World Bank
The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, came into existence on December 27, 1945 following international ratification of the agreements reached at the Bretton Woods Conference of July 1 - July 22, 1944.An international organization that provides long term loans, grants, and technical assistance, to help developing countries implement their poverty reduction strategies. As such, World Bank financing can be used in many different areas, from reform of health and education sector, to environmental and infrastructure projects, including dams, roads, and national parks.
Commencing operations on June 25, 1946, it approved its first loan on May 9, 1947 ($250m to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date).
Together with five affiliated agencies created between 1956 and 1988, the Bank is part of the World Bank group. The Bank's headquarters in Washington, D.C are presently headed by president (1995-2005) James D. Wolfensohn. The Bank also serves as of several Implementing Agencies for the Globel Environment Facility (GEF).
Though repeatedly relied upon by impoverished governments around the world as a contributor of development finance, the Bank has been criticised by opponents of corporate "neo-colonial" globalization for undermining the national sovereignty of recipient countries through its pursuit of economic liberalisation.
Originally the bank focused mainly on large scale infrastructure projects, building highways, airports, and powerplants. In recent years it has become more focused on support for small scale local enterprises. It also has embraced that clean water, education, and sustainable development are essential to economic growth and has begun investing heavily in such projects.
There has long been a rivavlry between the World Bank and the IMF, with the World Bank staff generally viewing their institution as far more successful in sparking economic growth while also being far more concerned about the well being of the populace.
One of the issues arising on repayment policy is that some loans were provided to dictators and military juntas even though the dictators did not have a popular mandate to represent the people. Loans used inefficiently, to enrich a very small part of the population, are still to be repaid by the entire population - even though the former leaders are out of power. A similar argument could be applied to bilateral loans made in these periods too.
References
List of presidents
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External link