International Financial Organizations: Headquarters & Functions

World Bank Group (WBG)
Formed in
1945
Member countries
189 countries (India is also a member)
Headquarters
Washington, DC
President:
Jim Yong Kim
The World Bank Group (WBG) is a family of five international organizations as follows
  • International Bank for Reconstruction and Development (IBRD),
  • International Finance Corporation (IFC)
  • International Development Association (IDA),
  • International Centre for Settlement of Investment Disputes (ICSID),
  • Multilateral Investment Guarantee Agency (MIGA)
Functions:
The World Bank focuses on developing countries, in fields such as human development, agriculture and rural development, environmental protection, infrastructure, large industrial construction projects, and governance.
International Monetary Fund (IMF)
Formed on
27 December 1945
Member countries
189 countries (India is also a member)
Headquarters
Washington, DC
Managing Director
Christine Lagarde
Functions
It works for global growth and economic stability by providing policy, advice and financing to members, by working with developing nations to help them achieve macroeconomic stability and reduce poverty. The IMF provides alternate sources of financing.
Asian Infrastructure Investment Bank (AIIB)
Formed in
December 2015
Member countries
50 countries (India is also a member)
Headquarters
Beijing, China
President
Jin Liqun
Functions
Its function is to support the building of infrastructure in the Asia-Pacific region. The bank has 50 member states (all "Founding Members") and was proposed as an initiative by the government of China.
Asian Development Bank (ADB)
Formed in
1966
Member countries
67 countries (India is also a member)
Headquarters
Mandaluyong, Metro Manila, Philippines
President
Takehiko Nakao
Functions
This organisation works on reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. This is carried out through investments in the form of loans, grants and information sharing.
European Bank for Reconstruction and Development (EBRD)
Formed in
1991
Member countries
67 countries (India is not a member)
Headquarters
London
President
Sir Suma Chakrabarti
Functions
It offers project financing for banks, industries and businesses, for new ventures or existing companies. It works with publicly owned companies to support their privatization, as advocated by the WTO since the 1980 and in the improvement of municipal services.
European Investment Bank (EIB)
Formed in
1958
Member countries
28 member states of the EU (India is not a member)
Headquarters
Luxembourg
President
Werner Hoyer
Functions
It is a nonprofit long-term lending institution. It supports for small and medium sized enterprises to attain environmental sustainability and in development of Trans-European Networks of transport and energy and for many others purposes.
Islamic Development Bank (IDB)
Formed in
1975
Member countries
57 countries (India is not a member)
Headquarters
Jeddah, Saudi Arabia
President
Ahamad Mohamed Ali Al Madani
Functions
This is a multilateral development financing institution which helps in the development of member states. The basic condition for membership is that the prospective member country should be a member of the Organization of Islamic Cooperation.
African Development Bank
Formed in
1964
Member countries
78 countries (India is also a member)
Headquarters
Abidjan, Ivory Coast
President
Akinwumi Adesina
Functions
It is established to contribute to the economic development and social progress of African countries. The primary function is to provide loans and equity investments for the socio-economic advancement, Technical assistance for development projects, and assists in organizing the development policies.
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