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Before 1974, the reconstruction and development loans the World Bank made were relatively small. Its staff was aware of the need to instill confidence in the bank. Fiscal conservatism ruled, and loan applications had to meet strict criteria. [13]: 56–60 The first country to receive a World Bank loan was France in 1947.
The gold mine, Yanacocha, is a massive operation, sprawling across hundreds of square miles at elevations as high as 13,000 feet. The International Finance Corp., part of the World Bank Group, provided loans to help build and expand the mine and owns a small stake in it. Since 1993, Yanacocha has yielded more than 35 million ounces of gold.
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.
The IDA lends to countries with the aim to finance projects that will develop infrastructure and improve education, healthcare, access to clean water and sanitation facilities, and environmental responsibility. [33] [42] It is considered to be the soft lending window of the World Bank, while the IBRD is considered to be the hard lending window.
The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances. The World Bank and its private-sector lending arm, the International Finance Corp., have financed governments and companies accused of human rights violations such as rape, murder and torture.
The World Bank began financing the Kenya Forest Service’s Natural Resources Management Project in 2007. It promised to cover $68.5 million of the project’s $78 million budget in an effort to help the KFS “improve the livelihoods of communities participating in the co-management of water and forests.”
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. [21] 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.
ECAs currently finance or underwrite about US$430 billion of business activity abroad – about US$55 billion of which goes towards project finance in developing countries – and provide US$14 billion of insurance for new foreign direct investment, dwarfing all other official sources combined (such as the World Bank and Regional Development ...