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It is also responsible for developing policies and guidelines on procurement and consultant selection and ensuring that they are properly and consistently followed by borrowers and suppliers. The DACON Center, which handles consultant registrations, is also part of this Group.The Bank is initiating a decentralization process and several Country Departments are now located in the field in a borrowing country.
These are available for specific developmental projects and sector The borrowing country uses the funds to purchase goods and equipment, construct works, and obtains consultant services needed for these projects.v. There are four other associated multilateral lending agency/financial institutions under the World Bank Group. Lending Operations of WB (some facts):(a) Total lending in the last 50 years: US $ 250 billion.
These are: (a) The International Bank for Reconstruction and Development (IBRD).(b) The International Development Association (IDA).(c) The International Finance Corporation (IFC), and(d) The Multilateral Investment Guarantee Agency (MIGA). The lending is not limited to governments only but private firms can approach directly for the investment funds in the form of commercial funds but respective governments must approve and stand guarantee for such projects and provided the private institution adheres to the rules and regulations of the bankvii. The IBRD lends funds, most of which it raises through the sale of AAA-rated bonds in international capital markets, to creditworthy developing Yes, but partially on development projects (risk or credit) provided there is a counter-guarantee from the respective It is funded mainly by contributions from its rich member countries.x. The poorest developing countries with per capita income below a pre-determined threshold by No, private institutions cannot get IDA assistance, the assistance is given only to the (b) Total projects financed: 5000 app.(c) Average annual lending: US $ 20 to 25 billion,(d) Number of projects covered (current): about 220 new projects.(e) The extent of funding for each project: 40% app.(f) Types of projects: Agricultural projects, large infrastructure projects to construct ports, roads, water systems and power plants, education, environment, finance, law, population, health and nutrition, urban and rural development, industry, information systems, telecommunications, and privatization.(g) Potential global business generated: The yearly lending of app 22 billion US $ by the WB, generates global investment of app 50 billion covering some 30,000 contracts that are awarded to firms annually by the borrowers of the funds.(h) The distribution of the global business under WB funded projects: 70% app for goods and equipment, 20% for civil works, and 10% for consultant
This process ensures that the owners of the Bank have a direct input into Bank operations.
A Task Team Leader who has overall responsibility for the project from inception to completion, including monitoring, procurement and consultant selection handles each project that is financed by the Bank.
These create conditions for the bank to enforce conditionalities (economic policies, structural adjustments, institutional reforms and good governance) on the recipient countries in the developing economy to toe the bank’s line of reforms.
The main direct influence is on their (recipient) policy matters through reviews/ discussions, and loans/credits that provide for specific changes in existing policies.
In addition, there are regional technical units made up of technical staff with specialized knowledge and skills in the major sector (Agriculture, Industry/Energy, Infrastructure, and Population and Human Resources) who act as consultants, providing expertise on a project-by-project basis.
Responsibility for Managing the World Bank: Responsibility for managing the organization under the Board’s direction rests with the President, who manages a staff of approximately 7,000 people from more than 125 countries.
So much so that these have become the standard format of the lending policies of the WB and IMF.
These conditionalities have always promoted the cross border trade and external liberalization.