The World Bank is an International Financial Institution That Provides Loans

7/31/2019 The World Bank is an International Financial Institution That Provides Loans

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WORLD BANK

The World Bankis 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 Articlesof Agreement (as amended effective 16 February 1989), all of its decisions must be guided by acommitment 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 twoinstitutions: the International Bank for Reconstruction and Development (IBRD) and theInternational Development Association (IDA), whereas the latter incorporates these two in additionto three more International Finance Corporation (IFC), Multilateral Investment Guarantee Agency(MIGA), and International Centre for Settlement of Investment Disputes (ICSID).

Objectives

Many achievements have brought the Millennium Development Goals (MDGs) targets for 2015within reach in some cases. For the goals to be realized, six criteria must be met: stronger and moreinclusive growth in Africa and fragile states, more effort in health and education, integration of thedevelopment and environment agendas, more and better aid, movement on trade negotiations, andstronger and more focused support from multilateral institutions like the World Bank.

1. Eradicate Extreme Poverty and Hunger: From 1990 through 2004, the proportion ofpeople living in extreme poverty fell from almost a third to less than a fifth. Although

results vary widely within regions and countries, the trend indicates that the world as awhole can meet the goal of halving the percentage of people living in poverty. Africa'spoverty, however, is expected to rise, and most of the 36 countries where 90% of theworld's undernourished children live are in Africa. Less than a quarter of countries are ontrack for achieving the goal of halving under-nutrition.

2. Achieve Universal Primary Education: The number of children in school in developingcountries increased from 80% in 1991 to 88% in 2005. Still, about 72 million children ofprimary school age, 57% of them girls, were not being educated as of 2005.

3. Promote Gender Equality: The tide is turning slowly for women in the labor market, yetfar more women than men- worldwide more than 60% are contributing but unpaid familyworkers. The World Bank Group Gender Action Plan was created to advance women's

economic empowerment and promote shared growth.4. Reduce Child Mortality: There is somewhat improvement in survival rates globally;accelerated improvements are needed most urgently in South Asia and Sub-Saharan Africa.Estimated 10 million-plus children under five died in 2005; most of their deaths were frompreventable causes.

5. Improve Maternal Health: Almost all of the half million women who die duringpregnancy or childbirth every year live in Sub-Saharan Africa and Asia. There are


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numerous causes of maternal death that require a variety of health care interventions to bemade widely accessible.

6. Combat HIV/AIDS, Malaria, and Other Diseases: Annual numbers of new HIVinfections and AIDS deaths have fallen, but the number of people living with HIVcontinues to grow. In the eight worst-hit southern African countries, prevalence is above 15

percent. Treatment has increased globally, but still meets only 30 percent of needs (withwide variations across countries). AIDS remains the leading cause of death in Sub-SaharanAfrica (1.6 million deaths in 2007). There are 300 to 500 million cases of malaria eachyear, leading to more than 1 million deaths. Nearly all the cases and more than 95 percentof the deaths occur in Sub-Saharan Africa.

7. Ensure Environmental Sustainability: Deforestation remains a critical problem,particularly in regions of biological diversity, which continues to decline. Greenhouse gasemissions are increasing faster than energy technology advancement.

8. Develop a Global Partnership for Development: Donor countries have renewed theircommitment. Donors have to fulfill their pledges to match the current rate of core programdevelopment. Emphasis is being placed on the Bank Group's collaboration with multilateral

and local partners to quicken progress toward the MDGs' realization.

World Bank performs the following functions:

(i) Granting reconstruction loans to war devastated countries.

(ii) Granting developmental loans to underdeveloped countries.

(iii) Providing loans to governments for agriculture, irrigation, power, transport, watersupply, educations, health, etc

(iv) Providing loans to private concerns for specified projects.

(v) Promoting foreign investment by guaranteeing loans provided by other organizations.

(vi)Providing technical, economic and monetary advice to member countries for specificprojects

(vii) Encouraging industrial development of underdeveloped countries by promoting eco-nomic reforms.

5 AGENCIES OF WORLD BANK


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1. IBRD

2. IDA

3. IFC

4. MIGA

5. ICSID

IBRD

The International Bank for Reconstruction and Development (IBRD) aims to reduce poverty inmiddle-income and creditworthy poorer countries by promoting sustainable development throughloans, guarantees, risk management products, and analytical and advisory services. Established in1944 as the original institution of the World Bank Group, IBRD is structured like a cooperativethat is owned and operated for the benefit of its 188 member countries.

IBRD raises most of its funds on the world's financial markets and has become one of the mostestablished borrowers since issuing its first bond in 1947. The income that IBRD has generatedover the years has allowed it to fund development activities and to ensure its financial strength,which enables it to borrow at low cost and offer clients good borrowing terms.

At its Annual Meeting in September 2006, the World Bank with the encouragement of itsshareholder governments committed to make further improvements to the services it providesits members. To meet the increasingly sophisticated demands of middle-income countries, IBRD isoverhauling financial and risk management products, broadening the provision of free-standingknowledge services and making it easier for clients to deal with the Bank.

From water supply and sewerage in Costa Rica to revenue administration in Bulgaria, trainingteachers and providing textbooks in indigenous languages in Guatemala, and strengtheningtelecommunications regulation in Pakistan, the International Bank for Reconstruction andDevelopment (IBRD) is working with countries to help them achieve inclusive and sustainablegrowth.

IBRD works with middle-income and creditworthy poorer countries offering loans, guarantees,risk management products, and analytical and advisory services. IBRD borrowers include countriesat widely different stages of development, from emerging markets, such as Mexico and Indonesia,to countries struggling to find a foothold in the global economy.

IBRD has helped millions of poor people gain access to jobs, markets, and social services; helpedprovide them with essential services such as water, electricity, and roads; and worked withgovernments to improve governance and public financial management.


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Established in 1944 as the original institution of the World Bank Group, IBRD is structured like acooperative that is owned and operated for the benefit of its 187 member countries. IBRD raisesmost of its funds on the worlds financial markets. The income that IBRD has generated over theyears has allowed it to fund development activities as well as to ensure the financial strength thatenables it to borrow at low cost and offer

Functions of IBRD

Following are main functions of I. B. R. D.

1. To assist in the reconstructions and development of territories of its member countries byfacilitating the investment of capital for productive purpose and the development of productivefacilities and resources in less developed countries.

2. To promote private foreign investment by means of guarantees or participations in loans andother investment made by private investors and when capital is not available on reasonable terms

to supplement private investment by providing finance for productive purpose out of its ownresources or from borrowed funds.

3. To arrange the loans made or guaranteed by it in relation to international loans through otherchannels so that more useful and urgent small and large projects are dealt with first.

4. To promote the long ranged balanced growth of international trade and maintenance ofequilibrium in the balance of payments of member countries by encouraging internationalinvestment for the development of their productive resources there by assisting in raisingproductivity, the standard of living and conditions of workers in their territories

IDA


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The International Development Association (IDA) is an international financial institution whichoffers concessional loans and grants to the world's poorest developing countries. The IDA is amember of the World Bank Group and is headquartered in Washington, D.C., United States. It wasestablished in 1960 to complement the existing International Bank for Reconstruction andDevelopment by lending to developing countries which suffer from the lowest gross national

income, from troubled creditworthiness, or from the lowest per capita income. Together, theInternational Development Association and International Bank for Reconstruction andDevelopment are collectively known as the World Bank, as they follow the same executiveleadership and operate with the same staff.

The association shares the World Bank's mission of reducing poverty and aims to provideaffordable development financing to countries whose credit risk is so prohibitive that they cannotafford to borrow commercially or from the Bank's other programs. The IDA's stated aim is to assistthe poorest nations in growing more quickly, equitably, and sustainably to reduce poverty. TheIDA is the single largest provider of funds to economic and human development projects in theworld's poorest nations.From 2000 to 2010, it financed projects which recruited and trained 3

million teachers, immunized 310 million children, funded $792 million in loans to 120,000 smalland medium enterprises, built or restored of 118,000 kilometers of paved roads, built or restored1,600 bridges, and expanded access to improved water to 113 million people and improvedsanitation facilities to 5.8 million people.The IDA has issued a total $238 billion USD in loans andgrants since its launch in 1960. Thirty six of the association's borrowing countries have graduatedfrom their eligibility for its concessional lending. However, eight of these countries have relapsedand have not re-graduated

Activities

A. Financial Resources

The IDA's funds are obtained from three main sources: members' subscriptions; periodic"replenishments" provided by richer members and certain special contributions; and transfer ofincome from the IBRD and repayments on IDA credits.

While IBRD raises most of its funds on the world's financial markets, IDA is funded largely bycontributions from the governments of the richer member countries. As of September 2002, theircumulative contributions since IDA's beginning totaled US $109 billion. Donors get together everythree years to replenish IDA funds. The 13th replenishment finances projects over the three yearsbeginning 1 July 2002. Funding for the 13th Replenishment will allow IDA to lend about US $23billion, of which donors' contributions will provide a little over half.

The largest pledges to the 13th replenishment were made by the United States, Japan, Germany,France, United Kingdom, Italy and Canada. Some less wealthy nations also contribute to IDA.Turkey and Korea, for example, once borrowers from IDA, became donors. Other contributors tothe 12th replenishment were Australia, Austria, Barbados, the Bahamas, Belgium, Denmark,Finland, Greece, Iceland, Ireland, Israel, Kuwait, Luxembourg, Netherlands, New Zealand,Norway, Portugal, Saudi Arabia, Singapore, Spain, Sweden, and Switzerland. Argentina, Brazil,Czech Republic, Hungary, Mexico, Poland, Russia, the Slovak Republic, South Africa, and


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Venezuela, though all then eligible to borrow from IBRD, made contributions to IDA's 13threplenishment.

Aside from their contributions under replenishment agreements, a number of countries have agreedover the years to make voluntary increases and special contributions in excess of their normal

shares. Since 1964, the IDA has received regular support from the IBRD through the transfer ofsome of its net income not needed for the Bank's own purposes. When combined with repaymentsby IDA borrowers and contributions from the World Bank's net income, the 13th replenishmentwill finance a total of about US$ 23 billion in development credits.

B. Terms of IDA Lending

IDA provides credits to its borrowers, interest-free with a 35-to 40-year final maturity and a 10-year grace period. Although IDA does not charge interest, it does charge a small administrative feeof 0.75% against the outstanding balance of credits to meet administrative expenses. There is alsoa commitment fee of 0.5% of 50 basis points, but this has been waived since fiscal year 1989.

IDA's credits are thus highly concessional with a grant element of about 85%.

C. IDA Operations

While the IDA's financial terms are liberal, its economic and technical criteria for developmentcredits are exactly the same as those applied by the IBRD in lending on conventional terms. Eachcredit must be justified by the borrowing country's economic position, prospects, and policies.Credits are extended only for high-priority purposes that, in the words of the IDA's Articles ofAgreement, will "promote economic development, increase productivity, and thus raise standardsof living in the less-developed areas of the world."

Since the IDA's resources have been considerably less than the need of developing countries foradditional external finance on easy terms, they must be carefully rationed on the basis of need andprospects for their most effective use. Borrowing countries typically have per capita GNPs belowan established threshold. Most eligible countries have incomes below US $400 per capita.

D. IDA'S Evolving Role

IDA has taken an active role in helping governments undertaking structural adjustment to protectand expand social and environmental programs. It supports rural development programs andprojects which aim to increase agricultural productivity and ensure adequate food supplies. IDAalso finances projects that give special attention to improving women's incomes and status in their

communities. The Association has markedly increased its support for population, health, andnutrition projects.

Environmental concerns have been integrated into all aspects of IDA's operations. The Associationis helping borrowers develop their own Environmental Action Plans to identify the policy changesand investments that are required for environmentally sustainable development.


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In fiscal 2002, IDA disbursed US $6.6 billion; of this amount, nearly half went to countries in sub-Saharan Africa, one-third to South Asia, 10% to East Asia and the Pacific, 8% to Eastern Europeand Central Asia, and the remainder to poor countries in North Africa and in Latin America.

IFC

The International Finance Corporation (IFC) is an international financial institution whichoffers investment, advisory, and asset management services to encourage private sectordevelopment in developing countries. The IFC is a member of the World Bank Group and isheadquartered in Washington, D.C., United States. It was established in 1956 as the private sectorarm of the World Bank Group to advance economic development by investing in strictly for-profitand commercial projects which reduce poverty and promote development.The IFC's stated aim isto create opportunities for people to escape poverty and achieve better living standards bymobilizing financial resources for private enterprise, promoting accessible and competitivemarkets, supporting businesses and other private sector entities, and creating jobs and deliveringnecessary services to those who are poverty-stricken or otherwise vulnerable. Since 2009, the IFC

has focused on a set of development goals which its projects are expected to target. Its goals are toincrease sustainable agriculture opportunities, improve health and education, increase access tofinancing for microfinance and business clients, advance infrastructure, help small businesses growrevenues, and invest in climate health.

The IFC is owned and governed by its member countries, but has its own executive leadership andstaff which conduct its normal business operations. It is a corporation whose shareholders aremember governments which provide paid-in capital and which have the right to vote on its matters.Originally more financially-integrated with the World Bank Group, the IFC was establishedseparately and eventually became authorized to operate as a financially autonomous entity andmake independent investment decisions. It offers an array of debt and equity financing services and

helps companies face their risk exposures, while refraining from participating in a managementcapacity. The corporation also offers advice to companies on making decisions, evaluating theirimpact on the environment and society, and being responsible. It advises governments on buildinginfrastructure and partnerships to further support private sector development.

The corporation is assessed by an independent evaluator each year. In 2011, its evaluation reportrecognized that its investments performed well and reduced poverty, but recommended that thecorporation define poverty and expected outcomes more explicitly to better-understand itseffectiveness and approach poverty reduction more strategically. The corporation's totalinvestments in 2011 amounted to $18.66 billion. It committed $820 million to advisory services for642 projects in 2011, and held $24.5 billion worth of liquid assets. The IFC is in good financialstanding and received the highest ratings from two independent credit rating agencies in 2010 and2011.

What is IFCs role?


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Deterring harmful actions - MIGAs status as a member of the World Bank Group and itsrelationship with shareholder governments provides additional leverage in protectinginvestments.

Resolving disputes - As an honest broker, MIGA intervenes at the first sign of trouble toresolve potential investment disputes before they reach claim status, helping to maintain

investments and keep revenues flowing. If MIGA is unable to prevent a claim, our strongbalance sheet allows us to make prompt payments.

Accessing funding - Our guarantees can help investors obtain project finance frombanks and equity partners.

Lowering borrowing costs - MIGA-guaranteed loans may help reduce risk-capitalratings of projects.

Increasing tenors - The agency can provide insurance coverage for up to 15 years (insome cases 20), which may increase the tenor of loans available to investors. Providingextensive country knowledge - MIGA applies decades of experience, global reach, andknowledge of developing countries to each transaction.

Providing environmental and social expertise - MIGA helps investors and lendersensure that projects comply with what are considered to be the worlds best social andenvironmental safeguards.

Highlights and Initiatives

MIGA is focusing on consolidating and diversifying its business in collaboration with otherWorld Bank Group members and enhancing its position as a knowledge hub on FDI andPRI.

MIGA issued $2.1 billion in new guarantee coverage in fiscal year 2011- nearly all of thecoverage was issued to new clients and was diversified across sectors and regions. Morethan half of the 38 projects supported were in IDA countries and 76 percent of the projectssupported fell into one or more of our strategic priority areas.

In response to the euro-zone crisis, MIGA is planning to increase its exposure in the regionby $1 billion over the next two years to support economic growth in all sectors. Just as itresponded to the 2008/2009 financial crisis, MIGA is making its products available to helpbanks in the current environment and reduce the likelihood of deleveraging.

In response to events in the Middle East and North Africa, MIGA swiftly launched aninitiative for the region to mobilize $1 billion in insurance capacity, including $500 millionof its own capacity, to help retain and encourage FDI in the region. MIGA has also steppedup outreach to investors and lenders and is sharing global experience on managing politicalrisks.

MIGA continues to play an important role in conflict-affected countries and fragile states,providing coverage in countries where other insurers are often not willing to go. MIGAsupported investments into Iraq, Kosovo, Republic of Congo, and Liberia last fiscal year.This fiscal year, MIGA has issued guarantees for an ongoing and successful


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telecommunications project in Afghanistan, as well as for projects in the West Bank andGaza and Georgia.

MIGA is focusing on geographic diversification to better serve clients. Its recently-established Asian hub is helping to facilitate increased regional investment appetite. Theagency has opened an office in Paris to focus on European clients looking at investments

and investments in Africa, the Middle East and North Africa, and Eastern and CentralEurope. In addition, MIGA has representatives in Vienna and West Bank/Gaza.

ICSIDICSID is an autonomous international institution established under the Convention on theSettlement of Investment Disputes between States and Nationals of Other States (the ICSID or theWashington Convention) with over one hundred and forty member States. TheConvention setsforth ICSID's mandate, organization and core functions. The primary purpose of ICSID is to

provide facilities for conciliation and arbitration of international investment disputes.

The ICSID Convention is a multilateral treaty formulated by the Executive Directors of theInternational Bank for Reconstruction and Development (the World Bank). It was opened forsignature on March 18, 1965 and entered into force on October 14, 1966.

The Convention sought to remove major impediments to the free international flows of privateinvestment posed by non-commercial risks and the absence of specialized international methodsfor investment dispute settlement. ICSID was created by the Convention as an impartialinternational forum providing facilities for the resolution of legal disputes between eligible parties,through conciliation or arbitration procedures. Recourse to the ICSID facilities is always subject tothe parties' consent.

As evidenced by its large membership, considerable caseload, and by the numerous references toits arbitration facilities in investment treaties and laws, ICSID plays an important role in the fieldof international investment and economic development.

Today, ICSID is considered to be the leading international arbitration institution devoted toinvestor-State dispute settlement.

Functions

ICSID provides facilities for the conciliation and arbitration of disputes between
http://icsid.worldbank.org/ICSID/ICSID/RulesMain.jsphttp://icsid.worldbank.org/ICSID/ICSID/RulesMain.jsphttp://icsid.worldbank.org/ICSID/ICSID/RulesMain.jsp


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member countries and investors who qualify as nationals of other member countries.Recourse to ICSID conciliation and arbitration is entirely voluntary. However, once theparties have consented to arbitration under the ICSID Convention, neither canunilaterally withdraw its consent. Moreover, all ICSID Contracting States whether or

not parties to the dispute, are required by the Convention to recognize and enforceICSID arbitral awards. Besides providing facilities for conciliation and arbitration underthe ICSID Convention, the Centre has since 1978 had a set of Additional Facility Rulesauthorizing the ICSID Secretariat to administer certain types of proceedings betweenStates and foreign nationals which fall outside the scope of the Convention. AdditionalFacility conciliation and arbitration are also available for cases where the dispute is notan investment dispute provided it relates to a transaction which has "features thatdistinguishes it from an ordinary commercial transaction." A third activity of ICSID inthe field of the settlement of disputes has consisted in the Secretary-General of ICSIDaccepting to act as the appointing authority of arbitrators for ad hoc (i.e., non-institutional) arbitration proceedings. This is most commonly done in the context of

arrangements for arbitration under the Arbitration Rules of the United NationsCommission on International Trade Law (UNCITRAL), which are specially designedfor ad hoc proceedings.

Criticisms

The World Bank has long been criticized by non-governmental organizations, such as theindigenous rights group Survival International ,and academics, including its former ChiefEconomist Joseph Stiglitz,Henry Hazlitt andLudwig Von Mises. Henry Hazlitt argued that the

World Bank along with the monetary system it was designed within would promote world inflationand "a world in which international trade is State-dominated" when they were being advocated.Stiglitz argue that the so-called free market reform policies which the Bank advocates are oftenharmful to economic development if implemented badly, too quickly ("shock therapy"), in thewrong sequence or in weak, uncompetitive economies.

One of the strongest criticisms of the World Bank has been the way in which it is governed. Whilethe World Bank represents 186 countries, it is run by a small number of economically powerfulcountries. These countries (which also provide most of the institution's funding) choose theleadership and senior management of the World Bank, and so their interests dominate the bank.Titus Alexander argues that the unequal voting power of western countries and the World Bank's

role in developing countries makes it similar to the South African Development Bank underapartheid, and therefore a pillar of global apartheid.

In the 1990s, the World Bank and the IMF forged the Washington Consensus, policies whichincludedderegulationand liberalization of markets,privatization and thedownscaling ofgovernment. Though the Washington Consensus was conceived as a policy that would bestpromote development, it was criticized for ignoring equity, employment and how reforms likeprivatization were carried out. Joseph Stiglitz argued that the Washington Consensus placed too
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much emphasis on the growth of GDP, and not enough on the permanence of growth or on whethergrowth contributed to better living standards

Some analysis shows that the World Bank has increased poverty and been detrimental to theenvironment,public health andcultural diversity.

The United States Senate Committee on Foreign Relations report criticized the World Bank andother international financial institutions for focusing too much "on issuing loans rather than onachieving concrete development results within a finite period of time" and called on the institutionto "strengthen anti-corruption efforts".

Criticism of the World Bank often takes the form ofprotesting as seen in recent events such as theWorld Bank Oslo 2002 Protests, the October Rebellion, and theBattle of Seattle. Suchdemonstrations have occurred all over the world, even amongst theBrazilianKayapo people.

Another source of criticism has been the tradition of having an American head the bank,

implemented because the United States provides the majority of World Bank funding. "Wheneconomists from the World Bank visit poor countries to dispense cash and advice," observed TheEconomist, as Jim Yong Kim said in 2012, "they routinely tell governments to rejectcronyism andfill each important job with the best candidate available. It is good advice. The World Bank shouldtake it." Jim Yong Kim is the most recently appointed president of the World Bank
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The World Bank is an International Financial Institution That Provides Loans