The World Bank
Not a ‘bank’ in the traditional sense, The World Bank is a financial institution is a global partnership which provides financial support in the way of loans and grants to poorer countries so they can complete capital projects and build their prosperity.
The World Bank has 189 member countries which contribute the funds for dispersion to support sustainable solutions to reduce poverty in many developing nations. The institution was established in 1944 and has over 10,000 employees which operate from over 120 offices across the world.
Support is provided by way of low interest loans or zero to low interest credits or direct grants to specific countries. The funds are provided to support investments in areas which will reduce poverty and increase development. Such projects or investments including in education and health, infrastructure projects, agriculture, environmental projects and natural resources and in improving public administration.
In addition to direct funding, The World Bank is an invaluable source of advice and information, especially technical assistance, to developing countries. Its research and analysis and policy advice assists the recipient countries to manage their investments with global expertise and knowledge.
To achieve their objectives, The World Bank sets specific targets and timelines.
Key goals that the group aim to achieve by the year 2030 include an end to extreme poverty and the promotion of shared prosperity. Specifically they hope to decrease the number of people that currently live on less than $1.90 per day to no more than 3% of the population. In addition, the share prosperity target aims as increasing the income of the lower earning 40% of each country’s population.
The World Bank provides a vital service to developing countries through its unique partnership structure and its management by member countries.