This provides an in depth understanding of World Bank and it's functions.it is designed to educate the students about the importance of World Bank in the global economy.
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The World Bank is an international financial institution that provides financial and technical assistance to developing countries for the purpose of reducing poverty, promoting economic development, and fostering sustainable development. Here are some key details about the World Bank:
1. *Establishment:* The World Bank was established in 1944 and began operations in 1946. Its headquarters is located in Washington, D.C., United States.
2. *Structure:* The World Bank is comprised of two main institutions:
*International Bank for Reconstruction and Development (IBRD):* This institution primarily focuses on middle-income and creditworthy low-income countries. It provides loans and financial services to these countries for a wide range of development projects.
*International Development Association (IDA):* IDA primarily serves the world's poorest countries by providing concessional loans and grants for projects that may not be viable for traditional lending.
3. *Mission:* The World Bank's mission is to reduce poverty and promote sustainable economic development in developing countries. It aims to achieve this by offering financial support, technical expertise, and knowledge sharing.
4. *Funding:* The World Bank raises funds through the issuance of bonds in international capital markets. These funds are then lent to member countries at relatively low-interest rates.
5. *Projects:* The World Bank funds various projects in sectors such as infrastructure, education, healthcare, agriculture, and environmental sustainability. These projects aim to improve living conditions, infrastructure, and economic opportunities in recipient countries.
6. *Governance:* The World Bank is governed by its member countries, with decisions made by a Board of Governors and a Board of Executive Directors. The United States is the largest single shareholder, followed by China, Japan, and other member countries.
7. *Research and Reports:* In addition to financing development projects, the World Bank conducts extensive research on global economic and development issues. It publishes reports and data that provide valuable insights into economic trends, poverty reduction, and sustainable development.
8. *Criticism:* The World Bank has faced criticism over the years for various reasons, including concerns about the environmental impact of its projects, its approach to lending and conditionality, and questions about its effectiveness in reducing poverty in some regions.
9. *Sustainable Development Goals (SDGs):* The World Bank aligns its activities with the United Nations Sustainable Development Goals (SDGs), which provide a global framework for addressing pressing global challenges, including poverty, inequality, climate change, and sustainable development.
Overall, the World Bank plays a significant role in supporting development efforts around the world, with a focus on improving the well-being of people in developing countries and fostering economic growth.
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Timestamp
00:00 introduction
00:15 establishment and structure
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