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International Financial Institutions
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The World Bank
Purpose: To provide financial and technical assistance to developing countries. Time of establishment: 1944. Role in global economics: Offers loans and grants to support development projects and reduce poverty.
International Monetary Fund (IMF)
Purpose: To ensure the stability of the international monetary system. Time of establishment: 1944. Role in global economics: Provides policy advice and financing to members in economic difficulties and also works to reduce global economic risks through surveillance.
World Trade Organization (WTO)
Purpose: To oversee and liberalize international trade. Time of establishment: 1995. Role in global economics: It operates a system of trade rules and acts as a forum for negotiating trade agreements.
Bank for International Settlements (BIS)
Purpose: To serve central banks in their pursuit of monetary and financial stability. Time of establishment: 1930. Role in global economics: Provides banking services to central banks and international organizations and fosters international monetary and financial cooperation.
Asian Development Bank (ADB)
Purpose: To promote social and economic development in Asia. Time of establishment: 1966. Role in global economics: Offers loans, technical assistance, grants, and equity investments to promote development.
African Development Bank (AfDB)
Purpose: To promote sustainable economic growth and reduce poverty in Africa. Time of establishment: 1964. Role in global economics: Provides loans and grants to African governments and private companies investing in regional member countries.
European Central Bank (ECB)
Purpose: To manage the euro and maintain price stability in the eurozone. Time of establishment: 1998. Role in global economics: Manages monetary policy for the Eurozone, conducts foreign exchange operations, holds currency reserves, and authorizes the issuance of euro banknotes.
European Bank for Reconstruction and Development (EBRD)
Purpose: To assist in building a market economy and promoting private and entrepreneurial initiative in emerging Europe. Time of establishment: 1991. Role in global economics: Provides project financing for banks, industries, and businesses.
Inter-American Development Bank (IDB)
Purpose: To support economic, social and institutional development in Latin America and the Caribbean. Time of establishment: 1959. Role in global economics: Provides loans, grants, and technical assistance and conducts extensive research.
International Finance Corporation (IFC)
Purpose: To encourage the growth of private enterprises in developing countries through financial investment, advisory services, and asset management. Time of establishment: 1956. Role in global economics: Helps companies and governments create markets that are competitive, sustainable, inclusive, and resilient.
New Development Bank (NDB)
Purpose: To mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies. Time of establishment: 2014. Role in global economics: Offers an alternative to the existing US-dominated World Bank and IMF.
Organization for Economic Co-operation and Development (OECD)
Purpose: To promote policies that will improve the economic and social well-being of people around the world. Time of establishment: 1961. Role in global economics: Provides a platform for its member countries to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies.
Islamic Development Bank (IsDB)
Purpose: To foster the economic development and social progress of member countries and Muslim communities in accordance with the principles of Sharia law. Time of establishment: 1975. Role in global economics: Offers financial services and products that adhere to Islamic banking principles, focusing on infrastructure, health, and education.
Nordic Investment Bank (NIB)
Purpose: To finance projects that improve competitiveness and the environment of the Nordic and Baltic countries. Time of establishment: 1976. Role in global economics: Provides long-term loans and guarantees to public and private projects in and outside member countries.
Caribbean Development Bank (CDB)
Purpose: To contribute to the harmonious economic growth and development of the member countries in the Caribbean. Time of establishment: 1970. Role in global economics: Provides funds for social and economic programs, projects, and technical assistance in its member countries.
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