Chief Executive Officer
Chair, Chief Operating Officer and Managing Director
Joaquim Vieira Ferreira Levy
Chief Financial Officer and Managing Director
Chief Economist and Senior Vice President of Development Economics
World Bank was founded in the year 1945. The organisation has been active for almost 73 years now. The organisation was founded by the IMF or the International Monetary Fund, at the 1944 Bretton Woods Conference. The IMF and also the World Bank are based in Washington, DC and thus works closely together as well. During that time, the UK and the USA were the most powerful among all the other attendee countries and also influenced the negotiations of the organisation as well. The main aim of the organisation was to provide temporary loans to low-income countries, which were unable to obtain loans from other commercial sources.
During the year 1974 to the year 1980, the organisation started to concentrate on the basic needs of the people living in developing countries. This allowed the bank to increase the loan sanction sizes significantly as well. From the year 1976 to the year 1980, the annual debt had risen by 20 per cent every year. Then in the year 1980, the World Bank Administrative Tribunal was established. Also, during the 1980s, the organisation started to serve the third world countries and also streamline the development of the developing nations as well. UNICEF described the actions of the World Bank as a way to reduce the nutritional, health, and also the educational levels for millions of children living in Asia, Africa, and even in America. In order to address these criticisms, the organisation has established various NGOs and also environmental groups in order to mitigate the effects of its loans to the developing nations. In the year 2012, it was nominated by the USA that Jim Yong Kim would be the next president of the organisation. Jim Yong Kim was again reappointed for the second time. As of the year 2019, the CEO of the organisation, Kristalina Georgieva, replaced him. The headquarters of the organisation is based in 1818 H Street North West. The name of the place is Washington, while the name of the state is DC, USA. The pin code of the area is 20433.
World Bank is an international organisation that focuses on providing various kinds of temporary loans to countries around the world which need it, and therefore help in the development and betterment of the consumers. The current CEO of the organisation is Kristalina Georgieva. The total number of member countries are 173 in case of IDA, and 189 in case of IBRD. The largest recipient of loans from the organisation, as of the year 2018, is India - amounting to $859 million. India is followed by China at an amount of $370 million.
The primary services of the organisation include providing financial aid to the developing countries and also to the third world countries as well, in order to help and develop the respective countries, in terms of both economic and employment rates.
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