Világbank

Világbank is the Hungarian name for the World Bank Group, an international financial institution that provides financial and technical assistance to developing countries to reduce poverty and promote sustainable development. It is headquartered in Washington, D.C., United States.

The World Bank Group was established at the Bretton Woods Conference in 1944 and comprises five institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). The group finances projects by raising funds on international capital markets and through contributions from member governments, then channels these funds to client countries and private sector projects.

Activities cover a wide range of sectors, including infrastructure, education, health, agriculture, and climate resilience. In addition to direct lending, the World Bank Group provides policy advice, technical assistance, and knowledge sharing. The IFC focuses on private sector development, MIGA offers political risk insurance, and ICSID handles investment dispute resolution.

Governance is anchored in a broad member base, with the Board of Governors (typically finance ministers or central bank governors) setting policy. Day-to-day operations are managed by the Board of Executive Directors (comprising 25 directors representing member countries or groups) and the President, who serves as the organization's chief executive.

Criticism and reforms: the Bank has faced scrutiny over conditional lending, debt sustainability, and the social and environmental impact of projects. In response, it has emphasized poverty reduction, shared prosperity, climate finance, and safeguard improvements, while adapting to new development challenges.