The World Bank

By: EconomyWatch   Date: 9 September 2010

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The World Bank is an important and technical source of assistance to developing and poor countries across the globe.

Since the bank began operation in 1944 and officially came into existence formally on 27 December 1945, it has expanded from a single institution to a closely held group of five development institutions. However, the nature of its formation is different and so are its activities. Therefore, it is not a bank in the true sense.

The main challenge in front of the bank is to alleviate poverty. To realize this objective the bank has been concentrating on building the atmosphere of investment, jobs and sustainable growth so that the economies across the world grow.
Five unique development institutions - the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Center for Settlement of Investment Disputes - owned by the 184 member countries are the integral part of the World Bank. The main mission of the Bank, unlike other central banks, is to work vigorously to reduce poverty and improve living standards of the common people across the globe.

The World Bank is like a cooperative with the 184 member countries as it shareholders. A Board of Governor represents the shareholders. The Board of Governor is the final authority so far as policy decisions are concerned. Each member country appoints one Governor and one Alternate Governor. The Governor and the Alternate Governor are appointed for a period of five years. They can be reappointed.


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