World Bank
International financial institution
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The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purposes of economic development. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In the 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by environmental and social safeguards.
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President of summit, on its eve, looks forward to its initiatives materialisingWith just over 24 hours left for the G20 leaders to start their deliberations on a whole range of geo-political issues, India as the president of the summit of the powerful grouping is expectedly..IndiaTimes - Published | |
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