Question

Answer in brief.

Write any four features of the World Bank.

Answer 1

Features of World Bank:

1. Organization and Structure: The organization of the bank consists of the Board of Governors, the Board of Executive Directors and the Advisory Committee, the Loan Committee, and the President and other staff members. All the powers of the bank are vested in the Board of Governors which is the supreme policy-making body of the bank. The board consists of one Governor and an Alternate Governor appointed for five years by each member country. The Board of Executive Directors consists of 21 members, 6 of them are appointed by the six largest shareholders, namely USA, UK, Germany, France, Japan, and India. The rest of the 15 members are elected by the remaining countries.
2. Goals: The World Bank Group has two goals to be achieved by 2030.
   (a) To end extreme poverty by decreasing the percentage of people living on less than 1.90 dollars a day to no more than 3%.
   (b) To promote shared prosperity by fostering the income growth of the bottom 40% for every country.
3. Innovative Knowledge Sharing: World Bank offers support to developing countries through policy, advice, research and analysis, and technical assistance. Analytical works of the World Bank often help developing countries. It also helps in the capacity development of developing countries. World Bank also sponsors, hosts, or participates in many conferences and forums on issues of development.
4. Social Development: Social Development focuses on the need to “put people first” in the development process. The World Bank work with governments, communities, civil societies, the private sector, and the marginalized for the cause of social development. Social Development promotes economic growth and leads to a higher quality of life. ‘