{"id":44627,"date":"2015-09-17T10:53:56","date_gmt":"2015-09-17T05:23:56","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=44627"},"modified":"2024-04-03T13:13:44","modified_gmt":"2024-04-03T07:43:44","slug":"world-bank-keeping-the-world-together-and-how-the-developing-countries-are-benefitting","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/world-bank-keeping-the-world-together-and-how-the-developing-countries-are-benefitting\/","title":{"rendered":"World Bank- Keeping the World Together"},"content":{"rendered":"

World Bank- Keeping the world together and how the Developing Countries are benefitting<\/strong><\/h3>\n

\"World<\/a><\/p>\n

The World Bank is a bank as the name suggests but it\u2019s not a bank in common. It\u2019s not a bank where a person may end up with an account in it. Rather, in a way countries get hold of account in this bank. It is logically feasible to understand that a national Bank won\u2019t be able to loan the nation as the need for the nation is way too much and the country bank\u2019s don\u2019t really get that much turnover so that they may lend the money as the economy is already suffering crisis. And so the World Bank comes to the rescue at this very point. It is an international bank which generally deals with assisting the developing countries, financially and technically. It focuses mainly on broadening and straightening the economies which are the part of their group. It issues loans and funds to these countries with the aim of development and reducing poverty in these countries. The World Bank has around 188 member countries and is not owned by any country rather they work mutually to help each one.<\/p>\n

International Development Association<\/em> (IDA<\/strong>) and International Bank for Reconstruction and Development<\/em> (IBRD<\/strong>) are the two constituent parts of the World Bank<\/p>\n

From the above two IBRD lends money or funds to the government which they find are capable of returning or repay the loan with the interests. Whereas the other constituent does the same but lends to the countries that maybe incapacitated to do so.<\/p>\n

So now coming to the question how the World Bank did come into existence. On July 1, 1944 at the U.N. Monetary and Financial Conference at Bretton Woods, New Hampshire, it was decided to bring an autonomous institution to help the countries financially and so the World Bank came to Life. The World Bank along with some more associates are referred to as the World Bank group. These are<\/p>\n