What is Cryptocurrency A new word emerged in our lives two months after the beginning of the recession of 2008 and gradually transformed from a vague expression ("virtual coin") to the vocabulary used to characterize the new economy. On June 9, 2009 the first bitcoin was released by an anonymous person called Satoshi Nakamoto. For different reasons like the sub-prime crisis, Nakamoto, claimed he is a Japanese man in his 30's, said he gave the open protocol in 2007. Today the new coin is called a "Digital Asset" and decentralization is the principal idea behind it: there's no main institution responsible for regulating it. The most familiar and traded form of Blockchain's technology, Bitcoin, who has crossed the $15,000 lines way back and has shows an image of exponential increase in the past few months. The great advantage of blockchain technology is that it doesn't have to keep records for a large central computer or big managing company. With this ...
What Is the World Bank?
World Bank is an international financial institution founded in 1944 which provides loans and technical assistance to 3rd world nations. It includes the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
History
After 1989, World Bank has also included many NGO’s and social active groups eligible to raise funds from them, to provide a sustainable healthcare, the World Bank also finance vaccines development, fight against diseases like AIDS, Malaria and Tuberculosis.
Criteria
World Bank has made a criterion were its funds will be distributed, countries willing to fulfil these criteria are only permitted to get loan from world bank.
1) Eliminate Poverty 2) Provide Primary Education 3) Gender Equality 4) Reduce Child Mortalities
5) Improve Maternal Health 6) Combat Diseases 7) Environmental Sustainability 8) Develop partnership with global leaders
Leadership
President of the World Bank is head of board of directors and directs the management of bank, generally president of the world bank is U.S citizen and is nominated by United States and president of IMF is a European citizen. The president of the world bank serves for five years which is renewable.
The principle managers act as a vice presidents of the world bank, each of them representing a sector, region, network and function. There are 3 senior vice presidents, 2 executive vice presidents and 24 vice presidents in the world bank council.
The world bank has more than 10,000 employees currently in 120 offices worldwide.
Eugene Meyer was the first president of the world bank in year 1946, current president of world bank is David Malpass (2019-current)
World Bank Group
Since its foundation in 1944, the world bank got divided into major organization, collectively known as World Bank Group.
International Bank for Reconstruction and Development (IBRD)
It provides finance to government of countries which are considered as middle-income group.
International Development Association (IDA)
It provides interest free loan to poor countries.
The International Finance Corporation (IFC)
It provides opportunity to private sector and developing nations to invest in financing and also provides financial advisory.
Multilateral Investment Guarantee Agency (MIGA)
This agency looks after foreign direct investment in developing nations.
International Centre for Settlement and Investment Disputes (ICSID)
Its purpose is to negotiate disputes related to international investment among countries or private sector.
COVID-19
Such as Central banks acts as a last resort financer if government or banks need fund during crisis, same way World bank also has a reserve fund which is used only in crisis, like pandemic this fund is called Pandemic Emergency Financing Facility (PEF) which it lends, to affected nations to provide aid during emergency.
During, COVID-19 pandemic, the world bank gave out PEF to 3rd world nations and other countries which were greatly affected during pandemic
Climate Change
The World bank has also taken an initiative to fight climate change, in 2017 the world bank declared it will no longer finance fossil fuel projects. The world bank has also increased its share in renewable energy projects to boost global climatic condition to a better height.
The world bank along with WHO administrates and finances the healthcare system of very poor countries of the world. Together they create a well co-ordinate network of healthcare system for government of these countries.
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