Presented By:Sykat MondalID: 1116054th Year 1st term,Sociology Discipline,Khulna University, Khulna.

Outline

World Bank Introduction History Behind The World Bank World bank Group Special Features of The World Bank Objectives Need of World bank Membership of World Bank Operations of World Bank The Millennium development Goals World Bank Contributions in Bangladesh Criticism Conclusion

World Bank Introduction

The World Bank is an internationally supported bank that provides financial and technical assistance to aid countries in their process of economic development with loans, advice, and research. (Heakal, 2010)

President: Jim Yong Kim

Established: July 1, 1944.

Headquarters: Washington, D. C., United States.

Membership: 188 countries (IBRD), 172 countries (IDA).

Affiliates: IFC, MIGA, ICSID.

Moto: Working for A World Free Poverty.

Official Language: Arabic, Chinese, English, French, Russian, Spanish.

Country Office: More than 100 offices in member countries and about 10000 all over the world.

(WB, 2015)

History Behind The World Bank

The World Bank was created at the 1944 Bretton Woods Conference which mission was to help rebuild Europe and to promote the economic growth of the countries in the South , many of which were still under colonial rule. Lord Keynes and Harry Dexter White are the founding father of world Bank.

Since inception in 1944 , the world bank has expanded from a single institution to a closely associated group of five development institutions. (WB, 2015)

Lord Keynes Harry Dexter White

Founding Father of World Bank

World bank Group Five development institutions have turned into the World Bank Group.

World Bank

Multilateral Investment

Guarantee Agency Est.:1988,

Members:179 countries

International Bank for

Reconstruction

and Development

Est.: 1945,

Members :188 countries

International Finance

CorporationEst.: 1956, Members:

182 countries.

International Development Association, Est.: 1960, Members:

172 Countries

International Center for

Settlement of Investment Disputes

Est.: 1966Members: 168

countries

Five Agencies – One Group

Special Features of The World Bank

Special Features of The World

Bank

It is one of the world’s largest sources of funding for the developing world.

Its primary focus on helping the poorest people and poorest countries.

Bridge the economic divide between poor and rich countries to turn rich country resources into poor country growth and to achieve sustainable poverty reduction.

(WB, 2015)

Objectives:

The following objectives are assigned by the world Bank: To provide long run capital to member countries for economic reconstruction

and development. To ensure the implementation of development projects so as to bring about a

smooth transference from a wartime to peace economy. To promote capital investment in member countries. Reduce Corruption.

(Hegstad et al., 1987)

Need of World Bank

Need of World Bank

Build capacity: Strengthen their governments and educate their government officials.

Create Infrastructure: Implement legal and judicial systems that encourage business, protect individual and property rights, and honor contracts

Develop Financial System: Robust enough to support endeavors from micro credit to financing larger corporate ventures.

Combat Corruption: There is not much that can be done that is effective.

(Hegstad et al., 1987)

Membership of World Bank

Member countries govern the World Bank Group through the Boards of Governor and The Boards of Executive Directors. These bodies make all major decisions for the organizations.

To become a member of the world bank ,under the IBRD articles of agreement, a country must first join the International Monetary Fund (IMF). (WB, 2015)

Operations of World Bank

Agriculture and Rural Development Economic Policy Education Energy Environment Financial Sector Health, Nutrition and Population Industry Information, Computing and Telecommunication Law, Justice and Social Protection Water resources, supply and sanitation

(WB, 2015)

The Millennium development Goals (MDGs)

The eight MDGs listed below guide the efforts of virtually all organizations working in development and have been commonly accepted as a framework for measuring development progress: Eradicate Extreme Poverty and Hunger: For achieving this goal, they have

pointed out some key points such food security, investing in agriculture, creating jobs, expanding nutrition program that target children under 2 years of age. MDG one is fruitful in Nepal, Kenya, Senegal.

Achieve Universal Primary Education: Between 2000 and 2012, the total number of out of school children worldwide declined from 100 million to 58 million. MDG two is fruitful in Bangladesh, Afghanistan and Chad.

Promote Gender Equality and Empower Women: Through Investing in girls’ education, they have succeeded in Afghanistan and Benin.

Reduce Child Mortality: Between 2003 and 2013, more than 117 million people gained access to essential health services through IDA’s help. MDG four is fruitful in Afghanistan, Burkina Faso (100%), Ghana.

The Millennium development Goals (MDGs)

Improve Maternal Health: Between 2003 and 2013, more than 117 million people in the poorest countries gained access to essential health services. MDG five is fruitful in Burundi (25%) and Guinea (95%).

Combat HIV/AIDS, Malaria, and Other Diseases: IDA is helping to achieve MDG six by providing prevention, care, and mitigation services. MDG six is fruitful in Benin (64%), India, Republic of Congo (77%).

Ensure Environmental Sustainability: The World Bank is the largest external source of financing for water projects. In the last three years, the World Bank’s commitment for water projects totaled $17 billion, with 56% for water supply and sanitation. MDG seven is fruitful in Bangladesh, Brazil, Egypt, Ethiopia and Haiti.

Develop a Global Partnership for Development: MDG eight is fruitful in Afghanistan and Cameroon. Following strategy reduce, improve and connect.

(WB, 2015)

World Bank eLibrary Subscribers in 113 countries Top traffic comes from US, India, UK and

Australia Nearly 9000 World Bank publications. 66% increase in visitors from FY11 vs. FY12 85% increase FY12 vs. FY13.

(WB, 2015)

World Bank Contributions in Bangladesh

The World Bank has helped make Dhaka’s air more breathable. The World Bank is the largest external funder of micro credit in

Bangladesh. The World Bank is Bangladesh’s largest external funder of education and

has assisted Bangladesh in achieving gender parity in education. The World Bank leads the donor consortium for health programs. The World Bank works in partnership and the civil society plays an ever

larger role in the Bank’s work. The World Bank helped Bangladesh modernize its agricultural sector. The World Bank is deeply involved in building and improving roads and

infrastructure in Bangladesh. The World Bank helps Bangladesh create a better investment climate.

(WB, 2015)

Criticism It was stated to reduce poverty but it is being blamed for supporting United

States’ business interests. It is deeply implicated in contemporary modes of donor and NGO driven

imperialism. The president of this bank has always been a citizen of the United States

without present president. Lacks transparency of public. The decision making process is undemocratic.

(HPA, 2015)

Conclusion

World bank has consistently pushed a neoliberal agenda imposing policies on developing countries which have been damaging, destructive and anti developmental. It is also considered as an instrument for promotion of western interests in certain regions of the world. Despite of some flaws, helping various nations by the world bank can never be undermined.

Reference (S)

Heakal, R. 2010. What is World Bank. Investopedia, Sweden. Accessed on 25th February, 2015. Retrieved from [http://www.investopedia.com.asp.html]

WB. 2015. The World Bank. Washington, D. C., United States. Accessed on 25th February, 2015. Retrieved from [http://www.worldbank.org]

WB. 2015. History. The World Bank. Washington, D. C., United States. Accessed on 28th February, 2015. Retrieved from [http://www.worldbank.org/en/about/history]

WB. 2015. Course features that help participants learn : experience at the World. Washington, D. C., United States. Accessed on 24th February, 2015. Retrieved from [http://worldbank.org/all?qterm=features+of+world+bank]

Hegstad., Olaf, S. and Ian, N. 1987. Management contracts : main features and design issues (English). World Bank. Washington, D. C., United States

WB. 2015. Member Countries. The World Bank. Washington, D. C., United States. Accessed on 28th February, 2015. Retrieved from [http://www.worldbank.org/en/about/leadership/members]

Reference (S)

WB. 2015. Bank Operations. The World Bank, Washington, D. C., United States. Accessed on 25th February, 2015. Retrieved from [http://www1.worldbank.org/publicsector/decentralization/operations.htm]

WB. 2015. Millennium Development Goals. The World Bank, Washington, D. C., United States. Accessed on 25th February, 2015. Retrieved from [http://data.worldbank.org/about/millennium-development-goals]

WB. 2015. eLibrary. The World Bank, Washington, D. C., United States. Accessed on 25th February, 2015. Retrieved from [http://elibrary.worldbank.org. html]

WB. 2015. Bangladesh Overview. The World Bank, Washington, D. C., United States. Accessed on 25th February, 2015. Retrieved from [http://www.worldbank.org/en/country/bangladesh/overview]

HPA. 2015. World Bank: Critique. Health Poverty Action, London. Accessed on 25th February, 2015. Retrieved from [https://www.healthpovertyaction.org.html]