World Bank Dr Paromita Chakraborty Surendranath College The

World Bank Dr. Paromita Chakraborty, Surendranath College

§ The world bank was formed at the bretton woods meeting in the USA in the year 1944. § Generally if one is a member of the IMF, the member simultaneously becomes a member of the World Bank. Introduction § The world bank has 22 members as executive directors. They do the majority of the work of the World bank. 5 of the 22 members are recruited by USA, britain, france, Germany and Japan, the rest of the members are voted by all the member nations. The term of each member is 2 years. § The term of the president of the world bank is 5 years.

§ To give financial aid to the countries damaged by the effects of the 2 nd world war. § To give funds for the development if various countries. § To promote privatization and increase in foreign trade Functions of Bank among nations. § To aid in the increase in the production if goods, and to improve the standard of living of the people. § The bank also provides technical assistance to nations. § The world bank also looks at child and women’s development, health and educational issues in its ‘people centered policy. ’

§ Most funds of the world bank are contributed by the developed countries, hence it is they who decide on the terms of the loan conditions. Conclusion § Many state that the primary aim of the world bank is to increase the financial dependence of the developing nations. § The third world nations also state that the first world nations charge a high amount of interest on the loans.