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93-641: The World Bank Group ( WBG ) is a family of five international organizations that make leveraged loans to developing countries . It is the largest and best-known development bank in the world and an observer at the United Nations Development Group . The bank is headquartered in Washington, D.C. , in the United States . It provided around $ 98.83 billion in loans and assistance to "developing" and transition countries in

186-493: A treaty that acts as a charter creating the group. Treaties are formed when lawful representatives (governments) of several states go through a ratification process, providing the IGO with an international legal personality. Intergovernmental organizations are an important aspect of public international law . Intergovernmental organizations in a legal sense should be distinguished from simple groupings or coalitions of states, such as

279-545: 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

372-640: 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

465-476: A board of governors meeting once a year. Each member country appoints a governor, generally its minister of finance. Daily, the World Bank Group is run by a board of 25 executive directors to whom the governors have delegated certain powers. Each director represents either one country (for the largest countries), or a group of countries. Executive directors are appointed by their respective governments or

558-735: A capitalist economy. The oldest regional organization is the Central Commission for Navigation on the Rhine , created in 1815 by the Congress of Vienna . There are several different reasons a state may choose membership in an intergovernmental organization. But there are also reasons membership may be rejected. Reasons for participation: Reasons for rejecting membership: Intergovernmental organizations are provided with privileges and immunities that are intended to ensure their independent and effective functioning. They are specified in

651-640: A fair trial . Otherwise, the organizations' immunities may be put in question in national and international courts. Some organizations hold proceedings before tribunals relating to their organization to be confidential, and in some instances have threatened disciplinary action should an employee disclose any of the relevant information. Such confidentiality has been criticized as a lack of transparency . The immunities also extend to employment law . In this regard, immunity from national jurisdiction necessitates that reasonable alternative means are available to effectively protect employees' rights; in this context,

744-572: A final report, "Striking a Better Balance". The report concluded that fossil fuel and mining projects do not alleviate poverty, and recommended that World Bank involvement with these sectors be phased out by 2008 to be replaced by investment in renewable energy and clean energy . The World Bank published its Management Response to the EIR in September 2004 after extensive discussions with the board of directors. The Management Response did not accept many of

837-854: A first instance Dutch court considered an estimated duration of proceedings before the Administrative Tribunal of the International Labour Organization of 15 years to be too long. An international organization does not pay taxes, is difficult to prosecute in court and is not obliged to provide information to any parliament. The United Nations focuses on five main areas: "maintaining peace and security , protecting human rights , delivering humanitarian aid , supporting sustainable development , and upholding international law ". UN agencies , such as UN Relief and Works Agency , are generally regarded as international organizations in their own right. Additionally,

930-534: A good resource for developmental projects in developing countries. The UN has to protect against any kind of human rights violation, and in the UN system, some specialized agencies, like ILO and United Nations High Commissioner for Refugees ( UNHCR ), work in the human rights' protection fields. The UN agency, ILO, is trying to end any kind of discrimination in the work field and child labor; after that, this agency promotes fundamental labor rights and to get safe and secure for

1023-600: A loan the bank made to the palm oil company Dinant after the 2009 Honduran coup d'état . There have been numerous killings of Campesinos in the region where Dinant was operating. Other controversial investments include loans to the Chixoy Hydroelectric Dam in Guatemala while it was under military dictatorship, and to Goldcorp (then Glamis Gold) for the construction of the Marlin Mine . In 2019,

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1116-575: 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)

1209-621: 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

1302-512: 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

1395-595: A variety of issues—was the League of Nations , founded on 10 January 1920 with a principal mission of maintaining world peace after World War I. The United Nations followed this model after World War II . This was signed on 26 June 1945, in San Francisco, at the conclusion of the United Nations Conference on International Organization, and came into force on 24 October 1945. Currently, the UN

1488-616: 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

1581-651: 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),

1674-484: Is intended to be ensured by legal mechanisms that are internal to the intergovernmental organization itself and access to administrative tribunals. In the course of many court cases where private parties tried to pursue claims against international organizations, there has been a gradual realization that alternative means of dispute settlement are required as states have fundamental human rights obligations to provide plaintiffs with access to court in view of their right to

1767-769: 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

1860-624: Is part of the World Bank Group. The group's headquarters are in Washington, D.C. It is an international organization owned by member governments; although it makes profits, they are used to support continued efforts in poverty reduction. Technically the World Bank is part of the United Nations system, but its governance structure is different: each institution in the World Bank Group is owned by its member governments, which subscribe to its basic share capital, with votes proportional to shareholding. Membership gives certain voting rights that are

1953-402: 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

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2046-628: Is recognized as a leading funder of climate investments in developing countries. The WBG came into formal existence on 27 December 1946 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary and Financial Conference (1–22 July 1944). It also provided the foundation of the Osiander Committee in 1951, responsible for the preparation and evaluation of

2139-462: 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

2232-817: Is the main IGO with its arms such as the United Nations Security Council (UNSC), the General Assembly (UNGA), the International Court of Justice (ICJ), the Secretariat (UNSA), the Trusteeship Council (UNTC) and the Economic and Social Council (ECOSOC). When defined as "organizations with at least three state parties, a permanent headquarters or secretariat, as well as regular meetings and budgets",

2325-489: 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

2418-426: 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

2511-484: 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

2604-1056: The Congressional-Executive Commission on China questioned the World Bank about a loan in Xinjiang, China , that was used to buy high-end security gear, including surveillance equipment. The bank launched an internal investigation in response to the allegation. In August 2020, U.S. lawmakers questioned the continued disbursement of the loan. [REDACTED]   World Bank Group International organization Examples for international organizations include: UN General Assembly , World Trade Organization , African Development Bank , UN Economic and Social Council , UN Security Council , Asian Development Bank , International Bank for Reconstruction and Development , International Monetary Fund , International Finance Corporation , Inter-American Development Bank , United Nations Environment Programme. Scottish law professor James Lorimer has been credited with coining

2697-782: The G7 or the Quartet . Such groups or associations have not been founded by a constituent document and exist only as task groups . Intergovernmental organizations must also be distinguished from treaties. Many treaties (such as the North American Free Trade Agreement , or the General Agreement on Tariffs and Trade before the establishment of the World Trade Organization ) do not establish an independent secretariat and instead rely on

2790-558: 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

2883-730: 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,

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2976-672: The International Telecommunication Union and other standards organizations ). Common types include: In regional organizations like the European Union , African Union , NATO , ASEAN and Mercosur , there are restrictions on membership due to factors such as geography or political regimes. To enter the European Union (EU), the states require different criteria; member states need to be European, liberal-democratic political system, and be

3069-580: The World Development Report . Commencing operations on 25 June 1946, it approved its first loan on 9 May 1947 (USD 250M to France for postwar reconstruction, in real terms the largest loan the bank has issued to date). All of the 188 UN members and Kosovo that are WBG members participate at a minimum in the IBRD. As of May 2016, all of them also participate in some of the other four organizations (IDA, IFC, MIGA, and ICSID). WBG members by

3162-467: 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

3255-653: 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

3348-511: 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

3441-1000: The 2021 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $ 117 billion. Its five organizations are: The first two are sometimes collectively referred to as the World Bank . The activities of the World Bank (the IBRD and IDA) focus on developing countries , in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation and rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, and electricity), large industrial construction projects, and governance (e.g. anti-corruption, legal institutions development). The IBRD and IDA provide loans at preferential rates to member countries, as well as grants to

3534-478: 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

3627-489: The EIR process, the World Bank issued a revised Policy on Indigenous Peoples. The World Bank has long been criticized by a range of non-governmental organizations and academics, notably including its former chief economist Joseph Stiglitz , who is equally critical of the International Monetary Fund , the US Treasury Department , and the US and other developed country trade negotiators. Critics argue that

3720-568: The EIR report's conclusions, but the EIR served to alter the World Bank's policies on oil, gas, and mining in important ways, as the World Bank documented in a recent follow-up report. One area of particular controversy concerned the rights of indigenous peoples. Critics point out that the Management Response weakened a key recommendation that indigenous peoples and affected communities should have to provide 'consent for projects to proceed; instead, there would be 'consultation'. Following

3813-657: The French Emperor Napoleon. States then became the main decision makers who preferred to maintain their sovereignty as of 1648 at the Westphalian treaty that closed the 30 Years' War in Europe. The first and oldest international organization—being established employing a treaty, and creating a permanent secretariat, with a global membership—was the International Telecommunication Union (founded in 1865). The first general international organization—addressing

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3906-426: The IBRD and IDA, whereas the term "World Bank Group" or "WBG" is used to refer to all five institutions collectively. The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the other institutions have between 153 and 184. The institutions of the World Bank Group are all run by

3999-590: The Sanctions System; and the Conflict Resolution and Internal Justice System. The present managing director, Shaolin Yang, assumed the office after Sri Mulyani resigned to become finance minister of Indonesia . The managing director and World Bank Group chief financial officer is Anshula Kant since 7 October 2019. After longstanding criticisms from civil society of the bank's involvement in

4092-480: 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

4185-638: The UN such as the World Health Organization (which was made up of regional organizations such as PAHO that predated the UN). A few UN special agencies are very centralized in policy and decision-making, but some are decentralized; for example, the country-based projects or missions' directors and managers can decide what they want to do in the fields. The UN agencies have a variety of tasks based on their specialization and their interests. The UN agencies provide different kinds of assistance to low-income countries and middle-income countries, and this assistance would be

4278-640: The United Nations has Specialized Agencies , which are organizations within the United Nations System that have their member states (often nearly identical to the UN Member States ) and are governed independently by them; examples include international organizations that predate the UN, such as the International Telecommunication Union , and the Universal Postal Union , as well as organizations that were created after

4371-588: 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

4464-643: The WBG until April 16, 1980, when the People's Republic of China replaced the ROC. Since then, it uses the name " Taiwan, China ". Excluded from the list are the following de facto states: Abkhazia , Artsakh , Northern Cyprus , the Sahrawi Arab Democratic Republic , Somaliland , South Ossetia , and Transnistria . Together with four affiliated agencies created between 1957 and 1988, the IBRD

4557-414: 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,

4650-469: 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

4743-457: 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

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4836-637: 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,

4929-627: The World Bank, they mostly rely on private-sector clients to monitor their implementation and miss an independent monitoring institution in this context. This is why an extensive review of the institutions' implementation strategy of social and environmental standards is demanded. The World Bank's Integrity Vice Presidency (INT) is charged with the investigation of internal fraud and corruption, including complaint intake, investigation, and investigation reports. The World Bank Group has also been criticized for investing in projects with human rights issues. The Compliance Advisor/Ombudsman (CAO) criticized

5022-404: 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,

5115-438: 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

5208-578: 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",

5301-563: 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

5394-469: The bank's Charter require an 85% supermajority, the U.S. can block any major change in the bank's governing structure. Because the U.S. exerts formal and informal influence over the bank as a result of its vote share, control over the presidency, and the bank's headquarters location in Washington, D.C., friends and allies of the U.S. receive more projects with more lenient terms. The World Bank Group consists of The term " World Bank " generally refers to just

5487-449: 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

5580-434: The bank's largest shareholder. The nominee is subject to confirmation by the executive directors, to serve a five-year, renewable term. Ajay Banga is the current and 14th President of the World Bank Group . The managing director of the World Bank is responsible for organizational strategy; budget and strategic planning; information technology; shared services; Corporate Procurement; General Services and Corporate Security;

5673-410: 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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5766-400: 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

5859-453: The constituencies. The agencies of the World Bank are each governed by their Articles of Agreement that serves as the legal and institutional foundation for all their work. The activities of the IFC and MIGA include investment in the private sector and providing insurance, respectively. Traditionally, the bank president has been a U.S. citizen nominated by the president of the United States,

5952-437: 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

6045-574: 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

6138-640: The distinction from international non-governmental organizations (INGOs), which are non-governmental organizations (NGOs) that operate internationally. These include international nonprofit organizations such as the World Organization of the Scout Movement , International Committee of the Red Cross and Médecins Sans Frontières , as well as lobby groups that represent the interests of multinational corporations. IGOs are established by

6231-406: 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

6324-408: The international financial institutions as 'illegal and illegitimate and a cog of coercive American diplomacy in carrying out financial terrorism. Defenders of the World Bank contend that no country is forced to borrow its money. The bank provides both loans and grants. Even the loans are concessional since they are given to countries that have no access to international capital markets . Furthermore,

6417-529: The jurisdiction of national courts. Certain privileges and immunities are also specified in the Vienna Convention on the Representation of States in their Relations with International Organizations of a Universal Character of 1975,. which however has so far not been signed by 35 states and is thus not yet in force (status: 2022). Rather than by national jurisdiction, legal accountability

6510-467: The laborers. United Nations Environment Program(UNEP) is one of the UN's (United Nations) agencies and is an international organization that coordinates U.N. activities on the environment. An early prominent example of an international organization is the Congress of Vienna of 1814–1815, which was an international diplomatic conference to reconstitute the European political order after the downfall of

6603-666: 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

6696-518: 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

6789-731: 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

6882-512: The loans, both to poor and middle-income countries, are below market-value interest rates . The World Bank argues that it can help development more through loans than grants because money repaid on the loans can then be lent for other projects. Criticism was also expressed towards the IFC and MIGA and their way of evaluating the social and environmental impact of their projects. Critics state that even though IFC and MIGA have more of these standards than

6975-466: 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

7068-405: 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

7161-400: The number of IGOs in the world increased from about 60 in 1940 to about 350 in 1980, after which it has remained roughly constant. 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 is the collective name for

7254-540: The number of organizations in which they participate: Non-members are Andorra , Cuba , Liechtenstein , Monaco , Palestine , the Holy See ( Vatican City ), Taiwan, and North Korea , of which Andorra is the only IMF member state did not join WBG. The Republic of China joined the World Bank on December 27, 1945. After the Chinese Civil War , the government fled to Taiwan and continued its membership in

7347-623: The oil, gas, and mining sectors, the World Bank in July 2001 launched an independent review called the Extractive Industries Review (EIR—not to be confused with Environmental Impact Report ). The review was headed by an "Eminent Person", Emil Salim (former Environment Minister of Indonesia). Salim held consultations with a wide range of stakeholders in 2002 and 2003. The EIR recommendations were published in January 2004 in

7440-511: The parties for their administration, for example by setting up a joint committee . Other treaties have established an administrative apparatus which was not deemed to have been granted binding legal authority. The broader concept wherein relations among three or more states are organized according to certain principles they hold in common is multilateralism . Intergovernmental organizations differ in function, membership, and membership criteria. They have various goals and scopes, often outlined in

7533-408: The poorest countries. Loans or grants for specific projects are often linked to wider policy changes in the sector or the country's economy as a whole. For example, a loan to improve coastal environmental management may be linked to the development of new environmental institutions at national and local levels and the implementation of new regulations to limit pollution. Furthermore, the World Bank Group

7626-545: 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

7719-619: The purpose of realizing a common end". He distinguished between bilateral and multilateral organizations on one end and customary or conventional organizations on the other end. In his 1922 book An Introduction to the Study of International Organization , Potter argued that international organization was distinct from " international intercourse " (all relations between states), "international law" (which lacks enforcement) and world government . International Organizations are sometimes referred to as intergovernmental organizations (IGOs), to clarify

7812-402: The same for all countries but there are also additional votes that depend on financial contributions to the organization. The president of the World Bank is nominated by the president of the United States and elected by the bank's Board of Governors. As of 15 November 2009, the United States held 16.4% of total votes, Japan 7.9%, Germany 4.5%, the United Kingdom 4.3%, and France 4.3%. As changes to

7905-432: The so-called free market reform policies—which the bank advocates in many cases—in practice are often harmful to economic development if implemented badly, too quickly (" shock therapy "), in the wrong sequence, or in very weak, uncompetitive economies. World Bank loan agreements can also force procurements of goods and services at uncompetitive, non-free-market, prices. Other critical writers, such as John Perkins , label

7998-635: The term "international organization" in a 1871 article in the Revue de Droit International et de Legislation Compare . Lorimer use the term frequently in his two-volume Institutes of the Law of Nations (1883, 1884). Other early uses of the term were by law professor Walther Schucking in works published in 1907, 1908 and 1909, and by political science professor Paul S. Reinsch in 1911. In 1935, Pitman B. Potter defined international organization as "an association or union of nations established or recognized by them for

8091-859: The treaties that give rise to the organization (such as the Convention on the Privileges and Immunities of the United Nations and the Agreement on the Privileges and Immunities of the International Criminal Court ), which are normally supplemented by further multinational agreements and national regulations (for example the International Organizations Immunities Act in the United States). The organizations are thereby immune from

8184-697: The treaty or charter . Some IGOs developed to fulfill a need for a neutral forum for debate or negotiation to resolve disputes. Others developed to carry out mutual interests with unified aims to preserve peace through conflict resolution and better international relations , promote international cooperation on matters such as environmental protection , to promote human rights , to promote social development (education, health care ), to render humanitarian aid , and to economic development . Some are more general in scope (the United Nations ) while others may have subject-specific missions (such as INTERPOL or

8277-485: 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

8370-549: 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

8463-443: 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

8556-421: 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

8649-454: 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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