ASSIGNMENT

World Bank

[Name of the Institute]

World Bank

Introduction

World Bank is an international financial institution which was established to organize the financial and technical assistance to developing countries. Throughout its progress, the Bank has undergone various structural changes, so the term World Bank is understood at different stages by different organizations.

World Bank had been associated with International Bank for Reconstruction and Development, which provided them financial support for the reconstruction of the world after Second World War to the western world and Japan. Later in 1960, the established the International Development Association, which took over some of the functions associated with the policy of this bank (Asher 2003).

Definition & Etymology

In the literal meaning, World Bank is defined as 'The Bank of World”, whereas the proper functional definition of the term is that an international organization who is dedicated to providing financing, advising, research and development to the nations for the economic advance and security maintenance of the world.

History

World Bank was created at Bretton Woods Conference along with five other financial institutions of the world (like IMF) in 1944. Delegates from 45 countries, including representatives of the Soviet Union, discussed the economic recovery and the device of the world economy after World War II. United States and United Kingdom were the most powerful countries dominating the attendance and therefore, the headquarters of World Bank is situated in Washington, D.C.

There were no financial activities from 1945 to 1968, and the first loan advancement of 250million US dollar was made to President John McCloy from France. In the year, 1968-1980 the World Bank activities were aimed at assisting the developing countries. They were considering and analysing the volume and structure of the loans, covering various industries from infrastructure to social issues.

Discussion

World Bank has its regional offices in 109 countries and over 10,000 employees on the ...