International-Business-Dr-R-Chandran-E-book

World Bank
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International Business- Dr. R. Chandran
The World Bank (the Bank), a part of the World Bank Group (WBG), was
formally established on the 27 December 1945 following the ratification of
the Bretton Woods agreement. The concept was originally conceived in July
1944 at the United Nations Monetary and Financial Conference in July 1944.
The World Bank Group (WBG) is a family of five international
organizations responsible for providing finance and advice to countries for
the purposes of economic development and eliminating poverty. The Bank
came into formal existence on 27 December 1945 following international
ratification of the Bretton Woods agreements, which emerged from the
United Nations Monetary and Financial Conference (1 July – 22 July 1944).
The World Bank Group consists of
• the International Bank for Reconstruction and Development
(IBRD), established in 1945, which provides debt financing on the
basis of sovereign guarantees;
• the International Finance Corporation (IFC), established in 1956,
which provides various forms of financing without sovereign
guarantees, primarily to the private sector;
• the International Development Association (IDA), established in
1960, which provides concessional financing (interest-free loans or
grants), usually with sovereign guarantees;
• the Multilateral Investment Guarantee Agency (MIGA),
established in 1988, which provides insurance against certain
types of risk, including political risk, primarily to the private
sector; and,
• the International Centre for Settlement of Investment Disputes
(ICSID), established in 1966, which works with governments to
reduce investment risk.
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