Since inception in 1944, the World Bank
has expanded from a single institution to a closely associated group of
five development institutions. Our mission evolved from the
International Bank for Reconstruction and Development (IBRD)
as facilitator of post-war reconstruction and development to the
present-day mandate of worldwide poverty alleviation in close
coordination with our affiliate, the International Development
Association (IDA) and other members of the World Bank Group, the International Finance Corporation (IFC), the Multilateral Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).
President- Jim Yong Kim became the 12th president of the World Bank Group on July 1, 2012.
Headquarters- Washington, DC USA
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 the International
Monetary Fund.
The World Bank Group consists of five organizations:
1. International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development was created in
1944 to help Europe rebuild after World War II. Today, IBRD provides
loans and other assistance primarily to middle income countries. IBRD is
the original World Bank institution. It works closely with the rest of
the World Bank Group to help developing countries reduce poverty,
promote economic growth, and build prosperity.
IBRD is owned by the governments of its 189 member
countries, which are represented by a 25-member board of 5 appointed
and 20 elected Executive Directors. The institution provides a
combination of financial resources, knowledge and technical services,
and strategic advice to developing countries, including middle income
and credit-worthy lower income countries.
2. International Development Association (IDA)
The International Development Association (IDA) is the part of the World
Bank that helps the world’s poorest countries. Overseen by 173
shareholder nations, IDA aims to reduce poverty by providing loans
(called “credits”) and grants for programs that boost economic growth,
reduce inequalities, and improve people’s living conditions.
IDA complements the World Bank’s original lending arm—the International
Bank for Reconstruction and Development (IBRD). IBRD was established to
function as a self-sustaining business and provides loans and advice to
middle-income and credit-worthy poor countries. IBRD and IDA share the
same staff and headquarters and evaluate projects with the same rigorous
standards.
3. International Finance Corporation (IFC)
Established in 1956, IFC is
owned by 184 member countries, a group that collectively determines our
policies. Through a Board of Governors and a Board of Directors, our
member countries guide IFC's programs and activities.
Each of our member countries appoints one governor and one alternate.
Corporate powers are vested in the Board of Governors, which delegates
most powers to a board of 25 directors. Voting power on issues brought
before them is weighted according to the share capital each director
represents.
The directors meet regularly at World Bank Group headquarters in
Washington, D.C., where they review and decide on investments and
provide overall strategic guidance to IFC management.
4. Multilateral Investment Guarantee Agency (MIGA)
MIGA is a member of the World Bank Group. The mission of MIGA is to
promote foreign direct investment (FDI) into developing countries to
help support economic growth, reduce poverty, and improve people's
lives. MIGA’s operational strategy plays to foremost strength in the
marketplace—attracting investors and private insurers into difficult
operating environments. We focus on insuring investments in the areas
where we can make the greatest difference.
5. International Centre for Settlement of Investment Disputes (ICSID)
ICSID is the world’s leading institution devoted to international
investment dispute settlement. It has extensive experience in this
field, having administered the majority of all international investment
cases. States have agreed on ICSID as a forum for investor-State dispute
settlement in most international investment treaties and in numerous
investment laws and contracts.
ICSID was established in 1966 by
the Convention on the Settlement of Investment Disputes between States
and Nationals of Other States (the ICSID Convention). The ICSID
Convention is a multilateral treaty formulated by the Executive
Directors of the World Bank to further the Bank’s objective of promoting
international investment. ICSID is an independent, depoliticized and
effective dispute-settlement institution. Its availability to investors
and States helps to promote international investment by providing
confidence in the dispute resolution process. It is also available for
state-state disputes under investment treaties and free trade
agreements, and as an administrative registry.
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