World Bank
It was established on 27th December, 1946 and thereafter through a special agreement it was associated with the United Nations and this status was ratified on 14 November, 1947 by the General assembly.
Object —
In industrial field by investment of capital, particularly in productive units of the member states. It helps in the reconstruction and development in the developing regions of the member states. It encourages the investment of foreign private capital through its guarantee. It also encourages the balanced development of international commerce.
Composition —
Its membership is open to those states which were members of the international monetary fund before 31 December, 1945. Other states may become its members by the majority votes of the board of governors, In June, 1992 the Russia become its member formally. The World Bank had already granted its approval on the applications for its membership to the former USSR states and Russia in April 1992, and 12 other former state of USSR like Russia became the members of the World Bank and the became World Bank in its true spirit of international character.
It has following three main organs —
- Board of governors,
- Executive director,
- The President
The board of governors consists of one governor and one alternative member. The tenure of these officials is for five years. Its conference is held every year. The whole power of the World Bank is centralised in the board of directors and in turn it is distributed among the 18 executive directors of the board and they perform the routine duty of the bank. The Executive director elect a president who is responsible to the organisation and presides the meetings of the executive directors.