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The World Bank's activities are currently focused on developing countries, (since 2000, the preferred term is Less Developed Country (LDC)), in fields such as education, agriculture and industry. It provides loans at preferential rates to member countries who are in difficulty. In counterpart, it also asks that political measures be taken to, for example, limit corruption or foster democracy.
It came into existence on December 27, 1945 following international ratification of the agreements reached at the Bretton Woods Conference of July 1 - July 22, 1944.
The World Bank provides long term loans, grants, and technical assistance, to help developing countries implement their poverty reduction strategies. As such, World Bank financing is used in many different areas, from reform of health and education sector, to environmental and infrastructure projects, including dams, roads, and national parks.
The IBRD provides loans to governments and public enterprises, always with a government (or "sovereign") guarantee. The funds for this lending come from a combination of the repayment of past loans and the issuing of bonds on the global capital markets. The IBRD is one of the highest rated borrowers on the international markets, and is thus able to borrow at relatively low interest rates. It lends to countries at interest rates that are usually still quite attractive to them, by adding a small margin (about 1%) to its borrowing costs to cover administrative overheads.
In addition to financing, the World Bank Group provides advice and assistance to developing countries on almost every aspect of economic development.
Together with four affiliated agencies created between 1956 and 1988, the IBRD is part of the World Bank Group. The Group's headquarters are in Washington, D.C.. The World Bank Group is presently headed by president ( 19951995 was a common year starting on Sunday (see link for calendar). It has a Golden number of 1, and was the first year of the International Decade of the World's Indigenous People (1995- 2005): http://www. org/culture/indigenous . Events January events Ja- 20052005 is a common year starting on Saturday (link will take you to calendar). It has been designated: The World Year of Physics The International Year of Microcredit The International Year for Sport and Physical Education The United States Year of Foreign) James D. Wolfensohn, who is president of the IBRD as well as the four affiliated institutions. The Bank also serves as one of several Implementing Agencies for the UN Global Environment Facility ( GEF).
The IBRD's four affiliated agencies are:
IDA provides "soft" loans, with repayment periods of some 30 years and no interest, to the poorest countries (generally with per capita incomes below $500 per year). IFC provides financing to the private sector, while MIGA provides political risk insurance for private companies making investments in developing countries. IDA lending is funded by direct contributions from rich country governments, while IBRD, IFC and MIGA get their funds through bonds issued on the global capital markets.
Each institution in the World Bank Group is owned by its member governments, which subscribe to its basic share capital. The IBRD has 184 member governments, and the other institutions have between 140 and 176 members. The institutions of the World Bank Group are all run by a Board of 24 Executive Directors, with each Director representing either one country (for the largest countries), or a group of countries. Directors are appointed by their respective governments or the constituencies.
Commencing operations on June 25June 25 is the 176th day of the year (177th in leap years) in the Gregorian Calendar, with 189 days remaining. Events 1788 Virginia ratifies the United States Constitution and is admitted as the 10th state of the United States. 1876 Battle of the Little B, 1946Events January January 4 Theodore Schurch becomes the last person to be executed for offences committed under the Treachery Act of 1940 January 7 Allied recognize Austrian republic with 1937 borders the country is divided into four occupation zones Januar, it approved its first loan on May 9May 9 is the 129th day of the year in the Gregorian Calendar (130th in leap years). There are 236 days remaining. Events 328 Athanasius elected bishop of Alexandria. 1092 Lincoln Cathedral is consecrated. 1429 Joan of Arc defeats the English troops besieg, 1947Events January January 1 British mines nationalized January 1 Nigeria gains limited autonomy January 1 The Canadian Citizenship Act went into effect January 3 Proceedings of the United States Congress are televised for the first time. January 10 United Na ($250m to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date).
The IBRD was established mainly as a vehicle for reconstruction of Europe and Japan after World War II, with an additional mandate to foster economic growth in developing countries in Africa, Asia and Latin America. Originally the bank focused mainly on large scale infrastructure projects, building highways, airports, and powerplants. As Japan and its European client countries "graduated" (achieved certain levels of income per capita), the IBRD became focused entirely on developing countries. Since the early 1990s the IBRD has also provided financing to the post-Socialist states of Eastern Europe and the Former Soviet Union.
In recent years the World Bank Group has been moving from targeting economic growth in aggregate, to aiming specifically at poverty reduction. It has also become more focused on support for small scale local enterprises. It has embraced the idea that clean water, education, and sustainable development are essential to economic growth and has begun investing heavily in such projects. In response to external critics, the World Bank Group's institutions have adopted a wide range of environmental and social safeguard policies, designed to ensure that their projects do not harm individuals or groups in client countries. Despite these policies, World Bank Group projects are frequently criticized by non-governmental organizations (NGOs) for causing environmental and social damage and for not achieving their intended goal of poverty reduction.
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