The United Nations includes the World Bank. The World Bank as an Instrument of Colonization

Banks are said to keep the earth spinning because they control the money. Which world banks are "twisting" the planet more?

Annually rating agencies, analysts and financial companies rank the most reliable, profitable and successful banking companies, however, the filtering criteria is very specific in order to confidently distinguish the world's largest bank. That is why ratings are formed according to different parameters, and the same bank can be in the lead in one criterion and be lagging behind in another. We analyzed banks various countries according to key characteristics: the sum of all assets, market capitalization, capital, number of employees, brand value, countries of operation and number of years on the market - and identified the ten most significant, in our opinion, global banks.

INDUSTRIAL AND
COMMERCIAL BANK
OF CHINA (ICBC)

Headquarters
Beijing, China)

Year of foundation
1984

Assets
$3.42 trillion

Market capitalization
$224.08 billion

Capital
$274.43 billion

The number of employees
466,000 people

Jiang Jianqing,
chairman of the board of directors and chief executive of the bank

Chinese banks remain the largest corporations on earth. In 2016, for the fourth year in a row, the bank topped the Global 2000 rating of the largest public companies, published annually by Forbes. ICBC controls a fifth of China's banking sector. More than 70% of the company belongs to the state. ICBC serves 4.11 million corporate clients and 282 million individual customers through 16,648 outlets throughout China, 239 overseas subsidiaries and a global network of more than 1,600 correspondent banks, as well as internet banking, telephone banking and independent banking services.

ICBC's IPO was held in late October 2006 and raised a record $22 billion, making it the largest IPO in world history until 2010. ICBC's revenue for 2016 was $166.8 billion, net profit was $44.2 billion. In 2017, ICBC became the highest ranked banking brand in the world according to The Banker magazine in the annual Brand Finance Banking 500. A Chinese bank topped the Brand Finance Banking 500 for the first time in the history of the rating. As of February 1, the value of the ICBC brand amounted to $47.8 billion. The bank's representative office in Russia under the name of the Commercial and Industrial Bank of China (CJSC) has been operating since 2003.

JP MORGAN
CHASE&CO.

Headquarters
New York, USA)

Year of foundation
1799

Assets
$2.5 trillion

Market capitalization
$234.2 billion

Capital
$200.48 billion

The number of employees
240,000 people

James Dimon,
President, Chairman of the Board of Directors

One of the oldest and most influential financial companies on a planet with over 200 years of history. Fast growing conglomerate in the US banking sector. On the one hand, it is an international company providing banking and Financial services- JP Morgan, working in the field of investments, assets and wealth management. On the other hand, it's Chase, which deals with credit cards and banking services individuals. Bank branches operate in more than 100 countries around the world. World GDP, according to The Economist, is $65 trillion. JP Morgan Chase has $70 trillion in derivatives liabilities, the equivalent of the entire global economy. In 2016, thanks to the assets of JPMorgan, it displaced the Bank of China as the fourth largest bank in the world and climbed into the top 5 in the ranking largest companies world Forbes Global 2000. Traces of JP Morgan Chase can also be found in Russian brands. In particular, the company invests in the Lamoda online store, owns a stake in the STS Media media company, largest network grocery retail "Magnit", shares of JSC "Bank" Vozrozhdenie ". Like JP Morgan Chase & Co. present on Russian market since the early 1970s: Chase Bank opened a representative office in Moscow in 1973.

HSBC
HOLDINGS

Headquarters
London, Great Britain)

Year of foundation
1865

Assets
$2.41 trillion

Market capitalization
$133 billion

Capital
$153.3 billion

The number of employees
235,000 people

Stuart Gulliver,
CEO

London-based HSBC is one of the largest financial conglomerates in the world and the largest by capitalization. banking group in Europe. The bank, originally founded to finance trade between Europe and China, today has over 10 subsidiaries that are engaged in all possible operations in the banking industry. Through a worldwide network of more than 9,500 offices located in more than 85 countries, HSBC provides a wide range of financial services to almost 125 million clients, including individuals, SMEs, large institutions, banks, and high net worth individuals. clients. The company listed in the first account ledger, today is still a customer of the bank. In the Forbes Global 2000 ranking of the largest public companies in the world in 2016, HSBC ranked 14th. In 2016, the company's net profit amounted to $7.1 billion. In 2017, HSBC entered the TOP-10 most valuable banking brands in the world according to The Banker magazine in the annual Brand Finance Banking 500 rating. As of February 1, the value of the HSBC brand was $20.7 billion. The company has a subsidiary bank in Russian Federation– HSBC Bank (HSBC).

MITSUBISHI
UFJ FINANCIAL
GROUP

Headquarters
Tokyo, Japan)

Year of foundation
1880

Assets
$2.64 trillion

Market capitalization
$73.5 billion

Capital
$131.75 billion

The number of employees
108,153 people

Nobuyuki Hirano,
president and

The emergence of a bank that can compete with world leaders certainly means a lot to the entire banking sector in Japan. Mitsubishi UFJ Financial Group, Inc (better known as MUFG) was created as a result of the merger of the second and fourth largest banks in Japan - Mitsubishi Tokyo Financial Group and UFJ Holdings. It is one of the main companies in the Mitsubishi Group and one of the most diversified financial groups in the world.

MUFG is the largest financial group Japan, where the total amount of deposits is about $1.6 trillion. Today the bank serves 400 million client accounts in 40 countries of the world, its network includes almost 1,400 branches. Mitsubishi UFJ Financial Group shares are traded on the New York, Tokyo stock exchanges, as well as on the Osaka Stock Exchange valuable papers. At the end of 2006 largest bank in Japan, Mitsubishi UFJ announced the creation of a subsidiary bank in Russia, which will primarily focus on providing currency transactions and issuing loans to Japanese companies operating or starting operations in Russia. According to the Global Finance magazine became the "Best corporate bank» in 2015.

Headquarters
Paris, France)

Year of foundation
1848

Assets
$2.51 trillion

Market capitalization
$66.8 billion

Capital
$98.55 billion

The number of employees
189,000 people

Jean-Laurent Bonnaffet,
chief executive officer

Financial conglomerate, European leader in the global banking and financial services market. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg), where it ranks first in the segments corporate governance funds, as well as banking licenses in 12 Asian countries and a deposit base of €57 billion. In Asia, the bank received €3.2 billion in revenue, showing a 65% growth over a three-year period. BNP Paribas Personal Finance is a leader in consumer lending(more than 20 million active customers). In Russia, the bank began operations in 2002, primarily focusing on financing the energy and raw materials sectors. In 2012, the consumer finance division was restructured and taken out of BNP PARIBAS BANK JSC to create joint venture with Sberbank in the region POS lending- "Setelem Bank". In addition, the bank also owns 84.99% of the shares of the Ukrainian "UkrSibbank". Today, the bank operates in 80 countries around the world, serving a total of almost 32 million people. In 2016, according to Euromoney magazine, he won the most prestigious nomination "The Best Bank in the World", receiving the "Awards for Excellence" award. Also in 2016, BNP Paribas became the biggest driver in the industry, showing how one can grow from 344th to 24th in the Forbes Global 2000 in a year.

ROYAL BANK
OF CANADA

Headquarters
Toronto (Canada)

Year of foundation
1864

Assets
$1.18 trillion

Market capitalization
$90.67 billion

Capital
$107.9 billion

The number of employees
80,000 people

David McKay,
CEO, President, Director

Strong financial institution with over 150 years of history, the largest Canadian bank, which is also the largest Canadian company. One of the leading diversified financial institutions in North America. The bank serves 16 million private, corporate, government and institutional clients through offices in Canada, the US and 35 other countries around the world. The corporate culture at the bank is characterized by a close attention to gender equality, which means a call for action to increase the proportion of women in the workforce. As a result, The Royal Bank is consistently recognized as one of the best jobs in Canada. From 1902, when the first woman was admitted to the bank, until today, the proportion of female employees has reached 75%. The bank's logo, with its recognizable lion and globe, is one of Canada's most famous symbols. The lion symbol was brought to life as a mascot in the 1970s and continues to appear at all in-house and company-sponsored events around the world to this day. In the Forbes Global 2000 list of the largest public companies in the world in 2016, Royal Bank of Canada ranked 52nd, including 33rd in assets, 50th in net income, 79th in market capitalization and 256th in terms of turnover.

BANCO
SANTANDER

Headquarters
Santander (Spain)

Year of foundation
1857

Assets
$1.43 trillion

Market capitalization
$71.25 billion

Capital
$105.96 billion

The number of employees
194,000 people

Jose Alvarez,
chief executive officer

Grupo Santander is the largest and main financial and credit group in Spain. In addition to Spain, Santander is one of the leading places in the UK and in several countries Latin America, also plays a significant role in Germany, Portugal, Poland and the northeastern United States. Based on a business model that focuses on retail banking products and services for private clients, small and medium enterprises, the bank currently serves more than 100 million clients through a global network of 14,700 branches. The bank has more than 3.3 million shareholders, and Banco Santander shares are the most liquid in Eurostoxx. In the 2016 Forbes Global 2000 list of the largest public companies in the world, Banco Santander was ranked 37th, including 20th in assets, 66th in net income, 108th in market capitalization and 149th in turnover. In 2017, Banco Santander entered the TOP 10 most valuable banking brands in the world according to The Banker magazine in the annual Brand Finance Banking 500 rating. As of February 1, the brand value was $15.9 billion.

COMMONWEALTH
BANK OF AUSTRALIA

Headquarters
Sydney, Australia)

Year of foundation
1911

Assets
$0.873 trillion

Market capitalization
$120 billion

Capital
$99.2 billion

The number of employees
45,948 people

Ayen Narev,
chief managing director (CEO)

The financial conglomerate operates in Australia, New Zealand, Fiji, Asia, the US and the UK. Australia's leading provider of integrated financial services and one of the most recognized brands in the Australian financial industry. The Bank operates through six business segments: Retail Banking services, corporate banking, services for large institutional clients, Private Banking, international financial services and asset management, including insurance. It has the largest service network among Australian banks, consisting of more than 1,000 branches and 4,000 ATMs. Its divisions include the largest bank in New Zealand, Australia's leading wealth management company, Australia's largest brokerage firm and a retail financial services company in Indonesia. As of 2016, it is the largest private company on the Australian Securities Exchange with over 800,000 shareholders. The Bank is known for its multiple environmental initiatives in the development of marine science and the reduction of environmental pollution. In 2017, Commonwealth Bank was recognized as the strongest bank in Australia. Named "Best Corporate Bank" by Global Finance magazine in 2015.

Sergio Ermotti,
Chairman of the Board (CEO)

The largest Swiss financial conglomerate with more than 300 branches in Switzerland and representative offices in 54 countries. UBS is the abbreviation for its predecessor company, Union Bank of Switzerland. In 2011, UBS was listed as one of the 29 systemically important banks in the world by the G20 Financial Stability Board, as a result of which UBS is subject to special scrutiny and must meet more stringent equity criteria. UBS plays a key role in maintaining the Swiss banking tradition and is one of the first foreign banks to enter the Russian market. In 1996, a representative office was officially opened in Moscow, and in 2006, the Russian subsidiary bank UBS AG, UBS Bank LLC, was registered. The bank provides banking services to approximately 2.6 million private and 143,000 corporate clients, including institutional savers, public corporations and philanthropic foundations in Switzerland, as well as 3,000 financial institutions worldwide. In 2016, UBS became the leader in three categories at once: "Best Investment Bank", "Best Bank in the Equity Capital Market", "Best IPO Bank".
The number of employees
94 800 people

Roberto Egidio Setubal,
chief executive officer (CEO)

The bank operates in 21 countries: the largest of them are Brazil, Argentina, Chile, Paraguay, Uruguay, Great Britain, Portugal, USA, Japan and China. It currently has over 32,000 service points, over 5,000 bank branches and almost 46,000 ATMs in Brazil and worldwide. The Bank is actively developing mobile services and more than 3.5 million users install them on mobile devices every month. Thanks to more than 90 years of history, today the bank serves about 60 million customers and more than 95,000 shareholders. It is a leader in the private sector banking, funding transport system, as well as in the market credit cards(more than 1 million credit cards in Latin America). The Itaú Unibanco brand was chosen by Interbrand as the most valuable brand in the country. The bank became the best in the Global Finance rating investment bank in Latin America, and the best bank in the field of mergers and acquisitions. Itaú is actively involved in social and cultural projects, in particular, owns one of the largest private art collections in Brazil.

Banks have long been a complex part of the global economy. The largest of them may have assets equal to annual budget small country. And none financial crises unable to break the giants of the banking sector.

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Literally translated as "Japan Postal Bank". The bank is part of a large company Japan Post Holdings, which deals with both postal items and financial activities. The bank was established on September 1, 2006 as part of the reorganization of Japan Post.

As of November 2008, the bank was the largest deposit holder in the world. The bank is mainly focused on domestic market. Japan has the widest network of ATMs.

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Country: China
Assets: $2.36 trillion

China Construction Bank is one of the largest banks in the world. The bank was founded in 1954. China Construction Bank currently has about 13,629 branches within the country alone. The bank employs more than 348 thousand employees.

The bank's shares are listed on many major stock exchanges. China Construction Bank boasts over 26 million customers worldwide.

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This bank was founded in 1799 in the USA. It is currently a global leader in commercial and investment banking.

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is one of the oldest banks in the world. Its history goes back more than 300 years, it was founded in 1690 in London. Currently, this bank is widely known to the public. It was he who was involved in a scandal related to illegal financial fraud in the summer of 2012.

It is the official sponsor of the English football Premier League.

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6. MUFG (Mitsubishi UFJ Financial Group)

MUFG- a huge financial group in Japan, which is one of the largest in size in the world. As of March 2010, the total amount of deposits in all banks MUFG was about $1.6 trillion.

The bank was founded on October 1, 2005 after the merger of the Tokyo Bank Mitsubishi Tokyo Financial Group with Osaka Bank UFJ Holdings.

Among the most famous and large-scale international financial organizations is the World Bank. The activities of this institution are recognized by experts as extremely important from the point of view of the balanced development of the economies of the world's states. Among the key activities of the WB is assistance to developing countries in the field of improving the model national economy. To successfully solve this and other tasks, several institutions have been created in the WB structure at once. What are their specifics? How are WB functions implemented?

General information about the World Bank

What kind of institution is the World Bank? The full name and functions of this structure - how are they remarkable? The World Bank (The World Bank, WB) is which combines several different institutions.

In accordance with public data reflecting the activities of the World Bank, the main task of the bank is to increase the level economic development states by providing them financial assistance from wealthy countries. The organization was founded in 1945. The bank is headquartered in Washington DC.

WB structure

Consider the specifics of the institutions that form the structure of the World Bank. In the financial institution includes:

• IBRD (or International Bank for Reconstruction and Development);
• IDA (association in charge of development);
• IFC (or International Finance Corporation);
• MIGA (an agency in charge of investment guarantees);
• ICSID (a center dealing with the settlement of disputes in the framework of investment projects).

These organizations are called upon to provide loans to needy states at reasonable rates, and in some cases - interest-free. It also provides support to countries through grants. The conditions for providing appropriate assistance to the WB are the liberalization of the economy, privatization, necessary reforms in the field of education, healthcare, and improvement of infrastructure.

Let us now consider the main functions of the World Bank.

WB functions

Researchers distinguish the following range of them:

• investment activities (mainly in developing countries, in the areas of health care, as well as education);
• advisory support to national governments on economic issues, analytical activities;
• improvement of provided financial services;
• intermediary activity (in the sphere of distribution of resources between developed and economically lagging countries).

Thus, the considered one plays a significant role for the global economy. The mentioned functions of the World Bank are important from the point of view of a balanced economic development modern states. Let us now consider through what mechanisms the World Bank implements them in practice. Can be considered this question in the context of the activities of the above-mentioned institutions that are part of the structure of the World Bank. Let's start with IBRD.

The specifics of IBRD activities

IBRD or the International Bank for Reconstruction and Development is an institution that, apart from the WB, is also subordinate to the UN. Many functions of the World Bank are implemented on the basis of this organization. In fact, the IBRD is the head structure of the World Bank. It can be noted that the institution was formed earlier than, in fact, the WB itself, in 1944. The International Bank for Reconstruction and Development was formed after the Bretton Woods Conference. The purpose of its establishment was to stimulate the recovery of the economies of states that suffered during the hostilities.

In the 1950s, the IBRD began to perform some of the functions of the World Bank, which we noted above - in particular, to provide loans to developing countries. In the 90s, the organization began to issue loans of the appropriate type to countries with a transitional economic system. The specificity of IBRD loans is in the long term. The institution issues loans for a period of about 15-20 years. Financial assets banks are formed membership dues, the value of which depends on the quotas determined for the participating states.

Specificity of IDA activities

Another major structure responsible for the functions of the World Bank is IDA, or the International Development Association. It was formed in 1960. The purpose of its establishment was to provide soft loans with long term payments - about 40-50 years - to states characterized by a low level of economic development. So, for example, in 1961, the organization decided to issue appropriate loans to India, Chile, Honduras, and also Sudan. IDA not only provides loans to help governments in countries with low economic development, but also promotes the export of goods from developed countries in developing ones. Also within the competence of the IDA is the implementation of various social programs. Countries that are not able to service loans on the terms of the IBRD can count on a loan from the IDA. Since its inception, the organization has issued loans for more than 90 billion US dollars.

What does the IFC do?

The IFC, or International Finance Corporation, is another major structure that includes the World Bank Group. Its functions are reduced to the provision of loans aimed at stimulating the industry of countries with a low level of economic development. The main goal of this organization is to promote investment in projects implemented in developing countries, improve the living standards of citizens living in them. Loans from the IFC are issued to private enterprises that show good profitability figures. Loan terms are within 15 years. Over the entire period of its activity, the organization has issued loans for more than 20 billion US dollars.

Features of MIGA activities

What is especially remarkable about the World Bank is that the structure and functions of this organization are fairly balanced distributed among separate structures. Among the institutions responsible for solving a large number of tasks in the field of investment is MIGA. What does it do? MAGI, or International Agency for guaranteeing investments, deals with the issues of insurance of relevant financial investments from various non-commercial risks, as well as consulting work in the process of communications with governments of states. MIGA stimulates the attraction of capital to developing countries in order to improve their economic performance.

The risks analyzed by the organization's experts may reflect the specifics of currency transfers, confiscation of private property, and political instability. MIGA promotes sustainability in developing countries, as well as informing investors about the prospects cash investments in the economies of the respective countries. Guarantees are among the main instruments of MIGA activity. Since its inception, the organization has issued them in the amount of more than 17 billion US dollars. With the assistance of the institution, investments in the amount of more than 50 billion US dollars have been placed in developing countries.

The specifics of the work of ICSID

Studying the specifics that characterize the structure and functions of the World Bank, it is necessary to study the specifics of the activities of ICSID, or This organization contributes to the protection of the interests of partners participating in certain within the available legal procedures. ICSID deals with the elimination of possible non-economic barriers that accompany the interaction of states and enterprises in the process of international cooperation. The institution in question implements its functions through two main mechanisms - conciliation, as well as arbitration proceedings. ICSID services are paid, participation in them is voluntary.

Features of WB loans

Let us study the specifics of loans that are provided in order to solve the main task that is in the competence of an institution such as the World Bank - the development of states with a lagging economy. The organization provides loans in two main varieties. First, this investment loans. They are provided for the purpose of financing industrial sectors in the economies of developing countries, as well as in other segments of economic systems that are important in terms of solving socio-economic problems. Secondly, it is aimed at stimulating political development countries. Obtaining them presupposes that the states carry out the necessary reforms.

Advisory support

In some cases, the World Bank may perform functions that are actually reduced to mediation between other financial institutions or investors and governments of countries in need of financial support. So, for example, obtaining the necessary loans by the state in some cases may be associated with the need for their economies and political systems to meet certain criteria that lenders want to see. The activities of the World Bank may thus be associated with advisory support to governments of states for the implementation of measures aimed at achieving compliance with the national economic and political systems the necessary criteria.

WB Group activity strategy

The main areas of WB activities, both in the region credit policy, and in the field of consulting services, are recorded in a separate document - the Strategy for the activities of the WB Group. This source is used as a key source in the interaction of the World Bank with the governments of states that are in need of financial assistance. At the same time, the strategy is of a framework nature. Specific areas of WB activity in the field of assistance to an individual state are being worked out based on the specifics of its economy and political system.

Sources of activity financing

So we've explored some of key aspects activities of an institution such as the World Bank. The decoding and functions of this organization are also known to us. Let us now study such an aspect of WB activities as raising funds to finance activities. What are the sources of this international organization?

There are different ways to attract WB Money for development, as well as the performance of key functions. For example, with regard to IBRD loans to developing countries, the relevant financial resources raised through the sale of bonds with a high rating. Another source involved in the activities of the WB is equity, which is contributed by the member countries of the organization. This resource is also used to fulfill obligations related to servicing debt obligations to the IBRD. The WB also has more than 193 billion US dollars at its disposal. In practice, the organization has not yet used this resource, but it has such a right.

WB and other international organizations

So we have studied key features that characterize the World Bank. We also know the full name and functions of this institution. Is it possible to say that the WB is a unique institution of its kind? Partly it is. But there are a number of international organizations whose functions have certain signs of similarity with the activities of the World Bank. Let's consider some examples.

In particular, the functions of the World Bank and OPEC have a certain proximity. The fact is that a significant percentage of the states that are members of the Organization of Petroleum Exporting Countries belong to the category of developing countries. The functions of OPEC are expressed, in particular, in stimulating the development of their economy through well-established procedures for exporting the corresponding type of raw materials to world markets.

World Bank and IMF

The functions and role of the World Bank in the global economy are sufficiently close to those of these organizations. These organizations are also united by the fact that both of them were established with the aim of restoring the economies of the countries of the world after the Second World War. The principles of building the organizational structure of the WB and the IMF are quite close. So, for example, the size of the contribution of a state to the total capital of an institution determines the degree of its influence on the activities of the institution. The similarity of the functions of these organizations can be seen in the fact that they are concentrated around solving problems of stimulating the economic development of countries in need of external financial support, for example, due to a balance of payments deficit.

The World Bank (hereinafter referred to as the Bank or WB) is an intergovernmental financial and credit organization, the most powerful global investment institution, uniting 182 shareholder states. Established simultaneously with the IMF. The WB was originally called upon, with the help of the funds accumulated by the member countries and the attracted capital of American investors, to stimulate private investment in Western European countries, whose economies were undermined by the Second World War.

From the mid-1950s, when the situation in the Western European countries stabilized and the colonial system began to disintegrate, the World Bank changed the direction of its activities. Its main goal is to preserve the newly-free states within the framework of the world economic system by developing market relations in them.

According to the charter of the World Bank, only members of the IMF can become its members.

The areas of activity of the Bank are:

• provision of loans, grants and technical assistance, primarily in infrastructure sectors of the economy;
• provision of consulting, analytical and training services;
• stimulating the inflow of investments into the country from other international financial sources.

  The main tasks of the Bank:

  1. Coordination of the movement of capital on a global scale.
  2. Elimination of political and economic differences between developed and developing countries.
  3. Stabilization of the world economy.
  4. Work as a leading intellectual center.

  Directions of the current activity of the Bank:

  1. Development of a poverty reduction strategy.
  2. Work in the field of labor resources.
  3. Organizational development.
  4. Environmental Protection.
  5. Dealing with debt problems.
  6. Development of the private sector.

  The World Bank provides loans to developing countries to alleviate poverty and finance investment that promotes economic growth. The funds provided are invested in roads, power plants, schools and irrigation networks, and are also used for activities such as the promotion of agricultural knowledge and the introduction of achievements in the field of agriculture. Agriculture, training of teachers and implementation of programs to improve the quality of nutrition of children and pregnant women. Some World Bank loans are designed to finance changes in economic system countries in order to increase their economic stability and efficiency, focus on market economy. In addition, the World Bank provides "technical assistance", or advice, from its experts to national governments to help them improve the efficiency of certain sectors of the economy and enhance the importance of these sectors for national development.

  Managment structure. 1. All powers of the Bank are vested in the Board of Governors. Each WB member state is represented on the Council by one governor. This is usually a government official at the ministerial level. With the exception of certain powers (admission of new members, increase or reduction of the authorized capital, suspension of the membership of any state), the governors delegate their powers to the Board of Executive Directors.

  2. The Board of Executive Directors is responsible for the implementation of the main operational activities- the Bank's policy, offers for loans and credits, auditing accounts, administrative budgets, annual reports on the policies and operations of the Bank.

  3. Development Committee - a joint ministerial committee of the Boards of Governors of the World Bank and the IMF on the transfer of real resources to developing countries. It addresses issues such as poverty reduction, private sector development, the impact of industrial developed countries on developing countries, debt reduction.

  4. President of the Bank, who is (traditionally) nominated by an executive director representing the United States of America. But he is elected by the Board of Executive Directors.

  The President of the World Bank is responsible for the day-to-day management of the Bank's operations and, in the overall direction of the Board of Directors, for organizational structure Bank, for the appointment and dismissal of its employees. The President directs a staff of more than 7,100 people from more than 100 countries through three Managing Directors who oversee the activities of the Bank's employees in certain areas.

  Formation of the Bank's resources. The authorized capital of the World Bank, formed by subscription of member countries to its shares, initially did not exceed 10 billion US dollars. The reorientation of the Bank's activities to the vast region of developing countries forced the management to constantly increase its lending resources. As a result, subscribed capital by the mid-1990s. reached 165 billion US dollars.

  Thus, at present, the World Bank, in terms of its share capital, has become the largest bank in the world. Despite a sharp increase in the Bank's capital in the 1980s, the paid-in portion fell to 7% of the amount of the Bank's shares distributed among member countries. The rest of the subscription may be claimed by the Bank only if it does not have the resources to urgently repay its obligations.

  It is this (most) part that serves as the guarantee fund under which the World Bank borrows significant funds, primarily in the global financial market, issuing bonded loans to expand its credit operations. In this way, the Bank facilitates the export of capital from industrialized countries to developing countries, acting as an intermediary between them and providing private investors with a double guarantee - the WB itself and the governments of member countries. Therefore, private banks and others financial institutions willingly invest free capital in the Bank's bonds, the debt on which by the mid-90s. reached 92 billion US dollars. Receiving a solid return on these highly priced bonds (about 7% per annum on average), investors are freed from risk.

  AT last years The Bank acts as the largest borrower in the global financial market, taking the largest share among interstate investment banks in the amount of bonded loans issued by them. Yes, since the late 1970s. WB issues bonds for an average of 5 billion US dollars annually, and in the 90s. this issue reached a record amount of 12.7 billion US dollars (out of 7% per annum). Thus, the Bank maintains a relatively high level loan interest, which is in the interests of private investors looking for the most profitable terms investment of their capital. Consequently, the World Bank from the very beginning of its activity has a significant impact on international movement long term capital. It was through him that the private capital of the United States, and later of other industrialized countries, went in a wide stream to the countries of Asia, Africa and Latin America, which contributed to the resumption of the export of capital, interrupted by the global economic crisis 1929-1933 and the second world war.

  The share capital is distributed according to the appropriate formula based on the quotas of the IMF member countries, and the votes of the member countries are distributed in proportion to the number of shares they own. The United States currently holds the largest share of the vote (17.07%), followed by Japan (7.09%), Germany (5.48%), France (5.26%) and the United Kingdom (5.26%).

  At the time of the establishment of the World Bank, it was one organization - the International Bank for Reconstruction and Development (IBRD). In subsequent years, the Bank has other divisions. The International Finance Corporation (IFC) was formed in 1956 to promote the growth of the private sector in developing countries by advising and investing in these countries without government guarantees. In 1960, the International Development Association (MAP) was established, which was entrusted with providing assistance to the world's poorest countries on favorable terms. In 1988, the Multilateral Investment Guarantee Agency (MIA) was established to promote foreign investment in developing countries by insuring investors against political risks.

  These divisions were created for different purposes, and each has its own charter and its own members. The President of IBRD is also President of each division, and the same Board of Executive Directors governs the activities of IBRD, IFC, and MAP. MIGA has its own Board of Directors, the majority of whose members are members of the IBRD's Board of Executive Directors. IBRD, MAP, IFC and MIGA together form the World Bank Group.

  The WB group also includes two more organizations:

  The International Center for the Settlement of Investment Disputes (ICSID), established in 1966, with the functions of an adviser and arbitrator in conflicts that may arise between its member states, and foreign investors who have invested in the economy of these states;

  A Special Relief Fund for South Africa, established in 1985, to which special funds were placed for the provision of emergency assistance poor African countries that have embarked on major structural reform programs.

The World Bank

The International Development Association, established in 1960, for example, specializes in providing loans to the world's poorest countries. The International Finance Corporation (1956) finances only highly profitable enterprises in countries with a relatively high level of development. One of the main objects of lending is the manufacturing industry. In the 1990s The International Finance Corporation was the main agent for the formation stock markets in developing countries. The World Bank Group accounts for a total of about 2/3 of the total funds received in the form of loans by developing countries.

Formally, the World Bank has the status of a specialized agency of the UN, but after some friction over relations with the UN that took place at the beginning of the work of the World Bank, the bank insisted on autonomy and functions as an independent international organization. The International Bank for Reconstruction and Development is the parent institution within the World Bank.

Like the IMF, it was created on the basis of the Bretton Woods agreements of 1944. The articles of the agreement (charter) entered into force on December 27, 1945, and it began to actually function on June 25, 1946.

It is noteworthy that only countries that have joined the IMF can be members and recipients of IBRD loans.

This is because members of the World Bank Group must conduct their financial and economic policy, guided by the statutory and other requirements of the IMF. Members of other organizations belonging to the World Bank Group, in turn, can only be members of the IBRD. Thus, the World Bank forms with the IMF a single institution for managing the development of the world economy and world finance.

The headquarters of the World Bank is located in Washington, near the headquarters of the International Monetary Fund. The official goals of the IBRD are: to assist in the reconstruction and development of the economies of member states by "promoting investment for productive purposes"; encouragement of "development of production in economically less developed countries"; encouragement of private investment abroad by guaranteeing loans provided by private entities or participating in such loans; granting loans from own or borrowed funds.

The authorized capital of the IBRD is formed from contributions from member states. Initially authorized capital did not exceed $10 billion, in 1998 it was $190.8 billion, and as of June 30, 2009 it was already $1,574.3 billion, i.e., it increased by almost 158 ​​times over the entire period, and The most rapid growth took place in the 2000s.

The members of the World Bank Group organizations are 187 states in the IBRD, 170 in the IDA, 182 in the IFC, 175 in the MIGA, and 147 in the ICSID. Thus, the members of the World Bank Group, in fact, the objects of management, are almost all countries of the world. As in the IMF, the share sizes of member countries are not the same. The 15 IBRD member states with the largest percentages of shares are shown in Fig. 6.11.

As in the IMF, according to the charter, in order to make the most fundamental, strategic decisions, it is required to receive at least 85% of the votes of the World Bank shareholders. This provision allows the US to block the adoption of decisions that do not suit them.

The overwhelming majority of resources for granting loans (up to 95%) are attracted by the International Bank for Reconstruction and Development by issuing and placing bonds on the world financial markets, which are purchased by private banks and other financial institutions. The bank's bonds have the highest reliability rating. IBRD is the main borrower in the world capital markets and the largest non-resident borrower in all countries where its securities are sold. So he plays important role intermediary in the international redistribution of loan capital.

Organizational structure of the World Bank

The highest governing body of the World Bank is the Board of Governors, which consists of the ministers of finance or heads of central banks of the member states. Its sessions, which take the most important decisions that determine the bank's policy, are held once a year and are held in conjunction with meetings of the Board of Governors of the IMF.

The executive body is the board of directors (directorate). The Board of Directors is responsible for the overall management of the World Bank, including the approval of all loans and guarantees, and other decisions relating to the operation of the bank. The President of the World Bank is elected by the Board of Directors for a five-year term and can be re-elected an unlimited number of times. He presides over meetings of the directorate and is responsible for managing the day-to-day activities of the bank.

The World Bank, according to informal agreements, is constantly headed by an American. Throughout the history of the World Bank, it has always been led by notable individuals (Table 6.2).

An analysis of biographies of World Bank presidents shows that at least 8 out of 11 presidents were closely associated with the US Federal Reserve.

The World Bank provides two main types of loans: investment loans and development loans (originally called Structural Adjustment Loans). The priority objectives of the loans are: privatization, trade liberalization, education and healthcare reforms, investments in infrastructure facilities (energy, transport, communications), as well as the development of agriculture. By providing such loans, the bank gives the borrowing country recommendations on economic policy issues, makes requirements that are basically similar to those of the IMF.

When deciding whether to grant a loan, the World Bank requires the borrowing country to provide extensive information on the state of its economy and sends its missions there for this purpose. Each loan must be guaranteed by the government of the country. During project implementation, the bank monitors the use of funds and evaluates the results of the project.

Initially, the main goal of the IBRD was to mobilize private capital to assist in the reconstruction of the economy in countries affected by the Second World War. The bank coordinated its activities with the Marshall Plan program. Then the IBRD actually did not go beyond project financing.

In the 1980s one of the fundamental principles of its credit policy is being revised - the principle of granting loans almost exclusively for specific objects, and the practice of granting loans for structural adaptation is being introduced.

That is, in fact, the bank is reoriented to the management of economic reforms.

Imposed demands include: the weakening of state influence on the economy, reforms in the field of public finances, price liberalization and the abolition of their control, export promotion, reliance on private capital in the development of the economy. The World Bank clearly aligns its policies and requirements with the IMF. A single beginning is obvious.

Since 1998, the World Bank has focused on developing financial sector. In terms of resources allocated in fiscal year 1998, it came out on top. Its share was about 22% against 6% in the previous year. The bank associated the problem of overcoming the Asian crisis, first of all, with the development financial market and financial system. In the same way, the bank decided to emerge from the global crisis of 2008. The resources poured into the financial and private sector, continue to increase (Fig. 6.12).

Making a profit is not the main motive in the activities of the World Bank. However, he invariably balances his balance sheet with a profit. After the collapse of the Soviet Union post-Soviet countries also became the focus of the Bank's policy. Russia became a member of the World Bank less than 20 years ago (in 1992), but is already one of the largest borrowers in the history of the World Bank (Figure 6.13).

It is noteworthy that among the ten countries on which the World Bank has spent the most resources in its history, the projects implemented in Russia were the most expensive (Table 6.3).

This means that the projects implemented in Russia were the largest and most costly. In the 1990s privatization, land and agricultural reforms, modernization of tax system, restructuring of the coal mining industry. The World Bank also allocated significant sums for the training of managerial and financial personnel, the development of the stock market, and the reform of the electric power industry. In this sense, the "successes" of Russia's economic development were programmed, among other things, by the World Bank.

Since 1997, the World Bank has provided Russia with more than $160 million to implement projects in the field of education: to “improve” the quality of textbooks and introduce the Unified State Examination.

About 75 new "modernized" titles of textbooks were released, with a total circulation of more than 20 million copies. Among the ongoing projects of the World Bank in Russia: health care reform, reform of the judiciary, reform of housing and communal services. The World Bank also finances the fight against corruption. That is "success" social development Russia was also programmed by the World Bank.

The World Bank supports economic reforms only those listed above. But in many cases they have a destructive effect on national economies and lead to an increase in mortality, corruption, crime, etc. The example of Russia clearly shows how much damage all these projects have caused to the country's main life potential.

There are independent analytical assessments of the results of the World Bank's activities. During the period from 1980 to 2003, 105 states received its loans and grants. As a result, in 39 countries the gross domestic product decreased, in 17 - the GDP growth was minimal (from 0 to 1%), in 33 - moderate (1-4%). Only 12 beneficiaries were able to significantly increase the pace of economic development. The situation is even more depressing in Africa. Here, 48 states received World Bank money, but only 3 of them were able to successfully develop economically, and in 23 countries an economic recession was noted.

It is safe to say that the World Bank has become an instrument of American foreign policy.

The United States periodically blocks the allocation of loans and grants to unwanted states of the world, supports projects that are beneficial to transnational corporations (90% of which have a "registration" in the United States). Undoubtedly, the World Bank is an institution of globalization, which is one of the key agents in the formation of a new world order.

Thus, the BIS, the IMF and the World Bank have a common focus of their actions to implement the neoliberal model of the development of the world economy. From which it follows that these international financial and economic organizations play the role not so much of regulators as of actors in implementing the idea of ​​a monopolar world configuration. Therefore, the global results of such “regulation” are not accidental.