CURRENT AFFAIRS

Detailed explanation-1: -Ever since the World Bank opened for business on June 25, 1946 the address of its headquarters has been 1818 H Street N.W., Washington, D.C. During the first Board of Governors meeting in Savannah, Georgia, in March 1946, the city of Washington was chosen as the future site of the World Bank.

Detailed explanation-2: -With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.

Detailed explanation-3: -World Bank President Robert McNamara coined the term “absolute poverty” in his 1973 Annual Meeting speech, and was the first to communicate the World Bank’s twin goals: “…to accelerate economic growth and to reduce poverty.” (World Development Report, 1978).