The World Bank is an International Financial Institution which provides loans and grants to the governments of poorer countries to carry over financial project
The moto or we can say the aim or goal is : Working for a World Free of Poverty.
What Is Here For You
- About the World Bank
- History of the World Bank
- World Bank Headquarters
- Functions of The World Bank
- World Bank Logo
- Voting Power
- World Bank Interest Rate
- Conclusion
- Frequently Asked Question
About World Bank
The parental organization of world bank is world bank group
It has two sub category :
The International Bank for Reconstruction and Development (IBRD)
This is the world’s largest development bank. And helps the poorer countries to attain sustainable growth.
It gives services like ( loans, guarantees, and risk management products) and knowledge and advisory services at the national level. Bank has almost 189 member countries.
Bank was founded in 1944 to make Europe again which was destruted by world war 2
This work with both the public and private organisation to remove the poverty.
It raises fund through a financial market .And give loan and earn interest on it .
The International Development Association (IDA)
It is part of the bank. It helps the poorest country with the help of the bank , by granting loans.
Mainly it tries to scale the economy, reduce inequalities, and raise the standard of living. 173 countries are members if it. It gives a loan at a minimum interest or zeroes interest for a period of 30 to 38 years.
IDA has various fields of interest like basic health facilities, job creation, good living standards, sanitation, basic hygiene, climate change, expansion of the businesses and Personal Finance
History of World Bank
It is founded in 1944 and John Maynard Keynes, Harry Dexter White was the founder of it.
It is consider as biggest source of funding provider
Also called Wikipedia of developing countries. Its parental organization is called the world bank group. It generally provides help to the developing and under-developing countries by granting a certain amount of Interest.
World bank Headquarters
The headquarters of bank is in Washington, D.C. United States.
Functions Of World Bank
Builds the environment of foreign investments.
Promotes basic necessities by providing loans such as irrigation, agriculture, water supply, health, education, etc
This is seen that many times a country destroyed due to war crises, it help the country Overcome such a situation by granting the loans.
To extinct the problem of poverty and raise the standard of living it gives financial resources
By doing some economic reform it indulges in the process of industrialization in underdeveloped countries.
It always takes part in the development projects. Same like it the government of the country reduces the Corporation Tax
Long term capital
We all are divided at the level, of caste, color, gender, money race, etc. It tries to maintain the equalities in the world.
Sustainable growth is the aim of it.
Works to implement rules and regulations in the world so that everyone enjoys their rights.
Facilitates research facilities.
Supports the government of its member nation by promoting education in their country.
Bank is concern about the environment so it regularly issues the advisory to make it clean and healthy
World Bank give two types of the loan first is investment loans for economic and social development.
it gives loan only the developing countries for a particular period of time for the work of building roads, dams, and other infrastructure. The other loan is investment loans. It has achieved an adorable success for almost 60 years.
World Bank Logo
It’s logo is registered logo if anyone is using it then it needs a permission.
Voting power
Voting power has been revised over so that poor and underdeveloped countries get enough chance for the development: Different percentage of various country voting right In World Bank is
United States (15.85%)
Japan (6.84%)
China (4.42%), Germany (4.00%), The United Kingdom (3.75%)
France (3.75%)
India (2.91%)
Russia (2.77%)
Saudi Arabia (2.77%)
Italy (2.64%).
World Bank Interest Rate
This keeps on revising for a period of six months. Generally, an interest of 0.5 is on loan which borrower lend
Conclusion
It is an International Financial Institution that provides loans and grants to the governments of poorer countries to carry over a financial project. It has two sub-categories:
The International Bank for Reconstruction and Development (IBRD)
International Development Association (IDA)
Its parental organization is called the world bank group.
Generally provides help to the developing and under-developing countries by granting a certain amount of Interest. This bank is something like Reserve Bank Of Bank
In the World Bank helps our country India .Recently It’s CEO praises Indian PM
FAQ (Frequently Asked Questions )
India’s economy predicted to grow 1.5 percent to 2.8 percent in 2020-21 fiscal which started on April 1, it is said in its South Asia Economic Focus report. It is the slowest growth that is shown after the three-decade.
Bank gets money from a developed country
World bank invest money to get interested
It is just like the other bank which takes money from people and gives some amount of interest on it and use that money to give loan to other same like that World Bank give loan to its member countries or developing countries and a minimum amount of interest on it.
It indulges in the research process and reveals data related to its member countries
Relation of the World Bank is very good with all the nations because they are bound by the treaty.
Employees of the world are treated as diplomats they are treated as a special because world bank is not like any private organization whose aim is to earn lots and lots of profit WB credit is so good that there is a type of respect in the whole world.
They also got a special visa some staff enjoy special taxation benefits regardless of their citizenship and residency with the exception of US nationals.
Generally, employees are not paid for the holiday and weekend.
But in some situations, they are asked to work on the holiday also.
Its internship is the highest-paid internship among the counted prestigious organization.
The job description varies from person to person.
Some interns are indulged in the research of some topics.
Almost 3000 applications receive every year, but approx 200 got a chance to work as an intern.
There is no quota according to nationality gender.
Must be a part of the world bank group.
The most common fields of study are economics, finance, human development (public health, education, nutrition, population), social sciences (anthropology, sociology), agriculture, environment, and private sector development.
Interns are generally paid according to the working hours.
when the managers find a need for interns then the application process will get started.
It is governed by the members with the help of Boards of Governors and the Boards of Executive Directors.
To become the part of the bank a country must pass through the the process of IBRD Articles of Agreement, a country must first join the International Monetary Fund (IMF).
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