Explain the Significance of the World Bank

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The Answer is The World Bank's official name is the International Bank for Reconstruction and Development.It was formed in 1944 to aid countries suffering from the destruction of war.After completing this process most successfully,it has since taken on the task of aiding world development.With new nations emerging from the colonial fold of the world powers of the early twentieth century,the bank has made major efforts to assist fledgling economies to participate in a modern economic trade framework.More recently,the bank has begun to participate actively with the IMF to resolve the debt problems of the developing world and to bring a market economy to the former members of the Eastern bloc.Major debates surround the effectiveness of the bank's expenditures.
The World Bank tries now to reorient its outlook,focusing more on capacity building and the development of human capital through investments into education and health.Key performance criteria are now the sustainability of growth and development,addressing higher commodity prices,agricultural assistance in times of higher food prices,opening world trade to all countries,and greater participation of rising economic powers and developing nations in the bank's governance.As it approaches its major challenge of reducing global poverty,the World Bank "delivers technical,financial,and other assistance to those most in need and where it can have the greatest impact and promote growth: to the poorest countries,fragile states,and the Arab World; to middle-income countries; to solving global public goods issues; and to delivering knowledge and learning services."

Explain the Significance of the World Bank

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