WORLD BANK Meaning and
Definition
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The World Bank refers to an international financial institution established with the primary objective of providing financial and technical assistance to developing countries for development projects and programs. It primarily focuses on reducing poverty and promoting sustainable economic growth in these countries.
The World Bank is comprised of two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IBRD provides loans to middle-income and creditworthy low-income countries, whereas the IDA offers grants and interest-free loans to the world's poorest countries.
In addition to financial aid, the World Bank also offers development knowledge and expertise to its member countries. It conducts research, collects and analyzes data, and provides policy advice to help countries address challenges and implement effective strategies for development. The institution also collaborates with governments, non-governmental organizations, academia, and other stakeholders to foster partnerships and knowledge sharing.
The World Bank plays a crucial role in supporting initiatives related to education, healthcare, infrastructure development, governance, and environmental sustainability. It aims to create opportunities, improve living standards, and promote shared prosperity in developing countries.
The World Bank is governed by its member countries, represented by their finance ministers, who make decisions on policies, operations, and financial matters. The institution operates on the principle of promoting transparency, accountability, and integrity in its operations.
Common Misspellings for WORLD BANK
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Etymology of WORLD BANK
The word "World Bank" is derived from its full name, "The International Bank for Reconstruction and Development" (IBRD), which is one of the five institutions that make up the World Bank Group. The term "world" signifies the global nature and reach of the organization, while "bank" reflects its primary function of facilitating financial assistance and investing in development projects worldwide.
The World Bank was established in 1944 during the Bretton Woods Conference, which aimed to establish a framework for international economic cooperation after World War II. The term "bank" was chosen to highlight its central role in providing financial support to member countries for their reconstruction and development efforts.
Since its inception, the World Bank has evolved to include additional institutions, such as the International Development Association (IDA), which provides financial assistance to the world's poorest countries, and the International Finance Corporation (IFC), which supports private sector investment in developing nations.
Similar spelling words for WORLD BANK
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