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The World Bank Development Marketplace (DM) Award is a competitive grant program administered by the World Bank. Since 1998, the DM has awarded more than $46 million to some 1,000 early-stage, innovative projects worldwide. Projects are selected based on: Innovation; Potential for Growth; Visible benefits; Realism; Sustainability
The definition of ODA was made firmer in 1972, specifying that qualifying loans should have a grant element of at least 25%. At the same time, donors (except Italy) adopted a target that at least 84% of their overall ODA should be grant, or count as grant element, rather than commercially repayable loan. This proportion was increased to 86% in ...
A Challenge Fund (also referred to as enterprise challenge fund) is a competitive financing facility to disburse donor funding for international development projects, typically utilizing public sector or private foundation funds for market-based or incentive driven solutions.
Between 2004 and 2013, the World Bank committed to lend or give at least $338 billion, according to bank data. Its private-lending affiliate, the International Finance Corporation, committed to invest at least $116 billion during the same period in corporations and other banks in pursuit of the overall goal of alleviating poverty.
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 and IMF require countries to produce a Poverty Reduction Strategy Paper as a condition for debt relief through the HIPC initiative and other monetary aid, as do several bilateral donors. [2] PRSPs are intended to help aid recipient countries meet the Millennium Development Goals (MDGs). [1]
The IDA is a unique part of the World Bank as it requires continuous replenishment of its resources. Member countries replenish its funds through contributions in addition to supplementary funds provided by the International Bank for Reconstruction and Development and the International Finance Corporation (IFC).
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.