About the World Bank
The World Bank was established in 1944 and is owned by 187 member countries. It comprises the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IBRD aims to reduce poverty in middle-income and creditworthy poorer countries, while IDA focuses on the world’s poorest countries.
The World Bank is a source of financial and technical assistance to developing countries around the world, providing low-interest loans, interest-free credits and grants to developing countries for a wide array of purposes that include investments in education, health, public administration, infrastructure, financial and private sector development, agriculture and environmental and natural resource management.
It is headquartered in Washington, DC, and has more than 100 offices worldwide.
View World Bank’s website here.
The World Bank and CAREC
The World Bank is one of the six multilateral institutions that support CAREC. It is involved in institutional events, such as the ministerial conferences and senior officials meetings, as well as in sector coordinating committees’ meetings.
The World Bank has been a collaborative and cooperative CAREC partner. Between 2005 and 2017, it provided more than $6.84 billion in loans and grants for projects in transport, trade, and energy.
All 11 CAREC countries are World Bank members—Afghanistan, Azerbaijan, the People’s Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.