World Bank Group is a family of five international organizations that make leveraged loans to developing countries.
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14 Facts About The World Bank
2.
Technically the World Bank is part of the United Nations system, but its governance structure is different: each institution in the World Bank Group is owned by its member governments, which subscribe to its basic share capital, with votes proportional to shareholding.
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3.
The President of the World Bank is nominated by the President of the United States and elected by the Bank's Board of Governors.
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4.
World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries.
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5.
Agencies of the World Bank are each governed by their Articles of Agreement that serves as the legal and institutional foundation for all their work.
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6.
Traditionally, the Bank President has been a U S citizen nominated by the President of the United States, the bank's largest shareholder.
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7.
The World Bank published its Management Response to the EIR in September 2004 after extensive discussions with the board of directors.
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8.
World Bank has long been criticized by a range of non-governmental organizations and academics, notably including its former Chief Economist Joseph Stiglitz, who is equally critical of the International Monetary Fund, the US Treasury Department, and the US and other developed country trade negotiators.
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9.
Several intellectuals in developing countries have argued that the World Bank is deeply implicated in contemporary modes of donor and NGO-driven imperialism and that its intellectual contribution functions, primarily, to seek to blame the poor for their condition.
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10.
Defenders of the World Bank contend that no country is forced to borrow its money.
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11.
The World Bank argues that it can help development more through loans than grants because money repaid on the loans can then be lent for other projects.
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12.
World Bank was the subject of a scandal with its then-President Paul Wolfowitz and his aide, Shaha Riza, in 2007.
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13.
World Bank Group has been criticized for investing in projects with human rights issues.
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14.
The The World Bank launched an internal investigation in response to the allegation.
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