Definition of World Bank

The Bank world is a international organization specialized in finance, which depends on the United Nations (UN), and whose main mission is the technical and financial assistance of developing countries that precisely need loans, credits or any other economic support to be able to overcome poverty scenarios, or to get out of some economic situation urgent.

International financial organization that provides technical and financial assistance to developing countries or with problems, through credits and loans, to improve health, education and infrastructure

Solve new infrastructure projects, improvements in education, housing and health, are the main topics on which he focuses his interest and allocates resources.

In recent decades, it has been concerned with allocating economic resources to recover the economy of some territories in conflict, to build schools and fund scholarships for brilliant students without money to access elite education.

This global financial entity is financed with proceeding funds, provided by its member states.

It is abbreviated as BM, was created in the year 1944, in the context of World War II, being at that time its objective the reconstruction of a world economy that was certainly downcast because of the warlike conflict.

The founding idea was for the World Bank to help European nations rebuild their cities after the war, but over time it expanded its objectives and interests.

Functioning and organizations that comprise it

Its main headquarters are located in the washington city and as of the date it has 186 nations members.

It also has offices in more than one hundred countries and more than ten thousand employees, not counting many others who work as consultants.

All the member countries of the World Bank have a representative in the Board of Governors and as such they will be empowered to make decisions, including: admission or suspension of members, authorization of loans, among other actions.

The board meets at least once a year and together with the executive directors, which make up the directory, are the ones who choose the President of the institution.

For his part, directoryIt is made up of twelve regular directors and another twelve alternates who are allowed to participate in decision-making but not vote.

They are replaced every two years and since 2010 the number of directors has risen to twenty-five. United States, England, Germany, Japan and France they are the member countries with the highest number of shares.

Meanwhile, the president, who presides over the Board but does not have a vote, has the functions of conducting business, appointing and posting officials and employees.

Its director since July 1, 2012 is the Korean doctor Jim Yong Kim, a citizen of the United States and who was nominated for the position by former US President Barack Obama.

And the consultive advice It is another important body within the organization, made up of seven individuals who are appointed by the Board of Governors and advise on various areas.

The positions are renewed every two years but can be re-elected.

On the other hand, the BM is made up of five organisms that perform the specific functions of the organism, such as: International Bank for Reconstruction and Development (its mission is to reduce poverty in developing countries through financial assistance), International Development Association (provides economic resources for the development of basic services for the community), International Finance Corporation (promotes development but through the private sector), Multilateral Agency for the guarantee of Investments(promotes investment in underdeveloped countries) and International Center for Settlement of Investment Disputes (supervises foreign investment in the countries).

Criticism for alleged proximity to the neoliberal ideology and the United States and favoring large corporations

The contribution in education, health, development of infrastructure of the World Bank in countries with scarce resources is an undeniable and verifiable reality, however, we cannot ignore that There are controversies around this entity and a long list of detractors, especially those who oppose the current neoliberal and imperialist that they say supports the World Bank as a consequence of the supremacy of the United States in it.

And there are also those who consider that the World Bank is a privileged ally that responds to the interests of the world's large corporations that in reality what they seek together with the WB is to create poverty in disadvantaged territories and then put the lesser countries into debt. developed.

Beyond the controversies and the support and detractors of the World Bank, its task of supporting and providing economic assistance to those most disadvantaged places is a fact and the same It turns out to be very necessary in certain situations, that is why it is important that this financial organization exists and that it is always oriented to promote economic actions in the countries that most demand.

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