World Bank Essay

Submitted By RenaePipes1
Words: 606
Pages: 3

The World Bank was created in 1944. Its headquarters is located in Washington D.C. The World Bank is an international financial institution that provides loans to developing countries for capital programs. It’s designed to revive postwar international trade; it drew on the resources of member nations to make economic development loans to governments for such projects as new dams or agricultural modernization. Its main purpose is to reduce poverty. It has over 9,000 employees in more than 100 offices worldwide. Six strategic themes drive the Bank’s work, focusing on the poorest countries, fragile and conflict-affected states, the Arab world, middle-income countries, global public goods issues, and delivery of knowledge and learning services. The bank provides low-interest loans, interest-free credits, and grants to developing countries. These support a wide vary of investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. Some of the banks projects are co-financed with governments, other multilateral institutions, commercial banks, export credit agencies, and private sector investors. They also provide financing through trust fund partnerships with bilateral and multilateral donors. Many partners have asked the Bank to help manage initiatives that address needs across a wide range of sectors and developing regions.
Traditionally, and due to tacit agreement between the United States and Europe, the U.S. has always chosen the President of the World Bank. In 2012, for the first time, there are two candidates nominated for the presidency of the World Bank who are not from the United States. The Bank President has always been a US citizen. On March 23, 2012, U.S. President Barack Obama announced that the United States would nominate Jim Yong Kim as the next President of the Bank. Jim Yong Kim was elected on April 27, 2012. The President of the Bank is responsible for chairing the meetings of the Boards of Directors and for overall management of the Bank. He is also subject to confirmation by the Board of Executive Directors, to serve for a five-year, renewable term. While most World Bank presidents have had banking experience, some have not. The vice presidents of the Bank are its principal managers, in charge of regions, sectors, networks and…