yemen

 Zambia

 Zimbabwe



 

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