The World Bank is an international organization based in Washington, D.C., that provides loans and other assistance to developing countries. The primary role of the organization is to end poverty and encourage prosperity. The organization consists of five separate organizations: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).
The World Bank is headed by a president who is appointed by the President of the United States. The current World Bank President, Jim Yong Kim, former president of Dartmouth College, was appointed by President Barack Obama and assumed office on July 1, 2012. Here are three recent activities the World Bank has been engaged in in the pursuit of its mission.
Agricultural Investments and Services Project – Kyrgyz Republic
The World Bank has been engaged in the improvement of agricultural lands for livestock in the Kyrgyz Republic as well as infrastructure improvements on bridges, waterways, and roads. The investment in these projects is an attempt by the World Bank and the Kyrgyz government to reduce and eliminate the amount of animal disease in agricultural production that results in dangers posed to human health and agricultural trade for the country, which represents 25 percent of the country’s gross domestic product (GDP).
With two-thirds of the Kyrgyz Republic population residing in rural communities, the importance of providing for the safety and protection of the population against animal-related diseases is tantamount to the Republic’s survival and economic interests.
Lebanon Mobile Internet Services Improvement Project
The World Bank announced in July that it has launched an initiative to assist Lebanon in boosting its mobile internet services as a way to address the high level of unemployment in the country for young people and women. The $6.4 million project, dubbed the Mobile Internet Ecosystem Project (MIEP), seeks to encourage entrepreneurship and innovation within the mobile internet ecosystem of Lebanon. The move is seen as a boon for encouraging growth, creating employment opportunities, and helping retain skilled workers who may have sought opportunities outside the country.
The competitive pool of talent being produced by Lebanon, a country boasting literacy rates of 90 percent and a higher-education enrollment of 54 percent, faces a national unemployment rate of 11 percent, with an unemployment rate for younger workers at 34 percent and 18 percent for women. The $6.4 million investment by the World Bank to create competitive opportunities for this talent pool should pay huge dividends for the country in the near term.
Joint Country Partnership Strategy in Liberia
A joint effort with the country of Liberia was announced by the World Bank on July 31 through its Country Partnership Strategy, or CPS, to focus on improvements in the areas of governance, security, human development, youth employment, and labor and health among the five core pillars. The effort is a four-year initiative between Liberia and the World Bank. The goals of the effort are to reduce and eliminate poverty and promote opportunities for long-term economic growth within the country.
The program period is expected to be between 2013 and 2017, at a cost of just over $300 million. Much of the financing provided for this initiative will focus on investments in energy and transportation, two important infrastructure areas for Liberia.
This article was written together with Richard Craft, an MBA student who looks forward to helping you understand the international market better. He recommends checking out the banking jobs with moneyjobs.com when looking for ways to start your career in banking.