Question

Write and explain any two International agencies of the UNO.

Answer 1

The need for international co-operation and achieving peace among the world nations led to the formation of the international agencies of the UNO.

These agencies are:

1. The World Bank
2. The International Monetary Fund
3. The International Labour Office (ILO)
4. The International Finance Corporation.

The World Bank:
(i) The World Bank was established in 1945. It is located in Washington, USA. All the members of the IMF are also members of the World Bank.

(ii) The two main organs of the World Bank are the International Bank for Reconstruction and Development (IBRD) and the International Development Agency (IDA). Together they are called “World Bank”.

(iii) Earlier, the IBRD was funding only for the reconstruction activities of the European countries after World War II. Later, its work expanded to promote economic development for poor countries and development projects for developing countries.

(iv) The Bank also works on the key areas like poverty alleviation, and other basic issues of the Societies of the World. The International Development Agency (IDA): It lends money to the governments for developmental activities.

The International Development Agency (IDA): It lends money to the governments for developmental activities.

These loans are given at the low rate of interest and for 50 long years. Therefore they are called as soft loans.

The International Finance Corporation (IFC): It mainly functions with private enterprises in developing countries.

The International Labour Office: Is located in Geneva, Switzerland. It works on issues related to Labour and employment.