World Bank

The World Bank - which includes the International Bank for Reconstruction and Development and the International Development Agency - is headquartered in Washington and its president is elected for 5 years by the Bank's board of directors. The World Bank is part of the specialized agencies of the United Nations. The World Bank was founded on 27 December 1945 under the name International Bank for Reconstruction and Development, after the signing of the Bretton Woods Agreement between 1 and 22 July 1944. On 9 May 1947 it approved its first loan, which was granted to France for $250 million. The World Bank was created mainly to help Europe and Japan in their reconstruction after the Second World War, but with the decolonization movement of the 1960s, the countries to be financed increased, thus dealing with the economic development of the countries of Africa, Asia and Latin America.

The World Bank's objectives have evolved over the years. It has recently focused on poverty reduction, abandoning the single goal of economic growth. It also supports the creation of very small businesses. He championed the idea that clean water, education and sustainable development are the key to economic growth, and began investing heavily in such projects. In response to criticism from non-governmental organizations (NGOs) of not effectively fighting poverty, and neglecting social and environmental aspects, the World Bank has adopted a series of policies in favor of environmental protection and social protection, to ensure that their projects do not worsen the situation of people in host countries. From 23 February 2023 Ajay Banga, chosen by Joe Biden, is the new president chosen unanimously.