Founded in June 1946, the World Bank has been providing loans and financial resources to the developing world for more than half a century. Its goal is to decrease poverty and increase economic growth. It offers financing for infrastructural projects such as roads, airports and water and sewage facilities in poor countries. It also helps in addressing climate change. It has helped the reconstruction of post-conflict nations. It is also involved in several global partnerships.
The World Bank is a neo-liberal institution, which means that it operates under the principles of free market capitalism. It is often criticised by its opponents for being too focused on private sector investment and not on helping the poorest of the poor. It is also accused of salvaging irresponsible loans from private institutions to governments in the developing world.
The World Bank has been working to address criticisms of its practices and influence. It has a safeguard policy, which is designed to protect the interests of the poor, indigenous people, environmental conservation and other sensitive areas. This includes protecting forests, international waterways and involuntary resettlement. It also provides a political risk insurance scheme to investors in the developing world.
The World Bank is also involved in several global partnerships. One is the Clean Air Initiative, which aims to stop the degradation of the earth’s atmosphere. It is also involved with the United Nations Development Business, which helps nations in developing countries to improve their economies. It is also part of the WTO, which helps to create a fair balance between the trade of member nations.
It is also known for its work in the area of health. It has financed hydroelectric dams, ports, and water and sewage facilities in the developing world. It also has a number of training wings.
The World Bank has a wide variety of offices in member countries. It has more than 10,000 employees. It is under the direction of a president and 29 vice-presidents. Each of the member countries has an Executive Director who represents their government. Each country has a voting power proportional to the size of its economy. The United States has a veto over changes in the articles of agreement and the capital base of the bank.
The World Bank is considered by its supporters to be a key player in global economic development. It has helped to increase the life expectancy and fertility of women, and to reduce child mortality. It has also helped to increase the amount of money in the hands of the poorest families. It has taken a leading role in reshaping the economies of poor nations.
Throughout the years, the World Bank has faced leadership challenges. The bank’s president, Jim Yong Kim, announced his resignation effective 1 February 2019. His replacement was Kristalina Georgieva. Many staff credit Wolfensohn with repairing the bank’s public image. He also cancelled a controversial hydroelectric dam project in Nepal within a few days of taking office.