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Well world bank in an international bank which provides loans to developing countries across the world for their development programs. The main aim of World Bank is to control poverty. World Bank is located in Washington D.C in America. 187 countries has membership in World Bank. As World Bank is an individual institution no country governs its functions but powerful countries in the world sometimes dominates the negotiations. Well India is the number one borrower of World Bank, World Bank has given loans to India for the development of various fields such as Energy, Education, E-governance, Anti HIV AIDS programs. Even World Bank has given loans to state governments too and it is helping India in many ways to eradicate poorness from the country.
There are some things that money just cannot buy, like manners, morals and intelligence.
The world bank is govern by the U.S government, it has been said that U.S have unilateral control over world bank . The governor of world bank is always a U.S citizen, It is a general convention that being followed since its establishment.
The various major function of world bank are as follows-
- To provide loans to devastated countries for reconstruction.
- To provide developmental loans to underdeveloped countries.
- To grant loans for governmental activities including agriculture, irrigation, power, transport, water supply, education and health.
- To provide loans regarding specified project. The long term developmental projects provide loan for the period of 5-20 years.
- To enhance foreign investment by guaranteeing loans given by other organizations.
- To guide member countries on specified project concerning the economic, technical and monetary aspects.
- To promote industrial development by promoting economic reform of underdeveloped countries.
- Settlement of disputes among member countries
- Provides various technical services to member countries
Major contribution of World bank in India-World bank is said to contribute allot for development of Indian economy. India was first to get loan assistance from World bank during 1995-1996.The major contribution of World Bank to India’s economy are as follows-
- World bank provided developmental loans to India for development of railways, agriculture, telecommunication, iron and steel industry, generating power, multi-purpose projects, port development aviation development etc.
- World bank extended loan to India for development of its financial institutions which include Industrial developmental bank of India and (IDBI) and ICICI.
- In 1958 with the help of World bank India Air Club was established which functions to provide specific economic assistance.
To assist and develop the territories of its members
To Promote a balanced growth in international trade
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