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64-442: The United Nations thesaurus sees agrarian reform as a component of agricultural economics and policy, with a specific impact on rural sociology, and broader than land reform, describing agrarian reform as: Reforms covering all aspects of agrarian institutions, including land reform, production and supporting services structure, public administration in rural areas, rural social welfare and educational institutions, etc. Cousins defines

128-545: A Country Assistance Strategy is produced in cooperation with the local government and any interested stakeholders and may rely on analytical work performed by the bank or other parties. The World Bank's negative pledge clause prohibits its debtor countries from using public assets to repay other creditors before they repay the World Bank. The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries . It

192-404: A World Bank loan was France in 1947. The bank's president at the time, John McCloy , chose France over two other applicants, Poland and Chile. The loan was for US$ 250 million, half the amount requested, and came with strict conditions. France had to agree to produce a balanced budget and give priority of debt repayment to the World Bank over other governments. World Bank staff closely monitored

256-562: A borrower country to repay the loan. In 1960, the International Development Association was formed (as opposed to a UN fund named SUNFED), providing soft loans to developing countries . Before 1974, the reconstruction and development loans the World Bank made were relatively small. Its staff was aware of the need to instill confidence in the bank. Fiscal conservatism ruled, and loan applications had to meet strict criteria. The first country to receive

320-600: A new president was appointed: Ajay Banga . His term began on 2 June 2023. He was supported by the American president Joe Biden partly because he supports climate action . He is also expected to help low-income countries deal with debts. He is the first Indian American to lead the bank. The vice presidents of the bank are its principal managers, in charge of regions, sectors, networks and functions. There are two executive vice presidents, three senior vice presidents, and 24 vice presidents. The boards of directors consist of

384-630: A particular focus on low- and middle-income countries . Ajay Banga Ajaypal Singh "Ajay" Banga (born November 10, 1959 ) is an Indian-born American business executive. He is currently the president of the World Bank Group . He was the executive chairman of Mastercard , after having previously served as president and chief executive officer (CEO) of the company from July 2010 until December 31, 2020. He retired from this position on December 31, 2021, and joined General Atlantic as its vice chairman. Before being nominated to

448-621: A result, reducing inequality, in this definition, had become an integral part of the World Bank’s objectives and effectively “broadened its mandate”. The World Bank has been criticized for not embracing the reduction of inequality (be it economic inequality within a country, or international inequality between countries) as a goal. Instead, the bank has taken an instrumental approach to the issue, in which inequality policies were seen as useful as long as they contributed to reducing (extreme) poverty or promoting average economic growth. As part of

512-483: A tacit understanding between the United States and Europe, the president of the World Bank has been selected from candidates nominated by the United States, the largest shareholder in the bank. This is significant because the World Bank tends to lend more readily to countries that are friendly with the United States, not because of direct U.S. influence but because of the employees of the World Bank. In 2012, for

576-659: Is a retired lieutenant-general who served in the Indian Army . He is the younger brother of businessman M. S. Banga . Banga was educated at St. Edward's School, Shimla , and at the Hyderabad Public School in Hyderabad . He went on to graduate with a Bachelor of Arts (honors) degree in economics from the St. Stephen's College, Delhi , subsequently earning his PGP in management (equivalent to MBA) from

640-486: Is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purposes of economic development . 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

704-583: Is based on economic size in addition to the International Development Association contributions. The following table shows the subscriptions of the top 20 member countries of the World Bank by voting power in the following World Bank institutions as of December 2014 or March 2015: the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC),

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768-531: Is engaged in several global partnerships and initiatives, and takes a role in working toward addressing climate change . The World Bank hosts an Open Knowledge Repository for its publications. In 2020, the World Bank’s total commitments amounted to USD 77.1 billion, it had 12,300 full-time staff, and it operated in 145 countries. World Bank projects cover a range of areas from building schools to fighting disease, providing water and electricity, and environmental protection , and as such, they are linked to most of

832-769: Is listed in the Registry of Research Data Repositories re3data.org. The World Bank also endorses the Principles for Digital Development . Together with the World Health Organization , the World Bank administers the International Health Partnership (IHP+). IHP+ is a group of partners committed to improving the health of citizens in developing countries. Partners work together to put international principles for aid effectiveness and development cooperation into practice in

896-466: Is primarily voluntary. Based on an agreement between the United Nations and the World Bank in 1981, Development Business became the official source for World Bank Procurement Notices, Contract Awards, and Project Approvals. In 1998, the agreement was renegotiated, and included in this agreement was a joint venture to create an online version of the publication. Today, Development Business

960-669: 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

1024-489: Is the primary publication for all major multilateral development banks, U.N. agencies, and several national governments, many of which have made the publication of their tenders and contracts in Development Business a mandatory requirement. The World Bank collects and processes large amounts of data and generates them on the basis of economic models. These data and models have gradually been made available to

1088-903: Is thus concerned economic and political power and the relations between them… Along similar lines, a 2003 World Bank report states, …A key precondition for land reform to be feasible and effective in improving beneficiaries' livelihoods is that such programs fit into a broader policy aimed at reducing poverty and establishing a favourable environment for the development of productive smallholder agriculture by beneficiaries. Examples of other issues include " tenure security" for "farm workers, labour tenants, … farm dwellers… [and] tenant peasants", which makes these workers and tenants better prospects for receiving private-sector loans; "infrastructure and support services"; government support of "forms of rural enterprise" that are "complementary" to agriculture; and increased community participation of government decisions in rural areas. World Bank The World Bank

1152-426: The 2030 Agenda , Sustainable Development Goal 10 aims at reducing inequalities within countries and among countries. World Bank officials participated in the negotiations for SDG 10 in the years prior to 2015. They advocated for the adoption of the bank's own preferred benchmarks. This ensured that other organizations would evaluate their success based on the bank’s own definition of inequality. Some have argued that

1216-675: The 2020 elections , Banga has been an outside adviser to Vice President Kamala Harris as chairman of the Partnership for Central America where he has led a group of business leaders who have advised her on the administration's work in El Salvador, Guatemala and Honduras. On February 23, 2023, Banga was nominated by President Biden to lead the World Bank . On May 3, 2023, the World Bank confirmed Ajay Banga as its fourteenth president, and started his term on June 2, 2023. Banga

1280-541: The Indian Institute of Management, Ahmedabad . Banga was naturalized a US citizen in 2007. Beginning his business career as a management trainee with Nestlé in 1981, Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined PepsiCo and was involved in the launch of its international fast food franchises, including Pizza Hut and KFC , in India as

1344-684: The International Chamber of Commerce . Banga was elected President of the World Bank on May 3, 2023, having been nominated to the position in February 2023 by the Biden administration . Ajay Banga was born on November 10, 1959, into a Sikh Saini family, in Khadki cantonment of Pune , Maharashtra , where his father, an army officer, was posted. His family is originally from Jalandhar , Punjab . His father, Harbhajan Singh Banga,

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1408-636: The International Development Association (IDA), and the Multilateral Investment Guarantee Agency (MIGA). Member countries are allocated votes at the time of membership and subsequently for additional subscriptions to capital (one vote for each share of capital stock held by the member). The World Bank plays a significant role in global economic governance due to its broad mandate, its vast resource base, its frequent and regular interactions with governments as clients, and its myriad publications and databases. In 2020,

1472-592: The Mad Money show hosted by Jim Cramer on Thursday, November 6, 2014 In 2023, Banga was named by Carnegie Corporation of New York as an honoree of the Great Immigrants Awards . The Government of India awarded Banga the civilian honor of the Padma Shri in 2016. In 2023, Banga was included in the " Time100 Climate " person list by Time Magazine On April 10, 2024, Banga was among

1536-540: The Sustainable Development Goals . The World Bank has been criticized as promoting inflation and harming economic development . There has also been criticism of the bank's governance and response to the COVID-19 pandemic . The current president (starting in 2023) is Ajay Banga who is known to support climate action , unlike his predecessor David Malpass . The World Bank was created at

1600-467: The health sector . IHP+ mobilizes national governments, development agencies, civil society, and others to support a single, country-led national health strategy in a well-coordinated way. In September 2020, during the COVID-19 pandemic , the World Bank announced a $ 12 billion plan to supply "low and middle income countries" with a vaccine once it was approved. In June 2022, the bank reported that $ 10.1 billion had been allocated to supply 78 countries with

1664-683: The 1944 Bretton Woods Conference , along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American . The World Bank and the IMF are both based in Washington, D.C., and work closely with each other. Although many countries were represented at the Bretton Woods Conference, the United States and United Kingdom were the most powerful in attendance and dominated

1728-583: The May 24, 2022, he was nominated non-executive chairman of Exor , the diversified holding company controlled by the Agnelli family , replacing John Elkann (who remained as CEO). He stepped down in May 2023, following his appointment to the World Bank. In February 2015, President Barack Obama appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations. Since

1792-525: The United States (15.85%), Japan (6.84%), China (4.42%), Germany (4.00%), the United Kingdom (3.75%), France (3.75%), India (2.91%), Russia (2.77%), Saudi Arabia (2.77%) and Italy (2.64%). Under the changes, known as 'Voice Reform – Phase 2', countries other than China that saw significant gains included South Korea , Turkey, Mexico , Singapore, Greece , Czech Republic , Hungary , Brazil, India , and Spain. Most developed countries' voting power

1856-501: The World Bank Group and its staff where allegation of non-observance of contracts of employment or terms of appointment had not been honored. McNamara was succeeded by U.S. President Jimmy Carter 's nominee, Alden W. Clausen , in 1980. Clausen replaced many members of McNamara's staff and crafted a different mission emphasis. His 1982 decision to replace the bank's Chief Economist, Hollis B. Chenery , with Anne Krueger

1920-414: The World Bank Group president and 25 executive directors. The president is the presiding officer, and ordinarily has no vote except to break a tie. The executive directors as individuals cannot exercise any power or commit or represent the bank unless the boards specifically authorized them to do so. With the term beginning 1 November 2010, the number of executive directors increased by one, to 25. In 2020,

1984-469: The World Bank had 12,300 full-time staff, and it operated in 145 countries. Some notable politicians who worked for the World Bank include: The International Bank for Reconstruction and Development (IBRD) has 189 member countries, while the International Development Association (IDA) has 174. Each member state of IBRD should also be a member of the International Monetary Fund (IMF) and only members of IBRD are allowed to join other institutions within

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2048-457: The World Bank reduced the transformative potential of SDG 10 during the agenda-setting stage. The bank has stated its ambition to help catalyze the SDGs through “thought leadership, global convening, and country-level uptake”. In general, the World Bank strategically uses the power of the Sustainable Development Goals (SDGs) in its favor to reinforce its own policies or interests while minimizing

2112-637: The World Bank's 2012 annual meeting in Tokyo, a review of these safeguards was initiated, which was welcomed by several civil society organisations. As a result, the World Bank developed a new Environmental and Social Framework, which has been in implementation since 1 October 2018. The World Bank or the World Bank Group is also a sitting observer in the United Nations Sustainable Development Group . Beginning in 1989, in response to harsh criticism from many groups,

2176-568: The World Bank, he was the chairman of Exor , the Netherlands -based investment holding company controlled by the Italian Agnelli Family , and chairman of the public-private Partnership for Central America with U.S. Vice President Kamala Harris . Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of

2240-404: The World Bank’s total commitments amounted to USD 77.1 billion and it operated in 145 countries. World Bank projects cover a range of areas from building schools to fighting disease, providing water and electricity, and environmental protection , and as such, they are linked to most of the Sustainable Development Goals . As a guideline to the World Bank's operations in any particular country,

2304-537: The bank (such as IDA). The five United Nations member states that are not members of the World Bank are Andorra, Cuba, Liechtenstein, Monaco, and North Korea. Kosovo is not a member of the UN, but is a member of the IMF and the World Bank Group, including the IBRD and IDA. In 2010, voting powers at the World Bank were revised to increase the voice of developing countries, notably China. The countries with most voting power are now

2368-578: The bank began including environmental groups and NGOs in its loans to mitigate the past effects of its development policies that had prompted the criticism. It also formed an implementing agency, in accordance with the Montreal Protocols, to stop ozone-depletion damage to the Earth's atmosphere by phasing out the use of 95% of ozone-depleting chemicals, with a target date of 2015. Since then, in accordance with its so-called "Six Strategic Themes",

2432-563: The bank has put various additional policies into effect to preserve the environment while promoting development. For example, in 1991, the bank announced that to protect against deforestation , especially in the Amazon , it would not finance any commercial logging or infrastructure projects that harm the environment. For the poorest developing countries in the world, the bank's assistance plans are based on poverty reduction strategies ; by combining an analysis of local groups with an analysis of

2496-400: The chance of being itself reshaped or transformed by these goals. Scholars found that the World Bank used the growing momentum of the (SDGs) to further its strategic objectives without being influenced by the SDGs in turn. Also, the bank engaged with the SDGs selectively; efforts to integrate the goals into organizational practices remained limited; and their inclusion in country-level processes

2560-574: The country's financial and economic situation the World Bank develops a plan pertaining to the country in question. The government then identifies the country's priorities and targets for the reduction of poverty, and the World Bank instigates its aid efforts correspondingly. Forty-five countries pledged US$ 25.1 billion in "aid for the world's poorest countries", aid that goes to the World Bank International Development Association (IDA), which distributes

2624-551: The creation of the Priceless Planet Coalition, a group of about 100 firms that make corporate investments to preserve the environment and launched Mastercard's pledge to plant 100 million trees. In 2020 Banga was elected chairman of the International Chamber of Commerce (ICC) succeeding Paul Polman . He previously served as ICC's First Vice-Chair since June 2018. On January 1, 2022, Banga assumed responsibilities at General Atlantic as vice chairman. On

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2688-407: The difference between agrarian reform and land reform as follows: Land reform… is concerned with rights in land, and their character, strength and distribution, while… [agrarian reform] focuses not only on these but also a broader set of issues: the class character of the relations of production and distribution in farming and related enterprises, and how these connect to the wider class structure. It

2752-527: The economy liberalized . In 1996, Banga joined Citigroup , where he briefly served as a debt collector as part of his training. He headed up CitiFinancial and the US Consumer Assets Division from 2000 to 2002 From 2005 to 2008 he was chief executive of Citi's International Global Consumer Group, which included all credit card and consumer banking operations outside of North America. During that time, he spearheaded Citi's strategy in

2816-631: The firm's highest paid executives that year. Mastercard announced in April 2010 that Banga, previously its chief operating officer (COO), would become president and chief executive officer , effective July 1, 2010, and a member of the board of directors . Banga succeeded Robert W. Selander , who had been CEO since March 1997. In his first year, he received $ 13.5 million in compensation. During his tenure, Banga tripled revenues, increased net income sixfold and grew market capitalization from under $ 30 billion to more than $ 360 billion. In 2020, he announced

2880-405: The first time, two non-US citizens were nominated. The nominee is subject to confirmation by the board of executive directors to serve a five-year, renewable term. While most World Bank presidents have had banking experience, some have not. On 23 March 2012, U.S. president Barack Obama announced that the United States would nominate Jim Yong Kim as the next president of the bank. Jim Yong Kim

2944-642: The guests invited to the state dinner hosted by U.S. President Joe Biden in honor of Prime Minister Fumio Kishida at the White House . In 2024, Banga was included in the Times 100 Most Influential People by the Time Magazine. Ajay Banga, the President of the World Bank , participated in the 2023 G20 New Delhi summit . During the summit, he emphasized the need for a broader focus on issues such as food insecurity and Gender equality , alongside

3008-730: The last 10 years through Development Policy Financing was approximately $ 117 billion. Its five organizations are: The first two are sometimes collectively referred to as the World Bank. To ensure that World Bank-financed operations do not compromise these goals but instead add to their realisation, the following environmental, social, and legal safeguards were defined: Environmental Assessment, Indigenous Peoples, Involuntary Resettlement, Physical Cultural Resources, Forests, Natural Habitats, Pest Management, Safety of Dams, Projects in Disputed Areas, Projects on International Waterways, and Performance Standards for Private Sector Activities. At

3072-492: The last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by environmental and social safeguards. As of 2022 , the World Bank is run by a president and 25 executive directors, as well as 29 various vice presidents. IBRD and IDA have 189 and 174 member countries, respectively. The U.S., Japan, China, Germany and the U.K. have the most voting power. The bank aims loans at developing countries to help reduce poverty. The bank

3136-731: The loans to eighty poorer countries. Wealthier nations sometimes fund their own aid projects, including those for diseases. Robert B. Zoellick, the former president of the World Bank, said when the loans were announced on 15 December 2007, that IDA money "is the core funding that the poorest developing countries rely on". World Bank organizes the Development Marketplace Awards , a grant program that surfaces and funds development projects with potential for development impact that are scalable and/or replicable. The grant beneficiaries are social enterprises with projects that aim to deliver social and public services to groups with

3200-466: The lowest incomes. In 2013 the bank adopted the concept of Shared Prosperity as one of the World Bank’s “Twin Goals” for that year, with the other one focusing on poverty reduction, aiming to reduce the share of people in extreme poverty to 3 percent of the global population by 2030. The bank defined Shared Prosperity as increasing the income of the bottom 40 percent of the population in each country. As

3264-429: The microfinance sector across the world. In 2008, Banga became chief executive of the bank's Asia-Pacific business, and splitting time between New York and Hong Kong. In this capacity, he led a major reorganization of Citigroup's Asian operations in 2008 that gave regional heads increased authority across the bank's product lines. Banga received about $ 10 million in compensation in 2008 from Citigroup, making him one of

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3328-451: The negotiations. The intention behind the founding of the World Bank was to provide temporary loans to low-income countries that could not obtain loans commercially. The bank may also make loans and demand policy reforms from recipients. In its early years, the bank made a slow start for two reasons: it was underfunded, and there were leadership struggles between the US executive director and

3392-441: The northern banks that had been the primary sources of funding. Rotberg used the global bond market to increase the capital available to the bank. One consequence of the period of poverty alleviation lending was the rapid rise of debt of developing countries . From 1976 to 1980, developing world debt rose at an average annual rate of 20%. The World Bank Administrative Tribunal was established in 1980, to decide on disputes between

3456-479: The president of the organization. When the Marshall Plan went into effect in 1947, many European countries began receiving aid from other sources. Faced with this competition, the World Bank shifted its focus to non-European allies. Until 1968, its loans were earmarked for the construction of infrastructure works, such as seaports, highway systems, and power plants, that would generate enough income to enable

3520-545: The public in a way that encourages reuse, whereas the recent publications describing them are available as open access under a Creative Commons Attribution License , for which the bank received the SPARC Innovator 2012 award. The World Bank hosts the Open Knowledge Repository as an official open access repository for its research outputs and knowledge products. The World Bank's repository

3584-535: The structural adjustment programs of the World Bank had been responsible for "reduced health, nutritional and educational levels for tens of millions of children in Asia , Latin America , and Africa ". The president of the bank is the president of the entire World Bank Group . The president is responsible for chairing meetings of the boards of directors and for overall management of the bank. Traditionally, based on

3648-665: The use of the funds to ensure that the French government met the conditions. In addition, before the loan was approved, the United States Department of State told the French government that its members associated with the Communist Party would first have to be removed. The French government complied and removed the Communist coalition government —the so-called tripartite . Within hours, the loan to France

3712-542: The vaccine The US Treasury has committed $ 667 million for the World Bank's global Pandemic Fund, a third of the $ 2 billion the fund hopes to raise. The Pandemic Fund, established in September 2022, is a collaborative initiative among countries, implementing partners, philanthropies, and civil society organizations. It aims to fund investments that address critical gaps in pandemic prevention, preparedness, and response capacities at national, regional, and global levels, with

3776-400: Was an example of this new focus. Krueger was known for her criticism of development funding and for describing developing countries' governments as " rent-seeking states". During the 1980s, the bank emphasized lending to service debt of developing countries, and structural adjustment policies designed to streamline the economies of developing nations. UNICEF reported in the late 1980s that

3840-491: Was approved. From 1974 to 1980, the bank concentrated on meeting the basic needs of people in the developing world . The size and number of loans to borrowers greatly increased, as loan targets expanded from infrastructure into social services and other sectors. These changes can be attributed to Robert McNamara , who was appointed to the presidency in 1968 by Lyndon B. Johnson . McNamara implored bank treasurer Eugene Rotberg to seek out new sources of capital outside of

3904-412: Was elected on 27 April 2012 and reelected to a second five-year term in 2017. He announced that he would resign effective 1 February 2019. He was replaced on an interim basis by now-former World Bank CEO Kristalina Georgieva , then by David Malpass on 9 April 2019. David Malpass faced criticism in 2023 as he had "sparked outcry by appearing to question the role of humans in climate change ". In 2023,

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3968-433: 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 its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In the 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction . For

4032-454: Was reduced, along with a few developing countries such as Nigeria . The voting powers of the United States, Russia and Saudi Arabia were unchanged. The changes were brought about with the goal of making voting more universal in regards to standards, rule-based objective indicators, and transparency among other things. Now, developing countries have an increased voice in the "Pool Model", backed especially by Europe. Additionally, voting power

4096-537: Was the keynote speaker at the NYU Stern 2014 Graduate Convocation on May 22, 2014, where he spoke about the importance of diversity in driving innovation and leadership. He also was a keynote speaker for his alma mater, the Indian Institute of Management Ahmedabad , during the Class of 2015's convocation. Banga is a regular speaker at various FinTech conferences and various leadership conferences. He also appeared on

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