IntroductionWorld Bank History of the World Bank with various functions Pro as well as Con, unfortunately; the Con outweighs the Pro, because of poor leadershipConceived during World War 2 at Bretton Woods, New Hampshire, the World Bank initially helped to rebuild Europe after the war. The World Bank's first loan of $250 million was to France in 1947 for post-war reconstruction.
The area of reconstruction has remained an important focus to the Bank's work, given the natural disasters, humanitarian emergencies, and post conflict rehabilitation needs that affect developing and transition economics.
Today the World Bank has sharpened its focus on poverty reduction as the overreaching goal of all its work. The World Bank once had a homogeneous staff of engineers and financial analysts-based solely in Washington, D.C. Today it has a multidisciplinary and diverse staff including economists, public policy experts, and social scientists, 40 percent of the staff-based in country offices.
The complexity of the bank is bigger, broader, and more complex. It has become a Group, encompassing six closely associated development institutions:1.The international Bank for Reconstruction and Development (IBRD)2.The International Development Association (IDA)3.The International Finance Corporation (IFC)4.The Multilateral Investment Corporation (IFC)5.The Multilateral Investment Guarantee Agency (MIGA) and6.The International Settlement of Investment Disputes (ICSID)More than ever before, the Bank is playing an important role in the global policy arena. It has effectively engaged with partners and clients in complex emergencies from post-conflict work in Bosnia, to post-crisis assistance in East Asia to post-hurricane clean up in Central America to post-earthquake support in Turkey and Kosovo and East Timor.
1948 to presentIn Washington, there is the headquarters of both the World Bank and the International Monetary fund. They face each other on the same street. The issue comes to mind of whom exactly controls...