History of world bank

The World Bank was created following the ratification of the United Nations Monetary and Financial Conference|Bretton Woods agreement. The concept was originally conceived in July 1944 at the United Nations Monetary and Financial Conference. Two years later, the Bank issued its first loan: US$250 million to France for post-war reconstruction, the main focus of the Bank's work in the early post-World War II years. Over time, the "development" side of the Bank's work has assumed a larger share of its lending, although it is still involved in post-conflict reconstruction, together with reconstruction after natural disasters, response to humanitarian emergencies and post-conflict rehabilitation needs affecting developing and transition economies. There were criticisms of the results of the World Bank's "development schemes" leading to corruption and widespread exploitation by the corporations who are given monopolies of developing nations' resources.

The World Bank is one of the two Bretton Woods Institutions which were created in 1944 to rebuild a war-torn Europe after World War II. Later, largely due to the contributions of the Marshall Plan, the World Bank was forced to find a new area in which to focus its efforts. Subsequently, it began attempting to rebuild the infrastructure of Europe's former colonies. Since then it has made a variety of changes regarding its focus and goals. From 1968-1981 it focused largely on poverty alleviation. In the 1980s and 1990s its main focus was both debt management and structural adjustment.

The Bank’s mission is to aid developing countries and their inhabitants to achieve development and the reduction of poverty, including achievement of the MDGs, by helping countries develop an environment for investment, jobs and sustainable growth, thus promoting economic growth through investment and enabling the poor to share the fruits of economic growth. The World Bank sees the five key factors necessary for economic growth and the creation of an enabling business environment as:
1. Build capacity: Strengthening governments and educating government officials.
2. Infrastructure creation: implementation of legal and judicial systems for the encouragement of business, the protection of individual and property rights and the honoring of contracts.
3. Development of Financial Systems: the establishment of strong systems capable of supporting endeavors from micro credit to the financing of larger corporate ventures.
4. Combating corruption: Support for countries' efforts at eradicating corruption.
5. Research, Consultancy and Training: the World Bank provides platform for research on development issues, consultancy and conduct training programs (web based, on line, tele-/ video conferencing and class room based) open for those who are interested from academia, students, government and non-governmental organization (NGO) officers etc.

The Bank obtains funding for its operations primarily through the IBRD’s sale of AAA-rated bonds in the world’s financial markets. The IBRD’s income is generated from its lending activities, with its borrowings leveraging its own paid-in capital, plus the investment of its "float". The IDA obtains the majority of its funds from forty donor countries who replenish the bank’s funds every three years, and from loan repayments, which then become available for re-lending. –
The World Bank is active in the following areas :
1. Agriculture and Rural Development
2. Conflict and Development
3. Development Operations and Activities
4. Economic Policy
5. Education
6. Energy
7. Environment
8. Financial Sector
9. Gender
10. Governance
11. Health, Nutrition and Population
12. Industry
13. Information and Communication Technologies
14. Information, Computing and Telecommunications
15. International Economics and Trade
16. Labor and Social Protections
17. Law and Justice
18. Macroeconomic and Economic Growth
19. Mining
20. Poverty Reduction
21. Poverty
22. Private Sector
23. Public Sector Governance
24. Rural Development
25. Social Development
26. Social Protection
27. Trade
28. Transport
29. Urban Development
30. Water Resources
31. Water Supply and Sanitation
Source : Wikipedia

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