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The International Bank for Reconstruction and Development (IBRD) is an international financial institution,established in 1944 and headquartered in Washington,D.C.,United States;it is the lending arm of World Bank Group. The IBRD offers loans to middle-income developing countries. It is the first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in 1944,was to finance the reconstruction of European nations devastated by World War II. The IBRD and its concessional lending arm,the International Development Association (IDA),are collectively known as the World Bank as they share the same leadership and staff.
The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Group. The bank is headquartered in Washington,D.C.,in the United States. It provided around $98.83 billion in loans and assistance to "developing" and transition countries in the 2021 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion. Its five organizations are
The International Development Association (IDA) is a development finance institution which offers concessional loans and grants to the world's poorest developing countries. The IDA is a member of the World Bank Group and is headquartered in Washington,D.C. in the United States. It was established in 1960 to complement the existing International Bank for Reconstruction and Development by lending to developing countries which suffer from the lowest gross national income,from troubled creditworthiness,or from the lowest per capita income. Together,the International Development Association and International Bank for Reconstruction and Development are collectively generally known as the World Bank,as they follow the same executive leadership and operate with the same staff.
The Independent Evaluation Group (IEG) is an independent unit within the World Bank Group (WBG) charged with objectively evaluating the activities of the International Bank for Reconstruction and Development (IBRD) and International Development Association,the work of International Finance Corporation (IFC) in private sector development,and the Multilateral Investment Guarantee Agency's (MIGA) guarantee projects and services to provide accountability,help de WGB avoid unnecessarily mistakes and successfully reach their goals.
The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution which offers political risk insurance and credit enhancement guarantees. These guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries. MIGA is a member of the World Bank Group and is headquartered in Washington,D.C. in the United States.
MichałTomasz Krupiński is a Polish economist,banker and finance executive.
David Robert Malpass is an American economic analyst and former government official who served as President of the World Bank Group from 2019 to 2023. Malpass previously served as Under Secretary of the Treasury for International Affairs under Donald Trump,Deputy Assistant Treasury Secretary under Ronald Reagan,and Deputy Assistant Secretary of State under George H. W. Bush. He served as Chief Economist at Bear Stearns for the six years preceding its collapse.
Surendra Singh was Cabinet Secretary in the Indian government from August 1994 to July 1996,as well as Chairman of the Civil Services of India. Prior to that he was Secretary of the former Indian Ministry of Industry.
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA),two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start,its first loan was to France in 1947. In the 1970s,it focused on loans to developing world countries,shifting away from that mission in the 1980s. For the last 30 years,it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the United Nations' Sustainable Development Goals,as well as environmental and social safeguards.
China originally joined the World Bank Group (WBG) on December 27,1945. However,after the Chinese Civil War,the World Bank recognized the Republic of China as its member,until the relationship ended in 1980,when the membership was replaced by the People's Republic of China. The People's Republic of China (PRC) did not become involved with the World Bank group until 1980,when it first joined the World Bank in April due to the market reforms known as reform and opening-up. Prior to the economic reform and its relation with the World Bank,according to CRS,"China maintained policies that kept the economy very poor,stagnant,centrally controlled,vastly inefficient,and relatively isolated from the global economy". Since its entry into the World Bank,China has transformed into a market-based economy and has experienced rapid economic and social development. Currently,although China has become the world's second largest economy with 1.4 billion population,it still has a close relationship with the World Bank in areas such as poverty,environmental protection and new challenges from the reform.
The World Bank Group country partnership framework aims to support Haiti's efforts to reduce poverty and provide economic opportunities for all Haitians. The framework aims to strengthen institutions,government capacity,and public financial management as aid and concessional financing rapidly decline.
Hartwig Löger is an Austrian politician and former business executive who served as minister of finance from 2017 to 2019. From 2011 to 2017 he was chief executive officer of UNIQA Austria. On 22 May 2019,following the Ibiza affair,he was named vice chancellor,and on 28 May 2019,he was sworn in as acting chancellor after Austria's first ever successful vote of no confidence against a cabinet,leaving this post on 3 June 2019.
Vietnam joined the World Bank Group (WBG) on 21 September 1956. Before the mid-1980s,Vietnam was one of the world's least developed countries. A series of economic and political reforms launched in 1986,known as Đổi Mới,caused Vietnam to experience rapid economic growth and development,becoming a lower middle-income country. The World Bank (WB) has maintained a development partnership with Vietnam since 1993. As of 25 March 2019,it has committed a total of US$24 billion in loans,credits,and grants to Vietnam through 165 operations and projects,44 of which are active as of 2019 and comprise US$9 billion. With an estimated extreme poverty rate below 3% and a GDP growth rate of 7.1% in 2018,Vietnam's economy continues to show fundamental strength and is supported by robust domestic demand and export-oriented manufacturing.
Croatia joined the World Bank in 1993,two years after declaring independence from the Socialist Federal Republic of Yugoslavia in 1991. The World Bank's projects from the mid-1990s to the mid-2000s primarily focused on infrastructural and environmental projects.
South Korea first joined the World Bank Group as a member in 1955. Over the years,South Korea manages to develop its economy in a successful and positive manner. The country now is a financial contributor to the World Bank to help other,rather than an aid recipient in the old days. Under the help and cooperation with the World Bank,South Korea became a rapid growth country in economy begin in the 1970s,and it now became a large shareholder of the institution to help out other developing countries.
Japan joined the World Bank Group in August 1952. Loans that were taken out by Japan focused on improving infrastructure,having electrical power generation,improving water,establishing basic industry development and improving transportation. Japan now is the second-largest creditor to the World Bank,and in 1970 established an office in Tokyo.
Mali joined the World Bank Group in 1963 after they gained their independence from France in 1960. They are a low-income country with 41.3% of their population living under the poverty line in 2019. Additionally,Mali is a landlocked country whose economy is vulnerable to changes in climate. Thus,Mali has relationships with the International Bank for Reconstruction and Development (IBRD),International Development Association (IDA),International Finance Corporations (IFC),and the Multilateral Investment Guarantee Agency (MIGA). In 2019,the IBRD and IDA committed to lending 500 million US dollars to projects in Mali,a large jump from 2018,where only US$178 million was lent. The bank group is currently involved in 30 projects in the region.These projects focused on areas such as mining,cotton,climate change,good governance,and health. Since 2013,the World Bank Group has worked alongside their UN mission counterpart,MINUSMA to create stability and growth in the region. The current World Bank Country Director for Mali is Soukeyna Kane.
The World Bank Group is a large international financial institution that continuously provides loans and grants in order to fund capital projects in poor and developing nations across the globe. Its main goal is to reduce poverty worldwide. It consists of five other large international financial banks within in,each providing funding for different types of projects. Belarus joined the World Bank back in 1992 and has since then received over $2.5 billion in lending commitments since then and in the form of grant financing,it has received $31 million,with much of this funding going towards programs that include civil society partners. Currently,Belarus's active portfolio within the World Bank has a total of $933 million,with it containing a total of nine different projects,as well as two more projects that are currently still in preparation in the areas of energy efficiency and higher education. The majority of this funding has been directed towards the themes of pollution management and environmental health,climate change,and rural services and infrastructures,with the majority of the funding going directly into the central government,other agencies and extractives,and forestry sectors of the country,as well as sustainable energy. In looking to have more economic growth,improving the private sector environment within Belarus could help.
Leonardo Felice Gorordo is an American entrepreneur,investor and diplomat,currently serving as the United States Alternate Executive Director of the World Bank. He assumed this position on May 10,2023,and has been acting as the U.S. Executive Director of the World Bank since September 2023. He is best known for his work on Cuba–United States relations through both advocacy and public service. Gorordo's career includes service in the White House under Presidents Barack Obama and George W. Bush,as well as an advisor to President Joe Biden's Cancer Initiative.
References
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- ↑ "DJ Nordquist".
- ↑ "President Trump Announces Presidential Delegation to Bahrain to Attend the Peace to Prosperity Workshop". White House. Archived from the original on July 19, 2020. Retrieved July 30, 2020.
- ↑ "Nomination of Jennifer D. Nordquist to the International Bank for Reconstruction and Development". Congress. September 12, 2019. Retrieved July 30, 2020.
- ↑ Procee, Paul (May 5, 2013). "WORLD BANK GROUPBOARD STANDING COMMITTEES MEMBERSHIP" (PDF). World Bank. pp. 1–9. Archived from the original (PDF) on July 16, 2020. Retrieved July 30, 2020.
- 1 2 "World Bank Executive Directors Visit Nepal; Discuss Federalism, Diversified Investment, and Reconstruction". Market Scanner. November 1, 2019. Retrieved January 3, 2021.
- ↑ "US stirs up NEC debate as clock ticks" . Retrieved January 3, 2021.[ permanent dead link ]
- ↑ "Economist Events' 4th Annual Investing for Impact Conference to Share Vision for 2020 and Beyond" (Press release). Business Wire. December 13, 2019. Retrieved January 3, 2021.
- ↑ "Malpass Mnuchin Letter" (PDF). U.S. House Financial Services Committee. December 16, 2019. Archived from the original (PDF) on December 1, 2020. Retrieved January 3, 2021.