In this essay we will discuss about central bank.
The World Bank was formally established on December 27,following the ratification of the Breton Woods agreement. Two years later, the Bank issued its first, and largest, loan: Later, after the economic revival of Europe, the World Bank's activities became focused on developing countries.
By financing infrastructure projects, poverty should be reduced. Today the focus is on the achievement of the Millennium Development Goals MDGsgoals calling for the elimination of poverty and the implementation of sustainable development. The constituent parts of the Bank, the IBRD and the IDA, achieve their aims through the provision of low or no interest loans and grants to countries with little or no access to international credit markets.
The Bank is a market based non-profit organization, using its high credit rating to make up for the low interest rate of loans.
The Bank's mission is to aid developing countries and their inhabitants achieve the MDGs, through the alleviation of poverty, by developing an environment for investment, jobs and sustainable growth, thus promoting economical growth and through investment in and empowerment of the poor to enable them to participate in development.
The World Bank sees the five key factors necessary for economic growth and the creation of a business environment as: Capacity Building - Strengthening governments and educating government officials.
Infrastructure creation - implementation of legal and judicial systems for the encouragement of business, the protection of individual and property rights and the honoring of contracts. Development of Financial Systems - the establishment of strong systems capable of supporting endeavors from micro credit to the financing of larger corporate ventures.
Combating corruption - Eradicating corruption to ensure optimal effect of actions. Although this does generate some profit, the majority of the IBRD's income is generated from lending its own capital.
The IDA obtains the majority of its funds from forty donor countries who replenish the bank's funds every three years, and from loan repayments, which then become available for re-lending.
The Bank offers two basic types of loans; investment loans and development policy loans. The former are made for the support of economic and social development projects, whereas the latter provide quick disbursing finance to support countries' policy and institutional reforms Although the IBRD provides loans with a low interest rate between 0.
The project proposals of borrowers are evaluated for their economical, financial, social and environmental aspects to ensure that they are viable before any amount of money is distributed. The Bank also distributes grants for the facilitation of development projects through the encouragement of innovation, cooperation between organizations and the participation of local stakeholders in projects.
IDA grants are predominantly used for: For the poorest developing countries in the world the Bank's assistance plans are based on Poverty Reduction Strategies; by combining a cross-section of local groups with an extensive analysis of the country's financial and economical situation the World Bank develops a strategy pertaining uniquely to the country in question.
The government then identifies the country's priorities and targets for the reduction of poverty, and the World Bank aligns its aid efforts correspondingly.
Some critics of the World Bank believe that the institution was not started in order to reduce poverty but rather to support US business interests, and that the bank has actually increased poverty and been detrimental to the environment, public health, and cultural diversity.
Others point out that the World Bank has consistently pushed a neo-liberal agenda, imposing policies on developing countries which have been damaging, destructive and anti-developmental.
It has also been suggested that the World Bank is an instrument for the promotion of US and 'Western' interests in certain regions of the world and seven South American nations have established a "Bank of the South" in order to minimize US influence in the region.
But all said, the work done by World Bank in helping various nations can never be undermined.With member countries, staff from more countries, and offices in over locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and .
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Write Confidently Everywhere, Get Your Fix, Improve Your Skills, Do Great Things /10 ( reviews). A bank is an institution that accepts deposits of money from the public withdraw-able by cheque and used for lending.
(iii) The deposits are repayable on demand and withdraw-able by cheque, i.e., the deposits are demand deposits. The second essential function relates to the use of deposits.
They are. Short Essay on Bank Fraud – Fraud, generally speaking, is an act committed with an intention to deceive in order to gain undue advantage of someone. In order for it to be fraud in the legal sense the person on whom the fraud was sought to be committed should have necessarily fallen prey to it.