World bank and its functions

The World Bank 

The world bank is an international financial institution which main objective is to help the member countries financially as a loan for reconstruction and development work. The world bank was founded in July 1944 at the Bretton Woods Conference. 44 countries participated in this conference. The main objective of establishing this institution was to reconstruct the devastated economy in the world war II. After the second world war, this institution was formed for the purpose of revising the international economies.

Some important information about the world bank.

(a) The World Bank headquarter is in Washington,  D.C. (U.S.A )

(b)  There are five institutions in the world bank

(i)  International Bank for Reconstruction and Development- (IBRD)

(ii) International Development Association- (IDA)

(iii) International Finance Corporation -(IFC)

(iv) Multilateral Investment Guarantee Agency- (MIGA)

(v) International Centre for Settlement Disputes- (ICSID)

Of these , IBRD is called world bank.

(c) Presently 189 countries are members of this institution, to be a member of the world bank , it must also be a member of the IMF.

(d) In the beginning, the world  bank gives loan for specific projects like construction of the dam and highways.

(e) World bank offers loan only to developing countries.

(f) World bank offers loan for reform programs and projects.

Some main functions of the world bank

(i) The main function of the world bank is always abolishing poverty. 
Therefore, this institution works for eradicating poverty.

(ii) Providing financial assistance to developing and less developed countries.

(iii) Providing financial assistance for member countries for their development works.