The Role of the World Bank in a Global Economy Essay

The Role of the World Bank in a Global Economy - Essay Example d its operations on 25 June 1946 and its first loan was approved on 9 May 1947 for the postwar rehabilitation and reconstruction ventures as concerns to France. It was at the time the largest loans to have been issued by the World Bank. The five parts (agencies) of the World Bank comprise of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), International Center for Settlement of Investment Disputes (ICSID) and lastly the Multilateral Investment Guarantee Agency (MIGA). The activities of the World Bank emphasize more on its role towards the developing nations, ones which are doing their best to catch on to the bandwagon of the developed nations. The fields that the World Bank focuses upon in these developed nations include human development which can take into concern the subjects related with education and health. Then there is the field of agriculture and rural areas development emp hasizing more towards the irrigation activities and steps and the rural services. Environmental protection is also a related field coming under the focus discussion of the World Bank. This field takes a look at the areas which discuss the reduction of pollution as well as the manners in which regulations could not only be established but also enforced as a result. Infrastructure is a significant area that is seen courtesy the World Bank whereby the main point of emphasis is on the construction of roads, electricity provision and urban regeneration. Governance is the last pivotal area that World Bank takes into account and this speaks about the anti-corruption laws and measures in place and if the same are missing, then the manner in which these can be had in the first place. Also governance entails of the development of the legal institutions and other relevant corporations coming under this banner. World Bank tries its best to provide loans and other related incentives at preferent ial