The World Bank’s Charter contains Articles of Agreement defining its functions with members from developed and less developed countries.
The World Bank is made up of 188 countries. These countries are represented by Governors. The Governors are its member countries’ ministers of development. They get together every year at Annual Meetings to discuss and resolve major financial crises faced by member nations. Rarely does the Bank provide loans to creditor nations. The adoption of the Millennium Development Goals in 2000 by the World Bank Group established a global partnership to reduce poverty, hunger, disease and illiteracy. To date, the Bank has given billions to support such relief efforts. Mentioned are the some of the main achievements of the Bank whose charter was created to assist in the economic development of the world. The World Bank’s objectives are to assist in the reconstruction of its member nations through investment of capital in less developed countries. Almost all the economies of the world look to the World Bank to improve their standard of living. It is a leader in poverty reduction and economic progress. The main instrument for development of the World Bank is through the promotion of private foreign investment. It provides loans out of its own capital and out of investments made by private investors.
The World Bank is committed to providing the long-range balanced growth of international trade between countries.
The bank does so by arranging loans that take into account the most useful and urgent projects some large and small needing various levels of investments. As of now, the World Bank has quite a few divisions under its wing. Some sections address economic inequality in Asia. Others are concerned with indebted countries in Africa. Still others take a keen interest in bringing Latin American countries like Brazil out of struggling debt. As of now, the World Bank is looking into providing loans to emerging countries of eastern Europe. The over-arching efforts of the World Bank is a testament to the global prosperity enjoyed by its member nations.