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with activities related to country programming and processing of new
loans and technical assistance projects; and help ensure project
quality.
15.7 SUMMARY
Of all the international financial organisations, the most familiar
is the World Bank, formally known as the International Bank for
Reconstruction and Development (IBRD). The World Bank has two
affiliates that are legally and financially distinct entities, the
International Development Association (IDA) and the International
Finance Corporation (IFC). Exhibit 1 provides a comparison among
IBRD, IDA and IFC in terms of their objectives, member countries,
lending terms, lending qualifications as well as other details. All three
organisations have the same central goals: to promote economic and
social progress in poor or developing countries by helping raise
standards of living and productivity to the point at which development
becomes self-sustaining.
Toward this common objective, the World Bank, IDA and IFC
have three interrelated functions and these are to lend funds, to
provide advice and to serve as a catalyst in order to stimulate
investments by others.
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