The World

Topics: International Monetary Fund, World Bank, Bretton Woods system Pages: 3 (773 words) Published: December 19, 2012
Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programs.

The World Bank's official goal is the reduction of poverty. According to the World Bank's Articles of Agreement (as amended effective 16 February 1989), all of its decisions must be guided by a commitment to promote foreign investment, international trade, and facilitate capital investment.

The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions: the International Bank for Reconstruction and Development (IBRD) and theInternational Development Association (IDA), whereas the latter incorporates these two in addition to three more: International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes(ICSID).

1989–present

From 1989, World Bank policy changed in response to criticism from many groups. Environmental groups and NGOs were incorporated in the lending of the bank in order to mitigate the effects of the past that prompted such harsh criticism.

World Bank in accordance with its Six Strategic themes has taken more various policies into effect since 1989 up until today. It has taken various policies to preserve the environment while promoting development. In 1989, World Bank named an implementing agency in Montreal protocols to stop the ozone damage with the target of 95% phase-out of substances that deplete the ozone layer by 2015. Moreover, in order to prevent deforestation especially the Amazon, announced that it would not finance any commercial logging or infrastructure projects that harm the environment in 1991.

In order to promote global public goods, the World Bank tries to control communicable disease such as malaria, delivering vaccines to several parts of the world and joining combat forces. In 2000, the World Bank announced a “war on AIDS”, and in 2011, the Bank...
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