International Financial Organizations
1). World Bank Group
World Bank Group is the largest development bank in the world. It is the group of five international organizations that provide loans to developing countries.
Following are the five International Organizations
2). World Bank
World Bank is the component of World Bank Group. It provides loans to countries of the world for capital programs. It is founded in 1944 as a result of Bretton Woods Convention.
It comprises of two institutions:
CEO: Kristaliana Georgieva
Aim: Reduction of Poverty
3). IMF (International Monetary Fund)
It is an international financial institution formed in 1944 at Bretton Woods Conference. It came into formal existence in 1945 with 29 member countries with a goal of reconstructing the international payment system.
Following are the main objectives of IMF
IMF plays a crucial role in the management of ‘Balance of Payments.’ Each member country contributes funds through quota system. At the time of balance of payment difficulties member countries can borrow money from this pool.
Headquarter: Washington D.C. (United Nations)
CEO: Christine Lagarde
4). BIS (Bank for International Settlements)
Bank for International Settlements is owned by 60 central banks of world which encourages international and financial co-operation. BIS carries out its work through the Basel process.
Purpose: to provide banking services but only to central banks and other international organizations.
Established: 1930
Headquarter: Basel (Switzerland)
General Manager: Jaime Caruana
5). ADB( Asian Development Bank)
The Asian Development Bank is a regional development bank. Its main objective is to eradicate poverty in Asia and the Pacific.
Founded: 1966
Headquarter: Manila, Phillipines
President: Takehiko Nakao
Members: 167 countries
Motto: Fighting poverty in Asia and Pacific
6). AIIB( Asian Infrastructure Investment Bank)
The Asian Infrastructure Investment Bank is a new multilateral financial institution founded to bring countries together to address the daunting infrastructure needs across Asia.
Founded: 2015
Member: 50 countries (India is also a member)
Headquarter: Beijing, China
President: Jin Liqun
7). NDB (New Development Bank of India)
The New Development Bank is a multilateral development bank, also known as BRICS Bank as it is operated by BRICS countries.
BRICS comprises of Brazil, Russia, India, China and South Africa.
Purpose: To mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
Founded: 2014
Headquarter: Shanghai, China
Founder: BRICS (Brazil, Russia, India, China and South Africa)
President: K.V. Kamath
Sample questions:
Q1. Headquarter of World Bank is in ___________
Q2. Headquarter of IMF (International Monetary Fund) is in___________
Q3. Headquarter of BIS (Bank for International Settlement) is in_____________
Q4. Headquarter of ADB (Asian Development Bank) is in _______________
Q5. Headquarter of AIIB (Asian Infrastructure Investment Bank) is in ______________
Q6. Headquarter of NDB ( New Development Bank ) is in ______________
Q7. Establishment year of World Bank Group is in __________________
Q8. Establishment year of World Bank is____________
Q9. Establishment year of IMF (International Monetary Fund) is ___________
Q10. Establishment year of BIS (Bank for International Settlements) is ____________
Q11. Establishment year of ADB ( Asian Development Bank) is _________
Q12. Establishment year of AIIB (Asian Infrastructure Investment Bank) is_________
Q13. Establishment year of NDB ( New Development Bank) is __________
Q14. Who is the head of World Bank Group
Q15. Who is the head of World Bank
Q16. Who is the head of IMF (International Monetary Fund)
Q17. Who is the head of BIS ( Bank for International Settlements)
Q18. Who is the head of ADB ( Asian Development Bank)
Q19. Who is the head of AIIB ( Asian Infrastructure Investment Bank)
Q20. Who is the head of NDB ( New Development Bank)
Q21. BRICS Bank is another name of which bank______
Q22. In the acronym BRICS , C stands for
Answers:
1). (b) Headquarter of World Bank is in Washington D.C.
2). (a) Headquarter of IMF (International Monetary Fund) is in Washington D.C.
3). (d) Headquarter of BIS (Bank for International Settlements) is in Basel (Switzerland)
4). (a) Headquarter of ADB (Asian Development Bank) is in Manila (Philippines)
5). (b) Headquarter of AIIB (Asian Infrastructure Investment Bank) is in Beijing (China)
6). (b) Headquarter of NDB (New Development Bank) is in Shanghai (China)
7). (b) World Bank Group was established in 1945
8). (a) World Bank was established in 1944
9). (a) IMF (International Monetary Fund) was established in 1944
10). (c) BIS (Bank for International Settlements) was established in1930
11). (c) ADB (Asian Development Bank) was established in 1966
12). (d) AIIB (Asian Infrastructure Investment Bank) was established in 2015
13). (c) NDB( New Development Bank) was established in 2014
14). (b) Jim Yong Kim is the head of World Bank Group
15). (a) Kristaliana Georgieva is the head of World Bank
16). (a) Christine Lagarde is the head of IMF (International Monetary Fund)
17). (c) Jaime Caruana is the head of BIS (Bank for International Settlements)
18). (b) Takehiko Nakao is the head of ADB ( Asian Development Bank)
19). (a) Jin Liqun is the head of AIIB (Asian Infrastructure Investment Bank)
20). (c) KV Kamath is the head of NDB ( New Development Bank of India)
21). (a) BRICS Bank is the another name of NDB (New Development Bank)
22). (b) BRICS- Brazil, Russia, India, China and South Africa