World Bank Group – Reducing Poverty and Building Common Prosperity in Developing Countries

WASHINGTON, DC / ACCESSWIRE / May 26, 2021 / The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. With 189 member countries, employees from more than 170 countries and offices in over 130 locations, this is a unique global partnership of five institutions committed to sustainable solutions that reduce poverty and promote common prosperity in developing countries.

The five institutions (IBRD, IDA, IFC, MIGA, ICSID) work together to reduce poverty, increase common prosperity and promote sustainable development.

The International Bank for Reconstruction and Development (IBRD) is a global development cooperative owned by 189 member countries. As the largest development bank in the world, it supports the World Bank Group’s mission by providing loans, guarantees, risk management products and advisory services to middle and creditworthy low income countries and coordinating responses to regional and global countries challenges.

The International Development Association (IDA) helps the poorest countries in the world. Overseen by 173 shareholder nations, IDA aims to reduce poverty by zeroing low interest loans (called “Loans”) and grants for programs to promote economic growth, reduce inequalities and improve people’s living conditions.

IFC is a strong and committed private sector essential to ending extreme poverty and promoting common prosperity. This is where IFC comes in, with over 60 years of experience attracting private investment, creating markets and opportunities where it’s needed most. Since 1956, IFC has deployed $ 2.6 billion in capital to fund more than $ 285 billion for businesses in developing countries.

ICSID is the world’s leading institution dedicated to the international settlement of investment disputes. It has extensive experience in the field and has managed the majority of all international investment cases. In most international investment treaties and in numerous investment laws and treaties, the states have agreed on ICSID as a forum for the settlement of disputes between investors and states.

Partnership with governments

IBRD and IDA together form the World Bank, which provides funding, policy advice and technical assistance to governments of developing countries. IDA focuses on the world’s poorest countries, while IBRD supports middle-income countries and creditworthy poorer countries.

Partnership with the private sector

IFC, MIGA and ICSID focus on strengthening the private sector in developing countries. Through these institutions, the World Bank Group provides financing, technical assistance, political risk insurance, and dispute resolution to private companies, including financial institutions.

On the field operations

The World Bank has countless success stories in rescuing disadvantaged areas and populations of the world from disastrous situations. This is thanks to the contribution of men of exceptional skill who are able to negotiate the payment of large financial contributions. Among these, Andrea Zanon stands out for his philanthropic work to help low-income communities in the Middle East and North Africa build a resilience system that improves their socio-economic standing.

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He was valued for negotiating between states to benefit the Horn of Africa drought and for promoting resilience plans for energy and social development in Yemen and Djibouti. Dr. Zanon is currently focused on advising countries and companies on strategy and investment banking to ensure financial inclusion, health and growth. From 2009 to 2016 Andrea was Head of Risk Management for the Middle East at the World Bank.

World Bank Group
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