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The World Bank Group (WBG) has been lending aid and providing means of promoting development to Turkey since July 1950, which began with the implementation of a series of port construction and development projects meant to ignite commercial economy and cultivate stability within the region. These established ports have been integral to the ...
The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American. [12] The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
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.
Second, the country must be sufficiently poor to qualify for loans from the World Bank's International Development Association or the IMF's Poverty Reduction and Growth Facility (PRGF, the successor to ESAF), which provide long-term, interest-free loans to the world's poorest nations. Lastly, the country must establish a track record of reforms ...
In northern Peru, the World Bank's business-lending arm is part owner of the Yanacocha gold mine, accused by impoverished farming communities of despoiling their land in pursuit of the precious ore. The bank and IFC have stepped up investments in projects deemed to have a high risk of serious and environment damage, including oil pipelines, mines and even coal-fired power plants, an ...
WASHINGTON (Reuters) -U.S. President Joe Biden pledged a $4 billion U.S. contribution to the World Bank's International Development Association fund for the world's poorest countries, a senior ...
The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the other institutions have between 153 and 184. [2] The institutions of the World Bank Group are all run by a board of governors meeting once a year ...
On 25 September The World Bank made additional funding of $170 million available to help curtail the spread of the Ebola virus. The funds will be used to finance medical supplies and increase the number of healthcare workers. [45] On 30 October a further $100 million funding was announced, bringing the cumulative total to $500 million.