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90-606: In 1963, the Liberian government received a loan from the World Bank to develop a US$ 24.3 million hydro electric project. Construction of the facility began in 1964 by the Monrovia Power Authority using Raymond Concrete Pile Company as the contractor and Stanley Consultants as the project managers. In 1966, the power company completed the initial phase of the dam and began generating electricity. The project

180-706: A blend country ). The IDA is a unique part of the World Bank as it requires continuous replenishment of its resources. Member countries replenish its funds through contributions in addition to supplementary funds provided by the International Bank for Reconstruction and Development and the International Finance Corporation (IFC). Whereas the IBRD acquires most of its funds by raising capital on international financial markets,

270-486: 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

360-640: A balanced budget and give priority of debt repayment to the World Bank over other governments. World Bank staff closely monitored 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

450-589: A crisis arise that meets the mechanism's criteria. The replenishment rounds are typically agreed every three years . The eighteenth was finalised in December 2016, the nineteenth was being discussed in October 2019. Because African countries face some of the most severe poverty and underdevelopment , and because 39 of those countries are the IDA's poorest member states, the association allocates approximately half of

540-570: A need for the association to carefully examine its financial models and business operations to determine an appropriate strategy going forward. The center recommended that the World Bank leadership begin discussing the long-term future of the IDA. The IDA has 173 member countries which pay contributions every three years as replenishments of its capital. On 12 December 2008, Samoa joined UNIDO as its 173rd member. The IDA lends to 75 borrowing countries, over half of which (39) are in Africa. Membership in

630-469: A particular focus on low- and middle-income countries . International Development Association The International Development Association ( IDA ) (French: Association internationale de développement ) 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

720-575: 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 . 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)

810-632: A resource allocation index. It then prioritizes its lending to those countries which are indicated to be most promising in terms of favorable policies and aid effectiveness . The IDA adopted the Crisis Response Window in 2007 to enable the rapid provision of emergency financing in response to crises. The association adopted the Immediate Response Mechanism in 2011 to provide IDA borrowers with immediate access to withdraw undisbursed portions of their loans, should

900-621: 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

990-512: A slow start for two reasons: it was underfunded, and there were leadership struggles between the US executive director and 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

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1080-449: A total US$ 238 billion in loans and grants since its launch in 1960. Thirty-six of the association's borrowing countries have graduated from their eligibility for its concessional lending. However, nine of these countries have relapsed and have not re-graduated. During the 1940s and 1950s, low-income developing countries began to realize that they could no longer afford to borrow capital and needed more-favorable lending terms than offered by

1170-616: Is Ajay Banga who is known to support climate action , unlike his predecessor David Malpass . The World Bank was created at 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

1260-563: 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),

1350-600: 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

1440-769: 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

1530-703: Is necessary for executing a replenishment. The threshold was implemented with the aim to compel the United States to participate in replenishment rounds. Though countries intended for the triggers to hold the United States to its commitments, the threshold ultimately provided the United States a de facto veto power over replenishment and capital increase negotiations due to its ability to bring replenishment negotiations to an impasse by threatening to withhold support. The U.S. has used this influence to further its long-term foreign policy objectives and short-term political and economic goals by imposing conditionality on replenishment negotiations. The IDA lends to countries with

1620-466: 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

1710-519: 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 its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In

1800-611: 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

1890-489: 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

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1980-537: Is the single largest provider of funds to economic and human development projects in the world's poorest nations. From 2000 to 2010, it financed projects which recruited and trained 3 million teachers, immunized 310 million children, funded $ 792 million in loans to 120,000 small and medium enterprises , built or restored 118,000 kilometers of paved roads, built or restored 1,600 bridges, and expanded access to improved water to 113 million people and improved sanitation facilities to 5.8 million people. The IDA has issued

2070-426: 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

2160-484: The Communist coalition government —the so-called tripartite . Within hours, the loan to France 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

2250-807: The International Bank for Reconstruction and Development (IBRD). At the onset of his inaugural term in 1949, then- President of the United States Harry S. Truman assembled an advisory group to suggest ways to accomplish his Point Four Program , of which a significant component was an effort to strengthen developing countries, especially those nearest to the Eastern Bloc , to dissuade them from aligning with other communist states . The advisory group recommended an international mechanism that would function somewhere in between providing strictly-loaned and strictly-granted funds. The UN and United States government published reports expressing support for

2340-730: 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,

2430-483: The Marshall Plan as a comparatively generous gift to European nations. In the late 1940s and early 1950s, developing countries began calling for the United Nations (UN) to create a development agency that would offer technical support and concessional financing, with a particular desire that the agency adhere to other UN bodies' convention of each country having one vote as opposed to a weighted vote. However,

2520-705: The Paris Declaration on Aid Effectiveness principles of harmonization and alignment, promote greater use of sector-wide approaches to coordination, and explain the reasons why when a country's financial management system is not used so that the client country may address those shortcomings. It also recommended that the Bank collaborate with development partners to strengthen country-level leadership of development assistance coordination by offering greater financial and technical support. Development economists, such as William Easterly , have conducted research which ranked

2610-559: The Saint Paul River approximately 21 miles from Monrovia . The dam is a run-of the river style dam , in that there is no reservoir. Due to the lack of a reservoir, the dependable generating capacity is only 10 MW, as that is the normal flow of the river during the dry season. Prior to the First Liberian Civil War the plant produced 64MW of electricity, which accounted for 35% of all electricity generated in

2700-496: The World Bank , as they follow the same executive leadership and operate with the same staff. The association shares the World Bank's mission of reducing poverty and aims to provide affordable development financing to countries whose credit risk is so prohibitive that they cannot afford to borrow commercially or from the Bank's other programs. The IDA's stated aim is to assist the poorest nations in growing more quickly, equitably , and sustainably to reduce poverty. The IDA

2790-467: 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

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2880-653: The role of humans in climate change ". In 2023, 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

2970-511: The 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction . For 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

3060-600: The Board of Directors. The Board of Directors consists of 25 executive directors and is chaired by the President of the World Bank Group . The executive directors collectively represent all 187 member states of the World Bank, although decisions regarding IDA matters concern only the IDA's 172 member states. The president oversees the IDA's overall direction and daily operations. As of May 2024 , Ajay Banga serves as

3150-478: The Bretton Woods Conference, the United States and United Kingdom were the most powerful in attendance and dominated 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

3240-638: The Expanded Programme of Technical Assistance to form the United Nations Development Programme . By the end of January 1960, fifteen countries signed the articles of agreement which established the International Development Association. The association launched in September of that same year with an initial budget of $ 913 million ($ 7.1 billion in 2012 dollars ). Over the next eight months following its launch,

3330-539: The IDA as featuring the most transparency and best practices among donors of development aid. Researchers from the Center for Global Development expect that the IDA's collection of eligible borrowing countries will decrease by half by the year 2025 (marking the 65th anniversary of the association's establishment) due to graduations and that remaining borrowers will consist primarily of African countries and will face substantial population declines . These changes will imply

3420-426: The IDA grew to 51 member states and loaned $ 101 million ($ 784.2 million in 2012 dollars ) to four developing countries. The IDA is governed by the World Bank's Board of Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). The Board of Governors delegates most of its authority over daily matters such as lending and operations to

3510-533: The IDA heavily depends on contributions from its member states. The IDA received 2 billion in special drawing rights ($ 3 billion USD ) from the IBRD and IFC. Approximately half of the IDA's resources come from the 45 donating member countries. In its early years, the IDA received most of its replenishments from the United Kingdom and United States but, because they were not always reliable sources of funding, other developed nations began to step in and fill

3600-681: The IDA is available to only the countries who are members of the World Bank, particularly the IBRD. Throughout its lifetime, 44 borrowing countries have graduated from the association, although 9 of these countries have relapsed as borrowers after not sustaining their graduate status. To be eligible for support from the IDA, countries are assessed by their poverty and their lack of creditworthiness for commercial and IBRD borrowing. The association assesses countries based on their per capita income, lack of access to private capital markets , and policy performance in implementing pro-growth and anti-poverty economic or social reforms. As of 2019 , to borrow from

3690-652: The IDA lending program, including the Philippines, China, South Korea, Thailand, and India. Of the association's borrowing countries, approximately 20 are in Asia. The association's efforts in South Asia have focused primarily on projects for education, healthcare, transportation , agriculture, and energy . Due to rapid growth in Asian countries' populations, some pockets of poverty have emerged. To mitigate this effect,

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3780-481: The IDA's 16th replenishment of US$ 49.3 billion. The IDA's loans and grants are usually not paid in full to the borrower at the outset, but rather disbursed incrementally as needed by the project. Most of the donor countries such as the United States commit letters of credit to the IDA which bear no interest and are not able to be transferred or revoked, and which are exchanged for cash as needed for project disbursal. Other countries pay their contributions in full on

3870-427: The IDA's concessional lending programs, a country's gross national income (GNI) per capita must not exceed $ 1,145. The following 75 countries are IDA borrowing countries. The following countries have graduated from their eligibility for IDA lending. The following countries have relapsed to their eligibility for IDA lending and have not yet re-graduated or have instead become partially eligible (also referred to as

3960-469: The IDA's resources toward financing projects in those countries. As a result of its efforts to improve the region, the IDA has helped bring electricity to an additional 66 million Africans since 1997, helped build or restore 240,000 kilometers of paved roads, and helped enroll an additional 15 million African children in school since 2002. The IDA was approved in May 2012 to provide US$ 50 million worth of credit to

4050-538: The President of the World Bank Group. The association and IBRD operate with a staff of approximately 10,000 employees. The IDA is evaluated by the Bank's Independent Evaluation Group . In 2009, the group identified weaknesses in the set of controls used to protect against fraud and corruption in projects supported by IDA lending. In 2011, the group recommended the Bank provide recognition and incentives to staff and management for implementing activities which implement

4140-480: The U.K. have the most voting power. The bank aims loans at developing countries to help reduce poverty. The bank 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

4230-461: 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

4320-532: The United States ultimately opposed proposals of that nature. As the United States grew more concerned over the growth of the Cold War , it made a concession in 1954 at the behest of its Department of State by backing the conception of the International Finance Corporation (IFC). Despite the launch of the IFC in 1956, developing countries persisted in demanding the creation of a new concessional financing mechanism and

4410-651: The Women Entrepreneur Development Project as part of an effort to help women in Ethiopia participate in business as skilled employees or leaders. Although the positive outcomes of the IDA's efforts in Africa had been historically slow, the large allocation of funding to African countries led to positive outcomes particularly within agriculture and infrastructure development efforts. The IDA's efforts in Asia have been particularly successful. Numerous Asian countries have graduated from

4500-414: 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,

4590-469: 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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4680-457: 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

4770-637: 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,

4860-480: The World Bank, where the US would have a preponderant voice in the allocation of such loans. Democratic Senator Mike Monroney of Oklahoma supported this idea. As Chairman of the Senate Subcommittee on International Finance, Monroney proposed a resolution recommending a study of the potential establishment of an International Development Association to be affiliated with the IBRD. Monroney's proposal

4950-404: 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,

5040-486: The aim to finance projects that will develop infrastructure and improve education, healthcare , access to clean water and sanitation facilities, and environmental responsibility. It is considered to be the soft lending window of the World Bank, while the IBRD is considered to be the hard lending window. The association offers grants and loans with maturities ranging from 25 to 40 years, grace periods of 5 to 10 years, and interest rates of 2.8% or 1.25% depending on whether

5130-486: 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

5220-578: 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",

5310-563: 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

5400-449: The bank's Chief Economist, Hollis B. Chenery , with Anne Krueger 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

5490-410: The bank. Traditionally, based on 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

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5580-428: The borrower is a blend country and to which degree it is eligible. Regular IDA-eligible borrowers may take advantage of no-interest loans. Financial resources are allocated to eligible countries based on their success at implementing pro-growth and a poverty-reducing domestic policies. The IDA uses the World Bank's Country Policy and Institutional Assessment (CPIA) development indicator to determine each country's place in

5670-400: 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

5760-437: The construction of infrastructure works, such as seaports, highway systems, and power plants, that would generate enough income to enable 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

5850-574: 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

5940-457: The creation of a multilateral , concessional lending program for the poorest developing countries. However, the United States was largely unresponsive and ultimately distracted by its involvement in the Korean War and unconvinced that development needed greater financial stimulation. Developing countries grew increasingly frustrated with not being able to afford IBRD lending and perceived

6030-557: The dam and shut off power and water to Monrovia. During this First Civil War, the project's intake dam was destroyed on one end while the rest received other damage. Other parts of the facilities were looted and destroyed in later years of the conflict. Beginning in early 2005, proposals were made to repair the facility and restore power, including a proposal by China . The United States Trade and Development Agency gave $ 400,000 to Liberia in February 2007 to study rebuilding and expanding

6120-449: The date of commitment to the IDA so that it may cover its operating expenses . Donors receive no return of funds and repayments from borrowers are again loaned to future projects such that donors won't need to commit those funds again in the future. Although the IDA's funds are now regularly replenished, this does not happen without some financial and political challenges for the donating countries. When donor countries convene to negotiate

6210-508: The economic gaps not met by these two countries. Every three years, member nations that provide funds to the IDA gather together to replenish the IDA's resources. These funds come primarily from well-developed countries including the United States, Japan, France, Germany, and the United Kingdom with 58% from the US, 22% from France, and 8% from the UK. As of 2016, there have been 18 IDA replenishment rounds. Fifty-one member countries participated in

6300-406: The employees of the World Bank. In 2012, for 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

6390-620: The idea gained traction within the IBRD. Then-President of the IBRD Eugene R. Black, Sr. began circulating the notion of an International Development Association, as opposed to an idea of a concessional named the Special United Nations Fund for Economic Development (SUNFED) governed by the United Nations. Paul Hoffman, the Marshall Plan's former Administrator, proposed the idea of a soft-loan facility within

6480-730: 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

6570-518: The late 1980s that 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

6660-731: 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

6750-466: 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

6840-473: The nation. In addition to electricity, the Liberia Water and Sewer Corporation used the project to provide drinking water to Monrovia and surrounding areas before the war. World Bank The World Bank 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

6930-405: The next president of the bank. Jim Yong Kim 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

7020-541: The project and adding a reservoir to allow more generation during the dry season. The plans called for a new 4,000 feet (1,200 m) dam to be built upriver on the Via River to provide storage capacity, while two 52 MW turbines would be added at the existing power generating plant. The US$ 300 million expansion was never begun due to the Civil War. In July 1990, rebel forces under the command of Charles Taylor seized

7110-447: The project. The study showed no structural damage to the dam, but that most of the project's facilities would need to be rebuilt at a cost of US$ 383 million. As of August 2008, the Liberian government was considering privatization of the project for a fixed number of years as the nation did not have the resources to fund the repair. In May 2012, the Mt. Coffee Hydropower Rehabilitation Project

7200-545: 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

7290-526: The replenishments, there is often intense discussion about redefining the association's goals and objectives or even about reforming the IDA. Due to delays in the United States Congress impeding the approval of IDA funding, the association's members implemented a set of policy triggers outlining the commitment threshold necessary for replenishment to take effect. The threshold imposed a requirement that an aggregate share of 85% in voting stock

7380-485: 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

7470-549: 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 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

7560-443: 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 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

7650-421: Was established in 1980, to decide on disputes between 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

7740-514: Was finished in 1967 and named the T. J. R. Faulkner W.F. Walker Hydroelectric Power Station. Initial generating capacity was 30 MW produced by two turbines , which was increased to 64 MW when two more turbines were added in 1973. The Monrovia Power Authority became the Liberia Electricity Corporation on July 12, 1973. In June 1990, the government announced plans to more than double the electricity generating capacity of

7830-472: Was initiated with a series of surveying and engineering assessments of the feasibility of revitalizing the plant. This work culminated with the signing of a contract in April 2013 with a Norwegian company (Norplan AS) and a German company (Fichtner GmbH) to revitalize the defunct power-plant by 2015. In December 2016, the first hydropower turbine and generator unit, with an installed capacity of 22 megawatts (MW),

7920-523: Was more preferred received within the United States than the SUNFED. The resolution passed the senate in 1958, and then- U.S. Treasury Secretary Robert B. Anderson encouraged other countries to conduct similar studies. In 1959, the World Bank's Board of Governors approved a U.S.-born resolution calling for the drafting of the articles of agreement. SUNFED later became the Special Fund and merged with

8010-565: Was officially dedicated and commissioned. The project, completed in 2018, raised the total installed capacity of the Mt. Coffee Hydropower Plant to 88 MW (four generating units of 22 MW each). The Mount Coffee Hydro Electric Dam is located in Mount Coffee, township of Harrisburg. White Plains is the site of the water filtration plant. Located in the Harrisburg Township of Careysburg District , Montserrado County , it lies on

8100-454: 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

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