Question

Explain the function of world bank

Answer 1

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Answer 2

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Concurrent to the establishment of International Monetary Fund(IMF), the World Bank also came into existence in 1944. The World Bank and the IMF are twin intergovernmental pillars supporting the structure of the world's economy and financial order. Both are based in Washington DC.

The primary difference between these two organizations is that while the World Bank is a Development institutions, the IMF is a cooperative institution that seeks to keep an orderly system of payments and receipts between nations.

Formerly the World Bank was known as the International Bank for Reconstruction and Development and extended its initial loans for the purpose of reconstruction work as an aftermath of the world war.

Once these nations achieved self sufficiency, World Bank directed its focus towards the poor nations of the world and since, 1940, a total of $330 billion dollars of loan has been granted to under-developed and developing nations. Salient aspects or functions of World Bank are:

• Contributes by providing loans for the economic development of the world's poorer countries.
• Finances long-term development projects and programs undertaken by developing countries.
• Providing financial assistance to the poorest developing countries whose per capita GNP is less than $865 an year.
• Promotes entrepreneurship by encouraging private enterprises in developing countries through its affiliate, the International Finance Corporation (IFC).
• The financial source of World Bank is through borrowing at lower rates and lending at a slightly higher rate on the international bond market.
• Presently, it has an authorised capital of $184 billion; of which members pay is about 10%.

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