ROAR MEMBERS RAKESH S. AMIN OMKAR A. SHINDE AZHAR N. SHAIKH RAHUL N. TAKALE ROGER Y. PETER UMESH S. DASONI
INTRODUCTION• President :- Robert B. Zoellick• Membership :- 185 countries• Affiliates :- IFC, MIGA, ICSID• Headquarters :- Washington, DC & more than 100 country• Staff :- About 10000 all over the world• Established :- July 1,1944
.The World Bank is an internationallysupported bank that provides financialand technical assistance to developingcountries for development programs(e.g. bridges, roads, schools)with thestated goal of reducing poverty.
HISTORY• The World Bank was originally established to support reconstruction in Europe after World War II but has since refrained its mission & expanded its operation.
.• World Bank is one of two major institutions created as a result of “BRETTON WOODS CONFERENCE” in 1944.• International Monetary Fund is the 2nd institution.
WORLD BANK BORROWERS France was the first borrower for $250 million to finance post-war reconstruction in 1946 Many developed nations who are now donors, were also borrowers, such as Austria, Australia, Denmark, Japan, Italy, Finland, and Greece Current top 7 borrower are Mexico,Brazil,Turkey,Pakistan, China, India and Argentina
WORLD BANK GROUP The International Bank for Reconstruction and Development (IBRD) The International Development Association (IDA) The International Finance Corporation (IFC) The Multilateral Investment Guarantee Agency (MIGA) The International Centre for the Settlement of Investment Disputes (ICSID).
FIVE AGENCIES – ONE GROUPIBRD IDA IFC M.I.G.A ICSID
NEED OF WORLD BANK BUILD CAPACITY CREATE INFRASTRUCTURE NEED OF WORLD BANK DEVELOP FINANCIAL SYSTEM COMBAT CORRUPTION
SUPPORT TO INDIA India has been borrowing from the World Bankthrough IBRD and IDA for various developmentprojects in the area of poverty alleviations,infrastructure, rural developments etc. IDA funds are one of the most concessionalexternal loans for GoI and are used largely in socialsector projects that contribute to the achievement ofMillennium Development Goals. India has borrowed around US$ 65.8 billion fromthe World Bank so far.
In 1958, the Bank played an important role in .establishing „India Aid Club‟ for providingspecific economic assistances to India. It hasnow been renamed as „India DevelopmentForum‟. International Development Association (IDA),an associate of World Bank is known as the softloan window of the Bank and was established onSeptember 24, 1960. During 1995-96 (July-June), India ranked firstamong the nations getting assistance from IDA.
EDUCATIONAL SUPPORT• Early Childhood Development• Elementary/Primary education• Secondary Education• Vocational education and training• Technical and Higher education• Support to States
.• Knowledge Production• Structural Adjustment• Water Privatisation• Business & Political Interest of main Stakeholders
CRITICISM• It was started to reduce poverty but it support United States‟ business interests.• It is deeply implicated in contemporary modes of donor and NGO driven imperialism.• The President of the Bank is always a citizen of the United States.
.• Lack transparency to external publics.• It is an instrument for the promotion of U.S. or Western interests.• The decision-making structure is undemocratic.• It has consistently pushed a “neo-liberal” agenda.
5 PRIORITIES OF WORLD BANK• World bank provides the largest external funds for education.• It is a big support in reducing poverty.• It provides fund for biodiversity projects.• It helps to bring clean water, electricity, & transport to poor people.• It helps in controlling emerging conflicts.