history of the world bankThe history of the World Bank begins in 1944. Founded as an international financial institution, the World Bank’s official goal is poverty reduction. The World Bank was established to finance projects that strengthen economic sectors for developing countries.

The function of the World Bank is providing low-interest loans, interest-free credit and grants pave the way for improved education, healthcare and infrastructure for countries emerging from poverty and conflict.

The Changing History of the World Bank

The World Bank officially began in 1946 when the first loan was given to France under strict limitations. One such requirement had France remove government members associated with Communism. With $250 million loaned to France, the World Bank began its credibility as a lender.

Initially, the World Bank aimed to assist European countries devastated by World War II. However, concerned voices of leaders from around the world helped shift the World Banks’s role as a support system for the world.

The history of the World Bank shows that the focus soon shifted to major infrastructure projects. Loans provided to developing countries went towards resources, training and developmental necessities to ensure financial sustainability.

In the 1970s the World Bank’s priorities shifted once again to focus on the elimination poverty. The World Bank focused on people driven projects regarding agricultural development, education of health and sanitation as well as rural and urban development.

As of December 2017, the World Bank is shifting once again. Jim Yong Kim, President of World Bank, announced that the World Bank will no longer invest in oil and gas projects. Instead, it will focus on the One Planet climate summit in Paris. Kim believes environmental policies and energy access will improve countries in terms of sustainability.

The history of the World Bank continues to shift as the needs of the world changes in order to meet the needs of communities.

– Jennifer Serrato

Photo: Flickr

An interest in global issues and how those issues are resolved might lead one to ponder the definition and purpose of multilateral organizations. So: what is a multilateral organization? There are many examples of well-known multilateral organizations. Knowing what they are, how they aid global issues and why they’re important can help in giving them the recognition that they deserve.

Multilateral organizations are formed by three or more nations to work on issues that are relevant to each of them. They ensure participation by all in the management of world affairs while ensuring the legitimacy of any relief efforts being implemented. Multilateral organizations also effectively deal with issues that are global priorities by reducing the risk of making overly quick and careless decisions in resolving issues.

Multilateral organizations are able to fund their projects by receiving funding from multiple governments. Requirements for obtaining a job with a multilateral organization typically require previous experience as well as specialized training in relevant fields such as public health, economics, business or social and behavioral sciences.

Knowing the definition of a multilateral organization leads many to wonder which organizations are multilateral. The United Nations International Children’s Education Fund (UNICEF) is one of many multilateral organizations that are widely known today. To operate in the estimated 190 countries that UNICEF does, they work alongside the United Nations and other United Nations agencies in order to protect the rights of children around the world.

There are 34 national committees in countries including Australia, Canada and Italy which help improve the health of the world’s children, implement healthcare projects and provide HIV/AIDS education with UNICEF. Those interested in becoming a part of UNICEF’s relief efforts can donate, volunteer, share stories on social media and/or apply for a career with the organization.

For those interested in advocacy, it is important to do research and answer the question: what is a multilateral organization? Multilateral organizations are important in aiding global issues, and UNICEF proves this through their relief efforts for children. There are many other multilateral organizations making a difference by combining forces with similar-minded countries.

Danyel Harrigan

Photo: Flickr