 | This article has no lead section .(August 2021) |
| | This article has no lead section .(August 2021) |
Nicaragua first entered into the World Bank when it signed the IBRD Articles of Agreement in 1946 along with other Latin American countries such as El Salvador and Panama. In 1951, Nicaragua took its first loan from the World Bank in the form of the Highway Project. [1] The goal of the Highway Project was to finance the construction of 266 kilometers of paved roads in order to facilitate the economic growth of Nicaragua. The creation of reliable roads helped open up new sections of land to agricultural development in Nicaragua. [2] The Nicaraguan Revolution from 1979 to 1990 led to troubles with the World Bank as in 1984, Nicaragua became the first country to go into nonaccrual status with the IBRD. An onset of debt issues during the Nicaraguan Revolution led to a nonaccrual status with the IBRD and prompted fears of repayment issues. [3] [ circular reference ] After the Nicaraguan Revolution, Nicaragua signed the MIGA Articles of Agreement in 1992 making it the 81st member of this group within the World Bank. The Multilateral Investment Guarantee Agency (MIGA) was created to promote foreign investment in developing countries by providing insurance and credit enhancement to lenders and investors. [4] The World Bank continues to operate in Nicaragua and notes that political unrest in 2018 has caused the economy to contract 3.8 percent prompting concerns that recent efforts to combat poverty levels will be undermined. [5]
The World Bank continues to be heavily involved in Nicaragua. From 2018 to 2022, Nicaragua's Country Partnership Strategy (CPF) will be the main pathway to addressing poverty and creating prosperity for its citizens. The main goals of the CPF is to enable private investment, invest in human capital, and to strengthen public institutions to support risk management. [6] One of the World Bank projects that falls under this mission is the Integrated Public Provision of Health Care Services project. The goal of the Integrated Public Provision of Health Care Services Project is to extend the coverage of health care to less advantaged groups while also increasing the quality of the health care. The cost of this World Bank project is sixty millions U.S. dollars. The loan will be used to finance consulting, training, and operation costs in order to support the goals of the project. [7] Another modern project from the World Bank is the Rural and Urban Access Improvement Project which seeks to improve the accessibility of markets in rural areas through the development of roads and the strengthening of road management institutions. The cost of this project is $96.80 million. Another main component of this project is to make resources available to the Nicaraguan government in the case of a crisis or emergency that warrants the use of the provided funds. [8]
The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States, that is the lending arm of World Bank Group. The IBRD offers loans to middle-income developing countries. The IBRD 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 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.
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 head of IEG, the Director-General, Evaluation, reports directly to the Bank Group's Board of Executive Directors and not to Bank Group management.
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.
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.
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.
The relationship between Ethiopia and the World Bank was formalized on December 27, 1945.
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.
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.
Jamaica first joined The World Bank Group (WBG) on the 21st of February, 1963, when the island nation became a member of The International Bank for Reconstruction and Development (IBRD), which lends to middle and low income nations. This occurred the same month as Jamaica joining the International Monetary Fund (IMF), and one year after declaring political independence. Since joining The World Bank, Jamaica has received in excess of $3 billion US Dollars in loans and grants. Jamaican Minister of Finance, Donald Sangster, led the Jamaican delegations to World Bank and International monetary Fund meetings between 1963 and 1966, while also serving as Governor of the World Bank and IMF. Sangster would go on to serve briefly as the Prime Minister of Jamaica.
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.
Kazakhstan joined the World Bank in 1992 after it had gained independence from the Soviet Union in 1991. Kazakhstan has one of the fastest growing economies of all Post-Soviet states, 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, in seeking to promote development within less developed countries, describes itself as a fund rather than a Bank, by initiating projects for less developed countries in pursuit to end poverty. The World Bank initiates and divides such projects for each Developed country through its 5 internal Institutions: that being MIGA, IDA, IFC, ICSID, and IRD. One target Latin American country was Guatemala. According to recent World Bank data, 8.7% of Guatemala's people met the standard of extreme poverty. This standard is quantified to mean an average income of less than $1.9 a day. Such poverty thus increasingly grew by "half a million" from the time of 2000–2014 With increasingly high poverty and a lack thereof appropriate education in 2016 prompted the World Bank partnership with Guatemala through the partnership.
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.