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World Affairs, Today in News
Mahesh

24/02/23 10:11 AM IST

World Bank chief David Malpass to step down by June-end

In News
  • U.S. President Joe Biden nominated former Mastercard Inc CEO Ajay Banga to lead the World Bank.
About Snajay Banga
  • He is now serving as the Vice Chairman of General Atlantic, a private firm.
  • His business experience with the master card is more than 30 years.
  • He is the first Indian-born nominee to serve at the World Bank.
  • With the recent FBI reports talking about the hate crimes against Sikhs in the country, the US’s political decision on choosing Ajay Banga as the head of the key organization is commendable.
World Bank
  • The World Bank is an international financial institution that lends and gives money to the governments in low- and middle-income nations to fund capital projects. It is headquartered in Washington D.C, United States.
  • The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), two of the World Bank Group's five international entities, are known as the World Bank.
  • It was formed with the International Monetary Fund at the 1944 Bretton Woods Conference.
  • The World Bank Group is a global partnership of 189 countries and five constituent organisations committed to alleviating poverty and promoting prosperity.
  • The World Bank Group's five development institutions are:
  • International Bank for Reconstruction and Development (IBRD)
  • International Development Association (IDA)
  • International Finance Corporation (IFC)
  • Multilateral Guarantee Agency (MIGA)
  • International Centre for the Settlement of Investment Disputes (ICSID)
Functions
  • The International Bank for Reconstruction and Development (IBRD) describes itself as a global development cooperative.
  • It includes 189 countries as members.
  • It is the largest development bank in the world.
  • It helps creditworthy middle-income and low-income countries by providing loans, guarantees, advice services, and risk management tools.
  • More than 60% of the IBRD's portfolio is made up of middle-income nations.
  • IBRD finances investments in a variety of areas and provides technical assistance and experience at all stages of a project's development.
Source- Indian Express

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