The World Bank, established in 1945, aims to enhance the economic growth of countries by offering financial support for projects that will have a beneficial effect on their communities. It obtains its funding from countries worldwide as well as through loans. The primary objective is to assist countries in achieving financial stability and the ability to sustain their citizens.
The World Bank, established in 1945, is a specialized agency of the United Nations. Its primary objective is to offer loans for economically sustainable projects that contribute to economic development. The World Bank obtains its capital from member states of the United Nations as well as loans on the open market. It is also referred to as the International Bank for Reconstruction and Development. For instance, the World Bank may provide a loan to a developing nation for the construction of a power plant or the enhancement of transportation infrastructure. These initiatives would facilitate long-term economic growth and sustainability for the country.
The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
The World Bank is governed by its member countries, with each member having a certain number of votes based on their financial contributions. The Board of Governors, consisting of representatives from member countries, is the highest decision-making body.
No, the World Bank lends money to governments, not individuals or businesses. The governments then use the funds for development projects within their countries.
The World Bank finances a wide range of projects, including infrastructure development, education, healthcare, poverty reduction, and environmental sustainability.
The World Bank has strict guidelines and procedures in place to ensure that funds are used for their intended purposes. It conducts regular monitoring and evaluation of projects and requires governments to provide detailed reports on the use of funds.
No, the World Bank does not have the authority to take legal action against countries. However, it can suspend or cancel future loans if a country fails to meet its repayment obligations.
The World Bank has policies and safeguards in place to address environmental and social concerns. It conducts environmental and social assessments before approving projects and requires governments to comply with certain standards and guidelines.
Yes, individuals or communities affected by World Bank-funded projects can seek legal recourse through their national legal systems. However, the World Bank itself is immune from legal action.
The World Bank takes allegations of corruption or misuse of funds seriously. It has an Integrity Vice Presidency that investigates such allegations and, if necessary, imposes sanctions on individuals or entities involved.
To become a member of the World Bank, a country must first join the International Monetary Fund (IMF). Once a country becomes an IMF member, it is eligible to apply for World Bank membership. The application is then reviewed and approved by the existing member countries.
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This glossary post was last updated: 17th April 2024.
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