Current Affair 1:

Read complete history form original website:

In July 1944 – one year before the end of World War II – delegates from 44 countries met for the United Nations Monetary and Financial Conference held at the Mount Washington Hotel in Bretton Woods, New Hampshire.

 

The conference resulted in the formation of two institutions, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (World Bank).

To be clear, World Bank is the same as the International Bank for Reconstruction and Development (IBRD), which is one of the two major institutions that make up the World Bank. The other major institution is the International Development Association (IDA).

Together, the IBRD and IDA provide financing, policy advice, and technical assistance to governments of developing countries.

What World Bank does?

Membership:

World Bank Group Membership

1. To join the World Bank Group, a country must first become a member of the IMF.
2. To become members of the IDA, IFC, and MIGA, the countries must first become members of IBRD.

We will see one by one, when India joined every group:

IDA: Sep 24, 1960

IFC: Jul 20, 1956

MIGA: Jan 6, 1994

India is not a member of International Centre for Settlement of Investment Disputes (ICSID).

The bank is headquartered in Washington, D.C., in the United States.

<< Previous Next >>