- Rich Nations Pressed for Humanitarian Aid (March 7, 2002)
...Money Firing back in a mounting clash with the Bush administration, World Bank President James D. Wolfensohn yesterday issued an impassioned plea for inc... - A20: Palestinian Supporters Outnumber Globalization Protesters (April 21, 2002)
...n supporters provided the majority of the protesters in Washington for the World Bank and International Monetary Fund meetings. Around 35ñ50,000 protesters m... - Democratic Development as the Fruits of Labor (January 1, 2000)
... rights should be a central focus of a development institution such as the World Bank. I am just completing serving three years as Chief Economist of the Wor... - World Donors Praise Kabul's Budget and Development Plans (October 14, 2002)
...y that can sustain its people. Finance Minister Ashraf Ghani, a former World Bank official, presented a comprehensive plan at a weekend meeting here between... - World Bank Funds Linked to Suicide Terror (April 2, 2004)
...s) -- Earlier this week, meetings were held between representatives of the World Bank and the Palestinian Ministry of Education regarding significant World Bank... - Southern Nations Demand More Power in IMF, World Bank (April 24, 2004)
...As several thousand people protested outside the World Bank and the International Monetary Fund (IMF) here Saturday, a coalition of de... - Afghanistan Conference Ends with Focus on Drugs, Security (April 1, 2004)
...e country is set to receive $4.4 billion of the sum by March 20, 2005. The World Bank estimated that Afghanistan would need $27.5 billion over the next seven ye... - US to Ask Allies to Cut Palestine Funding (July 15, 2002)
...ess to foreign trade. Officials from the Quartet, Japan, Norway and the World Bank met in London last Wednesday to set up a number of task forces designed to... - U.S. accused of depleting Iraq fund (July 3, 2004)
... was spent. The board is made up of representatives of the United Nations, World Bank, International Monetary Fund and the Arab Fund for Economic and Social Dev... - Churches Told Palm Sunday Is Not Environmentally Sustainable (April 2, 2004)
...cies, the potential destruction of rain forests, and the depletion of many bird species that migrate to these regions in the winter. "It's a situation... - A20: Thousands Rally at Washington Summit (April 20, 2002)
... place around the capital as the International Monetary Fund (IMF) and the World Bank began their annual spring meeting. Hundreds of police, fearing a repea... - U.S. Funds for Iraq Are Largely Unspent (July 4, 2004)
... monitoring board composed of representatives from the United Nations, the World Bank, the International Monetary Fund and the Arab Fund for Economic and Social... - Cancel Iraqi Debt? What About Africa? (January 26, 2004)
...untries. Africa's main lenders are the International Monetary Fund and the World Bank, which have strongly resisted public pressure for debt cancellation, argui... - UN to Feed 500,000 Palestinians (May 22, 2002)
...mergency operation undertaken in the Palestinian territories. A recent World Bank study found that up to half of Palestinians in the occupied territories ha... - No Money, No Way Forward for Afghan Women (March 8, 2002)
...opment programme in Afghanistan, Clare Short received a guarantee from the World Bank that cash would be earmarked for the women's ministry. "We know the mo... -
World Bank
From Wikipedia, the free encyclopedia.
The International Bank for Reconstruction and Development (IBRD, in Romance languages: BIRD), better known as the World Bank, came into existence on December 27, 1945 following international ratification of the agreements reached at the Bretton Woods Conference of July 1 - July 22, 1944.
The Bank exists to provide member countries with finance for development and poverty reduction. Commencing operations on June 25, 1946, it approved its first loan on May 9, 1947 ($250m to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date).
Together with five affiliated agencies created between 1956 and 1988, the Bank is part of the World Bank group. The Bank's headquarters in Washington, D.C. are presently headed by president (1995-2005) James D. Wolfensohn. The Bank also serves as of several Implementing Agencies for the Globel Environment Facility (GEF).
Though repeatedly relied upon by impoverished governments around the world as a contributor of development finance, the Bank has been criticised by opponents of corporate neo-colonial globalization for undermining the national sovereignty of recipient countries through its pursuit of economic liberalisation.
One of the big issues is that hefty loans provided to dictators and military juntas that have only been used to enrich a very small part of the population are still to be repaid by the entire population after having freed themselves from their yoke.
Two former staff of the World Bank have recently left to create a new, more distributed approach to international development called GlobalGiving (formerly DevelopmentSpace).
Quotes
- June 2000 -- "One legacy of socialism is that most people continue to believe the State has a fundamental role in promoting development and providing social services." (1 - p.47)
Recommended Reading
- "The Elusive Quest for Growth," by William Easterly (ISBN 0262550423)
- "Masters of Illusion," by Catherine Caufield
- "Mortgaging the Earth," by Bruce Rich
- "Dark Victory" by Walden Bello
List of presidents
- Eugene Meyer (June 1946 - December 1946)
- John J. McCloy (March 1947 - June 1949)
- George D. Woods (January 1963 - March 1968)
- Robert S. McNamara (April 1968 - June 1981)
- Alden W. Clausen (July 1981 - June 1986)
- Barber B. Conable (July 1986 - August 1991)
- Lewis T. Preston (September 1991 - May 1995)
- James D. Wolfensohn (Since 1995)
See also:
- European Bank for Reconstruction and Development
- Bank for International Settlements
- International Monetary Fund (IMF)
- List of banks
- Anti-globalization movement
- Joseph E. Stiglitz
External link
- World Bank's website: http://www.worldbank.org/
- The Bretton Woods Project monitors the World Bank and IMF: http://www.brettonwoodsproject.org/