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The term "World Bank" generally refers to the IBRD and IDA, whereas the World Bank Group is used to refer to the institutions collectively.
The World Bank's (i.e. the IBRD and IDA's) activities are focused on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation, rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, electricity), and governance (e.g. anti-corruption, legal institutions development). The IBRD and IDA provide loans at preferential rates to member countries, as well as grants to the poorest countries. Loans or grants for specific projects are often linked to wider policy changes in the sector or the economy. For example, a loan to improve coastal environmental management may be linked to development of new environmental institutions at national and local levels and the implementation of new regulations to limit pollution.
What is the function of World Bank?
The main function of the World Bank Group is the provision of low interest loans, credit that is interest free as well as aids to the least developed countries for the development in the field of education health and infrastructure.
Help in reconstruction and development of world economy
World Bank Background and Objectives
World Bank background and objectives have expanded from that of a single institution beginning in 1944 to an associated group composed of five development institutions.
Board of Governors
The 185 member countries hold shares in the World Bank. A Board of Governors, represent these shareholders, who also function as policy makers at the World Bank. These governors, for the most part, constitute ministers of finance or ministers of development from member countries. Governors meet once a year.
As the five largest shareholders, France, Japan, Germany, the United Kingdom and the United States are each responsible for appointing an executive director. Even though governors only meet once a year, World Bank Governors delegate specific duties to 24 Executive Directors who follow guidelines and objectives to ensure " customer service" falls within the scope of their
Today World Bank considers the reduction of poverty as an overarching goal. global partnership with specific goals targeted to reduce not only poverty but also hunger. This effort cemented a historic.objectives. the World Bank background and objectives expanded with the adoption of the Millennium Development Goals. The purpose of these projects is to alleviate poverty and offer debt relief. they strive to alleviate poverty in developing countries with sustainable economic growth by encouraging the poor to take part in development. These directors work on-site at the bank. Today. illiteracy and disease. Within this effort. the World Bank background and objectives have grown to include ventures in social sector lending. Nineteen executive directors represent member countries other than the five largest. World Bank Background and Objectives World Bank background and objectives have expanded and evolved over the years. World Bank's original focus has not changed. In an effort to accomplish these goals. Other objectives include: y y y y Creating infrastructure Develop financial systems Protect individual and property rights Implement legal systems that encourage business As an overall objective. With all this expansion and growth. The original purpose and objectives as the International Bank for Reconstruction and Development was a facilitator role in post-war reconstruction. theInternational Development Association. reconstruction remains a top priority in such situations as: y y y y Natural disasters Needs affecting developing economies Post conflict rehabilitation Needs affecting a transitioning economy Expanded Focus In 2000. World Bank strives to combat corruption to ensure that the progress they make remains effective. . Since 1944. They work closely with their affiliate. World Bank hopes to accomplish this goal with incentives like strengthening governments and educating government officials. this role has expanded and World Bank's objectives have grown to develop its current mandate to alleviate worldwide poverty.
World Bank development projects engage people to improve living standards while reducing poverty. There are tens of thousands of donor-funded development projects worldwide. The World Bank works with other international institutions and donors.800. World Bank objectives touch lives for the better.6 billion for projects worldwide. Working Together Currently. Herzegovina. each governed by countless demands. the World Bank adopted a Comprehensive Development Framework. Government donors. that capacity within developing countries can be strengthened and improved. Mexico and India number more than 1. Since its inception in 1944. but without an effective way to measure the results it's difficult to know if they are effectively being met. the more than 63. the private secotr and other stakeholders should work together in partnership led by recipient countries to carry out development strategies. civil society. Experience shows that capacity in developing countries can be improved and strengthened quickly when donors better coordinate their activities and harmonize their procedures. Current projects within developing countries like Bosnia. at the regional level and at the global level. civil society and professional and academic associations to improve the coordination of aid policies and practices in countries. y y Detailed assessments track progress made in each country. Each country should devise and direct its own development agenda based on citizen participation.Improving Living Standards Across the earth. As donors coordinate their activities and synchronize procedures. guidelines and procedures designed to protect the project and ensure that aid gets to the poor. It outlines four principles: y y Development strategies should be comprehensive and shaped by a long-term vision.000 donor-funded development projects supported worldwide by the World Wide bank are individually governed by guidelines and procedures put in place to ensure aid gets into the hands of the poor. the World Bank contributed $23. In 2006. This framework directs the development of povertyreduction strategies and is specifically designed to reach objectives. In 1998. World Bank has proven to be a vital financial source around the world. . Development performance should be evaluated on the basis of measurable results. Evaluating Results It¶s one thing to set goals and objectives.
flexible market mechanisms to reduce greenhouse gas emissions under the Kyoto Protocol. which kills more than 1 million people a year. disease and illiteracy. Roll Back Malaria Coordinates the international fight against malaria. Global Water Partnership (GWP) Supports countries in the sustainable management of their water resources. Global Environment Facility (GEF) Provides grants to developing countries to fund projects that benefit the global environment and promote sustainable livelihoods in local communities. Consultative Group to Assist the Poorest (CGAP) Expands access to microfinance by the poor in developing countries through a consortium of 28 public and private development agencies. Financial Sector Reform and Strengthening Initiative (FIRST) Provides flexible. Joint United Nations Programme on HIV/AIDS (UNAIDS) Advocates for global action on the HIV/AIDS epidemic and works with civil society. the business community and the private sector. Consultative Group for International Agricultural Research (CGIAR) Created and promoted crop improvements in developing countries over the last 30 years through a network of research centers. The Carbon Fund Works to develop viable. hunger. These are examples of important global partnerships in which the World Bank participates: Onchocerciasis Control Program (OCP) Successfully halted transmission of river blindness in 11 countries with a collective population of 35 million. most of them children in Africa. practical assistance to developing countries to strengthen their financial systems and adopt international financial standards. Projects & Operations The World Bank carries out projects and provides a wide variety of analytical and advisory services to help meet the . Global Alliance for Vaccines and Immunization (GAVI) Seeks to protect public health worldwide through the widespread use of vaccines.Partnerships at Work The adoption of the Millennium Development Goals (MDGs) in 2000 solidified an historic global partnership to focus on reaching seven specific targets to reduce poverty. Education for All Focuses attention on education and strives to ensure an education for every citizen in every society. develop a global partnership for development. The eighth goal. identifies the means to achieve the other seven.
Post-Chernobyl Recovery Project (PCRP) [Additional Financing] Central African Republic . 2010 Sep 16.. 2010 Sep 28.Municipal Development Project India ± Bihar Kosi Flood Project Brazil .development needs of individual countries and the international community. 2010 Sep 09.org/WBSITE/EXTERNAL/EXTABOUTUS/0. 2010 Sep 21.Eighth Poverty Reduction Support Credit Pakistan . 2010 Sep 28.Development Policy Grant III Lesotho . 2010 Sep 28.Santa Catarina Rural Competitiveness Project http://business.lovetoknow. 2010 Sep 16.html .com/Q/What_is_the_function_of_World_Bank http://web. Summary operational reports are provided below. 2010 Sep 02.worldbank. 2010 Belarus . 2010 Sep 28.Integrated Transport Project [Additional Financing] Belize . Project Approvals (Loans & Credits) Sep 28.answers.com/wiki/World_Bank_Background_and_Objectives http://wiki.Highways Rehabilitation Project [Additional Financing] Brazil ± Sao Paulo Trains and Signaling Project [Additional Financing] West Bank and Gaza .Emergency Urban Infrastructure and Maintenance Project [Additional Financing] India .Palestinian Reform and Development Plan .00. 2010 Sep 16.Maharashtra Agricultural Competitiveness Project Tanzania .contentMDK:20040606~menuPK:3463 9~pagePK:51123644~piPK:329829~theSitePK:29708.
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