Clarisse Tingchuy

AB – Political Science

WORLD BANK WRITTEN REPORT

WBG (WORLD BANK GROUP) - The World Bank Group is a specialized United Nations agency dedicated
to improving living standards in developing countries through facilitation and financing development and
investment. The WBG came into formal existence on 27 December 1945 following international
ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary and
Financial Conference (1–22 July 1944). It also provided the foundation of the Osiander Committee in 1951,
responsible for the preparation and evaluation of the World Development Report. Commencing
operations on 25 June 1946, it approved its first loan on 9 May 1947 (US$250M to France for postwar
reconstruction, in real terms the largest loan issued by the Bank to date).

It was founded by John Maynard Keynes and Harry Dexter White.

From the World Bank Group, it created five institutions or organizations. The World Bank has expanded
from the single institution that was created in 1944 to a group of five unique and cooperative institutional
organizations.

• International Bank for Reconstruction and Development (IBRD) - an institution that

provides debt financing to governments that are considered middle income.

• International Development Association (IDA) - a group that gives interest-free loans to the
governments of poor countries.

• International Finance Corporation (IFC), the third organization, focuses on the private sector and
provides developing countries with investment financing and financial advisory services.

• Multilateral Investment Guarantee Agency (MIGA), an organization that promotes foreign direct
investments in developing countries.

• International Centre for Settlement of Investment Disputes (ICSID), an entity that

provides arbitration on international investment disputes.

The term "World Bank" generally refers to just the IBRD and IDA, whereas the term World Bank Group or
WBG is used to refer to all five institutions collectively

The World Bank is a provider of financial and technical assistance to developing countries around the
globe. The bank considers itself a unique financial institution that provides partnerships to reduce poverty
and support economic development by giving loans and offering advice and training to both the private
and public sectors. The World Bank was established in 1944, is headquartered in Washington D.C., and
has more than 10,000 employees in over 120 offices worldwide. It has 189 member governments as of
today.
WORLD BANK AIMS/MISSION/GOAL

• TO END EXTREME POVERTY

• By reducing the share of the global population that lives in extreme poverty t0 3%
by 2030.

• TO PROMOTE SHARED PROSPERITY

• By increasing the income of the poorest 40% of people in every country.

WORLD BANK CRITERIA/FUNCTION

• ERADICATE EXTREME POVERTY AND HUNGER

• ACHIEVE UNIVERSAL PRIMARY EDUCATION

• PROMOTE GENDER EQUALITY

• REDUCE CHILD MORTALITY

• IMPROVE MATERNAL HEALTH

• COMBAT HIV/AIDS, MALARIA AND OTHER DISEASES

• ENSURE ENVIRONMENTAL SUSTAINABILITY

• DEVELOP A GLOBAL PARTNERSHIP FOR DEVELOPMENT

BRETTON WOODS AGREEMENT

• One of the major items that came about from the Bretton Woods Agreement was the creation of
the IMF. It was created to monitor exchange rates and lend reserve currencies to nations. It was
formally introduced in December 1945 when 29 members signed the Articles of Agreement. The
Bretton Woods Agreement also created the World Bank Group, which was set up to provide
financial assistance for countries during the reconstruction post World War I phase.

WORLD BANK PRESIDENT

The President of the World Bank is nominated by the President of the United States and elected by the
Bank's Board of Governors. Traditionally, the Bank President has always been a U.S. citizen nominated by
the President of the United States, the largest shareholder in the bank. The nominee is subject to
confirmation by the Board of Governors, to serve for a five-year, renewable term.

On 16 April 2012, The World Bank announced that Jim Yong Kim would be its next President. Kim assumed
office on 1 July 2012.
TOP 5 MOST SIGNIFICANT COUNTRIES

• UNITED STATES

• JAPAN

• CHINA

• GERMANY

• FRANCE