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 How the World Bank works
Ismail
Posted: Feb 23 2017, 11:34 PM


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The World Bank has the ability to finance in whole or in part investment projects relating to a country's infrastructure and output: industry, agriculture, education, transport, etc. Up to 10 loans can be issued by the WB at a given time.

The WB can also loan two "Third Window" loans, giving the recipient country 20 credits to invest in another country.

The Bank fund is the amount of credits the WB has to give out in loans. As of January 1990 there are 300 credits in the fund.

The Board of Directors as of 1990 consists of the USA, UK, France, Germany, India and Japan. An investment project requires 5 out of 6 Directors to give their consent. In the event a member isn't being played, its vote doesn't count.

Every three years (next in September 1993) one of the Directors can be replaced by a majority vote among World Bank members. Once this vote is done, another is held on the same turn in which members "pledge" credits to nominate themselves. The country that pledges the most credits wins the election. In the event of a tie the other Directors (except the one being replaced) decide who wins. The credits pledged by the winner go towards the Bank fund. Note that the Director voted out can "buy back" their position by pledging the most credits.

Loans last for a minimum of 5 and a maximum of 25 years. The extent of the loan is set by the Directors when issuing it.

In order for a loan to occur, the Directors of the Bank determine what foreign country or countries (provided they're Bank members) will get increased economic influence in the recipient country. This can cause it to gain economic growth of its own while of course potentially increasing the dependence of the recipient's economy on it.

Failure to pay back or repudiation of a World Bank loan causes all the Director countries that supported the loan to suffer economically for a certain amount of time (how much is told to the Directors when deciding on the loan.) If a Director country did not support the loan, it will face no adverse effects in the event of its failure.

A World Bank investment project never experiences delays or additional investment costs except from war or attack by a militant group.

States that do not belong to the World Bank as of January 1990 include the USSR, Hungary, Cuba, North Korea, Vietnam, Albania, Taiwan, Monaco, Liechtenstein, Andorra and Vatican City.


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