Canada and the World Bank
The World Bank Group's (WBG) mission is two-fold; (i) to end extreme poverty at the global level within a generation and (ii) promote what may be called “shared prosperity”: a sustainable increase in the well-being of the poorer segments of society. The WBG is made up of five institutions that collectively operate as One World Bank Group. They are:
- International Bank for Reconstruction and Development (IBRD), established in 1945
- International Development Association (IDA), established in 1960
- International Finance Corporation (IFC), established in 1956
- Multilateral Investment Guarantee Agency (MIGA), established in 1988
- International Centre for Settlement of Investment Disputes (ICSID), established in 1966
Together, these organizations provide low-interest loans, interest-free credits and grants to developing countries for investments in education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management.
In addition to general management and regional divisions, the World Bank is structured with 14 Global Practices and 5 Cross-Cutting Solutions Areas in order to best address issues and find solutions in specific sectors.
Global Practices include Agriculture; Education; Energy and Extractives; Environment and Natural Resources; Finance and Markets; Governance; Health, Nutrition and Population; Macroeconomics and Fiscal Management; Poverty; Social Protection and Labour; Social, Urban, Rural and Resilience; Trade and Competitiveness; Transportation and Information and Communication Technologies; and Water.
Cross-Cutting Solutions Areas include Climate Change; Fragility; Conflict and Violence; Gender; Jobs; and Public-Private Partnerships.
Canada's support for the World Bank Group
Canada is a founding member of the WBG, which has 188 member countries. Canada is the seventh largest shareholder in the WBG and holds a permanent seat on the 25-member Board of Directors. The Canadian Executive Director represents a constituency that includes, in addition to Canada, Ireland and the Commonwealth Caribbean countries. Canada provides significant funding for joint donor programs with the WBG, often in fragile or conflict-affected states.
From 2011 to 2013, with the support of Canada and other donors, the WBG helped:
- Construct or rehabilitate generation capacity of 1,430 megawatts of conventional and 904 megawatts of renewable energy
- Provide 6.9 million people with direct access to electricity
- Cover 37.4 million people by social safety net programs
- Reduce 903 million tons of CO2 emissions annually through special climate instruments
- Construct or rehabilitate 95,000 kilometers of roads
- Support 1.8 million farmers in adopting improved agricultural technology
- Provide 35.3 million people with access to an improved water source
- Provide 6.8 million people with access to improved sanitation facilities
- Reach 15.3 million people and micro, small, and medium enterprises with financial services
- Support 29 countries in institutionalizing disaster risk reduction as a national priority
- Canada and the World Bank Group
- World Bank Corporate Scorecard
- Video: Jobs, Clean Water and Education: The World Bank’s Fund for the Poorest
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