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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.
[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. [ 43 ] [ 44 ] The association offers grants and loans with maturities ranging from 25 to 40 years, grace periods of 5 to 10 years, and interest rates of 2.8% or 1.25% depending on whether the borrower is a ...
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 Independent Evaluation Group (IEG) is an independent unit within the World Bank Group (WBG) 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 the ...
By 2000, the World Commission on Dams, a study group co-sponsored by the World Bank, put the figure at more than 200,000. Current estimates from NGOs monitoring the project indicate more than 250,000 will be impacted by the dam, which is in now in its final stages of construction.
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In Kosovo, a state-owned energy company plans to destroy a village to make way for expanded coal mining as the government and the World Bank plan for a proposed coal-burning power plant. The government has already forced roughly 1,000 residents from their homes. Many former residents claim officials violated World Bank policy requiring borrowers to restore their living conditions at equal or ...
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 ...