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History of World Bank

The History of World Bank is amazing and fascination too. Since its beginning in the year 1944, the World Bank underwent several expansions and extensions. From a humble institution to a close nit association of five development institutions, the History of World Bank has witnessed many variations in terms of the highs and lows of several countries world wide. Recalling the History of World Bank , would reveal that the basic concept of the World Bank was initiated by the International Bank for Reconstruction and Development (IBRD) as the supporter of the post war reconstruction and providing relief to the world wide poverty, working in close association with the IDA (International Development Association).

In the past the staff of the World Bank consisted of engineers, economists, financial analysts, who were solely based in Washington D.C. However with the passage of years the infrastructure too underwent a lot of change with the evolution of a multidisciplinary and diverse staff , that includes policy experts, sector experts, social scientist, economists, analysts. About more than 30% of the staff is based in the country offices and is not restricted to Washington alone.

According to the History of World Bank , the main focus of the Bank has always been on providing relief measures for natural disasters , post conflict rehabilitation demands, health and medical facilities in the flood and famine regions. These needs affect the overall performance of the developing countries and thereby demands more attention. The focus has never shifted from the main areas in which the World Bank provides relief and facilities and this has also included some other human needs like the social sector lending projects, poverty eradication , debt relief and good governance. At present , the main challenge taken upon by the World Bank is the reduction of the global poverty. The belief in promoting the growth of economies world wide has assisted in the financial empowerment of the poor and the underdeveloped nations of the world.

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