World Bank

2023 FEB 25

Preliminary   > International Relations   >   International Institutions   >   Other Institutions

Why in news?

  • Recently, Indian American business executive Ajay Banga was nominated by US President to head the World Bank.
  • He will be the first Indian-American to head either of the two top international financial institutions - the International Monetary Fund (IMF) and the World Bank.

About World Bank:

Major reports published by World Bank

1.Commodity Markets Outlook

2.Doing Business

3.Global Economic Prospects

4.Global Financial Development Report

5.International Debt Statistics

6.Poverty and Shared Prosperity

7.World Development Report

  • It was created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the IMF.
  • The IBRD later became the World Bank.
  • The World Bank Group is a unique global partnership of five institutions:
    • International Bank for Reconstruction and Development (IBRD)
    • International Development Association (IDA)
    • International Finance Corporation (IFC).
    • Multilateral Guarantee Agency (MIGA)
    • International Centre for the Settlement of Investment Disputes (ICSID)
  • India is a member of all but ICSID.
  • The World Bank is one of the United Nations' specialized agencies.


  • It has 189 member countries.
  • India is also a member country.

Shareholding of World Bank:

  • The United States is the largest single shareholder, with 16.41% of the votes, followed by Japan (7.87%), Germany (4.49%), the United Kingdom (4.31%), and France (4.31%). The rest of the shares are divided among the other member countries.

World Bank v/s IMF:

  • While the World Bank provides support to developing countries, the IMF aims to stabilize the international monetary system and monitors the world’s currencies.


Consider the following statements:

1. United States is the largest shareholder in World Bank

2. India is a member of all the five institutions under the World Bank

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2