World Bank
The World Bank was founded in the year 1944 during the Bretton Woods Conference, together with other three institutions which includes the International Monetary Fund (IMF). The World Bank together with the IMF are both headquartered in the capital city of the US, the Washington, D.C (Freestone, 2013). The two institutions therefore work very closely each other. The bank was commonly known as the International Bank for Reconstruction and Development, but later changed its name to World Bank in order to suit its main objectives of providing financial aid to different countries and private organization in different parts of the world.
The World Bank was founded by multiple people, with Harry Dexter White and John Maynard Keynes being the intellectual founding father. White was a professional economist who worked at the U.S treasury. In the year 1944, he came with a plan for the IMF, a plan which competed with Keynes British Treasury Blueprint. On the other hand, Keynes was a chairman of the Bank commission (Freestone, 2013). This therefore meant that he was entitled to coming up and drafting different plans in order to improve the performance of Banks. However, the two founders died of heart attack shortly after the World Bank and the IMF were founded. The bank therefore started its operations in the year 1946 after its plans were fully implemented. The company was founded in New Hampshire, during the Bretton Woods Conference.
The main goal of the World Bank was to provide financial support to the European countries which suffered during the World War II. In the beginning of 1950s, the bank played a very huge role in financing infrastructural projects in developing countries all over the world. These infrastructural projects include: water, sewage, hydroelectric dams, airports and maritime ports. Currently the bank offers financial support to different countries in Africa, where it offers Scholarships to sub-Saharan countries (Freestone, 2013). In addition, the company also supports electrification programs in different parts of Eastern Africa. Furthermore, the World Bank is currently financing the expansion of harbours in different parts of Eastern Africa, with countries like Kenya and Tanzania being the beneficiaries of the project. This project has therefore seen Kenya and Tanzania undertaking very huge expansion of their ports, thus allowing the anchoring of huge ships, and also improving world trade between the Eastern Africa and the whole World.
World Bank is currently headed by Dr. Jim Yong Kim who was nominated by the former president of the US president Barrack Obama on March 23, 2012.
International Monetary Fund (IMF)
The International Monetary is an International organization with its headquarters in US, in Washington, D.C. the organizations was founded in the year 1944 during the Breton Woods Conference (International Monetary Fund, 2009). However, it started its operations in the preceding year, 1945, and it had 29 member states whose main goal was to restructure the International system of payment. Currently, the organization plays a key role in managing balances of payments constraints and financial crises internationally. Different countries across the globe therefore contribute funds through a system of payment, whereby if member countries experience problems related to the balance of payment, they can be able to borrow money.
IMF was founded by Harry Dexter White and John Maynard Keynes in the year 1945 during the Breton Wood Conference. IMF was founded at the Mount Washington Hotel, during the Bretton Woods Conference which took place from 1st July- 22nd July in the year 1944 (International Monetary Fund, 2009). The main reason as to why the meeting was convened, was to discuss about the regulation of the post war international monetary, and also returning financial order.
IMF is working with sub-Saharan countries, in order to crack down on the trade of illegal diamond and precious mineral trade (International Monetary Fund, 2009). The organization is supporting 16 countries, through providing a technical assistance team, which makes sure that the money received from the trade does not end up in the hands of terrorists. This move has really improved the state of stability in different sub-Saharan nations, since insecurity has been done away with, due to barring illegal mineral trade in the countries. Terrorist attacks levels have gone down in some countries, due to the efforts that the organization has put in place. Terrorist cannot now be able to finance their activities since they fully depended on the trade of illegal minerals. This effect has therefore affected them financially, hence they cannot be able to get proper support to continue with their evil activities. Moreover, On the other hand, the organization is headed by Christine Lagarde who is a Lawyer and also a politician.
United States Agency for International Development (USAID)
The United States Agency for International Development (USAID) is an independent entity which works under the government of the US. It was founded in the year 1961 by the then president of the US. President John F. Kennedy (Tiaji, 2012). The programs of the organization are therefore approved by the Congress through the Foreign Assistance Act. The congress therefore provides directions in the yearly financing appropriation acts, and also in other legislations. The organization operates in different parts of the world, which include: Latin America, Middle East, Asia, and Eastern Europe.
The main objective of USAID was to provide financial support to European countries which had been affected by the World War II. Even after the organization started its operations, it hard tremendous effect on the infrastructural construction of European countries. In 1970’s the organization decided to concentrate on basic human needs. This objective mainly concentrated on health, population control and planning, nutrition and human resource development (Tiaji, 2012).
USAID is currently supporting refugees in different parts of the world such as Middle East countries and African countries. The organization provides educational support, through providing financial assistance and setting up schools for the refugees. In addition, the organization also provides nutritional support to developing countries worldwide. For instance, the organization supports a two year climatic change program in Asia. The project is aimed at providing ways through which Asian countries can be able to protect the environment. This therefore allows the countries to be able to deal with any climatic challenges that they are likely to experience. The organization has also created a website, which monitors climatic changes, thus people can also be able to do discuss issues on how to deal with the climatic state of the continent of Asia.
On the other hand, the organization also deals with family planning, through advising different countries on how to manage population growth (Tiaji, 2012).
Reference
Freestone, D. (2013). The World Bank and sustainable development: Legal essays.
International Monetary Fund,. (2009). International Monetary Fund Annual Report 2009: Financial Statements. Washington: International Monetary Fund.
Tiaji, Salaam. (2012). USAID Global Health Programs: FY2001-2012 Request: Diane Publishing Company.
