World Bank
- The World Bank is an international institution that provides financial and technical assistance to developing countries around the world.
- The Bank is made up of 189 member countries.
- It comprises two institutions, namely
- the International Bank for Reconstruction and Development (IBRD) and
- the International Development Association (IDA).
- The World Bank is a component of the World Bank Group.
- Founded in 1944, the World Bank was initially known as the International Bank for Reconstruction and Development.
- Originally, its loans helped rebuild countries devastated by World War II.
- Over time, the focus shifted from reconstruction to development, with an emphasis on infrastructure.
- Today, the Bank Group works on a range of issues such as climate change, conflict, food security, education, agriculture, finance, and trade.
- All of these efforts support the Bank Group’s twin goals of
- Ending extreme poverty by 2030 and
- Boosting shared prosperity of the poorest 40 per cent of the population in all countries.
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