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World Bank Group

Overview#

World Bank Group (WBG or World Bank) is a family of five international organizations that make leveraged loans to developing countries and is the largest and most well-known development bank in the world.

World Bank Group stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity.

World Bank Group is part of the United Nations system, but its governance structure is different: each institution within the World Bank Group is owned by its member governments, which subscribe to its basic share capital, with votes proportional to shareholding. Membership gives certain voting rights that are the same for all countries but there are also additional votes which depend on financial contributions to the organization. The President of the World Bank Group is nominated by the President of the United States of America and elected by the Bank's Board of Governors.

As of 15 November 2009 the United States held 16.4% of total votes, Japan 7.9%, Germany 4.5%, the United Kingdom 4.3%, and France 4.3%. As changes to the Bank's Charter require an 85% super-majority, the United States can block any major change in the World Bank Group's governing structure.

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