IMF (INTERNATIONAL MONETARY FUND)
IMF was established with IBRD (INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT) also known as WORLD BANK at the conference of 44 Nations Held At Bretton
Woods New Hemisphere USA July 1944.
IMF came into force on 27th December 1945.
Member countries is 188 last south Sudan has joined it.
India is a founder member of IMF.
Headquarter is at Washington DC.
IBRD (INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT) OR WORLD BANK
IBRD and its associates institutions as a group are known as World Bank.
In 1945 it was realized to concentrate on reconstructing the war affected economies
IBRD was established on 5th December 1945 with IMF on the basis of the recommendations of the Bretton Wood Conference. That is the reason why IMF & IBRD are called Bretton wood twins.
IBRD started functioning in June 1946.
World Bank and IMF are complementary institutions.
Aims to reduce poverty in middle Income & credit worthy poorer countries by promoting sustainable development.
The World Bank group today consist of five closely associated institutions propitiating the role of development in the member nations in different areas. These five are:-
1) BRD (International Bank for Reconstructions and Development).
2) IDA (International Development Association).
3) IFC (International Finance Corporations).
4) MIGA (Multilateral Investment Guarantee Agency).
5) ICSID (International Center for Settlement of Investment Disputes).
ADB (ASIAN DEVELOPMENT BANK)
It was established in Dec 1966 on the recommendations of ECAFE (European Commission For Asia & Far East).
Aim of this bank is to accelerate economic & social development in Asia & pacific region.
>Started its functions on 1st Jan 1967 Headquarter is at Manila Philippines.
Georgia is the 67th and newest member having joined ADB effective feb2, 2007.
Asian development Bank constituted Asian development fund in 1974 which provides loans to Asian countries on concessional interests rate.
OCR- ordinary capital resources.
ADB aid to India for Infrastructure, solar power development through PPP (Public private partnership).
ADB is a multilateral development financial institutions.
IFC (INTERNATIONAL FINANCIAL CORPORATIONS)
It was established in July 1956.
Main objectives were:- 1) To provide loan to private sector without any government guarantee 2) To co-ordinate capital & management 3) T induce capitalist countries to invest in developing countries.
MIGA (MULTILATERAL INVESTMENT GUARANTEE AGENCY)
It was established on 1st April 1988
Its mission is to promote FDI (foreign direct investment) in to developing countries to help support economic growth, reduce poverty and improve people lives
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