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The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American. [12] The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the other institutions have between 153 and 184. [2] The institutions of the World Bank Group are all run by a board of governors meeting once a year ...
Crowd at New York's American Union Bank during a bank run early in the Great Depression. During the Crash of 1929 preceding the Great Depression, margin requirements were only 10%. [200] Brokerage firms, in other words, would lend $9 for every $1 an investor had deposited. When the market fell, brokers called in these loans, which could not be ...
Jim Yong Kim, a Korean-American physician known for his work fighting AIDS in Africa, became the first World Bank president whose background wasn’t in finance or politics. Two decades before, Kim had joined protests in Washington, D.C., calling for the World Bank to be shut down altogether for valuing indicators like economic growth over ...
The World Bank Group is the globe's most prestigious development lender, bankrolling hundreds of government projects each year in pursuit of its high-minded mission: to combat the scourge of poverty by backing new transit systems, power plants, dams and other projects it believes will help boost the fortunes of poor people.
The development of the World Bank, the IMF, regional development banks such as the European Bank for Reconstruction and Development (EBRD), and multilateral trade institutions such as the WTO signals a move away from the dominance of the state as the primary actor analysed in international affairs.
On this day in economic and business history ... Like many aspiring bankers of the mid-19th century, young John Pierpont Morgan got into the business of finance with the help of some old-fashioned ...
The World Bank Treasury is the division of the IBRD that manages the Bank's debt portfolio of over $100 billion and financial derivatives transactions of $20 billion. [21] The Bank offers flexible loans with maturities as long as 30 years and custom-tailored repayment scheduling. The IBRD also offers loans in local currencies.