Sunday, June 4, 2017

Some information you should know about World Bank

World bank is the largest bank in the world. The world bank group is formed of five agencies. The world bank was established on 1945 December 27. The first loan from world bank was allotted to country France. The loan amount allotted to France was 250 million US dollars. Yugin Meyer was the first president of World bank. The official goal of world bank is alleviation of poverty. The five agencies in the Wold Bank group are-International Development Association (IDA), International Finance Corporation (IFC), International Centre for Settlement of Investment Disputes (ICSID), International Bank for Reconstruction and Development (IBRD) and Multilateral Investment Guarantee Agency (MIGA).

Previously the president of World bank group was always an American citizen. But today any citizens from its member nations can be a World bank president. The position just below the president is Vice president. There are 29 Vice presidents under the president. Among them two are executive Vice presidents, three are senior Vice presidents and 24 other Vice presidents.

World bank is actually a part of World bank group. International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) are the two institutions that make up the world bank.

Currently 189 countries in the world have membership in the International Bank for Reconstruction and Development (IBRD) and 189 countries have membership currently in the International Development Association (IDA).

The headquarters of World bank is in Washington DC, USA.