International financial institution including World Bank Group and other multilateral and regional development banks. These are development bank with global objectives to achieve Sustainable Development Goal.
1.World Bank (World Bank Group or WBG)
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- International Finance Corporation (IFC)
- Multilateral Investment Guarantee Agency (MIGA)
- International Center for Settlement of Investment Disputes (ICSID)
2.International Monetary Fund (IMF)
3.Bank for International Settlement (BIS)
4.Asian Development Bank (ADB)
5.Asian Infrastructure Investment Bank (AIIB)
- International financial institution that provide loans to countries for capital programs.
- creation- 1944 in Bretton Wood Conference, along with IMF.
- IBRD and International Development Association, collectively known as World Bank.
- End extreme poverty- reducing share of global population that lives in extreme poverty to 3% by 2030.
- Promote shared prosperity - by increasing the income of the poorest 40% of people in every countary.
- Provide Sustainable Development .
- WB engaged with Middle - income countries (MIC represent more than 60% of IBRD portfolio) both as client and shareholders.
- all decision of WB will be guided to promotion of
- foreign investment,
- international trade,
- facilitation of capital investment.
- together with the World Health Organisation, WB administers- International Health Partnership (IHP+), it improves the health of citizens of developing countries.
- WB initiative - Clean Air Initiative (CIA) to advance inovative ways to improve air qualities in cities. This is done through partnership in selected regions of the world by sharing knowledge and experiences.
- Commodity market outlooks,
- Doing business report,
- Global economic prospects,
- Global financial development report,
- Poverty and shared prosperity.
- What is World Bank Group ?
Its a family of five international organisations that makes leveraged loans to developing countries. All five institutions have their own country membership, governing boards & articles of agreement. All institutions work as one to serve to partner countries.
1.(a). International Bank for Reconstruction and Development (IBRD)
- The largest development bank provide financial products, policy advice to help contries headquartered at Washington D.C.
- provide loans, guarantees, risk management products, advisory service to middle- income countries.
- partnership with low income countries (MIC) providing funds to improve transportation & infrastructure, education, domestic policy,environmental consciousness, access to food, portable water and improved sanitation.
- funding of IBRD - member contribute capitals & also obtain funds by borrowing on international capital markets by issuing bonds.
1.(b). International Development Association (IDA)
- part of the World Bank, helps the worlds poorest countries.
- it aims to reduce poverty by providing loans and grants for programs that encourages economic growth,reduces inequalities.
- associated with IBRD and form World Bank, IDA and IBRD both shares sme staff and headquarter and evaluate projects.
- IDA lending money on concessional terms that is on zero or low interest.
- IDA a multilateral institution,supporting wide range of activities- economic growth, equality, job creation, better living standards etc.
1.(c).International Finance Corporation (IFC)
- established in 1956 as the private sector arm of World Bank, headquarter- Washington D.C.
- largest global development institution providing- investment, asset management, services to private sector in developing countries.
- it works to advance economic development by investing in commercial projects for reduction of poverty and promoting development.
- provide accessible and competitive market, supporting businesses & other private sector entities and creating jobs.
- Goals -increase sustainable agricultural opportunities, improve healthcare and education.
1.(d) Multilateral Investment Guarantee Agency (MIGA)
- member of WBG, headquartered at Washington D.C.
- established to provide investment insurance facility to promote investment in developing countries to help in economic growth, reduce povertyand promote investment.
- promote foreign investment by offering political risk insurance and credit enhancement guarantees . It protect direct investment against political and non commercial risk.
- it governed by its member state, but also has own executive leadership to carryout works.
1.(e) International Center for Settlement of Investment Disputes (ICSID)
- an international arbitration institution involved in international investment dispute settlement.
- it is a part of and funded by WBG, headquartered in Washington D.C.it is an independent multilateral specialized institution promote international investment.
- it mitigate non commercial risk by a treaty drafted by IBRD's executive directors and member nations.
- Publication- ICSID Review Foreign Investment Journal.