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HISTORY
o The World Bank was created at the1944 Bretton Woods Conference,
and is headquartered in Washington, D.C.
o Lord Keynes and Harry Dexter White are the "founding fathers" of both
the World Bank and the International Monetary Fund (IMF).
o In 1947, the first ever loan was approved to Credit National of France
for $250 million.
o Initially, till 1968, the World Bank mainly lent money, following fiscal
conservatism.
o From 1968 to 1980, the bank concentrated on meeting the basic needs
of people in the developing world.
o Through the 1980s, the focus was on structural adjustment and
streamlining the economies of several developing countries.
o Today, the World Bank integrates its lending practices to meet
environmental and infrastructural requirements in the world.
OBJECTIVES
1. To provide long-run capital to member countries for economic
reconstruction and development.
2. To induce long-run capital investment for assuring Balance of Payments
(BoP) equilibrium and balanced development of international trade.
3. To provide guarantee for loans granted to small and large units and other
projects of member countries.
FUNCTIONS
1. World Bank provides various technical services to the member countries.
For this purpose, the Bank has established The Economic Development
Institute and a Staff College in Washington.
2. Bank can grant loans to a member country up to 20% of its share in the
paid-up capital.
3. The quantities of loans, interest rate and terms and conditions are
determined by the Bank itself.
4. Generally, Bank grants loans for a particular project duly submitted to the
Bank by the member country.
5. The debtor nation has to repay either in reserve currencies or in the
currency in which the loan was sanctioned.
6. Bank also provides loan to private investors belonging to member
countries on its own guarantee, but for this loan private investors have to
seek prior permission from those counties where this amount will be
collected.
CRITERIA
o Stronger and more inclusive growth in Africa and fragile states
o More effort in health and education
o Integration of the development and environment agendas
o More and better aid
LIST OF PRESIDENTS
1. Eugene Meyer
2. John J. McCloy
3. Eugene R. Black, Sr.
4. George Woods
5. Robert McNamara
6. Alden W. Clausen
7. Barber Conable
8. Lewis T. Preston
9. Sir James Wolfensohn
10. Paul Wolfowitz
11. Robert Zoellick
12. Jim Yong Kim
REFERENCES:
http://en.wikipedia.org/wiki/World_Bank
http://www.yourarticlelibrary.com/economics/world-bank-its-objectives-andfunctions/23534/
http://www.worldbank.org/mdgs/
http://www.slideshare.net/daniMD/world-bank-2583368?related=1