The World Bank is an international financial institution that provides grants and loans to governments in low- and middle-income countries. The bank help countries finance large projects. The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) are the 2 agencies. These two agencies make up the organization. The World Bank Group consists of Bank and its branches. The most prominent mission of the Bank is to reduce poverty.
The World Bank and the International Monetary Fund (IMF) were established at the 1944 Bretton Woods Conference (IMF). The president of the Bank is generally an American. The World Bank and the International Monetary Fund are both located in Washington, D.C., and collaborate closely.
The United States and the United Kingdom were the wealthiest countries in present at the Bretton Woods Conference, and they ruled the proceedings. The Bank establish with the goal of providing temporary loans to low-income countries that couldn’t get commercial credit. The Bank may also issue loans while requiring beneficiaries to make policy changes.
President of World Bank
The Bank’s President is also the President of the World Bank Group. The president is in charge of chairing the board of director meetings and overseeing the Bank’s overall operations. The president of the Bank has typically been a United States citizen selected by the United States. The biggest shareholder of the Bank is the managing director of the International Monetary Fund has always been a European.
The nominee will serve a five-year, continuous term if confirmed by the board of executive directors. While the majority of Bank presidents have worked in banking, others do not. The vice presidents of the Bank are its top executives, in charge of regions, industries, networks, and functions. 2 executive vice presidents, 3 senior vice presidents, and 24 vice presidents make up the executive team.
The World Bank Group president and 25 executive directors serve on the boards of directors. The president serves as the presiding officer and has no vote other than to break a tie.