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THE WORLD BANK

About IFIs and IFFOs:

The World Bank was founded in 1944. The headquarters is located in Washington (USA). The organization has more than 120 offices worldwide. The Bank’s system employs more than 10 thousand people.

Website: www.worldbank.org 

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For reference: the World Bank Group – five organizations created at different times and united functionally, organizationally and territorially, the purpose of which is to provide financial and technical assistance to developing countries. The World Bank Group includes: International Bank for Reconstruction and Development – IBRD (1945), International Development Association – IDA (1960), International Finance Corporation – IFC (1956), Multilateral Investment Guarantee Agency – MIGA (1988), International Center for the Settlement of Investment Disputes – ICSID (1966). The first two organizations (IBRD and IDA) form the World Bank.

The main purpose of the World Bank is to eradicate extreme poverty in the world, improve living standards and increase incomes of the population in each country.

The main objectives of the World Bank are to provide developing countries with long-term concessional loans and grants, in such areas as education, healthcare, public administration, infrastructure, financial and private sector development, agriculture, environmental protection, natural resource management, etc.

The highest governing body of the World Bank is the Board of Governors, in which each member country is represented by a manager and his deputy. The Board of Governors meets once a year at the IMF and World Bank Annual Meetings.

 

Cooperation with the Republic of Uzbekistan:

The Republic of Uzbekistan joined the World Bank in September 1992 and is a member of the Swiss group of member countries. Since September 1992, a representative office of the Bank has been opened in Tashkent.

The World Bank cooperation program is based on the Partnership Strategy between the Republic of Uzbekistan and the World Bank for 2016-2020, which was approved by the World Bank Board of Directors on June 14, 2016. The Strategy provides for the implementation of projects in the following areas:

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— assistance in the ongoing reforms in agriculture;

— reconstruction and modernization of infrastructure of public sector, projects in the sphere of water supply and sanitation;

— implementation of large-scale modernization programs in health, pre-school and higher education sectors;

— implementation of projects in the sphere of energy efficiency and power generation.

The portfolio of bilateral cooperation with the World Bank includes 38 implemented and ongoing projects with a total amount of over 3.91 billion dollars.

Including, implementation of 18 projects with loans for 0.95 billion dollars. (Appendix No.1), 20 projects with loans and grants amounting to 2.96 billion dollars are at the implementation stage. (Appendix No.2).Bilateral cooperation is characterized by a consistent increase in the scale of financial cooperation, having increased over the past six years by more than 4 times (the amount of WB loans at the beginning of 2012 amounted to $592 million).

Currently, for implementation with participation of the World Bank, 8 projects are being worked out with a total amount of loans from the World Bank of more than $1.0 billion in these areas.