What is World Bank?

The World Bank is a specialized organization of the United Nations. The Headquarters of the World Bank Group is in Washington D.C. The World Bank is an international financial institution that provides loans.

Brief information about the World Bank

Establishment Year July 1944
Installer John Maynard Keynes and Harry Dexter White
Parent organization World bank group
The headquarters Washington, D.C., United States
First president Eugene Meyer
Current president 2023 David Malpass

History of world bank

The International Bank for Reconstruction and Development was established in July 1944 and later called the World Bank. Its scope has expanded to include a group of five closely related development institutions. Over time, the World Bank's focus has shifted from reconstruction to development, with an emphasis on infrastructure such as dams, power grids, irrigation networks, and roads. With the establishment of the International Finance Corporation in 1956, the World Bank Group has been able to provide loans to private sector companies and financial institutions in developing countries. With the creation of the International Development Association in 1960, in the context of a steady shift towards poverty alleviation, a greater emphasis was placed on the poorest countries, which has become the main goal of the Bank Group. Between 1946 and 2019, the World Bank grew into five entities and became the World Bank Group. During that period 13 persons have served as the Chairman. Its main purpose is to provide financial assistance to the member states in the work of reconstruction and development. Now you must have understood the answer to this question, what is the World Bank? Answer- The World Bank Group is a group of five international organizations that provide finance and financial advice to countries.

Objectives of the World Bank

  • To take the world on the path of economic progress.
  • Reducing poverty in the world.
  • Promoting international investment.

Current President of World Bank 2023

The current President of the World Bank (WB) is David Malpass. The Board of Directors of the World Bank has unanimously appointed David Malpass to the post of Chairman on 09 April 2019. David Malpass is a US citizen, having served as Under Secretary of the Treasury for International Affairs under US President Donald Trump's deputy before serving as President of the World Bank.

World bank updates:

1. In the year 2021, the World Bank has approved 32 million (USD) projects to improve the management efficiency and quality of health services in Mizoram. The project titled “Mizoram Health System Strengthening Project” will strengthen the governance and management structure of Mizoram Health Department and its subsidiaries. The project will support the efforts of the state government to provide quality healthcare to the poor and vulnerable and those located in remote areas.

List of World Bank Presidents (1946-2023):

Name of President Tenure (From how long)
Eugene Mayer (United States) 1946–1946
John J. McIlroy (United States) 1947–1949
Eugene R. Black (United States) 1949–1963
George Woods (United States) 1963–1968
Robert McNamara (United States) 1968–1981
Alden W. Clausen (United States) 1981–1986
Barber Konable (United States) 1986–1991
Lewis T. Preston (United States) 1991–1995
Sir James Wolfenson (USA) 1995–2005
Paul Wolfowitz (United States) 2005–2007
Robert Zoelik (United States) 2007–2012
Jim Yong Kim (United States) 2012-2019
David Malpass (United States) 2019 to present

FAQs:

all nationalized banks

International Bank for Reconstruction and Development

Manila (Philippines)

Washington D.C.

credit will be expensive

medium and long term debt

To encourage capital intensive industry

in Mandaluyong, Philippines

ICICI Bank

currency notes

  Last update :  Mon 27 Mar 2023
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