What is the role of World Bank in the promotion of development?
The World Bank was found to promote post-war reconstruction and flow of capital to progressing countries. Its one hundred eighty one member countries own this. The main responsibility of the Bank is assist the institutional, structural and social development of countries by providing development funds to Less developed countries into the form of low interest loans, and technical assistance. The World Bank uses as:
• A Comprehensive Development Framework (CDF) established country-driven mechanisms for growth stakeholders to reach consensus.
• Poverty Reduction Strategy (PRSP) translates Comprehensive Development Framework in action. PRS outlines a 3-year adjustment programs which include goals, macroeconomic and social policy strategies, structural and loan requirements. The World Bank works jointly along with the IMF on PRS
• Country Assistance Strategy (CAS) established the level of World Bank financial and technical help for a country. Civic society should be consulted.