World Bank Group
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The World Bank Group is made up of 188 members, all of which must also be members of the IMF. It has two goals for the world to achieve by 2030: to end extreme poverty by decreasing the percentage of people living on less than $1.25 a day to maximum 3%, and to promote shared prosperity by fostering the income growth of the bottom 40% of every country.
It consists of five organisations:
- The International Bank for Reconstruction and Development (IBRD): lends to governments of middle-income and low-income countries;
- The International Development Association (IDA): provides interest-free loans (credits) and grants to poor country governments. IBRD and IDA together form the World Bank;
- The International Finance Corporation (IFC): focuses on the private sector by financing investment, mobilising capital in international financial markets, and providing advisory services to businesses and governments;
- The Multilateral Investment Guarantee Agency (MIGA): promotes foreign direct investment (FDI) into developing countries by offering political risk insurance (guarantees) to investors and lenders; and
- The International Centre for Settlement of Investment Disputes: provides international facilities for conciliation and arbitration of investment disputes.
In its first Trade Strategy 2011-2021, the World Bank lays out its four priority areas within trade such as enhanced competitiveness and diversification of developing country exports; reduced costs of trade and transport logistics and improved access to trade finance; support market access and international trade cooperation; and make the gains from trade more inclusive. This is a step away from the past decade’s focus on trade liberalisation programmes. The WBG helps governments to design and implement policies to maximize their trade competitiveness in both goods and services.
Some of the main areas of work of the World Bank Group in trade are trade policy and integration, trade performance, competition policies and trade facilitation and logistics. In order to fund the work in trade the Bank Group does, it has set up five trust funds amounting to $122 Million.