World Bank

The establishment of the World Bank was decided in 1944 on the Monetary and Financial Conference of the UN at Bretton Woods.Their original purpose was to finance the reconstruction of the war ravaged countries. The headquarters of the World Bank is in Washington, USA. The World Bank includes the International Bank for Reconstruction and Development (IBRD / World Bank) and the International Development Association (IDA).

Core mission of the World Bank is to support the economic development of less-developed countries through consultation and financial assistance. The World Bank should contribute to achieve the international development goals. One of these objectives is to reduce the proportion of the poor in the world's population by half until 2015. The support is done primarily by the transfer of resources to developing countries. The World Bank provides financial assistance by granting long-term loans at low rates (World Bank) and interest-free, long-term loans (IDA).

At the request of the developing countries in 1974, the Development Committee was established. A ministerial committee which advises the World Bank and IMF on the awarding of loans and credits to developing countries. The Development Committee refers to economic and social development in their respective countries, as well as issues of trade and global environmental protection. The so-called World Development Report, an annual publication specified by the World Bank's World Development Report, is dedicated to a significant development for the current topic of discussion.

A central strategy of the World Bank is the so-called Private Sector Development (PSD). In this context, the privatization in developing countries is promoted. Also, the supply of loans and credit is subject to appropriate reforms to produce private infrastructure. The World Bank argues that public companies would thwart competition and hence development.

The so-called Structural Adjustment Programs (SAP) of the World...