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The World Bank is an
international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, alth ...
that provides
loan In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and investments. Savers and investors have money avail ...
s and
grant Grant or Grants may refer to: Places *Grant County (disambiguation)Grant County may refer to: Places ;Australia * County of Grant, Victoria ;United States *Grant County, Arkansas *Grant County, Indiana *Grant County, Kansas *Grant County, K ...
s to the governments of low- and middle-income countries for the purpose of pursuing capital projects. It comprises two institutions: the
International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, ...
(IBRD), and the
International Development Association The International Development Association (IDA) (french: link=no, Association internationale de développement) is an international financial institution which offers concessional loans and grant (money), grants to the world's poorest developing ...

International Development Association
(IDA). The World Bank is a component of the
World Bank Group The World Bank Group (WBG) is a family of five international organization ''International Organization'' is a quarterly peer-reviewed academic journal that covers the entire field of international relations, international affairs. It was establ ...

World Bank Group
. The World Bank's most recently stated goal is the reduction of poverty.


World Bank Group

The
World Bank Group The World Bank Group (WBG) is a family of five international organization ''International Organization'' is a quarterly peer-reviewed academic journal that covers the entire field of international relations, international affairs. It was establ ...

World Bank Group
is an extended
family In , family (from la, familia) is a of people related either by (by recognized birth) or (by marriage or other relationship). The purpose of families is to maintain the well-being of its members and of society. Ideally, families would off ...

family
of five international organizations, and the parent organization of the World Bank, the collective name given to the first two listed organizations, the IBRD and the IDA: *
International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, ...
(IBRD) *
International Development Association The International Development Association (IDA) (french: link=no, Association internationale de développement) is an international financial institution which offers concessional loans and grant (money), grants to the world's poorest developing ...

International Development Association
(IDA) *
International Finance Corporation The International Finance Corporation (IFC) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject t ...

International Finance Corporation
(IFC) *
Multilateral Investment Guarantee Agency The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is ...

Multilateral Investment Guarantee Agency
(MIGA) *
International Centre for Settlement of Investment Disputes International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution established in 1966 for legal dispute resolution Dispute resolution or dispute settlement is the process of resolving disputes b ...

International Centre for Settlement of Investment Disputes
(ICSID)


History

The World Bank was created at the 1944
Bretton Woods Conference The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel The Mount Washington Hotel is a hotel in Bretton ...
, along with the
International Monetary Fund The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. It claims to be "working to foster global monetary cooperation, secure financial stability, facilit ...

International Monetary Fund
(IMF). The president of the World Bank is traditionally an
American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is ...

American
. The World Bank and the IMF are both based in Washington, D.C., and work closely with each other. Although many countries were represented at the Bretton Woods Conference, the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country in . It consists of 50 , a , five major , 326 , and some . At , it is the world's . The United States shares significan ...

United States
and
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
were the most powerful in attendance and dominated the negotiations. The intention behind the founding of the World Bank was to provide temporary loans to low-income countries that could not obtain loans commercially. The Bank may also make loans and demand policy reforms from recipients.


1944–1974

In its early years the Bank made a slow start for two reasons: it was underfunded, and there were leadership struggles between the US Executive Director and the president of the organization. When the
Marshall Plan The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative passed in 1948 for foreign aid to Western Europe. The United States transferred over $12 billion (equivalent to $ billion in ) in economic rec ...

Marshall Plan
went into effect in 1947, many European countries began receiving aid from other sources. Faced with this competition, the World Bank shifted its focus to non-European countries. Until 1968, its loans were earmarked for the construction of infrastructure works, such as seaports, highway systems, and power plants, that would generate enough income to enable a borrower country to repay the loan. In 1960, the
International Development Association The International Development Association (IDA) (french: link=no, Association internationale de développement) is an international financial institution which offers concessional loans and grant (money), grants to the world's poorest developing ...

International Development Association
was formed (as opposed to a UN fund named SUNFED), providing soft loans to developing countries. Before 1974, the reconstruction and development loans the World Bank made were relatively small. Its staff was aware of the need to instill confidence in the bank.
Fiscal conservatism Fiscal conservatism is a political and economic philosophy regarding fiscal policy and fiscal responsibility advocating low taxes, reduced government spending and minimal government debt. Deregulation, free trade, privatization and tax ...
ruled, and loan applications had to meet strict criteria. The first country to receive a World Bank loan was France. The Bank's president at the time, John McCloy, chose France over two other applicants, Poland and Chile. The loan was for US$250 million, half the amount requested, and came with strict conditions. France had to agree to produce a balanced budget and give priority of debt repayment to the World Bank over other governments. World Bank staff closely monitored the use of the funds to ensure that the French government met the conditions. In addition, before the loan was approved, the
United States State Department The United States Department of State (DOS), or State Department, is an United States federal executive departments, executive department of the Federal government of the United States, U.S. federal government responsible for the nation's foreig ...
told the French government that its members associated with the Communist Party would first have to be removed. The French government complied and removed the
Communist Communism (from Latin Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally spoken in the area around Rome, known as Latium. Through the power of the Roman Repu ...
coalition government A coalition government is a form of government in which political parties cooperate to form a government. The usual reason for such an arrangement is that no single party has achieved an absolute majority after an election An election is a ...
—the so-called tripartite. Within hours, the loan to France was approved.


1974–1980

From 1974 to 1980 the bank concentrated on meeting the basic needs of people in the
developing world Image:Imf-advanced-un-least-developed-2008.svg, 450px, Example of Older Classifications by the International Monetary Fund, IMF and the United Nations, UN from 2008 A developing country is a country with a less developed Industrial sector, i ...
. The size and number of loans to borrowers greatly increased, as loan targets expanded from infrastructure into social services and other sectors. These changes can be attributed to
Robert McNamara Robert Strange McNamara () (June 9, 1916 – July 6, 2009) was an American business executive and the eighth United States Secretary of Defense The United States secretary of defense (SecDef) is the head of the United States Department of D ...
, who was appointed to the presidency in 1968 by
Lyndon B. Johnson Lyndon Baines Johnson (; August 27, 1908January 22, 1973), often referred to by his initials LBJ, was the 36th president of the United States The president of the United States (POTUS) is the head of state and head of government of the ...

Lyndon B. Johnson
. McNamara implored bank treasurer Eugene Rotberg to seek out new sources of capital outside of the northern banks that had been the primary sources of funding. Rotberg used the global bond market to increase the capital available to the bank. One consequence of the period of poverty alleviation lending was the rapid rise of
Third World debt The debt of developing countries usually refers to the external debt External debt (or foreign debt) is the total debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, ...
. From 1976 to 1980, developing world debt rose at an average annual rate of 20%. The World Bank Administrative Tribunal was established in 1980, to decide on disputes between the World Bank Group and its staff where allegation of non-observance of contracts of employment or terms of appointment had not been honored.


1980–1989

McNamara was succeeded by US
President President most commonly refers to: *President (corporate title) A president is a leader of an organization, company, community, club, trade union, university or other group. The relationship between a president and a Chief Executive Officer, chi ...

President
Jimmy Carter James Earl Carter Jr. (born October 1, 1924) is an American politician, businessman, and philanthropist who served as the 39th president of the United States from 1977 to 1981. A member of the Democratic Party (United States), Democratic Par ...

Jimmy Carter
's nominee, Alden W. Clausen, in 1980. Clausen replaced many members of McNamara's staff and crafted a different mission emphasis. His 1982 decision to replace the bank's Chief Economist, Hollis B. Chenery, with Anne Krueger was an example of this new focus. Krueger was known for her criticism of development funding and for describing
Third World The term "Third World" arose during the Cold War to define countries that remained non-aligned with either NATO or the Warsaw Pact. The United States, Canada, Japan, South Korea, Western European nations and their allies represented the "First Wor ...

Third World
governments as "
rent-seeking In public-choice theory, as well as in economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), distribution, and Consumpt ...
states". During the 1980s the bank emphasized lending to service Third-World debt, and
structural adjustment Structural adjustment programs (SAPs) consist of loans (structural adjustment loans; SALs) provided by the International Monetary Fund The International Monetary Fund (IMF) is an international financial institution, headquartered in Washing ...
policies designed to streamline the economies of developing nations.
UNICEF UNICEF, also known as the United Nations Children's Fund, is a United Nations The United Nations (UN) is an intergovernmental organization that aims to maintain international peace and international security, security, develop friendly ...

UNICEF
reported in the late 1980s that the structural adjustment programs of the World Bank had been responsible for "reduced health, nutritional and educational levels for tens of millions of children in
Asia Asia () is 's largest and most populous , located primarily in the and . It shares the continental of with the continent of and the continental landmass of with both Europe and . Asia covers an area of , about 30% of Earth's total lan ...

Asia
,
Latin America Latin America is the portion of the Americas comprising countries and regions where Romance languages—languages that derived from Latin—such as Spanish language in the Americas, Spanish, American Portuguese, Portuguese, and French language, Fr ...

Latin America
, and
Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area and 20% of i ...

Africa
".


1989–present

Beginning in 1989, in response to harsh criticism from many groups, the bank began including environmental groups and NGOs in its loans to mitigate the past effects of its development policies that had prompted the criticism. It also formed an implementing agency, in accordance with the Montreal Protocols, to stop damage to the earth's atmosphere by phasing out the use of 95% of ozone-depleting chemicals, with a target date of 2015. Since then, in accordance with its so-called "Six Strategic Themes", the bank has put various additional policies into effect to preserve the environment while promoting development. For example, in 1991 the bank announced that to protect against deforestation, especially in the Amazon, it would not finance any commercial logging or infrastructure projects that harm the environment. In order to promote global public goods, the World Bank tries to control communicable diseases such as malaria, delivering vaccines to several parts of the world, and joining combat forces. In 2000 the bank announced a "war on AIDS" and in 2011 the Bank joined the Stop Tuberculosis Partnership. Traditionally, based on a tacit understanding between the United States and Europe, the president of the World Bank has been selected from candidates nominated by the United States. This is significant because the World Bank tends to lend more readily to countries that are friendly with the United States, not because of direct U.S. influence but because of the employees of the World Bank. In 2012, for the first time, two non-US citizens were nominated. On 23 March 2012, U.S. President
Barack Obama Barack Hussein Obama II ( ; born August 4, 1961) is an American politician and attorney who served as the 44th president of the United States The president of the United States (POTUS) is the head of state and head of government ...

Barack Obama
announced that the United States would nominate Jim Yong Kim as the next president of the Bank. Jim Yong Kim was elected on 27 April 2012 and reelected to a second five-year term in 2017. He announced that he would resign effective 1 February 2019. He was replaced on an interim basis by now-former World Bank CEO
Kristalina Georgieva Kristalina Ivanova Georgieva-Kinova ( bg, Кристалина Иванова Георгиева-Кинова; born 13 August 1953)) is a Bulgarian economist serving as chair and managing director of the International Monetary Fund The Inte ...
, then by
David Malpass David Robert Malpass (born March 8, 1956) is an American economic analyst and former government official serving as President of the World Bank Group since 2019. Malpass previously served as Under Secretary of the Treasury for International Aff ...
on 9 April 2019. Amid the global fight with the
COVID-19 pandemic The COVID-19 pandemic is an ongoing global pandemic A pandemic (from Greek#REDIRECT Greek Greek may refer to: Greece Anything of, from, or related to Greece Greece ( el, Ελλάδα, , ), officially the Hellenic Republic, is a c ...

COVID-19 pandemic
, in September 2020 the World Bank announced a $12 billion plan to supply "low and middle income countries" with a vaccine once it is approved. The plan is set to affect over two billion people.


Criteria

Various developments brought the
Millennium Development Goals The Millennium Development Goals (MDGs) were eight international development goals for the year 2015 that had been established following the Millennium Summit of the United Nations in 2000, following the adoption of the United Nations Millennium ...
targets for 2015 within reach in some cases. For the goals to be realized, six criteria must be met: stronger and more inclusive growth in Africa and fragile states, more effort in health and education, integration of the development and environment agendas, more as well as better aid, movement on trade negotiations, and stronger and more focused support from multilateral institutions like the World Bank. # Eradicate Extreme Poverty and Hunger: From 1990 through 2004 the proportion of people living in extreme poverty fell from almost a third to less than a fifth. Although results vary widely within regions and countries, the trend indicates that the world as a whole can meet the goal of halving the percentage of people living in poverty. Africa's poverty, however, is expected to rise, and most of the 36 countries where 90% of the world's undernourished children live are in Africa. Less than a quarter of countries are on track for achieving the goal of halving under-nutrition. # Achieve Universal Primary Education: The percentage of children in school in developing countries increased from 80% in 1991 to 88% in 2005. Still, about 72 million children of primary school age, 57% of them girls, were not being educated . # Promote Gender Equality: The tide is turning slowly for women in the labor market, yet far more women than men—worldwide more than 60%—are contributing but unpaid family workers. The World Bank Group Gender Action Plan was created to advance women's economic empowerment and promote shared growth. # Reduce Child Mortality: There is some improvement in survival rates globally; accelerated improvements are needed most urgently in South Asia and Sub-Saharan Africa. An estimated 10 million-plus children under five died in 2005; most of their deaths were from preventable causes. # Improve Maternal Health: Almost all of the half-million women who die during pregnancy or childbirth every year live in Sub-Saharan Africa and Asia. There are numerous causes of maternal death that require a variety of health care interventions to be made widely accessible. # Combat HIV/AIDS, Malaria, and Other Diseases: Annual numbers of new HIV infections and AIDS deaths have fallen, but the number of people living with HIV continues to grow. In the eight worst-hit southern African countries, prevalence is above 15 percent. Treatment has increased globally, but still meets only 30 percent of needs (with wide variations across countries). AIDS remains the leading cause of death in Sub-Saharan Africa (1.6 million deaths in 2007). There are 300 to 500 million cases of malaria each year, leading to more than 1 million deaths. Nearly all the cases and more than 95 percent of the deaths occur in Sub-Saharan Africa. # Ensure Environmental Sustainability: Deforestation remains a critical problem, particularly in regions of biological diversity, which continues to decline. Greenhouse gas emissions are increasing faster than energy technology advancement. # Develop a Global Partnership for Development: Donor countries have renewed their commitment. Donors have to fulfill their pledges to match the current rate of core program development. Emphasis is being placed on the Bank Group's collaboration with multilateral and local partners to quicken progress toward the MDGs' realization.


Environmental and Social Safeguards

To ensure that World Bank-financed operations do not compromise these goals but instead add to their realisation, the following environmental, social, and legal safeguards were defined: Environmental Assessment, Indigenous Peoples, Involuntary Resettlement, Physical Cultural Resources, Forests, Natural Habitats, Pest Management, Safety of Dams, Projects in Disputed Areas, Projects on International Waterways, and Performance Standards for Private Sector Activities. At the World Bank's 2012 annual meeting in Tokyo, a review of these safeguards was initiated, which was welcomed by several civil society organisations. As a result, the World Bank developed a new Environmental and Social Framework, which has been in implementation since 1 October 2018.


Leadership

The President of the Bank is the president of the entire
World Bank Group The World Bank Group (WBG) is a family of five international organization ''International Organization'' is a quarterly peer-reviewed academic journal that covers the entire field of international relations, international affairs. It was establ ...

World Bank Group
. The president is responsible for chairing meetings of the boards of directors and for overall management of the Bank. Traditionally, the president of the Bank has always been a U.S. citizen nominated by the United States, the largest shareholder in the bank (the managing director of the
International Monetary Fund The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. It claims to be "working to foster global monetary cooperation, secure financial stability, facilit ...

International Monetary Fund
having always been a European). The nominee is subject to confirmation by the board of executive directors to serve a five-year, renewable term. While most World Bank presidents have had banking experience, some have not. The vice presidents of the Bank are its principal managers, in charge of regions, sectors, networks and functions. There are two executive vice presidents, three senior vice presidents, and 24 vice presidents. The boards of directors consist of the World Bank Group president and 25 executive directors. The president is the presiding officer, and ordinarily has no vote except to break a tie. The executive directors as individuals cannot exercise any power or commit or represent the Bank unless the boards specifically authorized them to do so. With the term beginning 1 November 2010, the number of executive directors increased by one, to 25.


Presidents


Chief Economists


Politics

One notable
politicians A politician is a person active in party politics Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations between individuals, such as the distribution of resourc ...
who worked for World Bank includes former Afghanistan president,
Ashraf Ghani Ashraf Ghani Ahmadzai ( prs, محمد اشرف غنی احمدزی / Pashto: محمد اشرف غني احمدزی; born 19 May 1949) is an Afghan politician, academic, and economist who is serving as President of Afghanistan. He was first elec ...
. A mid-level employee,
Fakhruddin Ahmed Fakhruddin Ahmed (born 1 May 1940) is a Bangladesh Bangladesh (, bn, :bn:বাংলাদেশ, বাংলাদেশ, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and ...
was the chief adviser of the interim
Government of Bangladesh The Government of the People's Republic of Bangladesh ( bn, গণপ্রজাতন্ত্রী বাংলাদেশ সরকার — ) is the Central government, Central Government of Bangladesh. The government was constituted b ...
during the political crisis of 2006-2008.


Members

The
International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, ...
(IBRD) has 189 member countries, while the
International Development Association The International Development Association (IDA) (french: link=no, Association internationale de développement) is an international financial institution which offers concessional loans and grant (money), grants to the world's poorest developing ...

International Development Association
(IDA) has 173. Each member state of IBRD should also be a member of the
International Monetary Fund The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. It claims to be "working to foster global monetary cooperation, secure financial stability, facilit ...

International Monetary Fund
(IMF) and only members of IBRD are allowed to join other institutions within the Bank (such as IDA). The five United Nations member states that are not members of the World Bank are Andorra, Cuba, Liechtenstein, Monaco, and North Korea. Kosovo is not a member of the UN, but is a member of the IMF and the World Bank Group, including the IBRD and IDA.


Voting power

In 2010 voting powers at the World Bank were revised to increase the voice of developing countries, notably China. The countries with most voting power are now the United States (15.85%), Japan (6.84%),
China China (), officially the People's Republic of China (PRC; ), is a country in . It is the world's , with a of more than 1.4 billion. China spans five geographical and 14 different countries, the in the world after . Covering an area of ap ...

China
(4.42%), Germany (4.00%), the United Kingdom (3.75%), France (3.75%),
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...

India
(2.91%), Russia (2.77%), Saudi Arabia (2.77%) and Italy (2.64%). Under the changes, known as 'Voice Reform – Phase 2', countries other than China that saw significant gains included
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is for ...

South Korea
, Turkey,
Mexico Mexico, officially the United Mexican States, is a List of sovereign states, country in the southern portion of North America. It is borders of Mexico, bordered to the north by the United States; to the south and west by the Pacific Ocean; to ...

Mexico
, Singapore,
Greece Greece ( el, Ελλάδα, Elláda, ), officially the Hellenic Republic, is a country located in Southeast Europe, Southeastern Europe. Its population is approximately 10.7 million as of 2021; Athens is its largest and capital city, followed ...

Greece
, Brazil,
India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...

India
, and Spain. Most developed countries' voting power was reduced, along with a few developing countries such as
Nigeria Nigeria (), officially the Federal Republic of Nigeria, is a country in West Africa West Africa or Western Africa is the westernmost region of . The defines Western Africa as the 17 countries of , , , , , , , , , , , , , , , and as we ...

Nigeria
. The voting powers of the United States, Russia and
Saudi Arabia (''Shahada'') , national_anthem = "National Anthem of Saudi Arabia, " "National Anthem of Saudi Arabia" , image_map = Saudi Arabia (orthographic projection).svg , capital = Riyadh , coordinates ...

Saudi Arabia
were unchanged. The changes were brought about with the goal of making voting more universal in regards to standards, rule-based with objective indicators, and transparent among other things. Now, developing countries have an increased voice in the "Pool Model", backed especially by Europe. Additionally, voting power is based on economic size in addition to the International Development Association contributions.


List of 20 largest countries by voting power in each World Bank institution

The following table shows the subscriptions of the top 20 member countries of the World Bank by voting power in the following World Bank institutions as of December 2014 or March 2015: the
International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, ...
(IBRD), the
International Finance Corporation The International Finance Corporation (IFC) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject t ...

International Finance Corporation
(IFC), the
International Development Association The International Development Association (IDA) (french: link=no, Association internationale de développement) is an international financial institution which offers concessional loans and grant (money), grants to the world's poorest developing ...

International Development Association
(IDA), and the
Multilateral Investment Guarantee Agency The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is ...

Multilateral Investment Guarantee Agency
(MIGA). Member countries are allocated votes at the time of membership and subsequently for additional subscriptions to capital (one vote for each share of capital stock held by the member).


Poverty reduction strategies

For the poorest
developing countries 450px, Example of Older Classifications by the IMF and the United Nations, UN from 2008 A developing country is a country with a less developed industrial base and a low Human Development Index (HDI) relative to other countries. However, ...
in the world, the bank's assistance plans are based on poverty reduction strategies; by combining an analysis of local groups with an analysis of the country's financial and economic situation the World Bank develops a plan pertaining to the country in question. The government then identifies the country's priorities and targets for the reduction of poverty, and the World Bank instigates its aid efforts correspondingly. Forty-five countries pledged US$25.1 billion in "aid for the world's poorest countries", aid that goes to the World Bank
International Development Association The International Development Association (IDA) (french: link=no, Association internationale de développement) is an international financial institution which offers concessional loans and grant (money), grants to the world's poorest developing ...

International Development Association
(IDA), which distributes the loans to eighty poorer countries. Wealthier
nations A nation is a community A community is a social unitThe term "level of analysis" is used in the social sciences to point to the location, size, or scale of a research target. "Level of analysis" is distinct from the term " unit of observation ...

nations
sometimes fund their own aid projects, including those for diseases. Robert B. Zoellick, the former president of the World Bank, said when the loans were announced on 15 December 2007, that IDA money "is the core funding that the poorest developing countries rely on". World Bank organizes the Development Marketplace Awards, a grant program that surfaces and funds development projects with potential for development impact that are scalable and/or replicable. The grant beneficiaries are social enterprises with projects that aim to deliver social and public services to groups with the lowest incomes.


Global partnerships and initiatives

The World Bank has been assigned temporary management responsibility of the Clean Technology Fund (CTF), focused on making
renewable energy Renewable energy is energy that is collected from renewable resource File:Global Vegetation.jpg, Global vegetation A renewable resource, also known as a flow resource, is a natural resource which will replenish to replace the portion resou ...
cost-competitive with coal-fired power as quickly as possible, but this may not continue after UN's Copenhagen climate change conference in December 2009, because of the Bank's continued investment in
coal-fired power plant A coal-fired power station or coal power plant is a thermal power station A thermal power station is a power stationPower Station or The Power Station may refer to: * Power station, a facility for the generation of electricity Music * T ...
s. (In December 2017, Kim announced the World Bank would no longer finance fossil fuel development.) Together with the
World Health Organization The World Health Organization (WHO) is a specialized agency of the United Nations United Nations Specialized Agencies are autonomous organizations working with the United Nations and each other through the co-ordinating machinery of the Unit ...
, the World Bank administers the
International Health Partnership The International Health Partnership (IHP+) is a group of partners committed to improving the health of citizens in developing countries. International organizations, bilateral agencies and country governments all sign the IHP+ Global Compact. They ...
(IHP+). IHP+ is a group of partners committed to improving the health of citizens in developing countries. Partners work together to put international principles for
aid effectiveness Aid effectiveness is the degree of success or failure of international aid (development aid Development aid is aid given by governments and other agencies to support the economic, environmental, social, and political International development, de ...
and development cooperation into practice in the
health sector Health is a state of physical, mental and social well-being Well-being, also known as ''wellness'', ''prudential value'' or ''quality of life'', refers to what is intrinsically valuable relative ''to'' someone. So the well-being of a person ...
. IHP+ mobilizes national governments, development agencies, civil society, and others to support a single, country-led national health strategy in a well-coordinated way.


Climate change

World Bank President Jim Yong Kim said in 2012:
A 4-degree warmer world can, and must be, avoided—we need to hold warming below 2 degrees ... Lack of action on climate change threatens to make the world our children inherit a completely different world than we are living in today. Climate change is one of the single biggest challenges facing development, and we need to assume the moral responsibility to take action on behalf of future generations, especially the poorest.
A World Bank report into
climate change Contemporary climate change includes both the global warming caused by humans, and its impacts on Earth's weather patterns. There have been previous periods of climate change, but the current changes are more rapid than any known even ...
in 2012 noted that (p. xiii) "even with the current mitigation commitments and pledges fully implemented, there is roughly a 20 percent likelihood of exceeding 4 °C by 2100." This is despite the fact that the "global community has committed itself to holding warming below 2 °C to prevent 'dangerous' climate change". Furthermore, "a series of recent extreme events worldwide highlight the vulnerability of all countries ... No nation will be immune to the impacts of climate change."Why a 4 degree centrigrade warmer world must be avoided
November 2012 World Bank
The World Bank doubled its aid for
climate change Contemporary climate change includes both the global warming caused by humans, and its impacts on Earth's weather patterns. There have been previous periods of climate change, but the current changes are more rapid than any known even ...
adaptation from $2.3bn (£1.47bn) in 2011 to $4.6bn in 2012. The planet is now 0.8 °C warmer than in pre-industrial times. It says that 2 °C warming will be reached in 20 to 30 years. In December 2017, Kim announced the World Bank would no longer finance
fossil fuel A fossil fuel is a -containing material formed underground from the remains of dead plants and animals that humans extract and to release for use. The main fossil s are , and , which humans extract through and . Fossil fuels may be burnt ...
development, but a 2019
International Consortium of Investigative Journalists The International Consortium of Investigative Journalists (ICIJ) is an independent, Washington, D.C.-based international network of more than 200 investigative journalists and 100 media organizations in over 70 countries. Launched in 1997 by th ...
article found that the Bank continues "to finance oil and gas exploration, pipelines and refineries," that "these fossil fuel investments make up a greater share of the bank's current energy lending portfolio than renewable projects," and that the Bank "has yet to meaningfully shift away from fossil fuels." EU finance ministers joined civil sector groups, including
Extinction Rebellion Extinction Rebellion (abbreviated as XR) is a global environmental movement with the stated aim of using nonviolent civil disobedience to compel government action to avoid tipping points in the climate system, biodiversity loss, and the risk o ...
, in November 2019 in calling for an end to World Bank funding of fossil fuels. In 2021, the World Bank offered support to Kazakhstan to help the country in its mission for decarbonization and carbon neutrality.


Food security

# Global Food Security Program: Launched in April 2010, six countries alongside the
Bill and Melinda Gates Foundation The Bill & Melinda Gates Foundation (BMGF), a merging of the William H. Gates Foundation and the Gates Learning Foundation, is an American private foundation A private foundation is a charitable organization A charitable organization or cha ...
have pledged $925 million for
food security Food security is the measure of the availability of food and individuals' Economic inequality, ability to access it. According to the United Nations' Committee on World Food Security, food security is defined as meaning that all people, at all ti ...
. To date, the program has helped eight countries, promoting agriculture, research, trade in agriculture, etc. # Launched Global Food Crisis Response Program: Given grants to approximately 40 nations for
seeds A seed is an embryonic ''Embryonic'' is the twelfth studio album by experimental rock band the Flaming Lips released on October 13, 2009, on Warner Bros. Records, Warner Bros. The band's first double album, it was released to generally positi ...

seeds
, etc. for improving productivity. # In process of increasing its yearly spending for agriculture to $6–8 billion from earlier $4 billion. # Runs various nutrition programs across the world, e.g.,
vitamin A Vitamin A is a group of unsaturated nutritional organic compounds , CH4; is among the simplest organic compounds. In chemistry Chemistry is the science, scientific study of the properties and behavior of matter. It is a natural scienc ...

vitamin A
doses for children, school meals, etc.


Training wings


Global Operations Knowledge Management Unit

The World Bank Institute (WBI) was a "global connector of knowledge, learning and innovation for poverty reduction". It aimed to inspire change agents and prepare them with essential tools that can help achieve development results. WBI had four major strategies to approach development problems: innovation for development, knowledge exchange, leadership and coalition building, and structured learning. World Bank Institute (WBI) was formerly known as Economic Development Institute (EDI), established on 11 March 1955 with the support of the Rockefeller and Ford Foundations. The purpose of the institute was to provide an open place where senior officials from developing countries could discuss development policies and programs. Over the years, EDI grew significantly and in 2000, the institute was renamed as the World Bank Institute. Sanjay Pradhan is the past Vice President of the World Bank Institute. As of 2019, World Bank Institute functions have been mostly encapsulated by a new unit Global Operations Knowledge Management Unit (GOKMU), which is now responsible for knowledge management and learning across the Bank.


Global Development Learning Network

The Global Development Learning Network (GDLN) is a partnership of over 120 learning centers (GDLN Affiliates) in nearly 80 countries around the world. GDLN Affiliates collaborate in holding events that connect people across countries and regions for learning and dialogue on development issues. GDLN clients are typically NGOs, government, private sector, and development agencies who find that they work better together on subregional, regional, or global development issues using the facilities and tools offered by GDLN Affiliates. Clients also benefit from the ability of Affiliates to help them choose and apply these tools effectively and to tap development practitioners and experts worldwide. GDLN Affiliates facilitate around 1000 video conference-based activities a year on behalf of their clients, reaching some 90,000 people worldwide. Most of these activities bring together participants in two or more countries over a series of sessions. A majority of GDLN activities are organized by small government agencies and NGOs.


GDLN Asia Pacific

The GDLN in the East Asia and Pacific region has experienced rapid growth and Distance Learning Centers now operate or are planned in 20 countries: Australia, Mongolia, Cambodia, China, Indonesia, Singapore, Philippines, Sri Lanka, Japan, Papua New Guinea, South Korea, Thailand, Laos, Timor Leste, Fiji, Afghanistan, Bangladesh, India, Nepal, and New Zealand. With over 180 Distance Learning Centers, it is the largest development learning network in the Asia and Pacific region. The Secretariat Office of GDLN Asia Pacific is located in the Center of Academic Resources of Chulalongkorn University, Bangkok, Thailand. GDLN Asia Pacific was launched at the GDLN's East Asia and Pacific regional meeting held in Bangkok from 22 to 24 May 2006. Its vision is to become "the premier network exchanging ideas, experience and know-how across the Asia Pacific Region". GDLN Asia Pacific is a separate entity to The World Bank. It has endorsed its own Charter and Business Plan and, in accordance with the Charter, a GDLN Asia Pacific Governing Committee has been appointed. The committee comprises China (2), Australia (1), Thailand (1), The World Bank (1), and finally, a nominee of the Government of Japan (1). The organization is currently hosted by Chulalongkorn University in Bangkok, Thailand, a founding member of the GDLN Asia Pacific. The Governing Committee has determined that the most appropriate legal status for the GDLN AP in Thailand is a "Foundation". The World Bank is engaging a solicitor in Thailand to process all documentation in order to obtain this status. GDLN Asia Pacific is built on the principle of shared resources among partners engaged in a common task, and this is visible in the organizational structures that exist, as the network evolves. Physical space for its headquarters is provided by the host of the GDLN Centre in Thailand – Chulalongkorn University; Technical expertise and some infrastructure is provided by the Tokyo Development Learning Centre (TDLC); Fiduciary services are provided by Australian National University (ANU) Until the GDLN Asia Pacific is established as a legal entity in Thailand, ANU, has offered to assist the governing committee, by providing a means of managing the inflow and outflow of funds and of reporting on them. This admittedly results in some complexity in contracting arrangements, which need to be worked out on a case-by-case basis and depends to some extent on the legal requirements of the countries involved.


JUSTPAL Network

A Justice Sector Peer-Assisted Learning (JUSTPAL) Network was launched in April 2011 by the Poverty Reduction and Economic Management (PREM) Department of the World Bank's Europe and Central Asia (ECA) Region. JUSTPAL's objective is to provide an online and offline platform for justice professionals to exchange knowledge, good practices, and peer-driven improvements to justice systems and thereby support countries to improve their justice sector performance, quality of justice, and service delivery to citizens and businesses. The JUSTPAL Network includes representatives of judiciaries, ministries of justice, prosecutors, anti-corruption agencies, and other justice-related entities from across the globe. It has active members from more than 50 countries. To facilitate fruitful exchange of reform experiences and sharing of applicable good practices, JUSTPAL has organized its activities under five Communities of Practice (COPs): Budgeting for the Justice Sector; Information Systems for Justice Services; Justice Sector Physical Infrastructure; Court Management and Administration; and Prosecution and Anti-Corruption Agencies.


Country assistance strategies

As a guideline to the World Bank's operations in any particular country, a Country Assistance Strategy is produced in cooperation with the local government and any interested stakeholders and may rely on analytical work performed by the Bank or other parties.


Clean Air Initiative

Clean Air Initiative (CAI) is a World Bank initiative to advance innovative ways to improve air quality in cities through partnerships in selected regions of the world by sharing knowledge and experiences. It includes
electric vehicle An electric vehicle (EV) is a vehicle A vehicle (from la, vehiculum) is a machine A machine is a man-made device that uses power to apply forces and control movement to perform an action. Machines can be driven by animals and peopl ...

electric vehicle
s. Initiatives like this help address and tackle pollution-related diseases.


United Nations Development Business

Based on an agreement between the United Nations and the World Bank in 1981, '' Development Business'' became the official source for World Bank Procurement Notices, Contract Awards, and Project Approvals. In 1998, the agreement was renegotiated, and included in this agreement was a joint venture to create an online version of the publication. Today, ''Development Business'' is the primary publication for all major multilateral development banks, U.N. agencies, and several national governments, many of which have made the publication of their tenders and contracts in ''Development Business'' a mandatory requirement. The World Bank or the
World Bank Group The World Bank Group (WBG) is a family of five international organization ''International Organization'' is a quarterly peer-reviewed academic journal that covers the entire field of international relations, international affairs. It was establ ...

World Bank Group
is also a sitting observer in the
United Nations Development Group The United Nations Sustainable Development Group (UNSDG), previously the United Nations Development Group (UNDG), is a consortium of 36 United Nations The United Nations (UN) is an intergovernmental organization that aims to maintain inte ...
.


Open data initiative

The World Bank collects and processes large amounts of data and generates them on the basis of economic models. These data and models have gradually been made available to the public in a way that encourages reuse, whereas the recent publications describing them are available as
open access Open access (OA) is a set of principles and a range of practices through which research outputs are distributed online, free of cost or other access barriers. With open access strictly defined (according to the 2001 definition), or Gratis vers ...

open access
under a
Creative Commons Attribution License A Creative Commons (CC) license is one of several public copyright licenses that enable the free distribution of an otherwise copyrighted "work".A "work" is any creative material made by a person. A painting, a graphic, a book, a song/lyrics t ...
, for which the bank received the SPARC Innovator 2012 award. The World Bank also endorses the Principles for Digital Development.


Grants table

The following table lists the top 15 DAC 5 Digit Sectors to which the World Bank has committed funding, as recorded in its
International Aid Transparency Initiative The International Aid Transparency Initiative (IATI) is a global campaign to create transparency in the records of how aid money is spent. The initiative hopes to thereby ensure that aid money reaches its intended recipients. The ultimate goal is t ...
(IATI) publications. The World Bank states on the IATI Registry website that the amounts "will cover 100% of
IBRD The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States, that is the lending arm of World Bank Group. The IBRD offers l ...
and development flows" but will not cover other development flows.


Open Knowledge Repository

The World Bank hosts the Open Knowledge Repository (OKR) as an official open access repository for its research outputs and knowledge products. The World Bank's repository is listed in the
Registry of Research Data Repositories The Registry of Research Data Repositories (re3data.org) is an Open Science One definition of Open science holds that it is the movement to make scientific research (including publications, data, physical samples, and software) and its dissemina ...
re3data.org.


Criticisms and controversy

The World Bank has long been criticized by non-governmental organizations, such as the indigenous rights group
Survival International Survival International is a human rights organisation formed in 1969 that campaigns for the collective rights, rights of indigenous peoples, indigenous and/or tribal peoples and uncontacted peoples. The organisation's campaigns generally focus on ...
, and academics, including
Henry Hazlitt Henry Stuart Hazlitt (; November 28, 1894 – July 9, 1993) was an American journalist who wrote about business and economics for such publications as ''The Wall Street Journal ''The Wall Street Journal'', also known as ''The Journal'', is ...

Henry Hazlitt
,
Ludwig Von Mises Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School The Austrian School is a heterodox In religion, heterodoxy (from Ancient Greek Ancient Greek includes the forms of the Greek languag ...

Ludwig Von Mises
, and its former Chief Economist
Joseph Stiglitz Joseph Eugene Stiglitz (; born February 9, 1943) is an American economist An economist is a professional and practitioner in the social science Social science is the Branches of science, branch of science devoted to the study of societ ...

Joseph Stiglitz
. Hazlitt argued that the World Bank along with the monetary system it was designed within would promote world inflation and "a world in which international trade is State-dominated" when they were being advocated. Stiglitz argued that the
free market In economics Economics () is a social science Social science is the branch A branch ( or , ) or tree branch (sometimes referred to in botany Botany, also called , plant biology or phytology, is the science of pl ...
reform policies that the Bank advocates are often harmful to
economic development In the economic An economy (; ) is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), servi ...
if implemented badly, too quickly ("
shock therapy Shock therapy may refer to: *Shock therapy (psychiatry) *Shock therapy (economics) See also

*Shock Treatment (disambiguation) * Extracorporeal shockwave therapy {{disambiguation ...
"), in the wrong sequence or in weak, uncompetitive economies. One of the most common criticisms of the World Bank has been the way it is governed. While the World Bank represents 188 countries, it is run by a small number of economically powerful countries. These countries (which also provide most of the institution's funding) choose the Bank's leadership and senior management, and their interests dominate. Titus Alexander argues that the unequal voting power of western countries and the World Bank's role in developing countries makes it similar to the South African Development Bank under apartheid, and therefore a pillar of global apartheid. In the 1990s, the World Bank and the IMF forged the Washington Consensus, policies that included deregulation and liberalization of markets, privatization and the civil service reform in developing countries, downscaling of government. Though the Washington Consensus was conceived as a policy that would best promote development, it was criticized for ignoring equity, employment, and how reforms like privatization were carried out. Stiglitz argued that the Washington Consensus placed too much emphasis on GDP growth and not enough on the permanence of growth or on whether growth contributed to better living standards. The United States Senate Committee on Foreign Relations report criticized the World Bank and other international financial institutions for focusing too much "on issuing loans rather than on achieving concrete development results within a finite period of time" and called on the institution to "strengthen anti-corruption efforts". James Ferguson (anthropologist), James Ferguson has argued that the main effect of many development projects carried out by the World Bank and similar organizations is not the alleviation of poverty. Instead, the projects often serve to expand the exercise of bureaucratic state power. His case studies of development projects in Thaba-Tseka District, Thaba-Tseka show that the World Bank's characterization of the economic conditions in Lesotho was flawed, and the Bank ignored the political and cultural character of the state in crafting its projects. As a result, the projects failed to help the poor but succeeded in expanding the government bureaucracy. Criticism of the World Bank and other organizations often takes the form of protesting, such as the World Bank Oslo 2002 Protests, the 2007 October Rebellion, and the 1999 World Trade Organization Ministerial Conference of 1999 protest activity, Battle of Seattle. Such demonstrations have occurred all over the world, even among the Brazilian Kayapo people. Another source of criticism has been the tradition of having an American head the bank, implemented because the United States provides the majority of World Bank funding. "When economists from the World Bank visit poor countries to dispense cash and advice," observed ''The Economist'' in 2012, "they routinely tell governments to reject cronyism and fill each important job with the best candidate available. It is good advice. The World Bank should take it." In 2021, an independent inquiry of the World Bank's ''Doing Business'' reports by the law firm Wilmer_Cutler_Pickering_Hale_and_Dorr, WilmerHale found that World Bank leaders, including then-Chief Executive
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and then-President Jim Yong Kim, pressured staff members of the bank to alter data to inflate the rankings for China,
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Saudi Arabia
, Azerbaijan and the United Arab Emirates.


Structural adjustment

The effect of
structural adjustment Structural adjustment programs (SAPs) consist of loans (structural adjustment loans; SALs) provided by the International Monetary Fund The International Monetary Fund (IMF) is an international financial institution, headquartered in Washing ...
policies on poor countries has been one of the most significant criticisms of the World Bank. The 1979 energy crisis plunged many countries into economic crisis. The World Bank responded with structural adjustment loans, which distributed aid to struggling countries while enforcing policy changes in order to reduce inflation and fiscal imbalance. Some of these policies included encouraging production (economics), production, investment and labour-intensive manufacturing, changing real exchange rates, and altering the distribution of government resources. Structural adjustment policies were most effective in countries with an institutional framework that allowed these policies to be implemented easily. For some countries, particularly in Sub-Saharan Africa, economic growth regressed and inflation worsened. By the late 1980s, some international organizations began to believe that structural adjustment policies were worsening life for the world's poor, due to a reduction in social spending and an increase in the price of food, as subsidies were lifted. The World Bank changed structural adjustment loans, allowing for social spending to be maintained, and encouraging a slower change to policies such as transfer of subsidies and price rises. In 1999, the World Bank and the IMF introduced the Poverty Reduction Strategy Paper approach to replace structural adjustment loans.


Fairness of assistance conditions

Some critics, most prominently the author Naomi Klein, are of the opinion that the World Bank Group's loans and aid have unfair conditions attached to them that reflect the interests, financial power and political doctrines (notably the Washington Consensus) of the Bank and, by extension, the countries that are most influential within it. Among other allegations, Klein says the Group's credibility was damaged "when it forced school fees on students in Ghana in exchange for a loan; when it demanded that Tanzania privatise its water system; when it made telecom privatisation a condition of aid for Hurricane Mitch; when it demanded labour 'flexibility' in Sri Lanka in the aftermath of the Asian tsunami; when it pushed for eliminating food subsidies in post-invasion Iraq". A study of the period 1970-2004 found that a less-developed country would on average receive more World Bank projects during any period when it occupied one of the rotating seats on the UN Security Council.


Sovereign immunity

The World Bank requires sovereign immunity from countries it deals with. Sovereign immunity waives a holder from all legal liability for their actions. It is proposed that this immunity from responsibility is a "shield which The World Bank wants to resort to, for escaping accountability and security by the people". As the United States has veto power, it can prevent the World Bank from taking action against its interests.


PricewaterhouseCoopers

World Bank favored PricewaterhouseCoopers as a consultant in a bid for privatizing the water distribution in Delhi, India.


COVID-19

The World Bank has been criticized for the slow response of its Pandemic Emergency Financing Facility (PEF), a fund that was created to provide money to help manage pandemic outbreaks. The terms of the PEF, which is financed by bonds sold to private investors, prevent any money from being released from the fund until 12 weeks after the outbreak was initially detected (23 March). The
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COVID-19 pandemic
met all other requirements for the funding to be released in January 2020. Critics have argued that the terms of the PEF are too stringent, and the 12-week delay means that the funding will be much less effective than if it was released to assist governments in initially containing the outbreak. They argue that the fund prioritizes the interests of the private bondholders over public health.


See also

* Clean Energy for Development Investment Framework * Democracy Ranking * Energy Sector Management Assistance Program (ESMAP) *
International Finance Corporation The International Finance Corporation (IFC) is an international financial institution An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject t ...

International Finance Corporation
* New Development Bank


References


Further reading

* Ascher, W. "New development approaches and the adaptability of international agencies: the case of the World Bank" ''International Organization'' 1983. 37, 415–439. * Bazbauers, Adrian Robert. ''The World Bank and Transferring Development'' (Springer, 2018). * Bergsen, H., Lunde, L., ''Dinosaurs or Dynamos? The United Nations and the World Bank at the Turn of the Century.'' (Earthscan, London, 1999). * Bilbert, C., and C. Vines, eds. ''The World Bank: Structures and Policies'' (Cambridge UP, 2000) * Brown, Michael Barratt. ''Africa's choices: after thirty years of the World Bank'' (Routledge, 2019). * Davis, Gloria. ''A history of the social development network in The World Bank, 1973-2003'' (The World Bank, 2004). * Heldt, Eugénia C., and Henning Schmidtke. "Explaining coherence in international regime complexes: How the World Bank shapes the field of multilateral development finance." ''Review of International Political Economy'' (2019): 1-27
online
* Heyneman, Stephen P. "The history and problems in the making of education policy at the World Bank, 1960–2000." ''International Journal of Educational Development'' 23 (2003) 315–33
online
* Hurni, Bettina S. ''The Lending Policy Of The World Bank In The 1970s'' (1980) * Mason, Edward S., and Robert E. Asher. ''The world bank since Bretton Woods'' (Brookings Institution Press, 2010). * Pereira, João Márcio Mendes. "The World Bank as a political, intellectual, and financial actor (1944-1994)." ''Relaciones Internacionales'' 26.52 (2017)
online in English
* Pereira, João Márcio Mendes. "Assaulting Poverty: Politics and Economic Doctrine in the History of the World Bank (1944-2014)." ''Revista De História'' 174 (2016): 235–265
online
* Polak, Jacques J., and James M. Boughton. "The World Bank and the International Monetary Fund: A Changing Relationship." in ''Economic Theory and Financial Policy'' (Routledge, 2016) pp. 92–146. * Salda, Anne C. M., ed. ''Historical dictionary of the World Bank'' (1997) *Weaver, Catherine. 2008. ''Hypocrisy Trap: The World Bank and the Poverty of Reform''. Princeton University Press. * Woods, Ngaire. ''The globalizers: the IMF, the World Bank, and their borrowers'' (Cornell UP, 2014). * World Bank. ''A Guide to the World Bank'' (2nd ed. 2007
online


External links

*
IBRD main page

IDA main page
{{Authority control World Bank, World Bank Group, 1944 in economics Carbon finance International economic organizations Multilateral development banks Organizations based in Washington, D.C. Organizations established in 1944 Supranational banks United Nations Development Group