Pub. date: 2007 | Online Pub. Date: September 15, 2007 | DOI: 10.4135/9781412952613 | Print ISBN: 9781412905794 | Online ISBN: 9781412952613| Publisher:SAGE Publications, Inc.About this encyclopedia
Stephen R. Hurt
The World Bank is actually a group of five intergovernmental organizations that together seek to promote development in the Global South. It is a specialized agency of the United Nations (UN) and its headquarters are in Washington, DC. In recent years, its focus has been on the reduction of poverty. It pursues this agenda through a combination of loans, grants, policy advice, and technical assistance. It is a highly significant actor in the field of development and is involved in projects in almost every developing country in the world. Moreover, its influence is enhanced by the fact that loans made by the World Bank act as a “seal of approval” for other potential lenders and investors in the developing world. The governments of the nationstates that constitute the membership own all five institutions that together are known as the World Bank Group. However, the majority of its finances are raised ...