World bank loan

World bank loan

The World Bank is a vital source of financial and technical assistance to developing countries around the world. We help governments in developing countries reduce poverty by providing them with money and technical expertise they need for a wide range of projects—such as education, health, infrastructure, communications, government reforms, and for many other purposes.

If a country wants to become a member of the bank,under the Articles of Agreement of the International Bank for Reconstruction and Development (IBRD), a country must first join the International Monetary Fund (IMF) prior to becoming a member of the Bank. Membership in IDA, IFC, and MIGA is conditioned upon membership in IBRD.

The World Bank is like a cooperative, made up of 188 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank. Generally, the governors are member countries' ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.The governors delegate specific duties to 25 Executive Directors, who work on-site at the Bank. The five largest shareholders, France, Germany, Japan, the United Kingdom and the United States appoint an executive director, while other member countries are represented by 20 elected executive directors.The World Bank Group president chairs meetings of the Boards of Directors and is responsible for overall management of the Bank. Jim Yong Kim is the 12th president of the Bank. He is chairman of the Bank's Board of Executive Directors and is also president of the five interrelated organizations that make up the World Bank Group. The president is selected by the Executive Directors for a five-year, renewable term. To learn more about the Bank's past presidents, go to the Archives.

Working through the IBRD and IDA, the World Bank provides loans to the two major types: investment loans and development loans.Investment loans are available to finance the production of goods, works and services in projects of socio-economic development in various sectors.Loans for Development (formerly known as loans for structural change) are provided through the allocation of financial resources to support policy and institutional reforms.Received from the borrower's application for funding of the project is to make sure that the project is sustainable in economic, financial, social and environmental relations. At the stage of negotiations on the loan the Bank and borrower agree on development challenges addressed by the project, the components of the project, expected results, monitoring performance of the project and its implementation plan and timetable for disbursement of the loan. During the implementation of the project, the Bank monitors the use of funds and evaluates the