Question

Answer the following questions.

What is World Bank? Discuss its role and objectives.

Answer 1

World Bank is one of the most important organisations that provide financial and technical aid to the developing nations of the world. It also works towards reducing poverty in the developing countries and assist in their growth and development. World Bank was established in 1944 with the primary aim to reduce poverty in middle-income and creditworthy poorer countries. Some of the various roles and functions performed by the World Bank are:

1. Providing low-interest loans to the developing countries
2. Providing interest-free credit
3. Giving grants to developing counties to assist development and other purposes

The following are some of the primary objectives of the World Bank:

1. Assisting member countries in reconstruction and development purposes
2. Aiding and restoring countries which are disrupted by war
3. Provide and promote investment in poorer and developing countries
4. To promote long term balanced growth in all the nations of the world
5. To alleviate poverty and improve the standard of living of the developing nations