History of World Bank in Timeline
The World Bank, comprised of the IBRD and IDA, is an international institution established in 1944 to provide financial assistance to developing countries. Initially focused on post-war reconstruction, the World Bank shifted its focus to aiding developing nations in the 1970s. In recent decades, its loan portfolio has expanded to include NGOs and environmental projects, aligning with the UN's Sustainable Development Goals and incorporating environmental and social considerations.
1944: Bretton Woods Conference and the World Bank's Establishment
The World Bank was established in 1944 during the Bretton Woods Conference, alongside the International Monetary Fund, marking the beginning of its mission to aid war-torn and developing nations.
1944: World Bank's Origins at Bretton Woods
The World Bank, along with the IMF, was established during the 1944 Bretton Woods Conference, with a tradition of American leadership.
1947: Marshall Plan and a Shift in Focus
With the implementation of the Marshall Plan in 1947, the World Bank further shifted its focus towards non-European nations, adapting to the changing geopolitical landscape.
March 1955: Establishment of the Economic Development Institute (EDI)
In March 1955, the Economic Development Institute (EDI) was established with support from the Rockefeller and Ford Foundations to facilitate discussions on development policies and programs among senior officials from developing nations.
1960: Establishment of the International Development Association
In 1960, the International Development Association (IDA) was founded, marking a significant step towards providing soft loans to developing nations and further solidifying the World Bank's mission.
1968: McNamara's Influence and Expansion of Funding Sources
Under Robert McNamara's presidency, starting in 1968, the World Bank sought new funding sources beyond traditional lenders, significantly impacting its lending capacity.
1968: Expansion of Lending Scope
Until 1968, the World Bank primarily focused on infrastructure loans. However, this changed as its lending scope expanded to encompass social services and other vital sectors.
1970: Study Period Begins on World Bank Project Allocation
A study commenced in 1970 to examine the allocation of World Bank projects and its potential correlation with countries' positions on the UN Security Council.
1974: Conservative Lending Practices
Prior to 1974, the World Bank maintained conservative lending practices, focusing on smaller loans and strict criteria for loan applications to ensure fiscal responsibility.
1974: Shift Towards Basic Needs Lending
Starting in 1974, the World Bank shifted its focus towards addressing the basic needs of people in developing countries, expanding its loan portfolio and targeting social services.
1976: Rise of Third World Debt
Between 1976 and 1980, the developing world experienced a significant increase in debt, partly attributed to the expanded lending practices of institutions like the World Bank.
1979: World Bank Implements Structural Adjustment Loans
In response to the 1979 energy crisis, the World Bank introduced structural adjustment loans to provide aid to struggling countries, while also imposing policy changes aimed at reducing inflation and fiscal imbalances.
1980: Clausen's Presidency and Shift in Direction
Alden W. Clausen became the World Bank's president in 1980, ushering in a new era with a change in leadership and a shift in the bank's mission and priorities.
1980: End of an Era: Transition from Basic Needs Lending
By 1980, the World Bank's period of intensive focus on basic needs lending came to an end, marking a transition towards new priorities and approaches.
1980: Establishment of the World Bank Administrative Tribunal
In a significant development concerning internal accountability, the World Bank established the Administrative Tribunal in 1980 to address staff disputes and ensure fairness.
1980: Peak of Third World Debt Increase
The period from 1976 to 1980 saw a concerning trend of rising Third World debt, raising questions about the sustainability of lending practices.
1981: Development Business Becomes Official Source for World Bank Procurement Information
Following an agreement between the UN and the World Bank in 1981, Development Business was designated as the official source for the World Bank's Procurement Notices, Contract Awards, and Project Approvals.
1982: Shifting Focus and the Appointment of Anne Krueger
Anne Krueger's appointment as Chief Economist in 1982 signified a notable shift in the World Bank's economic approach, sparking debate with her critical views on development funding.
1988: Protests and Criticisms of the World Bank
In 1988, the World Bank faced criticism and protests stemming from concerns about its impact on economic development and inflation, highlighting growing dissent towards its policies.
1989: Incorporating Environmental Concerns and NGO Collaboration
Responding to criticism, the World Bank began incorporating environmental considerations and collaborating with NGOs in 1989, marking a turning point in its approach towards sustainable development.
1991: Protecting the Amazon and Sustainable Development
In 1991, the World Bank pledged to avoid financing projects harmful to the Amazon rainforest, signifying a significant step towards aligning its operations with environmental preservation.
1998: Development Business Goes Online
In 1998, the agreement between the UN and the World Bank concerning Development Business was renegotiated, including the creation of an online version of the publication. This marked a significant step in making information about development projects more accessible.
1999: World Bank and IMF Introduce Poverty Reduction Strategy Paper Approach
In 1999, the World Bank and the International Monetary Fund (IMF) replaced structural adjustment loans with the Poverty Reduction Strategy Paper approach, reflecting a shift in focus toward poverty reduction and acknowledging the negative social impacts of earlier policies.
2000: Continued Criticisms and Protests
Further protests erupted in 2000, directed at the World Bank's policies, indicating ongoing controversies surrounding its practices and governance.
2000: EDI renamed to World Bank Institute (WBI)
The Economic Development Institute (EDI) was renamed to the World Bank Institute (WBI) in 2000, signifying a change in the organization's focus and approach to development.
2000: World Bank's "War on AIDS"
The World Bank declared a "war on AIDS" in 2000, highlighting its growing involvement in global health initiatives.
2002: World Bank Oslo 2002 Protests
In 2002, protests against the World Bank took place in Oslo, Norway, reflecting growing global dissent against the organization's policies and practices.
2004: Study Concludes on World Bank Project Allocation and UN Security Council Membership
A study concluded in 2004 revealed a correlation between the allocation of World Bank projects and countries' membership on the UN Security Council, suggesting potential bias in project allocation.
May 2006: Launch of GDLN Asia Pacific
The Global Development Learning Network (GDLN) Asia Pacific was launched in May 2006 at a regional meeting in Bangkok. As an independent entity from the World Bank, it aims to promote knowledge exchange and collaboration across the Asia Pacific region.
December 2007: Aid Pledges for Poorest Countries
On December 15, 2007, forty-five countries pledged a total of US$25.1 billion in aid to support the World Bank's International Development Association (IDA), which assists eighty of the world's poorest countries.
2007: 2007 October Rebellion
The 2007 October Rebellion, marked by widespread protests and demonstrations, highlighted the ongoing criticism and resistance against the World Bank's policies and their impact.
December 2009: Clean Technology Fund and World Bank's Role
The World Bank was temporarily managing the Clean Technology Fund (CTF) with the aim of making renewable energy more cost-competitive. However, there were concerns about the Bank's continued investments in coal-fired power plants.
November 2010: Increase in Executive Directors
Effective November 2010, the number of executive directors on the boards of the World Bank Group increased to 25.
April 2011: Launch of JUSTPAL Network
The Justice Sector Peer-Assisted Learning (JUSTPAL) Network was launched in April 2011 by the World Bank's Poverty Reduction and Economic Management (PREM) Department. This network aims to provide a platform for justice professionals to share knowledge and best practices to improve justice systems globally.
2011: World Bank's Climate Change Adaptation Aid
In 2011, the World Bank dedicated $2.3 billion to climate change adaptation.
2011: Joining the Fight Against Tuberculosis
In 2011, the World Bank further strengthened its commitment to global health by joining the Stop Tuberculosis Partnership, expanding its role in combating infectious diseases.
March 2012: Nomination of Jim Yong Kim
In March 2012, U.S. President Barack Obama nominated Jim Yong Kim for World Bank president.
April 2012: Election of Jim Yong Kim
Jim Yong Kim was elected as the president of the World Bank in April 2012.
2012: Challenge to US-Centric Leadership
For the first time in 2012, non-US citizens were nominated for the World Bank presidency, challenging the long-standing tradition of US leadership and potentially impacting the bank's future direction.
2012: Criticism of US Leadership at the World Bank
In 2012, The Economist criticized the tradition of the World Bank being led by an American, a practice stemming from the US being the largest financial contributor to the bank. This practice raised concerns about fairness and potential bias in the bank's operations.
2012: World Bank Report on Climate Change
In 2012, a World Bank report on climate change highlighted that there was a 20% chance of global warming exceeding 4 degrees Celsius by 2100, even if existing mitigation pledges were implemented. The report stressed the global vulnerability to climate change impacts.
2012: Statement by Jim Yong Kim
No specific event title can be extracted, as this excerpt only mentions that Jim Yong Kim, the World Bank president, made a statement in 2012. Further context is required from the original text.
2012: Doubling of Climate Change Adaptation Aid
The World Bank doubled its climate change adaptation aid to $4.6 billion in 2012. The planet's temperature had risen by 0.8 °C since pre-industrial times, and the bank projected that a 2 °C increase would occur within 20 to 30 years.
2012: World Bank Receives SPARC Innovator Award
The World Bank received the SPARC Innovator 2012 award in recognition of its efforts to make its data and models publicly available in a reusable format. The bank published its data and models under a Creative Commons Attribution License.
2013: Start of Jim Yong Kim's Presidency and Controversial Bonus to CFO
Jim Yong Kim's presidency at the World Bank began in 2013, a period marked by criticism of his financial management and a controversial bonus awarded to the bank's CFO.
December 2014: Subscriptions and Voting Power of Member Countries (December 2014 Data)
This entry likely contained a table outlining the subscriptions and corresponding voting power of the top 20 member countries in various World Bank institutions as of December 2014.
March 2015: Subscriptions and Voting Power of Member Countries (March 2015 Data)
This entry likely contained a table outlining the subscriptions and corresponding voting power of the top 20 member countries in various World Bank institutions as of March 2015.
2015: Millennium Development Goals Progress and Criteria
By 2015, progress was made toward the Millennium Development Goals. However, six criteria were identified as crucial for fully achieving these goals.
2015: Target Date for Ozone-Depleting Chemicals Phase-Out
The World Bank set a target date of 2015 to phase out 95% of ozone-depleting chemicals, demonstrating a commitment to environmental protection alongside development goals.
2016: End of Bertrand Badré's Tenure as World Bank CFO
Bertrand Badré's term as the World Bank CFO ended in 2016. His tenure was marked by controversy surrounding a significant bonus he received, which sparked debates about transparency and ethics within the organization.
December 2017: World Bank's Announcement on Fossil Fuel Financing
In December 2017, World Bank President Jim Yong Kim announced that the institution would cease financing fossil fuel development projects.
2017: Re-election of Jim Yong Kim
Jim Yong Kim was re-elected for a second term as president of the World Bank in 2017.
October 2018: Implementation of New Environmental and Social Framework
A new Environmental and Social Framework, developed by the World Bank, was implemented starting October 1, 2018.
February 2019: David Malpass Appointed President of the World Bank
David Malpass was appointed as the President of the World Bank in February 2019 by then-US President Donald Trump. Malpass had previously served as undersecretary of the US Treasury.
February 2019: Resignation of Jim Yong Kim
Jim Yong Kim resigned from his position as president of the World Bank, effective February 2019.
April 2019: Appointment of David Malpass
David Malpass was appointed as the new president of the World Bank in April 2019, succeeding Jim Yong Kim.
November 2019: Calls to End World Bank Fossil Fuel Funding
In November 2019, EU finance ministers and various civil society groups, including Extinction Rebellion, called for an end to the World Bank's funding of fossil fuels.
2019: World Bank's Continued Fossil Fuel Investments
Despite the World Bank's 2017 announcement to halt fossil fuel financing, a 2019 investigation revealed that the bank continued to invest in oil and gas projects. The investigation found that fossil fuel investments constituted a larger portion of the bank's energy lending portfolio compared to renewable energy projects.
2019: Integration of WBI Functions into GOKMU
In 2019, a significant portion of the World Bank Institute's functions were absorbed by the Global Operations Knowledge Management Unit (GOKMU), which now handles knowledge management and learning within the World Bank.
January 2020: World Bank's Pandemic Emergency Financing Facility Faces Criticism
In January 2020, the World Bank faced criticism for the slow response of its Pandemic Emergency Financing Facility (PEF) to the COVID-19 pandemic. The fund's terms and conditions, particularly the 12-week delay in releasing funds after the initial outbreak detection, were deemed inadequate and slow in addressing the urgent need for pandemic response resources.
September 2020: World Bank's COVID-19 Vaccine Plan
In September 2020, the World Bank announced a $12 billion plan to support vaccine distribution in low and middle-income countries during the COVID-19 pandemic.
2021: Data Manipulation Scandal in World Bank's Doing Business Report
In 2021, an independent investigation revealed that World Bank leaders, including then-Chief Executive Kristalina Georgieva and President Jim Yong Kim, had pressured staff to manipulate data in the Doing Business report to improve the rankings of certain countries, including China, Saudi Arabia, Azerbaijan, and the United Arab Emirates.
2021: World Bank's Support for Kazakhstan's Decarbonization
The World Bank offered support to Kazakhstan in 2021 to assist the country in achieving its decarbonization and carbon neutrality objectives.
June 2022: World Bank's COVID-19 Vaccine Allocation
By June 2022, the World Bank reported allocating $10.1 billion to supply vaccines to 78 countries as part of its COVID-19 response.
2022: World Bank's Structure and Initiatives in 2022
As of 2022, the World Bank operates under the leadership of a president, executive directors, and vice presidents, focusing on poverty reduction through loans, global partnerships, and initiatives like climate change mitigation.
2022: World Bank Invests Billions in Fossil Fuels
Throughout 2022, the World Bank directed billions of dollars toward fossil fuel projects, a move that sparked criticism and raised concerns about the organization's commitment to environmental sustainability.
May 2023: Uganda Enacts Controversial Anti-Homosexuality Law
In May 2023, Uganda enacted a new law against homosexuality, sparking international condemnation and drawing criticism for its potential to incite discrimination and violence.
May 2023: Leaked Recordings Reveal Favoritism Allegations Against World Bank President's Son
In May 2023, leaked recordings of World Bank staff surfaced, referring to Robert Malpass, son of then-president David Malpass, as a "prince" and suggesting preferential treatment due to his father's position. This sparked controversy and raised concerns about nepotism within the institution.
June 2023: Appointment of Ajay Banga
Ajay Banga was appointed as the new president of the World Bank in June 2023. He is the first Indian American to hold the position.
August 2023: World Bank Halts Loans to Uganda Over Anti-Homosexuality Law
In August 2023, the World Bank announced the suspension of new loans to Uganda, citing the country's recently enacted anti-homosexuality law as contradictory to its values on human rights. This decision, supported by the United States, aimed to pressure Uganda to reconsider the legislation but was met with resistance from Ugandan officials.
September 2023: World Bank Criticized for Fossil Fuel Investments
In September 2023, the World Bank faced criticism for investing billions of dollars in fossil fuel projects in 2022, contradicting its pledges to support green initiatives and combat climate change. Campaigners estimated around $3.7 billion in trade finance went to oil and gas projects.
2023: Appointment of Ajay Banga and Criticism of Former President
Ajay Banga was appointed as the new president of the World Bank in 2023, with support from US President Joe Biden, partly due to his stance on climate action. This followed criticism of former president David Malpass for challenging the scientific consensus on climate change.
