What is The World Brank? The World Brank Review, Features

The World Brank is the abbreviation of the World Bank Group, the common name of the International Bank for Reconstruction and Development, and a specialized agency of the United Nations.

About The World Brank

The World Bank was established in 1945 and began operations in June 1946. It consists of five member institutions: the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes.

In March 2022, the World Bank decided to suspend all projects in Russia and Belarus.

On May 18, 2022, local time, the U.S. Treasury Department stated in a report on the food security plan that the World Bank will provide $30 billion in funds to respond to the food security crisis caused by the Russia-Ukraine conflict. According to U.S. media reports, $12 billion of the $30 billion will be used for new projects, and another $18 billion will be used to invest in food-related projects that have been approved but not yet implemented.

The World Brank's Mission

Its purpose is to provide loans and investments to member countries and promote balanced development of international trade.

Purpose and Principles

• The objectives of the World Bank are:
• Through investment in production, we will assist the economic recovery and construction of member countries and encourage the development of resources in underdeveloped countries;
• Promote private foreign investment by guaranteeing or participating in private loans and other private investments. When member countries cannot obtain private capital under reasonable conditions, they can use the Bank's own capital or raised funds to supplement the shortage of private investment;
• To encourage international investment, assist member countries in improving their production capacity, and promote the balanced development of international trade and the improvement of their international balance of payments;
• When providing loan guarantees, they should be coordinated with other international loans.