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 Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). The first two are sometimes collectively referred to as the World Bank.
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 is a family of five international organizations that has provided leveraged loans and monetary assistance to the Central American country of Honduras in order to assist with the funding of critical tasks needed to ensure security of Honduran access to financing, expansion of social program coverage, and rural development. The country is the second poorest in Central America and its high poverty rate of 66% in 2016 has prompted an increased focus on the importance of diversification of rural income sources, quality education, and targeted social programs as a way of spurring economic growth.
Sri Lanka has been involved with the World Bank since its initial entrance into the International Bank for Reconstruction and Development (IBRD) on August 29, 1950. Currently, Sri Lanka's quota in the IBERT is approximately 515.4 million dollars, thus allotting 5,846 votes or 0.25% of the total votes in the institution. Sri Lanka later became a member of the other institutions in the world bank such as the International Finance Corporation (IFC) on July 20, 1956, with a current quota of 7.491 million dollars, allotting 8,311 votes or 0.32% of the total votes; the International Development Association (IDA) on June 27, 1961, with a current share of 98,100 votes or 0.36% within the institution; the International Center for Settlement of Investment Disputes (ICSID) on November 11, 1967; and the Multilateral Investment Guarantee Agency (MIGA) on May 27, 1988, with a current quota of 4.78 million SDR. Sri Lanka is currently in the India-led constituency for these organizations, representing the country as part of the South Asian block.
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.
Morocco's involvement with the World Bank primarily focuses on infrastructure, such as road, transport and water sanitation. In addition the bank supports projects across the health sector, youth development, renewable energy, governance and the support of small and medium enterprises (SMEs). 27 projects are ongoing, including three projects initiated in 2017. The World Bank invested over US$1 billion every year from 2014 to 2016.
Uzbekistan became a World Bank member in 1992, shortly after declaring independence in 1991 following the collapse of the Soviet Union. The World Bank has supported projects in Uzbekistan in the areas of education, infrastructure, agriculture, and water resource management. Uzbekistan's collaboration with the bank has been increasing, with IBRD and IDA lending reaching a recent peak of $500 million in 2015. The World Bank has provided financing for 27 projects through the IBRD and IDA in throughout its relationship with Uzbekistan, with 15 active projects as of June 2017. Current IBRD and IDA projects total $1.9 billion.
The World Bank lists Peru as an upper-middle income country. The Peruvian government has been keen to follow the World Bank's policies for growth. As of September 2018 Peru has $485.44 million in outstanding loans with a mix of 19 different institutions and sectors. The policy reform undertaken by the Peruvian government with the assistance of the World Bank, has stimulated one of the fastest growing economies in Latin America.
Uruguay and the World Bank have been working together for a long time. This is because they both mutually benefit.
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.
In 1980, Djibouti became a member of the World Bank Group (WBG). The WBG includes five different organizations: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). Accounting for more than thirteen thousand projects across 173 countries, the WBG is one of the main lending facilities of the world. The WBG works together with governments and private sectors in order to enhance countries efforts towards development and poverty reduction.
The World Bank Group (WBG) provides grants, credits and policy analysis to support economic development in Tanzania with a focus on infrastructure and private sector growth. As of 2018, WBG supports 25 active projects with funding of more than $3.95 billion. The WBG provides analytical and technical assistance in coordination with these projects. From 2007-2018 Tanzania maintained real GDP growth averaging 6.8% a year. Growth concentrated in the agricultural and transportation sectors. Complementing this growth, the poverty rate in Tanzania fell from 28.2% in 2012 to 26.9% in 2016. Debate exists over the validity of this growth as development may be unevenly dispersed among different geographic and income groups.
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.
The World Bank Group is a family of five international organizations, which has continuously given leverage loans and financial assistance to developing nations like the Democratic Republic of the Congo, commonly known as the DRC. The country has received assistance from the World Bank in the form of social programs in order to induce and sustain economic development. This assistance has been directed toward conflict prevention, investments in education, and addressing environmental degradation.
The World Bank Group, composed of five institutions, works together with the Panamanian government to reduce poverty and increase prosperity. Panama first became a member of the World Bank Group on March 14, 1946. In the past decade, Panama's annual growth has increased by 7.2% in the span of 12 years, making it one of the fastest growing economies in the world. In 2019, Panama was ranked the second fastest growing economy in Latin America by the World Bank. As of 2019, Panama has $435.59 million US dollars being distributed amongst seven projects, all geared toward their overall goal of poverty reduction and indigenous inclusion. Continuing with their efforts to reduce extreme poverty, the World Bank along with efforts of the Panamanian government has reduced poverty from 39.9% to 26.2% while extreme poverty has been reduced by an estimated 15.6% to 11.3% from 2014 to 2019. As of late 2019, there is an estimated $213.26 million US dollars of undisbursed loans.
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.
Malaysia's independence in 1957 was a catalyst for growth. As the nation took charge of managing its own affairs, it continued to develop the goals and means necessary for a financial structure conducive to the economic growth observed today. Critical to the transition of Malaysia from a low-income country to one of high-income status has been the expansion of its economy. From a commodity and agricultural-based economy, the Southeast Asian nation is transitioning to a leading exporter of more complex goods. As the nation opens up to trade and investment, the World Bank and the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) continue to assist with its development.
Kazakhstan joined the World Bank in 1992 after it had gained independence from the in 1991. Kazakhstan has one of the fastest growing economies of all, and as a result had its classification changed from a lower-middle income state to and upper-middle income state in 2006. Because of this, Kazakhstan has begun to rely less on international financing as it had in previous decades; however, Kazakhstan still takes out loans from the world bank, primarily relating to the countries environmental issues.
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.
Cape Verde joined the World Bank in November 20, 1978 after declaring its independence from Portugal in 1975. The first agreement with the IDA occurred on February 8, 1983 supporting the Praia Port Project for the amount of $7,200,000. Since then 45 other projects have been approved through the World Bank totaling in $445,200,000. A majority of projects were focused around the central government, followed by industrial and trade services. Other projects were approved in transportation, energy, social protection, and ports. As of November 29, 2019 there are 9 active projects funded by the IBRD and IDA totaling $156,000,000.
