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Text №7 THE WORLD BANK

There arc two parts to the World Bank: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The latter has a further affiliate, the International Finance Corporation (IFC). Set up in 1945, the World Bank seeks to help raise standards of living in developing countries by channelling resources from developed countries to the developing world. Its original capital was contributed by the 146 countries who own the Bank, but its loans are largely financed by borrowing on the world's money markets. In the past it has played a large part in financing major projects around the world. Today the emphasis has shifted to more grass- roots projects, particularly labour-intensive projects aimed at helping the poorest sections of the world's population, by raising their productivity and integrating them into the developing process as active partners in progress.

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