What does the World Bank do?

Based in Washington DC, it was founded in 1944 as the International Bank for Reconstruction and Development.

Its aim was to drive post-World War II reconstruction.

Now called the World Bank Group, it has 184 member countries and is responsible for promoting economic development and reducing poverty.

In its lifetime, the World Bank has lent and given grants and credits worth over $400 billion (€295bn).

Its money is generally spent on specific projects such as roads and dams.

Another arm of the bank, the International Development Association, focuses on the world’s poorest nations.

The World Bank’s other duties include the reduction of corruption and the promotion of education and healthcare.

What does the World Bank president do?

The president — who is nominated by the US president and whose appointment is confirmed by the bank’s board of directors — is responsible for the day-to-day running of the organisation, overseeing the bank’s six regions and managing global operations.

The president liaises with world leaders, looking at ways of cutting poverty and improving conditions, but is forbidden from taking a political stance.

The president is also a representative of the world’s poorest people. He or she uses lobbying and speeches to draw attention to the problems of developing nations, such as crippling debt repayments.

A president is responsible for the strategy and flavour of the World Bank.

Does everyone have a high opinion of the bank?

No. Campaigners have complained that the low-interest loans and long-term agreements hurt rather than help developing countries.

say that by making nations dependent on aid, countries such as the US are able to exert extra political pressure in the international arena.