International Bank for Reconstruction and Development

The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to middle-income developing countries. The IBRD is the first of five member institutions that compose the World Bank Group, and is headquartered in Washington, D.C. in the United States. It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. The IBRD and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff.[1][2][3] Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic policy, environmental consciousness, energy investments, healthcare, access to food and potable water, and access to improved sanitation.

The IBRD is owned and governed by its member states, but has its own executive leadership and staff which conduct its normal business operations. The Bank's member governments are shareholders which contribute paid-in capital and have the right to vote on its matters. In addition to contributions from its member nations, the IBRD acquires most of its capital by borrowing on international capital markets through bond issues. In 2011, it raised $29 billion USD in capital from bond issues made in 26 different currencies. The Bank offers a number of financial services and products, including flexible loans, grants, risk guarantees, financial derivatives, and catastrophic risk financing. It reported lending commitments of $26.7 billion made to 132 projects in 2011.

International Bank for
Reconstruction and Development
International Bank for Reconstruction and Development Logo
IBRD logo
Formation1944
TypeDevelopment finance institution
Legal statusTreaty
PurposeDevelopment assistance, poverty reduction
HeadquartersWashington, D.C., U.S.
Membership
189 countries
President of the World Bank
David Malpass
Parent organization
World Bank Group
Websiteworldbank.org/ibrd

History

The International Bank for Reconstruction and Development (IBRD) and International Monetary Fund (IMF) were established by delegates at the Bretton Woods Conference in 1944 and became operational in 1946.[4] The IBRD was established with the original mission of financing the reconstruction efforts of war-torn European nations following World War II, with goals shared by the later Marshall Plan. The Bank issued its inaugural loan of $250 million ($2.6 billion in 2012 dollars[5]) to France in 1947 to finance infrastructure projects. The institution also established its first field offices in Paris, France, Copenhagen, Denmark, and Prague in the former Czechoslovakia. Throughout the remainder of the 1940s and 1950s, the Bank financed projects seeking to dam rivers, generate electricity, and improve access to water and sanitation. It also invested in France, Belgium, and Luxembourg's steel industry. Following the reconstruction of Europe, the Bank's mandate has transitioned to eradicating poverty around the world. In 1960, the International Development Association (IDA) was established to serve as the Bank's concessional lending arm and provide low and no-cost finance and grants to the poorest of the developing countries as measured by gross national income per capita.[2][6]

Governance

The IBRD is governed by the World Bank's Board of Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). The Board of Governors delegates most of its authority over daily matters such as lending and operations to the Board of Directors. The Board of Directors consists of 25 executive directors and is chaired by the President of the World Bank Group. The executive directors collectively represent all 189 member states of the World Bank. The president oversees the IBRD's overall direction and daily operations.[1][7] As of July 2012, Jim Yong Kim serves as the President of the World Bank Group.[8] The Bank and IDA operate with a staff of approximately 10,000 employees.[9]

Funding

Although members contribute capital to the IBRD, the Bank acquires funds primarily by borrowing on international capital markets by issuing bonds. The Bank raised $29 billion USD worth of capital in 2011 from bonds issued in 26 different currencies.[10] The IBRD has enjoyed a triple-A credit rating since 1959, which allows it to borrow capital at favorable rates.[11] It offers benchmark and global benchmark bonds, bonds denominated in non-hard currencies, structured notes with custom-tailored yields and currencies, discount notes in U.S. dollars and eurodollars.[12] In 2011, the IBRD sought an additional $86 billion USD (of which $5.1 billion would be paid-in capital) as part of a general capital increase to increase its lending capacity to middle-income countries.[13] The IBRD expressed in February 2012 its intent to sell kangaroo bonds (bonds denominated in Australian dollars issued by external firms) with maturities lasting until 2017 and 2022.[14]

Services

2005IBRD loans and IDA credits
IBRD loans and IDA credits in 2005

The IBRD provides financial services as well as strategic coordination and information services to its borrowing member countries.[15] The Bank only finances sovereign governments directly, or projects backed by sovereign governments.[16] The World Bank Treasury is the division of the IBRD that manages the Bank's debt portfolio of over $100 billion and financial derivatives transactions of $20 billion.[17]

The Bank offers flexible loans with maturities as long as 30 years and custom-tailored repayment scheduling. The IBRD also offers loans in local currencies. Through a joint effort between the IBRD and the International Finance Corporation, the Bank offers financing to subnational entities either with or without sovereign guarantees. For borrowers needing quick financing for an unexpected change, the IBRD operates a Deferred Drawdown Option which serves as a line of credit with features similar to the Bank's flexible loan program.[18] Among the World Bank Group's credit enhancement and guarantee products, the IBRD offers policy-based guarantees to cover countries' sovereign default risk, partial credit guarantees to cover the credit risk of a sovereign government or subnational entity, and partial risk guarantees to private projects to cover a government's failure to meet its contractual obligations. The IBRD's Enclave Partial Risk Guarantee to cover private projects in member countries of the IDA against sovereign governments' failures to fulfill contractual obligations.[19] The Bank provides an array of financial risk management products including foreign exchange swaps, currency conversions, interest rate swaps, interest rate caps and floors, and commodity swaps.[20] To help borrowers protect against catastrophes and other special risks, the bank offers a Catastrophe Deferred Drawdown Option to provide financing after a natural disaster or declared state of emergency. It also issues catastrophe bonds which transfer catastrophic risks from borrowers to investors.[21] The IBRD reported $26.7 billion in lending commitments for 132 projects in fiscal year 2011, significantly less than its $44.2 billion in commitments during fiscal year 2010.[10]

See also

Coordinates: 38°53′56″N 77°02′33″W / 38.8990°N 77.0425°W

References

  1. ^ a b Ottenhoff, Jenny (2011). World Bank (Report). Center for Global Development. Retrieved 2012-06-05.
  2. ^ a b World Bank. "History". World Bank Group. Retrieved 2012-07-17.
  3. ^ International Bank for Reconstruction and Development. "Background". World Bank Group. Retrieved 2012-07-17.
  4. ^ Proceedings and Documents of the United Nations Monetary and Financial Conference. United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1–22, 1944. Washington, D.C.: U.S. Department of State. 1948. Retrieved 2012-07-17.
  5. ^ "CPI Inflation Calculator". U.S. Bureau of Labor Statistics. Retrieved 2012-06-20.
  6. ^ World Bank. "Interactive Timeline". World Bank Group. Retrieved 2012-07-21.
  7. ^ International Bank for Reconstruction and Development. "Leadership". World Bank Group. Retrieved 2012-07-17.
  8. ^ Samarasekera, Udani (2012). "Jim Kim takes the helm at the World Bank". The Lancet. 380 (9836): 15–17. doi:10.1016/S0140-6736(12)61032-0. Retrieved 2012-08-02.
  9. ^ "World Bank (IBRD & IDA) Structure". Bank Information Center. Archived from the original on 2012-02-08. Retrieved 2012-07-01.
  10. ^ a b World Bank (2011). The World Bank Annual Report 2011: Year in Review (PDF) (Report). World Bank Group. Retrieved 2012-07-20.
  11. ^ International Bank for Reconstruction and Development. "How IBRD is Financed". World Bank Group. Retrieved 2012-07-17.
  12. ^ International Bank for Reconstruction and Development. "World Bank Debt Products". World Bank Group. Retrieved 2012-07-17.
  13. ^ Moss, Todd; Staats, Sarah Jane; Barmeier, Julia (2011). The ABCs of the General Capital Increase (Report). Center for Global Development. Retrieved 2012-06-05.
  14. ^ McDonald, Sarah (2012-02-26). "World Bank's IBRD Unit Is Seeking To Sell Its First Kangaroo Bonds In Year". Bloomberg. Retrieved 2012-07-17.
  15. ^ International Bank for Reconstruction and Development. "Products and Services". World Bank Group. Retrieved 2012-07-17.
  16. ^ "World Bank (IBRD & IDA) Lending". Bank Information Center. Archived from the original on 2011-11-05. Retrieved 2012-07-01.
  17. ^ International Bank for Reconstruction and Development. "How IBRD is Financed". World Bank Group. Retrieved 2012-07-17.
  18. ^ International Bank for Reconstruction and Development. "Financing". World Bank Group. Retrieved 2012-07-17.
  19. ^ World Bank (2012). World Bank Group Guarantee Products (PDF) (Report). World Bank Group. Retrieved 2012-07-22.
  20. ^ International Bank for Reconstruction and Development. "Hedging Products". World Bank Group. Retrieved 2012-07-17.
  21. ^ International Bank for Reconstruction and Development. "Disaster Risk Financing". World Bank Group. Retrieved 2012-07-17.

External links

Berg report

The Berg report is the name most commonly used for the World Bank-published report "Accelerated Development in Sub-Saharan Africa: A Plan for Action," written by Elliot Berg in 1981. The report was written in response to a 1979 request from the African Governors of the World Bank for a paper analyzing the development problems facing African countries. It also responds to a set of policies determined by African Chiefs of State in 1980, called the Lagos Plan of Action. While the Lagos Plan endorsed inward-looking policies of African self-reliance, the Berg report advocated for outward-looking policies of increased international trade.

Bretton Woods system

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well.

Preparing to rebuild the international economic system while World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street". These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement.

On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock, created the situation in which the U.S. dollar became a reserve currency used by many states. At the same time, many fixed currencies (such as the pound sterling) also became free-floating.

Candaba Viaduct

The Candaba Viaduct (also known as Pulilan–Apalit Bridge) is a 5-kilometer (3.1 mi) viaduct carrying the North Luzon Expressway (NLEX) across swampland in Candaba, Pampanga. Consisting of four lanes (two northbound and two southbound), it is the longest bridge in the Philippines. The viaduct was designed by Aas-Jakobsen and built by Construction Development Corporation of the Philippines (CDCP, later renamed to Philippine National Construction Corporation) as part of construction of the whole NLEX.Built in 1976, the bridge and the whole stretch of NLEX were constructed as a component project of the International Bank for Reconstruction and Development through the direction of the Ministry of Public Highways. The project was completed in 1977 and through Presidential Decree 1113, then President Ferdinand Marcos granted CDCP the franchise to maintain and operate the NLEX including the Candaba Viaduct. On February 10, 2005, the operations and maintenance of the whole of NLEX were transferred to the Manila North Tollways Corporation.Overlooking Mount Arayat, the viaduct is raised over Candaba Swamp, which keeps the highway open to traffic, even when the swamp gets flooded during the rainy or monsoon season. Lighting, emergency callboxes and CCTVs along the viaduct are powered by solar panels due to the problem of installing power lines within the viaduct.In February 2017, it was announced that Candaba Viaduct will be expanded and will have a third lanes on both sides of the bridge.

Croatia and the World Bank

Croatia joined the World Bank in 1993, two years after declaring independence from the SFR Yugoslavia in 1991. World Bank projects from the mid-1990s to the mid-2000s primarily focused on infrastructure and environmental projects.

Beginning with the rise of the global recession and the Eurozone crisis in 2008, Croatia entered an economic recession that lasted until 2016. Croatia officially became the 28th member state of the European Union (EU) on July 1, 2013 in the midst of the recession. Croatia's entrance into the EU, combined with the recession, shifted the World Bank's primary focus away from infrastructure and towards institutional financial restructuring. The World Bank financed lending projects to help Croatia converge with the EU and help the Croatian National Bank develop a financial policy that would pull Croatia out of recession. Following Croatia's emergence from recession, lending from the International Bank for Reconstruction and Development (IBRD) and International Finance Corporation (IFC) fell sharply to $22 million in 2016, compared to $279 million the previous year. However, World Bank commitments rose to a new high of $394 million in 2017.

Development Loan Fund

The Development Loan Fund (DLF) was the lending arm of the United States International Cooperation Administration. It was established in 1957 as part of a revision of the Mutual Security Act. Its main purpose was extending loans to foreign nations, mostly for capital projects, repayable in the local currency of the borrower. In 1961, it merged into the United States Agency for International Development.At its creation, its legislative mandate ordered that it not "compete" with "private investment capital", the Export-Import Bank or the International Bank for Reconstruction and Development.

Independent Evaluation Group

The Independent Evaluation Group (IEG) is an independent unit within the World Bank Group charged with objectively evaluating the activities of the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA; collectively, the World Bank), the work of International Finance Corporation (IFC) in private sector development, and Multilateral Investment Guarantee Agency's (MIGA) guarantee projects and services to provide accountability, and determine what works, what doesn't and why. The head of IEG, the Director-General, Evaluation, reports directly to the Bank Group’s Board of Executive Directors and not to Bank Group management.

International Bank

International Bank may refer to:

International Bank for Reconstruction and Development, an international financial institution belonging to the World Bank, formed in 1944

International Bank of Commerce, a bank in Texas, founded in 1966

International Bank (Liberia), a Liberian bank created in 1960

International Bank of Azerbaijan, a global financial institution, founded in 1992

International Bank of Qatar, a private sector bank in Qatar, founded in 1956

International Bank of Asia, a bank headquartered in Hong Kong

International Bank of Somalia, Mogadishu-based bank which began operations in 2014

International Development Association

The International Development Association (IDA) (French: Association internationale de développement) is an international financial institution which offers concessional loans and grants to the world's poorest developing countries. The IDA is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States. It was established in 1960 to complement the existing International Bank for Reconstruction and Development by lending to developing countries which suffer from the lowest gross national income, from troubled creditworthiness, or from the lowest per capita income. Together, the International Development Association and International Bank for Reconstruction and Development are collectively generally known as the World Bank, as they follow the same executive leadership and operate with the same staff.The association shares the World Bank's mission of reducing poverty and aims to provide affordable development financing to countries whose credit risk is so prohibitive that they cannot afford to borrow commercially or from the Bank's other programs. The IDA's stated aim is to assist the poorest nations in growing more quickly, equitably, and sustainably to reduce poverty. The IDA is the single largest provider of funds to economic and human development projects in the world's poorest nations. From 2000 to 2010, it financed projects which recruited and trained 3 million teachers, immunized 310 million children, funded $792 million in loans to 120,000 small and medium enterprises, built or restored 118,000 kilometers of paved roads, built or restored 1,600 bridges, and expanded access to improved water to 113 million people and improved sanitation facilities to 5.8 million people. The IDA has issued a total $238 billion USD in loans and grants since its launch in 1960. Thirty-six of the association's borrowing countries have graduated from their eligibility for its concessional lending. However, nine of these countries have relapsed and have not re-graduated.

International organisation membership of Canada

These are international organizations of which Canada has membership

African Development Bank (nonregional member)

Agence de Coopération Culturelle et Technique

Arctic Council

Asean Regional Forum

ASEAN (dialogue partner)

Asia Pacific Economic Cooperation

Asian Development Bank (nonregional member)

Association of Southeast Asian Nations (dialogue partner)

Caribbean Development Bank

Commonwealth of Nations

Community of Democracies

Council of Europe (observer)

Democratic 10-D10

Diplomatic Forum

Euro-Atlantic Partnership Council

European Bank for Reconstruction and Development

European Space Agency (cooperating state)

Food and Agriculture Organization

OIF

G20

G-7

G8

G-10

IFC

Inter-American Development Bank

International Atomic Energy Agency

International Bank for Reconstruction and Development

International Civil Aviation Organization

International Criminal Court

International Development Association

International Energy Agency

International Federation of Red Cross and Red Crescent Societies

International Fund for Agricultural Development

International Hydrographic Organization

International Indigenous Affairs

International Labour Organization

International Maritime Organization

International Mobile Satellite Organization

International Monetary Fund

International Organization for Migration

International Organization for Standardization (ISO)

International Postal Union

International Red Cross and Red Crescent Movement

International Telecommunication Union

International Telecommunications Satellite Organization

Interpol

La Francophonie

Multilateral Investment Guarantee Agency

North American Free Trade Agreement (NAFTA)

North Atlantic Treaty Organization

Nuclear Energy Agency

Nuclear Suppliers Group

Organisation for the Prohibition of Chemical Weapons

Organisation for Economic Co-operation and Development

Organization for Security and Co-operation in Europe

Organization of American States

Pacific Islands Forum (partner)

Paris Club

Permanent Court of Arbitration

Southeast European Cooperative Initiative (observer)

UNESCO

United Nations Conference on Trade and Development

United Nations

Universal Postal Union

World Customs Organization

World Health Organization

World Intellectual Property Organization

World Meteorological Organization

World Tourism Organization

World Trade Organization

Zangger Committee

Humanitarian assistance

International organization membership of the United States

The following is a list of international organizations in which the United States of America officially participates.

Asian Development Bank (ADB) (nonregional member)

Asia-Pacific Economic Cooperation (APEC)

Association of Southeast Asian Nations (ASEAN) (dialogue partner)

Australia Group

Australia-New Zealand-United States Security Treaty (ANZUS)

Bank for International Settlements (BIS)

Black Sea Economic Cooperation Zone (BSEC) (observer)

Colombo Plan (CP)

Council of Europe (CE) (observer)

Council of the Baltic Sea States (CBSS) (observer)

Dominican Republic–Central America Free Trade Agreement (CAFTA-DR)

Euro-Atlantic Partnership Council (EAPC)

European Bank for Reconstruction and Development (EBRD)

European Organization for Nuclear Research (CERN) (observer)

Fédération Internationale de Football Association (FIFA)

Food and Agriculture Organization (FAO)

Group of Seven (G7)

Group of Eight (G8)

Group of Ten (G10)

Group of Twenty Finance Ministers and Central Bank Governors (G20)

Inter-American Development Bank (IADB)

International Atomic Energy Agency (IAEA)

International Bank for Reconstruction and Development (IBRD)

International Centre for Settlement of Investment Disputes (ICSID)

International Chamber of Commerce (ICC)

International Civil Aviation Organization (ICAO)

International Criminal Police Organization (Interpol)

International Development Association (IDA)

International Energy Agency (IEA)

International Federation of Red Cross and Red Crescent Societies (IFRCS)

International Finance Corporation (IFC)

International Fund for Agricultural Development (IFAD)

International Grains Council (IGC)

International Hydrographic Organization (IHO)

International Labour Organization (ILO)

International Maritime Organization (IMO)

International Mobile Satellite Organization (IMSO)

International Monetary Fund (IMF)

International Olympic Committee (IOC)

International Organization for Migration (IOM)

International Organization for Standardization (ISO)

International Red Cross and Red Crescent Movement (ICRM)

International Telecommunication Union (ITU)

International Telecommunications Satellite Organization (ITSO)

International Trade Union Confederation (ITUC)

Multilateral Investment Guarantee Agency (MIGA)

North American Free Trade Agreement (NAFTA)

North Atlantic Treaty Organization (NATO)

Nuclear Energy Agency (NEA)

Nuclear Suppliers Group (NSG)

Organisation for Economic Co-operation and Development (OECD)

Organization for Security and Cooperation in Europe (OSCE)

Organisation for the Prohibition of Chemical Weapons (OPCW)

Organization of American States (OAS)

Pacific Community (SPC)

Pacific Islands Forum (PIF) (partner)

Paris Club

Permanent Court of Arbitration (PCA)

Preparatory Commission for the Comprehensive Nuclear-Test-Ban Treaty Organization (CTBTO Preparatory Commission)

South Asian Association for Regional Cooperation (SAARC) (observer)

Southeast European Cooperative Initiative (SECI) (observer)

United Nations (UN)

United Nations Conference on Trade and Development (UNCTAD)

United Nations High Commissioner for Refugees (UNHCR)

United Nations Institute for Training and Research (UNITAR)

United Nations Mission for Justice Support in Haiti (MINUJUSTH)

United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA)

United Nations Security Council (UNSC) (permanent member)

United Nations Truce Supervision Organization (UNTSO)

Universal Postal Union (UPU)

World Bank Group (WBG)

World Customs Organization (WCO)

World Health Organization (WHO)

World Intellectual Property Organization (WIPO)

World Meteorological Organization (WMO)

World Organization of the Scout Movement (WOSM)

World Trade Organization (WTO)

World Veterans Federation (WVF)

Zangger Committee (ZC)

List of international banking institutions

This is a list of International banking institutions

African Development Bank

Asian Development Bank

Asian Infrastructure Investment Bank

Bank for International Settlements

Bank of World Residence Program (BWRP)

Black Sea Trade and Development Bank

Caribbean Development Bank

Eurasian Development Bank

European Bank for Reconstruction and Development

European Investment Bank

Islamic Development Bank

Preferential Trade Area Bank

World Bank Group

International Bank for Reconstruction and Development (IBRD)

International Development Association (IDA)

International Finance Corporation (IFC)

Multilateral Investment Guarantee Agency (MIGA)

International Centre for Settlement of Investment Disputes (ICSID)

List of specialized agencies of the United Nations

Specialized agencies are autonomous organizations working with the United Nations and each other through the co-ordinating machinery of the United Nations Economic and Social Council at the intergovernmental level, and through the Chief Executives Board for co-ordination (CEB) at the inter-secretariat level. Specialized agencies may or may not have been originally created by the United Nations, but they are incorporated into the United Nations System by the United Nations Economic and Social Council acting under Articles 57 and 63 of the United Nations Charter. At present the UN has in total 15 specialized agencies that carry out various functions on behalf of the UN. The specialized agencies are listed below.

Louis Rasminsky

Louis Rasminsky, (February 1, 1908 – September 15, 1998) was the third Governor of the Bank of Canada from 1961 to 1973, succeeding James Coyne. He was succeeded by Gerald Bouey.

Born in Montreal, he was raised in Toronto, graduated at Harbord Collegiate Institute, educated at the University of Toronto and the London School of Economics. In 1930, he started at the League of Nations as a specialist in monetary and banking issues. He joined the Bank of Canada in 1940, becoming executive assistant to the Governors of the Bank from 1943 to 1954 and Deputy Governor in 1955.

He served as Canada's executive director at the International Monetary Fund from 1946 until 1962. He was also executive director at the International Bank for Reconstruction and Development from 1950 to 1962.

In 1968, he was made a Companion of the Order of Canada, Canada's highest civilian honour, "for his services to Canada and a life-long career in the fields of international economic affairs and central banking". In 1968, he was awarded the Outstanding Achievement Award, the highest honour in the Public Service of Canada. He was the first Canadian to receive an honorary degree from Yeshiva University. He also received honorary degrees from Carleton University, Trent University, the University of British Columbia and Concordia University (1975).In the 1960s, the distinguished Rideau Club in Ottawa declined to admit Rasminsky on the account of the fact that he was Jewish. It succumbed to pressure from Prime Minister Lester B. Pearson,among others.Canadian historian Bruce Muirhead received the Joseph and Fay Tanenbaum Award for Canadian Jewish History for his biography of Rasminsky, Against the Odds: The Public Life and Times of Louis Rasminsky (University of Toronto Press, 1999).

His daughter, Lola Rasminsky, is the Founder and Director of the Avenue Road Arts School in Toronto. His son, Dr. Michael Rasminsky, practices neurology at the Montreal General Hospital.

Samuel C. Waugh

Samuel Clark Waugh (April 28, 1890 – July 30, 1970) was an American official with the U.S. Department of State. Waugh was born in Plattsmouth, Nebraska and from 1911 to 1912 was a student at the University of Nebraska.

From 1913 to 1961, Waugh served with the First Trust Company in Lincoln, Nebraska, in various capacities, until finally serving as president and director. During this time, Waugh served in several public capacities. From 1953 to 1955, Waugh was the Assistant Secretary of State for Economic Affairs at the United States Department of State. From 1953 to 1958, he was the Alternate Governor of the International Bank for Reconstruction and Development. In 1955, he served as Deputy Under Secretary of State. After leaving the State Department in 1955, Waugh became President and Chairman of the Board of the Export-Import Bank of the United States and served in the capacity until 1961.

Singapore and the World Bank

Singapore officially joined the International Bank for Reconstruction and Development (IBRD) on August 3, 1966 after Singapore's independence from Malaysia. By 1975, Singapore received 14 total loans from the World Bank, 10 of these loans were used exclusively for infrastructure projects. Currently, Singapore is a member of World Bank Group Institutions including International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), International Development Association (IDA), and the International Centre of Settlement of Investment Disputes (ICSID).

Sri Lanka and the World Bank

Sri Lanka has been involved with the World Bank since its initial entrance into the International Bank for Reconstruction and Development (IBRD) on August 29, 1950. Currently, Sri Lanka's quota in the IBERT is approximately 515.4 million dollars, thus allotting 5,846 votes or 0.25% of the total votes in the institution.ref>"INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT SUBSCRIPTIONS AND VOTING POWER OF MEMBER COUNTRIES" (PDF). Siteresources.worldbank.org. Retrieved 2017-07-06. Sri Lanka later became a member of the other institutions in the world bank such as the International Finance Corporation (IFC) on July 20, 1956, with a current quota of 7.491 million dollars, allotting 8,311 votes or 0.32% of the total votes; the International Development Association (IDA) on June 27, 1961, with a current share of 98,100 votes or 0.36% within the institution;, International Center for Settlement of Investment Disputes (ICSID) on November 11, 1967, and the Multilateral Investment Guarantee Agency (MIGA) on May 27, 1988, with a current quota of 4.78 million SDR ($5.64 million). Sri Lanka is currently in the India-led constituency for these organizations, representing the country as part of the South Asian block. .

World Bank

The World Bank (French: Banque mondiale) is an international financial institution that provides interest-free loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group.

The World Bank's most recent stated goal is the reduction of poverty. As of November 2018, the largest recipients of world bank loans were India ($859 million in 2018) and China ($370 million in 2018), through loans from IBRD.

World Bank Group

The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and most well-known development bank in the world and is an observer at the United Nations Development Group. The bank is headquartered in Washington, D.C. in the United States. It provided around $61 billion in loans and assistance to "developing" and transition countries in the 2014 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion. Its five organizations are the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). The first two are sometimes collectively referred to as the World Bank.

The World Bank's (the IBRD and IDA's) activities are focused on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation and rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, and electricity), large industrial construction projects, and governance (e.g. anti-corruption, legal institutions development). The IBRD and IDA provide loans at preferential rates to member countries, as well as grants to the poorest countries. Loans or grants for specific projects are often linked to wider policy changes in the sector or the country's economy as a whole. For example, a loan to improve coastal environmental management may be linked to development of new environmental institutions at national and local levels and the implementation of new regulations to limit pollution.The World Bank has received various criticisms over the years and was tarnished by a scandal with the bank's then President Paul Wolfowitz and his aide, Shaha Riza, in 2007.

World Development Report

The World Development Report (WDR) is an annual report published since 1978 by the International Bank for Reconstruction and Development (IBRD) or World Bank. Each WDR provides in-depth analysis of a specific aspect of economic development. Past reports have considered such topics as agriculture, youth, equity, public services delivery, the role of the state, transition economies, labour, infrastructure, health, the environment, risk management, and poverty. The reports are the Bank's best-known contribution to thinking about development.

World Bank Group
Presidents
Elections
Aspects
Issues
Theories
Notable
scholars

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