Higher education in Asian countries and the role of international ...

of payments and international reserves
Focuses on the macroeconomic indicators
of a country
Presence in 185 countries through 2,500
staff members
189
the wider world economy
Focuses particular sectors and policy issues
as well
Presence in 185 countries through 12,500
staff members, 40% of them in field offices
The Bank is engaged in a variety of activities that range from policy guidelines to infrastructure
development; from economic revival to the improvement of health and education, and from
fighting corruption to support agricultural development. It achieves its goals through lending and
technical assistance to the members. The World Bank Group emphasizes more the sharing of
development and knowledge.
1) The International Bank for Reconstruction and Development (IBRD)
The International Bank for Reconstruction and Development IBRD came into existence on 27 th
December 1945 and it became operational on June 25, 1946. At the time of its creation the
principal mission of this institution was to help Europe and Japan in the reconstruction and
development process after the World War II by financing the member countries. Later on in 1948
Marshall Plan, a monetary support to help rebuild European economies, was also introduced to
that remained operational for four years to achieve the similar goals and by 1952 the European
economy came on its footing.
In its early years the Bank focused only on mega projects related to infrastructure development
to improve the services and facilities necessary for economic function and growth. Its support
was not available to all countries but it was limited to economies with certain level of income per
capita or “graduated countries”: at that time only Japan and some European countries could meet
this criterion. Until 1963, loans were approved only for those projects that could generate capital
like airports, seaports, energy plants and highways so that the borrower country could repay its
loans (Goldman, 2005). Afterward, the amount and number of loans was increased and
availability of loan was expanded to social services and other sectors also. At a later stage it has
reframed its mission and expanded its operations in the developing countries of Africa, Asia and
Latin America (The World Bank, 2010) to promote sustainable, equitable and to reduce poverty.
The IBRD has a presence in 187 countries and it is focusing entirely on developing countries and
financing to middle-income and creditworthy poorer countries including all types of economies:
capitalistic, socialistic and post-Socialist states.