The World Bank
"To fight poverty with passion and professionalism for lasting results."
-mission statement from the
official World Bank web site
The World Bank is an international organization dedicated to allieviating world poverty. First founded in 1944 as a result of the Bretton Woods agreements, the World Bank promotes economic reform for developing countries.
"The World Bank is a development institution whose goal is to reduce poverty by promoting sustainable economic growth in it's client countries....Development is about putting all the component parts in place- balanced economic and social programs." (from the World Bank web site)
Five institutions divide the task of reducing world poverty:
~International Bank for Reconstruction and Development (IBRD): Gives loans and development assistance to middle income countries
~International Development Assistance (IDA): Provides interest free loans to developing countries and relies on contributions from wealthier nations.
~International Finance Corporation (IFC): Finances loans and equity for private sector investors to develop in poor nations
~Multilateral Investment Garentee Agency (MIGA) Protects foriegn investors against non-commercial investment losses in developing nations to promote further investment. Also broadcasts to foriegn investors about investment opportunities in developing nations.
~International Centre for Settlement of Investment Disputes: Concilates and arbitrates for investment disputes beween investors and host countries.
The World Bank supports sustainable development in order to permanently change economic problems. According to their own web site the bank is the largest international funder of biodiversity projects today.. From 1988-1998 they supported 189 projects costing $2.6 billion of which $1.4 billion was from the bank directly.
