The World Bank is an international financial institution that provides financial and technical assistance to developing countries around the world. Its primary goal is to reduce poverty and promote sustainable economic growth by offering loans, grants, and expertise for various projects and initiatives.
The World Bank focuses on areas such as infrastructure development, education, healthcare, agriculture, and environmental sustainability. It consists of two institutions: the International Bank for Reconstruction and Development (IBRD), which primarily works with middle-income and creditworthy low-income countries, and the International Development Association (IDA), which focuses on the poorest countries.
Quick info 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||Ajay Banga|
History and Objectives of the World Bank
International Bank for Reconstruction and Development was established in July 1944, which we know today as 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.
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 Ajaypal Singh Banga. Ajaypal Singh Banga is an Indian-American business executive who was elected as the President of the World Bank on 3 May 2023, with effect from 2 June 2023. Prior to that he was Vice President at General Atlantic, and prior to that was Executive Chairman of Mastercard. He has also been Chairman of the Netherlands-based investment holding company Exor and Chairman of the Public-Private Partnership for Central America with US Vice President Kamala Harris.
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 2023|
|Ajay Banga (United States)||2023 to present|
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