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The World Bank

World Bank Building
World Bank

The World Bank Group is an international developmental and financial institution. It is among the world’s largest development organizations which provide technical and financial aid to the developing countries of the world.

The World Bank has some affiliates- International Bank for Reconstruction and Development, The International Development Association, The International Finance Corporation, The Multilateral Investment Guarantee Agency. These all work together to achieve the goals of reducing poverty and providing improved lifestyle. This is done through providing assistance for infrastructure, education, health, trade, finance etc.

Working towards these goals, in fiscal 2009, The World Bank Group provided assistance to 767 projects worldwide. This totaled around $58.8 billion, distributed in loans, grants, credits and guarantees. During this time, IBRD granted $32.9 billion for 126 new projects. This sum was granted to 42 countries with middle-income and with creditworthy low income.

The World Bank is looking to triple the support provided by IBRD to its borrowers. Hence, the World Bank is looking to grant up to $100 billion through fiscal 2011. This will enable the group to raise the standard of living of poor in countries facing economic problems. The IDA committed a record $14 billion for assisting 176 new operations which went through in 63 low income countries. This was a 25% increase as compared to last year’s $11.2 billion.

In fiscal 2009, Caribbean and Latin America was the highest financial recipient with around $14 billion. This was almost triple the amount which the region received in fiscal 2008. This was followed by Europe and central Asia with $9.3 billion. Africa and East Asia with Pacific received around $8 billion each. South Asia was granted around $5.6 billion and the lowest recipient was Middle East + North America with $1.8 billion. Majority of the money was granted to financial and private sector development followed by human development.

IBRD and IDA granted a total of $2.3 billion for economic management worldwide in fiscal 2009, with $783 million for East Asia and Pacific region. IBRD and IDA granted a total of $5.1 billion for environment and natural resource management, and as high as $3.4 billion for Caribbean and Latin America.

Around $9.7 billion was granted for financial and private sector development, $6.4 for human development, $6.1 billion for public sector governance, $4.3 billion for rural development, $5.3 billion for social protection and risk management, $3.4 billion for trade and integration and $3.5 billion f or urban development.