Definition of World Bank:
The World Bank is an international organization dedicated to providing financing, advice, and research to developing nations to aid their economic advancement. The bank predominantly acts as an organization that attempts to fight poverty by offering developmental assistance to middle- and low-income countries.
Popular name for the International Bank for Reconstruction and Development (IBRD). Established together with International Monetary Fund (IMF) in 1944 as part of Bretton Woods system to rebuild the Western economies shattered by second world War through financing of commercial and infrastructural projects. Though it does not compete with commercial banks, it may participate in loan syndication, and its lending policies are based largely on strict commercial criteria. Its member countries must also be members of the IMF, and (as in IMF) have voting power weighted according to their contribution to the Bank. For example, the US has about 20 percent of the voting power and always chooses the banks president. See also World Bank system.
An international banking organization established to control the distribution of economic aid among member nations, and to make loans to them in times of financial crisis.
Currently, the World Bank has two stated goals that it aims to achieve by 2030. The first is to end extreme poverty by decreasing the number of people living on less than $1.90 a day to below 3% of the world population. The second is to increase overall prosperity by increasing income growth in the bottom 40% of every country in the world.
How to use World Bank in a sentence?
- The World Bank has expanded to become known as the World Bank Group with five cooperative organizations, sometimes known as the World Banks.
- The World Bank has aided with the resurrecting of second and third world economies by loaning them millions and billions of dollars.
- The World Bank Group offers a multitude of proprietary financial assistance products and solutions for international governments as well as a range of research-based thought leadership for the global economy at large.
- The World Bank is an international organization dedicated to providing financing, advice, and research to developing nations to aid their economic advancement.
- Sometimes if you can not find a local bank to give your business a loan you can try and contact the world bank .
- The World Bank and International Monetary Fund were founded simultaneously under the Bretton Woods Agreement with generally the same focus to help serve international governments globally.
- If you want a loan but have been shot down by all the other banks you can try the world bank but they have strict criteria.
Meaning of World Bank & World Bank Definition