If you like to research or keep up with global news, you probably have come across the “World Bank.” Well, what is the World Bank? What does it do? Read on, as this article explains what the World Bank is and what it does.
What is the World Bank?
The World Bank is an independent organization that gives monetary and physical support to underdeveloped countries to help them build their economies. They aim to decrease poverty and help other countries with building projects such as schools, etc.
When and Where?
The World Bank was founded in July of 1944, during the midst of World War II. After the war had passed, the World Bank helped countries to recover their economies by supplying them with grants and loans. The World Bank has a total of 189 member countries as of now.
Can I Join?
The World Bank offers internships or job positions to individuals who meet the organization’s requirements. However, getting a job or an internship at the World Bank can be very competitive. Some of the requirements include but are not limited to:
- A master's degree in a relevant field
- 3 years of professional experience
- A Ph.D. and five years of professional experience for higher level jobs and internships.
Problems?
The World Bank's ideal of helping the economies has shifted to solving poverty by supplying projects and grants. Many critics say that the World Bank is no longer relevant, even to small, underdeveloped countries. While that may be true, they still serve a useful purpose by providing goods and services to such countries.
Conclusion
The World Bank is an international organization that solves poverty by supplying monetary and physical assistance. Originally established to help countries after WWII, the World Bank continues to assist various countries by building and maintaining their economies.
References
- FAMU Libraries - Header Image
- The World Bank
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