The Roles and Responsibilities of the World Bank

The roles and responsibilities of the World Bank

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Introduction:

The World Bank is a global financial institution nested under the United Nations that offers financial assistance to developing countries for key programs; with an aim to:

• Eradicate extreme global poverty by the year 2030.
• Achieve universal primary education.
• Promote gender equality
• Combat HIV/AIDS, malaria and other diseases
• Improve maternal health
• Ensure environmental sustainability.

Duties of the World Bank:

• Granting developmental loans to underdeveloped countries to fund projects such as infrastructure development and poverty eradication on a zero to low interest credits basis.
• Providing foreign investment by guaranteeing loans provided by other organizations including private loans and capital investments; which as a result promotes investor confidence.
• Granting reconstruction loans to war devastated countries to support their respective governments following destruction that arises due to war or natural calamities such as a devastating earthquake.
• Providing loans to governments for agriculture, irrigation, power, transport, water supply, education, health among other development agenda particularly to developing countries for economic progress.
• Encouraging industrial development of underdeveloped countries by promoting economic reforms and discouraging vices such as corruption.
• Providing technical, economic and monetary advice to member countries for specific projects.
• Providing support to developing countries through policy advice, research and analysis and technical assistance. Additionally, the World Bank offers free, easy to access tools, research and knowledge to help address the world’s development challenges.
• The World Bank also settles disputes among member countries.

Rights of the World Bank:

• The World Bank reserves the right to impose sanctions to different countries mainly as a result of fraud and corrupt mishandling of donor funds and also as a result of breaching of the contract agreed upon prior to awarding the loan.
• The World Bank can also demand a penalty from the violator following an infringement of the financial obligations to be borne by the country or organization receiving the loan.
• The World Bank may also blacklist a country or organization rife with corruption on its website; easily accessible by other financial institutions such as the Asian Development Bank, African Development Bank and the Inter-American Development Bank thereafter debarring the offender from receiving loans from these institutions.

Contributions of the World Bank’s rights and duties to international law: