Professional Documents
Culture Documents
The World Bank (WB) was originally created as the International Bank
for Reconstruction and Development (IBRD) in 1944 with the aim of
assisting in the economic reconstruction of the World War II-damaged
European economies.
II. To promote private investment and long run balanced growth of international
trade and BOP equilibrium by means of guarantees or participation in
international loans and investments.
III. To arrange loans made or guaranteed by it. so that more useful and urgent
projects receive preference.
IV. To provide finance to projects from its own capital, funds raised by it and by
participating with other members.
In addition, the Bank provides advice and expertise. It now puts more emphasis
on institutional technical assistance and infrastructure assistance. Over the years,
it has been able to generate and disseminate policy relevant knowledge. Today, it
has been concentrating more on this asset rather than financial resources. This
organisation is now called the knowledge bank.
Functions:
Being twin sisters, membership in the IMF is a prerequisite
for membership in World Bank (188 countries in May, 2012).
Objectives:
The purposes and objectives are constantly changing. For
instance, in the early years, the Banks investment
concentrated on infrastructural build-up like power,
transport, communications and irrigation. During the late
1960s and 1970s, the Bank went on financing agricultural
projects more activelyparticularly in the promotion of cash
crops. However, in the 1980s, agricultural lending declined
drastically.
For all its clients, the Bank emphasises the need for: