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74-455: The city has a territory of 83 square kilometres (32 sq mi). It was founded as a suburb of Baku in 1944 and received city status on 22 November 1949, growing into a major industrial center during the Soviet period. The municipality of Sumgait also includes the settlements of Jorat and Haji Zeynalabdin . It is home to Sumqayit State University . The name of city comes from the name of

148-499: A tram system that functioned from 1959 to 2003. Sumgait's trolleybus system at its height consisted of eight lines and existed until 2006. On June 3, 2015, in Baku, President of Azerbaijan Ilham Aliyev opened the reconstructed Baku-Sumgait Railway with trains of Baku suburban railway taking 40 minutes from Baku to Sumgait. As of 2011, Sumgait boasted 49 schools, 13 vocational and music schools, Sumgait Private Turkish High School and

222-545: 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

296-404: 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

370-562: 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

444-573: A burial range for mercury waste. The municipality of Sumgait consists of the city of Sumgait and the municipalities of Jorat and Haji Zeynalabdin . Executive power in the city is held by the mayor, presently Zakir Ferejov . According to the State Statistics Committee , as of 2018, the population of city was 341,200 people, having increased by 84,500 (about 33 percent) from 256,700 people in 2000. The population consists of 168,300 men and 172,900 women. More than 23 percent of

518-634: A center for Salafism in Azerbaijan, a form of Sunni Islam that advocates a return to Islam's earliest practices. The Syrian Civil War and emergence of ISIL forced authorities to take action on crackdown of perceived religious radicals in Sumgait. In 1935, the Soviet government decided to develop heavy industry in the Absheron Peninsula , and the future location of Sumgait was chosen based on its proximity to Baku and its key position on

592-600: 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

666-609: A number of scientific research facilities and cultural centres were built, leading to further development of the city infrastructure. In 1960, authorities started building the Petroleum Chemical Factory, the largest in Europe at the time. From 1961 through 1968, a brick -producing factory, a polymer construction materials industrial complex, a phosphor production plant were built. In the 1970–80s, light industry and mechanical engineering facilities were added to

740-664: A rapid growth and construction boom, creating a new job market, and a need for a resident population. In 1949, Sumgait gained official city status according to the resolution of the Supreme Soviet of Azerbaijan SSR . In 1952, a tube-rolling plant delivered its first produce thus developing black metallurgy production in Azerbaijan. The same year, another new Synthetic Rubber Production Plant started its operations producing ethylene obtained from oil . Operations at Sumgait Steel Processing Plant and Sumgait Aluminium Plant were commenced in 1953 and 1955, respectively. In 1957–1955,

814-621: 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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888-483: 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

962-463: A teachers' institute. The only university in the city is Sumqayit State University . The university has seven departments and approximately 4000 students. The city's notable residents include the following people. Sumgait is twinned with the following cities: Corat Corat ( Ҹорат , جورات ; also Jorat and Dzhorat ) is a town and municipality in Sumqayit , Azerbaijan . The Corat

1036-552: 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

1110-583: 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),

1184-531: 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

1258-769: 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

1332-641: Is located on the shore of the Caspian Sea . The village of Corat is located 35 km northwest of Baku , on the Western shore of the Caspian Sea, on a plain. It has a population of 13700. The name of settlement comes from the name of the Mongolian tribe Joyrat . This Azerbaijan location article is a stub . You can help Misplaced Pages by expanding it . World Bank The World Bank

1406-466: 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

1480-669: 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

1554-489: 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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1628-426: 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

1702-636: 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,

1776-604: The Mongolian tribe Sugaut (Sagait). According to local folklore the city is named after the Sumgait River . One folk legend tells the tale of a hero by the name of "Sum", who is chosen by the community to fight a monster that was blocking the Sumgait River. Sum eventually manages to kill the monster, but when the river is released he is swept away by the waters and never seen again. After that, his beloved, Jeyran, inconsolable due to Sum's disappearance, would go to

1850-540: 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

1924-467: 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

1998-683: 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

2072-599: The Soviet Union, including Nagorno-Karabakh , an autonomous region of the Azerbaijani SSR. The Sumgait pogrom against the local Armenian population on February 27-29, 1988 was one of the first violent events of the Nagorno-Karabakh conflict . It killed more than 30 people, wounded some 200, and produced thousands of refugees; most of the victims were Armenians who constituted a large minority of

2146-525: 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

2220-501: 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

2294-414: 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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2368-469: 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

2442-457: 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

2516-637: 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,

2590-404: 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,

2664-537: 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

2738-578: 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",

2812-563: 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

2886-400: 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

2960-500: The city administration built Ludwigshafen Park in 1997 in celebration of the 20th anniversary of twin-city relations between Ludwigshafen and Sumgait. In 1999, Heydar Aliyev Park and Luna Park were built in the rapidly growing city. The city has one professional football team competing in the top-flight of Azerbaijani football – Sumgayit , currently playing in the Azerbaijan Premier League . The city had

3034-520: The city administration raised the Peace Dove sculpture and monument in the middle of the park assigning the city a symbol of peace. The flora of the park includes 39 types of trees. Events of the 1990s, such as the Black January tragedy and First Nagorno-Karabakh War , led to the establishment of Stars (Ulduzlar) and 20 January Monument monuments in the park. In the eastern section of

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3108-481: The city and its enforcement is being regulated by the executive power of the city. For instance, the amount of wastewater from industrial production went down from 600,000 m (21,000,000 cu ft) during the 1990s to 76,300 m (2,690,000 cu ft) in 2005. Solid waste went down from 300,000 to 3,868 tons a year. The World Bank has issued a loan to the Azerbaijani government for construction of

3182-451: The city of Sumgait. Mammadbeyov donated a large number of graphics and illustrations made by him to the archives of The City Museum. The Flag Museum in Sumgait was opened on December 15, 2017, with the participation of Ilham Aliyev. Sumgait was credited as the main regional driving force behind rock bands of the 1990s including Yuxu , Miraj , Mozalan , and Sirr . The regional channel Dünya TV and newspaper 365 Gün are headquartered in

3256-607: The city. In 2020, the Azerbaijan Jewish Media Center was established in Sumgayit. During the Soviet rule of Azerbaijan, Sumgait was believed to have the longest boulevard in the republic. The Culture and Leisure Park was laid on 23 hectares (57 acres) of Sumgait coastline in 1967. On August 17, 1978, the park was given the name of a distinguished Azerbaijani poet Imadaddin Nasimi . The same year,

3330-554: The complex. The first studies in architecture and urban planning of the city of Sumgait were carried out by Azerbaijani and Soviet scientist, academician of the International Academy of Architecture of the Eastern Countries, honored architect of Azerbaijan SSR Kamal Mammadbeyov . The result of years of research were numerous scientific publications and a book about architectural and planning development of

3404-574: 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

3478-597: The development of Sumgait Technologies Park (STP) and Sumgayit Chemical Industrial Park (SCIP) started to receive investor attention. The 167-hectare (410-acre) complex will host pharmaceutical, construction, and agricultural businesses, in addition to chemical, automotive, and electronics producers. It is meant as a self-sufficient complex, which will include residential facilities, an exhibition center, laboratories, sports center, schools, and hospitals. SCIP aims to attract domestic and foreign investors, and its management has already received proposals for 20 investment projects in

3552-410: The existing railroad lines. Between 1938 and 1941, a thermal power station was constructed to power Baku's growing petroleum industry . This was soon followed by more heavy industries. Due to World War II the construction of the area stopped and resumed in 1944 when metallurgical and chemical plants were constructed and put into operation. The first production of Sumgait Chemical Plant led to

3626-405: 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

3700-567: The industrial base of the city. By the end of the 1980s, Sumgait was already the centre of the chemical industry of the USSR. After the dissolution of the Soviet Union , Sumgait has remained Azerbaijan's second-biggest industrial centre after Baku. Some of the most significant companies operating in the city are Azerpipe, Azeraluminium, Sumgait Aluminium, Sumgait Superphosphate, glass producer Khazar OJSC, Sumgait Knitted Goods Factory, and Sumgait Compressors, many of which have been privatized. In 2011,

3774-477: The industrial sectors went into decline. The Absheron Peninsula (which consists of Sumgait, Baku and the Absheron District ) was considered by scientists to be the most ecologically devastated part of Azerbaijan. The city was known for its children's cemetery, known as the "Baby Cemetery" which contains many graves of infants born with deformities and mental retardation that were further complicated by

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3848-565: The lack of adequate medical care for the poor. Sumgait was named as most polluted place on Earth by the U.S.-based environmental group the Blacksmith Institute in 2006 and placed on their list of The World's Most Polluted Places by Time magazine in 2007. The report noted the former Soviet industrial base was polluting the local environment with industrial chemicals like chlorine and heavy metals . The report also mentioned cancer rates in Sumgait were as much as 51% higher than

3922-730: 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

3996-492: 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

4070-731: 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

4144-466: 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

4218-432: The national average and that genetic mutations and birth defects were commonplace. The city administration prepared an environmental protection plan for 2003–2010 which has been steadily decreasing the levels of pollution to minimal. The program oversees 118 activities aimed at minimizing pollution at all possible levels of economic production. The program was prepared with the participation of all industrial enterprises in

4292-451: 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

4366-441: 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

4440-457: The park, Shehidler Khiyabani, similar to Martyrs' Lane in Baku, was established as a burial ground for thousands of soldiers from Sumgait who died during the war. According to Decree No. 132 of the Cabinet of Ministers of Azerbaijan dated August 2, 2001, the park was given the status of national historical importance. Its current size is 80 ha . In addition to Nasimi Culture and Leisure Park,

4514-469: The population consists of young people and teenagers aged 14–29. Azerbaijanis comprise 85% of the population, Talysh 5%, Lezgins 5%, Russians 2%, Turkish 1%, and others 2%. Prior to February 1988, Sumgait was home to 20,000 Armenians, who were displaced as a result of the Sumgait pogrom . Sumgait did not have a mosque until after the collapse of the Soviet Union. In the 2010s, the city emerged as

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4588-514: The population. After the First Nagorno-Karabakh War , the city became home to a number of Azerbaijani refugees internally displaced persons , mainly from Qubadli and Zengilan regions. In 1994, Heydar Aliyev initiated a large-scale Free Economic Area project on the territory of the city. As a result of the Soviet planning of the industrial boom era, the city became heavily polluted. Soon after Azerbaijan's independence,

4662-479: 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

4736-545: 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

4810-470: The river and cry "Sum qayıt!" (which means "Sum, come back!" in Azerbaijani ). So the river became known as Sumgait, after which the city was named. According to historians, Medean tribes lived in the area in ancient times. During the construction boom, when the foundation of the executive power building was being excavated, remains of an ancient caravanserai along with personal items and kitchenware

4884-535: 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

4958-665: 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

5032-542: 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

5106-400: 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

5180-491: 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

5254-412: 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,

5328-433: 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

5402-576: Was found at the site. The first reports of settlements at the present site of Sumgait were in 1580, when English traveller H. Barrow mentioned Sumgait in his writings and in 1858, when Alexander Dumas wrote about the area in his memoirs Trip to Caucasus , although nothing substantial was created on the site until the Soviet Union gained control over the area in the 1920s. Following the politics of glasnost , initiated by Mikhail Gorbachev , civil unrest and ethnic strife grew in various regions of

5476-454: 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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