World Bank

The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing economic development. It is the collective name for the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), two of the five international organizations owned by the World Bank Group. The World Bank was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. Initially, its loans helped rebuild countries devastated by World War II. Over time, it has shifted its focus to development, with a stated mission of eradicating extreme poverty and boosting shared prosperity.

The World Bank is a member of the United Nations Sustainable Development Group. It is governed by its 189 member countries, though the United States, as its largest shareholder, has traditionally appointed its president. The current president is Ajay Banga, appointed in June 2023. The Bank's lending and operational decisions are made by a president and a board of 25 executive directors. The largest voting powers are held by the U.S. (15.85%), Japan (6.84%), China (4.42%), Germany (4.00%), and the United Kingdom (3.75%).

The Bank's activities span all sectors of development. It provides financing, policy advice, and technical assistance to governments, and also focuses on private sector development through its sister organizations. The Bank's work is guided by environmental and social safeguards to mitigate harm to people and the environment. In addition to its lending operations, it serves as one of the world's largest centers of development research and knowledge, publishing numerous reports and hosting an Open Knowledge Repository. Current priorities include financing for climate action and responding to global crises like the COVID-19 pandemic.

The World Bank has been criticized for the harmful effects of its policies and for its governance structure. Critics argue that the loan conditions attached to its structural adjustment programs in the 1980s and 1990s were detrimental to the social welfare of developing nations. The Bank has also been criticized for being dominated by wealthy countries, and for its environmental record on certain projects. Provided by Wikipedia