Information about the World Bank, IMF and WTO

World Bank

– Established 1944

– 181 member countries

– Consists of five governing bodies

1. International Bank for Reconstruction and Development (IBRD)

Provides loans for developmental assistance to middle-income countries

2. International Development Association (IDA)

Focuses assistance on poorest countriesProvides interest-free loans and other services

3. International Finance Corporation (IFC)

Promotes growth in the developing world by financing private sector investing and providing technical assistance and advice to governments and businesses

4. Multilateral Investment Guarantee Agency (MIGA)

Encourages for investment in developing countries by providing guarantees to foreign investors against losses caused by non-commercial risks

5. International Centre for Settlement of Investment Disputes (ICSID)

Provides facilities for settlement of investment disputes between foreign investors and their host countries

International Monetary Fund (IMF)

– Established: 1946

– 182 member countries

Established to:

– promote international monetary cooperation, exchange stability and orderly exchange arrangements

– foster economic growth and high levels of employment

– provide temporary financial assistance to countries

World Trade Organization (WTO)

– Established: 1995

– 135 member countries

– The only international organization dealing with the global rules of trade between nations

– Main function: To ensure that trade flows smoothly and freely

– Agreements are signed by a large majority of the world’s trading nations. The agreements then become ground rules for international commerce and help producers of goods and services

– Goal: To improve the welfare of the people of the member countriessources: www.worldbank.org, www.imf.org, www.wto.org

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