What is the role of the World Bank in international development?

The World Bank is an international organization whose primary objective is to promote and fund development projects in developing countries. Founded after World War II, the World Bank has become a major player in the global economy, with its focus on poverty alleviation, infrastructure development, and economic growth.

The bank consists of two major institutions: the International Bank for Reconstruction and Development and the International Development Association. The former provides low-interest loans to middle-income countries, while the latter offers grants and low-interest loans to the poorest countries in the world.

The World Bank provides funding and technical assistance to help countries implement development projects in areas like education, health, agriculture, and infrastructure. The bank also provides policy advice to governments, sharing expertise and best practices to improve the effectiveness of public institutions and regulatory frameworks.

Furthermore, the World Bank is also involved in a number of global initiatives and partnerships, including climate change mitigation and adaptation, disaster risk management, and gender equality. In short, the World Bank plays a crucial role in international development by mobilizing financial resources, providing technical assistance, and promoting policy reform to promote sustainable growth and reduce poverty worldwide.