Here is your brief essay on World Bank!
The “World Bank” is the name that has come to be used for the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Together these organisations provide low interest loans, interest-free credit and grants to developing countries. The World Bank is not a ‘bank’ in the common sense. It is one of the United Nation’s specialized agencies, and is made up of 184 member’s countries. These countries are jointly responsible for how the institution is financed and how its money is spent.
Along with the rest of the development community, the World Bank centres its efforts on the reaching the Millennium Development Goals, agreed to by UN members in 2000 and aimed at sustainable poverty reduction. India, joined the World Bank in 1944 and is among its oldest members. It is the World Bank’s largest single borrower, with cumulative lending of more than US $ 47 billion.
The bank is now developing comprehensive assistance programmes for reforming states. All bank loans to the states will continue to be channeled through the central government, and then on lent to the states. In support of this strategy, the bank is undertaking fiscal studies of the major states in collaboration with local research institutions. Various states in India are directly receiving funds for the developmental projects from World Bank specifically in the areas of AIDS control programmes, Sarva Shiksha Abhiyan, Swajaldhara programme and health promotion programmes.
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Andhra Pradesh (AP) was the first state to benefit from this new type of state focussed lending.
Thus, World Bank is the part of India’s reconstruction efforts and is definitely needed as a co-operative endeavour to rise the HD indicators of India and to achieve the millennium development goals.