This a financial organization serving global needs, especially developing countries. It is meant to solve some of the financial problems around the world through poverty reduction techniques ie lending money and giving out grants, research, and advice.

It has four boards and four executive directors representing the four institutions. IBRD, NIGA IDA IFC. They are responsible for the conduct of the general operations of the World Bank Group and exercise all power delegated to them by the board of governors under their constitution.

The board is composed of 24 executive directors appointed or elected by member countries or by a group of countries and the president who served as its chairman.

ROLES

1Accelerating sustainable economic growth

One of the main tasks of the World Bank is to provide a path out of poverty for most developing countries through the provision of loans supporting investments. It seems that strategic techniques that develop market institutions that are stable and efficient will in turn meet essential infrastructural capabilities necessary for production and growth in any country.

2Aiding war-distressed countries

World Bank provides funds to war-torn countries for reconstruction and development. This is done through extensive research and financial resources to increase a country's economic growth and improve the living standards of its people.

3Access to world market

World bank helps developing countries improve their access to the world market and enhance their participation in the world trading system. Trade is the engine that powers poverty reduction, and job creation and strengthens economics. Research shows that trade liberalization increases economic growth by an average of 1.0 to 1.5% points leading in turn to 20% and can be in 10 years.

4Advancement in favorable policies

These policies propel development in third-world countries. This is primarily aimed at opportunities being redirected to less advantaged and marginalized groups of women and young people. Opportunities that come with a trade like education and technology will in the long run boost and promote any economy.

5Fight against climate change

This majorly is another way to reduce the population that would fall back to poverty due to climatic change and its effects like natural disasters that come with it. It has committed around 38 billion dollars to climate-related improvements in developing countries and plans to add 30 gigawatts of renewable energy and development of climate-smart agriculture for 40 countries.

6Aid in form of research

Provision of technical services and advisory role in terms of research, and books for data. This bank has established the economic development institute, a staff college in Washington.

Facts about World Bank

• It was formed through the Bretton woods committee in 1944 in the US New Hampshire. It's a learning organization alongside International Monetary Fund.

• David Malpass is currently the president of the World Bank. Membership of the world bank constitutes 189 (IBRD) countries and 173 (IDA)countries.

• World Bank generally focuses on the long-term goal and is funded by member countries' contributions and by issuing bonds.

• World bank is a group of five multilateral institutions that eradicate global poverty. It's been criticized as fostering free-market ideology in developing countries.

• The five multilateral institutions constituting the World Bank include;

International Bank for Reconstruction and Development (IBRD) which lends to governments of middle-income and those worthy low-income countries.

International Development Association( IDA)which provides interest-free loans called credits to governments of the poorest countries.

International Finance Corporation (IFC). This is the largest global development institution focused exclusively on the private sector. The finance investment mobilizes capital in the international financial market and provides advisory services to businesses and governments.

International Centre for Settlement of Investment Disputes(ICAI) which provides international facilities for conciliation and arbitration of investment policies.

Multilateral Investment Guarantee Agency(MIGA) was created in 1988 majorly to promote foreign direct investment among developing countries and to support economic growth, reduce poverty and improve lives. They achieve this through the provision of political risk insurance to investors and lenders.

Objectives of World Bank

• Provision of capital to its member countries to boost economic advancement and trade balance.

• Ensure development projects are implemented for transparency and accountability of a nation, especially during crises like wars or pandemics.

• To promote capital investment in member countries through the provision of private loans and capital investment.

Criticism of the rules and functioning of the World Bank

1Underrepresentation of the global South

The voting powers are highly in favor of the global North especially the US, Europe, and Japan. The president of the world bank has predominantly been a us citizen and has since not been contented. The US has veto power over an array of major decisions.

2Undermining democratic ownership

The economic reforms and policy conditions that come with loans undermine the power of the internal governments of the borrowers. They limit their power on policy decisions.