Is a major international financial institution aimed at promoting capital investment for the reconstruction and development of Member States and assisting them in establishing mega projects. The president of the Bank shall be selected for a renewable term of five years . This institution is considered one of the major financing and knowledge sources in the world for developing countries, among five institutions that shared a common obligation such as reducing poverty, increasing common prosperity and encouraging sustainable development just like IMF.
It was agreed that the Bank would be established at the conference convened by the United Nations in Bretton Woods in the United States in July 1944. The Conference
was attended by 44 States. The Bank was established in December 1945 and commenced operations in June 1946.
There are 188 Member States representing their interests and views on the Washington Board of Governors and Board of Directors. In order to become a member of the Bank, first they must join the International Monetary Fund, the International Development Corporation, the International Finance Corporation and the Multilateral Investment Guarantee Authority.
The World Bank is headquartered in Washington, with more than 8,000 employees, more than half of them Americans, and the rest from around the world.
The Bank’s overall objective is to encourage capital investment for the reconstruction and development of Member States and to assist them in establishing mega projects.Each Member State of the bank shall make its own contribution to the Bank’s capital , dollar or gold equivalent to 18% of its own currency. The rest shall remain in
the same State, but the bank shall be able to obtain it at any time to meet its obligations.
In general, the Bank loans the governments directly or provides the collateral they need to borrow from another country or the international market.
The Bank’s fiscal year 2001 report indicates lending the Member States more than $ 17 billion.
- Developing financial systems for the Member States.
- Building capacities and institutions in developing countries.
- Financing developing countries and assisting them to increase the rate of development .
The World Bank operates in parallel and cooperation with the International Monetary Fund . In order to become a member of the bank , it must first join the International Monetary Fund, the International Development Corporation, the International Finance Corporation and the Multilateral Investment Guarantee Authority. In general , the World Bank adopts the market economic system and all its chairmen adopt such method of economics , which realizes – according to authors and supervisors – the rights of developing countries peoples.
The World Bank Group consists of five institutions:- the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Authority and the International Center for Settlement of Investment Disputes.
These institutions specialize in different aspects of development, but use their comparative statements to work collaboratively towards the same basic
goal of reducing poverty.
The Chairman of the World Bank Group presides over the meetings of the executive directors Board and is responsible for the overall management of the Bank. The President of the Bank is selected for a term of five years and may be renewed by the Board. Executive directors meet at least twice a week to manage the Bank affaires, including approval of loans and guarantees, approval of new policies, resolution of administrative budget, approval of country assistance strategies, lending decisions and financial decisions.
Federal Board of Supreme Audit (FBSA) conducts its role through control and audit work on public funds, if any,
In the Presence of President of Federal Board of Supreme Audit (FBSA), Dr.Salah N. Khalaf , a deliberative meeting was held on 22/Aug./2019,