Started in Bretton Woods during WWII as part of the UN, the World Bank’s first purpose was to help rebuild Europe in post WWII. Its first loan of $250 million in 1947, was to France. The Bank’s objectives have changed today, to a sharp focus on poverty reduction. The Bank has been a financial (in lending) and technical support to many underdeveloped nations in Africa, Asia and Latin America. During the 1980s, the Banks purpose and reach was pulled in many directions which led to inspection panels and much criticism, reaching a peak at the annual meeting of 1994 in Madrid. As it seems much improvement has been in play in more recent years.
The Bank is constituted of two institutions (IBRD and IDA) and several affiliates. IBRD has purpose to “reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services”. IDA was designed to “ reduce poverty by providing interest-free loans and grants for programs that boost economic growth, reduce inequalities and improve people’s living conditions”.
Info from:
http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/0,,pagePK:50004410~piPK:36602~theSitePK:29708,00.html
http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/EXTARCHIVES/0,,contentMDK:20053333~menuPK:63762~pagePK:36726~piPK:36092~theSitePK:29506,00.html
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