The World Bank

The World Bank (The World Bank) – the international financial organization established to organize the financial and technical assistance to developing countries. In the course of its development, the World Bank has undergone various structural changes, therefore, the term World Bank at different stages of different organizations were understood. First, the World Bank associated with the International Bank for Reconstruction and Development, carrying out financial support for the reconstruction after the Second World War, Western Europe and Japan. Later, in 1960, it was created by the International Development Association, which took over some of the functions associated with the policy of the bank. Currently, under the World Bank actually understand the two organizations: IBRD IDA At various times, they were joined by the World Bank to address the problems of three other organizations: International Finance Corporation Multilateral Investment Guarantee Agency International Centre for Settlement of Investment Disputes All five organizations included in the World Bank Group and are called the World Bank Group. In some cases, under the World Bank continues to mean the International Bank for Reconstruction and Development, which still forms the basis of the World Bank. History John Maynard Keynes who represented Great Britain and Harry Dexter White, representing, at the Bretton Woods conference. The World Bank is one of two (along with the International Monetary Fund), major financial institutions, created on the basis of the Bretton Woods conference, held in the US in 1944. Delegates from 45 countries, including representatives of the Soviet Union, discussed the issues of economic recovery of the world economy and the device after the Second World War. The Soviet Union was one of the most active participants in the Conference, but later refused to participate in the activities of the International Monetary Fund and the World Bank, because in accordance with the Charter had not been able to influence decisions in contrast to the United States. In the early stages of its activities from 1945 to 1968 the World Bank was not engaged in active lending due to increased requirements for borrowers. Under the leadership of the first President, John McCloy Bank (John McCloy) as the first borrower has chosen France, she was granted a loan in the amount of US $ 250 million. And the condition of the loan in France was non-participation in the coalition government of Communists. Two other applicant (Poland and Chile) have not received aid. In the future, the World Bank was actively involved in lending in Western Europe, which is actively restore the destroyed World War II economy, implementing the Marshall Plan. Funding for the plan is largely gone from the World Bank. In the years 1968-1980 the World Bank’s activities were aimed at helping developing countries. Increases the volume and structure of loans, covering a variety of industries from infrastructure to social issues. Who headed during this period by the World Bank, Robert McNamara privnёs his technocratic style of management activities, as had leadership experience as the Minister of Defense and President Ford. McNamara created a new system of potential borrowers-country reporting, which allowed to reduce the time to make a decision on the terms of the loan. In 1980, McNamara as president of the World Bank replaced Clausen on the proposal of the then US President Ronald Reagan. During this period, the financial assistance is provided mainly to third world countries. For the period of 1980-1989 years was characteristic of lending policies on the development of third world economies in order to reduce their dependence on loans. This policy led to the reduction of loans provided in the solution of social problems. Since 1989, the World Bank’s policy has undergone significant changes under the influence of criticism of various non-governmental organizations, in particular those related to environmental protection. As a result, the range of loans for various purposes has expanded. The headquarters of the World Bank in Washington, DC “The objectives of the World Bank – to promote sustainable globalization in the interests of all segments of the population, reduce poverty, enhance economic growth without harming the environment, and create new opportunities and to inspire them with hope for the people.” Robert B. Zoellick, World Bank President Goals and objectives Currently, in accordance with the Millennium Declaration, the World Bank has focused its activities on the achievement of the Millennium Development Goals. During the transition to the third millennium under the auspices of the UN eight objectives were formulated for the achievement of which the efforts of international organizations should be directed. devel Goals