The World Bank provides financial products and technical assistance to developing countries. The organization has two goals and three priority areas:
- To End Extreme Poverty by 2030
- To Boost Shared Prosperity
- Accelerating Economic Growth
- Foster Resilience
- Build Human Capital
The following resources are helpful in evaluating the performance of the World Bank:
Dr. Jim Yong Kim is the President of the World Bank Group and Chairperson of the Board of Executive Directors. In his opening message, he notes the impact of digital communication. Individuals of any country can see the direct living standards of their peers in every other country throughout the world. While digital communication increases awareness about each other, ‘the divide between people is rising.’
Dr. Jim Yong Kim stresses the importance of working urgently to ensure that poorer countries can build markets and deploy innovation. He highlights the World Bank’s contributions, $61 billion in loans, grants, equity investments, and guarantees to members and private businesses, as an example of this urgency.
The World Bank is comprised of five institutions:
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- International Finance Corporation (IFC)
- Multilateral Investment Guarantee Agency (MIGA)
- International Centre for the Settlement of Investment Disputes (ICSID)
Project Update on Priority Areas
Accelerating Sustainable and Inclusive Economic Growth: examples include a $1 billion in lending for India’s solar projects, assistance to 1.2million people with access to improved water in Bangladesh, IDA financed Regional Communications infrastructure project in Africa that helped 9 countries increase Internet access, $400 million in Dar es Salaam, Tanzania to support expansion of city’s bus rapid transit system, updated Public-Private Partnerships Reference Guide document as a policy tool for member organizations, connected farmers with credit, inputs, and training in Bihar, India, provided environmental development policy loans in Peru to support the fishing industry, and numerous other projects.
Investing in People to Build Human Capital: examples include the Education Program-for-Results project in Tanzania to improve learning in primary schools, develop the Global Financing Facility to focus on equality and equity issues related to sexual and reproductive health, newborn survival, and adolescent health and development, increase profits of women-owned businesses by40 percent in Togo through the Africa Gender Innovation Lab, support PakistanNational Social Protection Program-for-Results to develop beneficiary identification system, assist countries to deploy University Health Coverage,and numerous other projects.
Foster Resilience to Global Shocks and Threats: examples include implementation of IDA18 to double resources for countries affected by fragility, conflict, and violence, launched Humanitarian-Development-Peace initiative and worked with Cameroon, northeast Nigeria, Somalia, Sudan, and Yemen in partnership with the UN, continued banking services in Yemen after the banking system stopped operations within the Country, adopted Climate Change Action Plan and increase climate financing to 28 percent of the Bank Group’s portfolio by 2020,provide IDA countries with $500 million insurance coverage against risk of pandemic outbreaks over the next five years, supported 84 climate-related projects in 24 countries with World Bank Green Bonds, and numerous other projects.
Page 80 of the Annual Report shows a map of current borrowing eligibility of member countries. The map also lists projects deployed in each country.