Early in World War II, the economic and financial experts of Allied Nations began to consider what plans could be made to help meet the economic problems of the post war period.By the spring of 1944, the representatives of 44 countries assembled at Bretton Woods, New Hampshire.
The Articles of Agreement of the Bank were formally accepted by majority of the participantsby December 27, 1945. Six months later, on June 25,1946, the Bank opened for business and proceeded to call up capital from its member governments. By December 31, 1973, the Bank had 123 members.At first, the organization helped rebuild Europe after the war by giving its first loan of $250 million to France in 1947 for reconstruction.
WHAT IS THE WORLD BANK?
The World Bank is aninstitution whose objective is the promotion, worldwide, of sustainable economic development and poverty reduction. It practices these objectives by lending, through the production of research and economicanalysis and through the provision of policy advice and technical assistance.
The mission of the World Bank Group is to reduce poverty and encourage economic growth. Some of the goals are:to improve quality of life and extend economic benefits and empowerment broadly throughout societies.
The Five World Bank Group Institutions
1. The International Bank forReconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries.
2. The International Development Association (IDA) provides interest-free loans,called credits, to governments of the poorest countries.
3. The International Finance Corporation (IFC) lends directly to the private sector in developing countries.
4. The MultilateralInvestment Guarantee Agency (MIGA) provides guarantees to investors in developing countries against losses caused by noncommercial risks.
5. The International Centre for Settlement of Investment Disputes...