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World Bank
The World Bank is a major source of financial and technical assistance to developing countries around the world. It is not a bank in the common sense. It was founded on July 1, 1944 during a conference of 44 countries in Bretton Woods, New Hampshire.
The World Bank is made up of two unique development institutions owned by 185 member countries:
- the International Bank for Reconstruction and Development (IBRD)
- the International Development Association (IDA).
Each institution plays a different but collaborative role to advance the vision of an inclusive and sustainable globalization. The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world. Together they provide low-interest loans, interest-free credits and grants to developing countries for a wide array of purposes that include investments in education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management.
The World Bank web site is at http://www.worldbank.org
Education and the World Bank
Education is central to development and a key to attaining the Millennium Development Goals. It is one of the most powerful instruments for reducing poverty and inequality and lays a foundation for sustained economic growth. The World Bank's strategic thrust is to help countries integrate education into national economic strategies and develop holistic education systems responsive to national socio economic needs. The World Bank is committed to help countries achieve Education For All (EFA) and, through Education for the Knowledge Economy (EKE), build dynamic knowledge societies.