World Bank - Banker of Governments

An international financial institution owned by its 181 member countries and based in Washington, D.C. Its main objective is to provide development funds to the Third World nations in the form of interest-bearing loans and technical assistance. The World Bank operates with borrowed funds. The World Bank Group is an extended family of five international organizations, and the parent organization of the World Bank, the collective name given to the first two listed organizations, the IBRD and the IDA. The family of five organisation are (i) International Bank for Reconstruction and Development (IBRD), (ii) International Development Association (IDA), (iii) International Finance Corporation (IFC), (iv) Multilateral Investment Guarantee Agency (MIGA) and (v) International Centre for Settlement of Investment Disputes (ICSID). It has objectives like (i) Eradicate Extreme Poverty and Hunger, (ii) Achieve Universal Primary Education, (iii) Promote Gender Equality, (iv) Reduce Child Mortality, (v) Improve Maternal Health, (v) Combat HIV/AIDS, Malaria, and Other Diseases, (vi) Ensure Environmental Sustainability and (vii) Develop a Global Partnership for Development. The International Bank for Reconstruction and Development (IBRD) has 189 member countries, while the International Development Association (IDA) has 173 members. Each member state of IBRD should also be a member of the International Monetary Fund (IMF) and only members of IBRD are allowed to join other institutions within the Bank (such as IDA). The countries with most voting power are now the United States (15.85\%), Japan (6.84\%), China (4.42\%), Germany (4.00\%), the United Kingdom (3.75\%), France (3.75\%), India (2.91\%) etc.