What is World Bank? Discuss the various objectives and role of its affiliated agencies?
What is World Bank? Discuss the various objectives and role of its affiliated agencies?
The International Bank for Reconstruction and Development (IBRD), commonly known as World Bank, was result of the Bretton Woods Conference.
• The main objectives were to aid the task of reconstruction of the war-affected economies of Europe and assist in the development of the underdeveloped nations of the world.
• Having achieved success in accomplishing, turned its attention to the development of underdeveloped nations, It realized that by investing more and more in these countries, especially in social sectors like health and education; it could bring about the needed social and economic transformation of the developing countries.
• International Development Association (IDA) was formed with objective to provide loans on concessional terms and conditions to those countries whose per capita income is below a critical level.
• IDA, thus, provides interest-free long-term loans to the poor nations. IBRD also provides loans but these carry interest charged on commercial basis
• The World Bank is a group of five international organisations responsible for providing finance to different countries.
The International Bank for Reconstruction and Development (IBRD), commonly known as World Bank, was result of the Bretton Woods Conference.
• The main objectives were to aid the task of reconstruction of the war-affected economies of Europe and assist in the development of the underdeveloped nations of the world.
• Having achieved success in accomplishing, turned its attention to the development of underdeveloped nations, It realized that by investing more and more in these countries, especially in social sectors like health and education; it could bring about the needed social and economic transformation of the developing countries.
• International Development Association (IDA) was formed with objective to provide loans on concessional terms and conditions to those countries whose per capita income is below a critical level.
• IDA, thus, provides interest-free long-term loans to the poor nations. IBRD also provides loans but these carry interest charged on commercial basis
• The World Bank is a group of five international organisations responsible for providing finance to different countries.
