Financial Fervices Authority
What is the World Bank?
The World Bank is an international financial institution that provides loans to developing countries for capital grants. The World Bank, which was formed in 1944, aims to reduce poverty. The World Bank’s headquarters are in Washington, DC, United States. At the beginning of its formation, the World Bank focused on reviving the economies of countries devastated by World War II, when European countries that experienced economic collapse received fresh funds from the World Bank to revive their economies. Until now, there have been 189 countries that have joined the World Bank including Indonesia and have representatives in 130 countries.
The Purpose of Establishing the World Bank
- Assist reconstruction and development in member areas by facilitating capital investment for productive purposes.
- Encourage foreign private investment through guarantees or participation in lending and investment by private investors.
- Encourage long-term international trade by maintaining a balance of payment balances.
- Arranging international loans through other sources so that they can finance urgent projects both large and small with World Bank guarantees .
- Conducting its activities on the basis of influencing international investment in business requirements in member areas and in the years after the war, to help the transition from a war atmosphere to a peaceful economic situation.
List of World Bank President Names
- Eugene Meyer (June 1946-December 1946)
- John J. McCloy (March 1947-June 1949)
- Eugene R. Black, Sr. (June 1949-January 1963)
- George D. Woods (January 1963-March 1968)
- Robert S. McNamara (April 1968-June 1981)
- Alden W. Clausen (July 1981-Juni1986)
- Barber B. Conable (July 1986-August 1991)
- Lewis T. Preston (September 1991-May 1995)
- James D. Wolfensohn (June 1995-May 2005)
- Paul Wolfowitz (June 2005-May 2007)
- Robert Zoellick (June 2007-June 2012)
- Jim Yong Kim (June 2012-present)