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World Bank

International financial institution providing loans to countries.

The World Bank, established in 1944, offers loans and grants to low- and middle-income countries for capital projects. It consists of IBRD and IDA, focusing on sustainable development goals and environmental safeguards. The bank, led by a president and directors, aims to reduce poverty through partnerships and initiatives, including addressing climate change. Despite criticism, it continues to play a significant role in global development efforts.

Related

Asian Development Bank Bank for International Settlements International Monetary Fund Bank of England Global Financial Crisis European Debt Crisis The Economist Group European Central Bank Bank of Japan WTO

Timeline

Establishment of the World Bank

The World Bank was established in 1944 to provide financial and technical assistance to developing countries for development projects.

Bretton Woods Conference

The Bretton Woods Conference took place in July 1944, leading to the establishment of the International Monetary Fund (IMF) and the World Bank.

World Bank Opens Doors

The World Bank opened its doors on June 25, 1946, nearly 2 years after its Articles of Agreement had been drafted at the Bretton Woods conference in New Hampshire. The opening took place a year after the end of the Second World War, amidst widespread devastation and financial struggles in many countries.

World Bank Group commitments exceed $1 billion

On June 30, 1965, the commitments of the World Bank Group exceeded $1 billion. This marked a significant milestone in the financial activities of the World Bank Group.

Formation of Multilateral Investment Guarantee Agency (MIGA)

In 1988, the World Bank added the Multilateral Investment Guarantee Agency (MIGA) to its group of institutions. MIGA was established to provide political risk insurance and credit enhancement to investors and lenders, contributing to the facilitation of investments.

Assistance to Former Soviet Nations

During the 1990s, the World Bank provided assistance to former Soviet nations to redirect their economies after the dissolution of the Union of Soviet Socialist Republics. This support helped many newly sovereign nations to become members of the World Bank.

Establishment of Global Environment Facility (GEF)

In 1991, the Global Environment Facility (GEF) was established by the World Bank to further focus on safeguarding the environment. This initiative reflected the growing importance of environmental protection in global development efforts.

Heavily Indebted Poor Countries (HIPC) Debt Initiative

The Heavily Indebted Poor Countries (HIPC) debt initiative was approved by the World Bank in 1996. This initiative aimed to enable poor countries to focus on sustainable development and reducing poverty by providing debt relief.

World Bank Group History: Exploring the Archives

On November 13, 2014, a video titled 'World Bank Group History: Exploring the Archives' was shared. The video likely delves into the historical background and archives of the World Bank Group.

World Bank Shareholders Endorse Ambitious Package of Measures

World Bank shareholders endorsed an ambitious package of measures that include a $13 billion paid-in capital increase and a series of internal reforms. Kristalina Georgieva played a key role in securing this increase, the largest funding increase in the bank's history.

Assumption of Interim President Role at World Bank Group

World Bank Group President Kim stepped down and Kristalina Georgieva assumed the role of interim president of the World Bank Group on 1 February 2019.

Video on World Bank's History

The World Bank Group Archives and DECVP collaborated to create a video highlighting the history of the World Bank and showcasing the different types of records available in the Archives.

World Bank's Need for Change

The user is suggesting that it is time for the World Bank to break with tradition on April 15, 2024.

End of the Timeline
World Bank

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