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79-526: NDD may refer to: non-DAC donor, that is, a donor outside the Development Assistance Committee (DAC) National Direct Dialing , local area code of a phone number Nature deficit disorder Sumbe Airport Neurodevelopmental delay Neurodevelopmental disorder Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with

158-545: 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

237-711: A Ministerial Resolution decreed that upon the supersession of the OEEC by the OECD, the DAG would become the DAC, and these changes came about in September 1961. The resolution also spelled out the DAC's mandate in five points, the first of which read: The Committee will continue to consult on the methods for making national resources available for assisting countries and areas in the process of economic development and for expanding and improving

316-404: 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

395-562: 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

474-604: A category of ODA. The DAC computes ODA from data submitted by its member states. It also has collected some data from its participants and observers, which are often significant: in fact their donations are roughly in line with that of the DAC countries' as a fraction of donor gross national income as can be seen in the List of development aid country donors . Only aid to countries on the DAC List of ODA Recipients counts as ODA. Initially it included most developing countries. After

553-640: A forum for and by the bilateral donors, each donor's aid efforts are evaluated in peer reviews where major findings and recommendations are presented. Each DAC member country is reviewed roughly once every five years. More recently, the DAC has been involved in questions related to aid effectiveness . At the DAC High Level Meeting in April 2005, participants adopted the Paris Declaration on Aid Effectiveness . Progress in implementing

632-409: A given year that are counted towards ODA are counted net of repayments made that year on the principal of old loans, but not net of interest payments. Therefore, after a loan has been paid back its overall effect on ODA figures is zero (Its overall direct fiscal effect on the recipient is of course that the recipient has had to pay back some amount of interest). Debt forgiveness is counted explicitly as

711-578: A higher portion of GDP as a form of foreign aid than any other economic union. The DAC’s 2020 communiqué notes by members’ efforts in responding to the COVID-19. For civil society organizations, “the OECD-DAC continues its narrative of leveraging the private sector, with only some mention of safeguards in private sector involvement”. Since its inception, one of the DAC's main functions has been to collect and publish statistics on aid flow. As noted in

790-600: 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

869-621: 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

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948-462: 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

1027-483: 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

1106-454: A wide range of policies on seven indicators: aid, trade, investment, migration, environment, security, and technology. In 2009, Sweden and Denmark received the highest rankings, while Japan and South Korea fell toward the bottom. In 2010, South Korea became the first major recipient of ODA from the OECD to turn into a major donor when it became a DAC member. In 2013, the country provided over $ 1.7 billion in aid. The European Union accumulated

1185-651: 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),

1264-455: 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 is engaged in several global partnerships and initiatives, and takes

1343-769: 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

1422-466: 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

1501-712: Is the Secretariat of the DAC and is the OECD Directorate within which the DAC operates. As of 4 July 2023, there are 32 members of DAC (see list below), including the European Union which acts as a full member of the committee. In addition, there are "Participants" and "Observers". The listed Participants at this time are: Azerbaijan, Bulgaria, Kuwait, Qatar, Romania, Saudi Arabia and the United Arab Emirates. The Observers are: World Bank,

1580-669: 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

1659-489: 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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1738-426: 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

1817-469: The Achievements section of this article, in 1969 the DAC's members adopted a criterion for calculating their aid contributions. They called the resulting measure of aid contributions Official Development Assistance (ODA). It has become widely used by other organisations, and scholars, as a general measure of aid; for example, the United Nations and the World Bank both commonly use ODA as calculated by

1896-484: The Danish Institute for International Studies concluded that on the basis of the available information, the overall picture was positive. The report recommended more frequent and transparent reporting by donor countries on the status of tied aid to the OECD and DAC, removal of obstacles to untying on the donor side, and initiatives to encourage competition for aid-supported contracts on the recipient side. As

1975-654: The French Development Agency , Agence Française de Développement (AFD). Enactment in the United States in 1961 of the Foreign Assistance Act as the basic economic assistance legislation, established the United States Agency for International Development (USAID). Later the rest of the member states followed, either establishing an aid agency under the command of its Foreign ministry or as a separate entity. The work of

2054-636: 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,

2133-540: 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

2212-467: 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

2291-683: 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

2370-565: The Bank's normal lending. The aid agencies of the large donor states were also set up at this time. Canada created an "External Aid Office" in 1960, which in 1968 became the Canadian International Development Agency (CIDA). France was the first country to establish a Ministry for Co-operation to be responsible for assistance to independent, mainly African, developing countries in 1961, the predecessor to

2449-477: The DAC as their measure of aid. This is in spite of the fact that it is not an entirely comprehensive measure. It includes only aid from government sources; aid from private sources, including NGOs, is not counted. About ten to fifteen percent of aid comes from private sources. ODA includes developmental and humanitarian aid, the latter being much the smaller of the two. It does not include aid for military use. It includes both outright grants and loans , as long as

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2528-473: The DAG, addressed at its second (July 1960) and third (October 1960) meetings, was to achieve accurate and comparable data reporting by its members on their aid flows to developing countries. In March 1961, the OEEC published the first comprehensive survey of The Flow of Financial Resources to Countries in Course of Economic Development, 1956-59 . This was followed by annual reports until 1964. On 23 July 1961

2607-736: The Development Assistance Directorate (DAD) in 1969 and then the Development Co-operation Directorate (DCD) in 1975. Along with the institution of the DAG/DAC, several developments in the early 1960s completed the institutional framework for aid that is still largely in place. In 1960, the World Bank opened a subsidiary, the International Development Association (IDA) to provide loans to developing countries on easier terms than

2686-788: The Fourth High Level Forum on Aid Effectiveness, held in Busan, Korea in 2011, participants endorsed the "Busan Partnership for Effective Development Co-operation," which expanded on the Paris Declaration and established the Global Partnership for Effective Development Co-operation. In April 2014, the Global Partnership -- for which the OECD and UNDP assure a joint support team -- held its first High Level Meeting in Mexico City. UNCTAD has noted that, since

2765-551: The G8, or the EU, or that have a firm accession date for EU membership. Movement of countries on or off the list has caused the DAC to retroactively change past ODA figures for some group categories. Besides ODA, the DAC keeps statistics on three other major categories: 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

2844-843: The IMF, UNDP, the African Development Bank, the Asian Development Bank, and the Inter-American Development Bank. Known at first as the Development Assistance Group (DAG), the committee was set up on 13 January 1960 under the auspices of the OECD's forerunner, the Organisation for European Economic Co-operation (OEEC). Its first meeting took place in Washington, D.C. (U.S.A.) on 9–11 March 1960, chaired by ambassador Ortona, Italy. A primary concern of

2923-529: The Least Developed Countries and to promote buying goods and services locally in these countries, rather than in donor countries. This agreement was extended in 2008 to 39 highly indebted poor countries (HIPCs). As a consequence, in 2008 80% of total ODA (minus administrative costs) was provided untied, 4% tied and of 16% the tying status was not reported. A 2009 independent evaluation of DAC members' policies and practices towards untying by

3002-515: The Paris Declaration commitments was reviewed at the third High Level Forum on Aid Effectiveness in September 2008 in Accra Ghana, an event co-ordinated by the DAC's Working Party on Aid Effectiveness, the government of Ghana and the World Bank. The International Health Partnership (IHP+) was created in 2007 in order to put the Paris and Accra principles on aid effectiveness into practice. At

3081-525: 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

3160-501: 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

3239-414: 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,

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3318-469: 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

3397-457: 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

3476-703: 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,

3555-404: 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,

3634-537: 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

3713-578: 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",

3792-563: 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

3871-400: 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

3950-457: The committee adopted the concept of Official Development Assistance (ODA) in 1969. The DAC revised the definition in 1972, which has remained unchanged since then, except for changes in the list of recipients for which it can be counted. At the DAC High Level Meeting in May 2000, members agreed to untie their aid (with the exception of technical cooperation and food aid) from January 2001 onwards to

4029-461: The committee concentrates on To this end, the committee holds regular High Level Meetings and Senior Level Meetings where the ministers or heads of the national aid agencies and other development partners meet to discuss issues related to development and adopt recommendations and resolutions. The member states are expected to have certain common objectives concerning the conduct of their aid programmes. The committee therefore issues guidelines on

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4108-403: The countries' development goals. The subsidiary bodies of DAC are: Since March 2023, its Chair is Mr. Carsten Staur , former Danish Ambassador to the OECD and UNESCO. As already noted, the DAC is a forum for the coordination of aid efforts. One of the principal questions that has emerged over the years was how to ensure that its member states contributed equal shares of development aid . In

4187-574: 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

4266-556: The early 1960s, some member states contributed a significantly larger share of their GNP than others. To encourage that the aid effort was equally divided, the DAC quickly recognized the United Nations Conference on Trade and Development recommendation on having an International Aid Target , proposed in 1964. The issue of the aid burden-sharing eventually led to the first report on "Total Official Contributions as Per Cent of National Income" in 1967, something that

4345-615: The fall of Communism in Europe in the early 1990s, the Eastern European countries and the Soviet Union, which had formerly been donors of aid, became aid recipients, albeit wealthier ones than most developing countries. Because of this and because some formerly poor East Asian countries were now middle-income, the DAC in 1993 divided the list of recipients into two parts, on the basis of national income. Only aid to countries in

4424-405: 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

4503-483: The flow of long-term funds and other development assistance to them. The origins of the so-called "DAC Secretariat" or DCD are as follows. A Development Department (DD), under the direction of Assistant Secretary-General Luciano Giretti of Italy was established within the OECD Secretariat in 1961. It consisted of two branches, a Technical Co-operation Branch and a Development Financial Branch. The latter became

4582-730: 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

4661-461: The loans are on significantly easier terms than the commercial norm: the DAC calls these "concessional" loans. The change to the definition of ODA in 1972 involved tightening the definition of "concessionality". The DAC defines concessionality according to a mathematically computed "grant element"; loans with a grant element of at least 25 percent are considered concessional and count as ODA. This criterion has not been changed since 1972. Loans made in

4740-731: 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

4819-501: The lower income part (Part I) counted as ODA. Aid to countries in the upper income part was put into a new category called Official Assistance (OA), separate from ODA. This bifurcated list was abolished in 2005, however, because of the confusion and accounting difficulties that were occasioned when countries moved from one part to the other of the list. The current list (2007) includes all countries with per capita GNI less than $ 11 455, except that it excludes countries that are members of

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4898-466: 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

4977-402: The management of development aid. It also publishes a wide range of reports, among them the annual Development Co-operation Report. In addition, as member states recognise the need for greater coherence in policies across sectors that affect developing countries, an OECD-wide initiative on Policy Coherence for Development explores ways to ensure that government policies are mutually supportive of

5056-451: 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

5135-441: 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

5214-479: 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

5293-545: 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

5372-412: 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 was established along with the International Monetary Fund at the 1944 Bretton Woods Conference . After a slow start, its first loan

5451-535: 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

5530-504: The title NDD . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=NDD&oldid=1237391365 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Development Assistance Committee The Development Co-operation Directorate (DCD)

5609-600: The turn of the century, DAC has become one of the dominant institutions with regards to development aid. The Center for Global Development , a non-profit think-tank in Washington DC, created the Commitment to Development Index which ranks and evaluates the achievements of DAC countries to the developing world. It measures the "development-friendliness" of the donor nations, moving beyond standard comparisons of Official Development Assistance . The Index quantifies

5688-665: 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

5767-485: 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

5846-423: Was accompanied by closely negotiated explanations. Another early question was what a donor could include when it reported its aid efforts to the committee. It was necessary to make the distinction between official transactions that were made with the main objective of promoting the economic and social development of developing countries, as opposed to other official flows (OOF) like military assistance. To that end,

5925-400: 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

6004-491: 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

6083-412: 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,

6162-454: 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

6241-403: 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 the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy

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