The World Bank is an international financial institution that provides financial and technical assistance to developing countries for development projects and programs. It was established in 1944 and consists of two main institutions: the International Bank for Reconstruction and Development and the International Development Association.
Financing development projects: The World Bank provides loans, credits, and grants to member countries to support a wide range of development projects and programs. These projects aim to address various developmental challenges, including poverty reduction, infrastructure development, education, healthcare, agriculture, and environmental sustainability.
Technical assistance and knowledge sharing: In addition to financial support, the World Bank offers technical assistance and expertise to member countries. It provides policy advice, capacity building, and knowledge sharing on a wide range of development topics, helping countries implement effective policies and strategies for sustainable development.
Multilateral development cooperation: The World Bank promotes multilateral cooperation and coordination among countries, development organisations, and stakeholders. It collaborates with other international institutions, governments, civil society organisations, and the private sector to leverage resources, expertise, and knowledge for impactful development outcomes.
Poverty reduction and social development: Poverty reduction is a central goal of the World Bank. It works to address the root causes of poverty by supporting initiatives that enhance access to basic services, improve social safety nets, promote inclusive growth, and create opportunities for the disadvantaged and marginalised populations.
Global economic and financial stability: The World Bank plays a role in promoting global economic and financial stability. It monitors and analyses global economic trends, provides forecasts and economic analysis, and supports countries in addressing macroeconomic challenges. The World Bank also contributes to the implementation of international financial standards and best practices.
Governance and accountability: The World Bank has a governance structure that involves its member countries. The Board of Governors, composed of representatives from member countries, sets overall policies and strategic direction. The Board of Executive Directors oversees the day-to-day operations and decision-making. The World Bank is accountable to its member countries and reports on its activities, projects, and financial performance.
The World Bank aims to reduce poverty, promote sustainable development, and enhance the well-being of people in developing countries. It works to strengthen institutions, build infrastructure, foster economic growth, and improve social outcomes. The World Bank's assistance and expertise contribute to the advancement of the United Nations Sustainable Development Goals and the global development agenda.
