About World Bank

World Bank is an organization which provides loans and financial aids to developing countries. With its headquarters in Washington D.C. the World Bank was founded in 1944. The World Bank consists of two financial bodies IBRD (International Bank for Reconstruction and Development) and IDA (International Development Association).

There are 189 countries which own the membership of the World Bank. Its motto is ‘Working for a World Free of Poverty’. Improving health, education and infrastructure are the main objectives of the World Bank. David Malpass is serving as the president of World Bank Group since 9^th April, 2019.

World Bank is the major observer of the global economics along with WTO (World Trade Organization) and IMF (International Monetary Fund). The bank gathers its funds mainly from the capital subscription of member countries and net earnings raised from interest payments on loans. World Bank has more than 10,000 employees with more than 120 offices worldwide.

The bank’s involvement in forming economic policies has increased in developing countries. World Bank is also working in prevention of climate change. As it may shove 100 million people to poverty by 2030. The bank launched an open website to give free access of major indicators in 2010. They are:

• Health
• Poverty, gender and aid effectiveness
• Business, agriculture and financial areas
• Labor, education and income
• Development and infrastructure

World Bank analyzes global trends in trade and finance, and also explains their effects on countries.

It is not impossible but limits the sources from borrowing funds for the poor and developing countries in the absence of World Bank. The projects which are done by these countries are essential for education, employment and providing healthy living conditions of their citizens. One of the world's largest development assistance, the World Bank supports the efforts of developing countries to build schools and medical centers, provide water and electricity, fight severe diseases, and protect the environment.

The number of shares of the World Bank a country can have is calculated on the size of its economy. Right now United States is the biggest shareholder of the bank. Then Japan followed by Germany, UK and France. The remaining shares are divided among other country members. A board of Governors represents the Bank’s government shareholders. These are finance ministers and central bank governor of the countries. Governors are the policymakers in the World Bank. Their meeting held once per year.

These officials decide what should be the main focus on upcoming years to reduce poverty globally. The bank has well managed financial reserves which help it to borrow money at low interest and lend that to developing countries. World Bank lends money to the poorest countries at no interest. It also has the advantage of longer repay period. Countries have 35-40 years to repay, with a 10-year grace period.

World Bank’s work resulted as a big help for non developed countries as it has given them an opportunity to make themselves developed. It is also working continuously in climate change, poverty, weak infrastructure and several global issues. 
Source of Article- Bank IFSC Code