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The World Bank is an institution that was established in 1944 and since 1958 has provided Nigeria with low interest rate loans and grants through the International Development Association(IDA) and International Bank for Reconstruction and Development (IBRD). [1]
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 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 ...
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.
In February 2024, the World Bank in Nigeria announced plans to empower 5,200 female livestock farmers in the state. [21] Communities living on the banks of River Benue, River Taraba, River Donga and Ibi, engage in fishing all year round. Other occupational activities such as pottery, cloth-weaving, dyeing, mat-making, carving, embroidery and ...
Nigeria is located in western Africa on the Gulf of Guinea and has a total area of 923,768 km 2 (356,669 sq mi), [102] making it the world's 32nd-largest country. Its borders span 4,047 kilometres (2,515 mi), and it shares borders with Benin (773 km or 480 mi), Niger (1,497 km or 930 mi), Chad (87 km or 54 mi), and Cameroon (including the ...
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 strongly disputes that its money supported the mass evictions in western Ethiopia. Even as Anuak refugees and human rights groups have publicly charged that World Bank money has been used to bankroll brutal evictions, the bank has continued to send hundreds of millions of dollars into the same health and education program.