Now as the season of Banking Exams on its peak, as there are a lot of exams lined up and it becomes really important to aware with all new banking terms, facilities, launches etc. Like World Bank Group is the new revolution entering into this sector so, it is important to have a knowledge about that as per exam perspective. For the same, we are here with the notes on World Bank Group which will really help you to clear all your doubts.
The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank. Generally, the governors are member countries' ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and theInternational Monetary Fund.
The governors delegate specific duties to 25 Executive Directors, who work on-site at the Bank. The five largest shareholders appoint an executive director, while other member countries are represented by elected executive directors.
World Bank Group President Jim Yong Kim chairs meetings of the Boards of Directors and is responsible for overall management of the Bank. The President is selected by the Board of Executive Directors for a five-year, renewable term.
The Executive Directors make up the Boards of Directors of the World Bank. They normally meet at least twice a week to oversee the Bank's business, including approval of loans and guarantees, new policies, the administrative budget, country assistance strategies and borrowing and financial decisions.
The World Bank operates day-to-day under the leadership and direction of the president, management and senior staff, and the vice presidents in charge of Global Practices, Cross-Cutting Solutions Areas, regions, and functions. Established in 1944, the World Bank Group is headquartered in Washington, DC, USA. Tiny South Pacific island nation Nauru has become the 189th member of the International Monetary Fund and the World Bank.
The World Bank Group consists of five organizations:
1. The International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries.
2. The International Development Association
The International Development Association (IDA) provides interest-free loans — called credits — and grants to governments of the poorest countries.
3. The International Finance Corporation
The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.
4. The Multilateral Investment Guarantee Agency
The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfils this mandate by offering political risk insurance (guarantees) to investors and lenders.
5. The International Centre for Settlement of Investment Disputes
The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.
World Bank in the News-
1. World Bank allowed India to construct hydroelectric power facilities on tributaries of the Jhelum and Chenab rivers with certain restrictions under the 1960 Indus Waters Treaty (IWT).
2. An agreement for IBRD Credit of USD 35 Million from World Bank for “Assam State Public Financial Institutional Reforms Project” was signed in New Delhi.
3. The World Bank has cleared a USD 250-million loan for making Indian youth more employable through re-skilling, in a move that is seen to aid the Skill India Mission.
4. According to India Development Report released by World Bank, India had one of the lowest female participation in the workforce, ranking 120th among 131 countries.
5. State Bank of India and the World Bank announced that they had financed 100 MW of rooftop solar projects worth Rs400 crore in India.
6. The World Bank has approved financing worth more than 500 million dollars for Afghanistan to support a string of projects to boost the economy, help improve service delivery in five cities and support Afghan refugees sent back from Pakistan.
7. World Bank has projected a strong 7.2 per cent growth rate for India this year (2017) against 6.8 per cent growth in 2016.
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