The World Bank was established in 1944 as the International Bank for Reconstruction and Development (IBRD). The World Bank is an association of five developmental institutions: the International Development Association (IDA), the Multilateral Guarantee Agency (MIGA), the International Centre for the Settlement of Investment Disputes (ICSID), and the International Bank for Reconstruction and Development (IBRD). It is tasked with the provision of low-interest loans to developing countries that face difficulty in attaining loans through conventional methods. It discusses urban development, environmental protection, and governance. It works with countries to develop realistic debt-repayment plans as it strives to end poverty and build shared prosperity.
Disruptive technologies have catalyzed economic developments over the past decade, unlike any other change seen in modern times. Enhanced connectivity, telecommunications, implementation of IT systems and structures have given rise to new businesses, industries, propagating a new age of skill building, education and human development. Ushering in the era of the fourth industrial revolution, the world stands at the precipice of disruption being the new norm. Developments in the fields of Artificial Intelligence, Machine Learning Algorithms, interactive interfaces, IoT, 3D printing, VR/AR, robotics, surveillance, large scale dynamic databases (‘big data’) and quantum computing are raising the bar yet again. Faced with these revolutionary developments, this phase has the potential to exacerbate prevailing deficiencies, inequality and fragment international differences. At the World Bank, we aim to lead development programs and promote equal opportunities for workers around the world. Providing safety nets for the underprivileged, while bridging a mounting skills gap and emboldening national governments in their drive to deliver sustainable solutions to these challenges.
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