19:43
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Simple English definitions for legal terms
World Bank
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A quick definition of World Bank:
The World Bank is an organization that helps countries grow their economies by providing money for projects that will make a positive impact on their communities. It was created in 1945 and gets its money from countries around the world and loans. The goal is to help countries become more financially stable and able to support their citizens.
A more thorough explanation:
The World Bank is a specialized agency of the United Nations that was established in 1945. Its main purpose is to provide loans to countries for economically sustainable enterprises that aid in economic development.
The World Bank gets its capital from both member states of the United Nations and loans on the open market. It is also known as the International Bank for Reconstruction and Development.
For example, the World Bank might provide a loan to a developing country to build a new power plant or improve their transportation infrastructure. These projects would help the country's economy grow and become more sustainable in the long term.