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World Bank Group

World Bank Group
Established4 July 1944 (1944-07-04)
TypeIntergovernmental organization
Legal statusTreaty
PurposeEconomic development, poverty elimination
Headquarters1818 H Street Northwest,
Washington D.C., U.S.[1]
Membership
189 states (188 UN countries and Kosovo)[2]
Ajay Banga[3]
MD & CFO
Anshula Kant[4]
Main organ
Board of Directors[5]
Parent organization
 United Nations[6]
Websiteworldbank.org

The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Group.[7] The bank is headquartered in Washington, D.C., in the United States. It provided around $98.83 billion in loans and assistance to "developing" and transition countries in the 2021 fiscal year.[8] The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity.[9] Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion.[10] Its five organizations are:

The first two are sometimes collectively referred to as the World Bank.

The activities of the World Bank (the IBRD and IDA) focus on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation and rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, and electricity), large industrial construction projects, 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 country's economy as a whole. For example, a loan to improve coastal environmental management may be linked to the development of new environmental institutions at national and local levels and the implementation of new regulations to limit pollution.[11] Furthermore, the World Bank Group is recognized as a leading funder of climate investments in developing countries.[12]

  1. ^ "About the World Bank". worldbank.org.
  2. ^ "Member Countries". World Bank Group. Retrieved 3 June 2016.
  3. ^ "U.S. Businessman Ajay Banga Approved to Lead World Bank". scroll.in. Retrieved 19 June 2023.
  4. ^ "SBI MD Anshula Kant appointed as MD, CFO of World Bank Group". antopedia.org. Retrieved 13 July 2019.
  5. ^ "Board of Directors". Web.worldbank.org. Retrieved 31 May 2010.[permanent dead link]
  6. ^ "UN System". Retrieved 17 February 2024.
  7. ^ "RDSI Sign Gold". United Nations Development Group. Retrieved 27 May 2012.[dead link]
  8. ^ "Fiscal year data". World Bank. Retrieved 7 December 2021.
  9. ^ The World Bank, Press release: "World Bank Group Commitments Rise Sharply in FY14 Amid Organizational Change", July 1 2014, http://www.worldbank.org/en/news/press-release/2014/07/01/world-bank-group-commitments-rise-sharply-in-fy14-amid-organizational-change
  10. ^ "2015 Development Policy Financing Retrospective – Results and Sustainability". worldbank.org.
  11. ^ World bank – structured financial products (PDF). Washington: World bank. 5 April 2016. Archived (PDF) from the original on 9 October 2022. Retrieved 5 November 2018.
  12. ^ "Climate Solutions that Work". World Bank. Retrieved 26 May 2024.

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