Role of World Bank – All over the World and in Context of Bangladesh

Abstract

The World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). These institutions-along with the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID)-make up the World Bank Group. Each institution specializes in a different aspect of development, but they all have the same goal: a world free of poverty. The World Bank exchanges ideas with countries on which policies are best suited to achieving their development goals and provides them with technical and financial assistance. IBRD's clients are middle-income and creditworthy poorer countries, while IDA focuses exclusively on the poorest countries. The World Bank operates like a cooperative, with developing and developed country members functioning as shareholders. Their representatives, the Executive Directors, set Bank policies and oversee its operations. IBRD has 185 member countries. Since its inception in 1944, it has made loans amounting to $433 billion. I DA has 166 member countries. Since its inception in 1960, it has made commitments amounting to $181 billion . World Bank programs give high priority to sustainable human and social development and to strengthened economic management, with an emphasis on inclusion, governance, and institution building. Grants and loans obtained from cofinanciers and partnerships often complement government funds and World Bank lending to make up the total package of assistance to a country.