Indian Economy / International Organizations
World Bank Group of Institutions
A group of 5 organizations constitute the World Bank Group and their headquarters is located at Washington D.C. They are International Bank
for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), International Centre for
Settlement of Investment Disputes (ICSID) and Multilateral Investment Guarantee Agency (MIGA). Currently, World Bank has 189 nations as its members.
International Bank for Reconstruction and Development
- It was founded in the year 1944 by the delegates at the Bretton Woods Conference.
- It is the main lending organization for developing nations with relatively high per capita income.
- It lends money for building highways, irrigation projects, structural adjustment loan (SAL), etc.
International Finance Corporation
- It was established in the year of 1956
- It helps to strengthen the private sector in the developing countries by extending long term loans, equity investment, etc.
International Development Association
- It was instituted in the year 1960
- It provides the required financial assistance on concessional terms to the poor economies which cannot borrow from IBRD
- IDA loans are known as Credit (Small loans)
International Centre for Settlement of Investment Disputes
- It was established in the year 1966
- It provides cooperation and arbitration between Governments and foreign investors
- It carries out research and produces publications in the area of foreign investment law.
Multilateral Investment Guarantee Agency
- It was instituted in the year of 1988
- It helps the developing countries in attracting the foreign investment
- It provides investment guarantee against risks