It is very important for you to know about the World Bank. Various questions on World Bank are asked in Banking Awareness Section, general knowledge section, interviews, Group discussions in almost all the competitive exams. After reading this article you would be able to cover almost all such questions:
World Bank: The World Bank is an international financial institution that provides loans to developing countries for capital programs. The World Bank’s official goal is the reduction of poverty. World Bank comprises of two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The International Development Association (IDA) is the part of the World Bank that helps the world’s poorest countries. Established in 1960, IDA aims to reduce poverty by providing interest-free credits and grants for programs that boost economic growth, reduce inequalities and improve people’s living conditions. The World Bank was created at the Bretton Woods Conference on 27 th December 1944.
Headquarter: The World Bank headquarters inWashington,DC
Members: At present there are 187 member countries of the World Bank.
President: Jim Yong Kim is the current president of the World Bank.
Objectives: The World Bank was established to promote long-term foreign investment loans on reasonable terms. Its objectives are to provide assistance to developing and transition countries, to promote the economic development of the world’s poorer countries, finance the poorest developing countries through the International Development Association (IDA).
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