General Awareness: Important International Institution part-1

In civil services exams, many questions come from International Organization. In this section, candidates can score better by putting some efforts. So, in this article, we will discuss International Financial organization. We will cover remaining International Organization in upcoming articles.

Important International Organization part-1

Financial Organizations

World Bank

Founded in	1945
Headquarters	Washington D.C. (U.S.A.)
Head	Jim Yong Kim
India and World Bank	India was one of the 17 countries, prepared the agenda for the Bretton Woods Conference (June 1944), it is a founding member of WB
Remarks	The World Bank Group works in every major area of development. It provides a wide array of financial products and technical assistance, and help countries share and apply innovative knowledge and solutions to the challenges they face.

International Monetary Fund (IMF)

Founded in	1944
Headquarters	Washington D.C. (U.S.A.)
Head	Christine Lagarde
Members	The International Monetary Fund (IMF) is an organization of 189 countries.
India and IMF	India joined the IMF on December 27, 1945, as one of the IMF's original members.
Remarks	The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability solutions to the challenges they face.

World Trade Organization (WTO)

Founded in	1 January 1995
Headquarters	Geneva, Switzerland
Head	Roberto Azevêdo (Director-General)
Members	The WTO has 164 members and 22 observer governments. Liberia became the 163rd member on 14 July 2016, and Afghanistan became the 164th member on 29 July 2016.
India and WTO	India have been a WTO member since 1 January 1995 and a member of GATT since 8 July 1948.
Remarks	The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus contributing to economic growth and development. their interpretation and application. The current body of trade agreements comprising the WTO consists of 16 different multilateral agreements (to which all WTO members are parties) and two different plurilateral agreements (to which only some WTO members are parties).

Bank for International Settlements (BIS)

Founded in	May 17, 1930
Headquarters	Basel, Switzerland.
Head	Jaime Caruana
Members	It is an Organization of 60 Central Banks of different countries India is not among its members
Remarks	The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.

World Economic Forum (WEF)

Founded in	1971
Headquarters	Geneva, Switzerland.
Head	Klaus Schwab
Members	The World Economic Forum provides a platform for the world’s 1,000 leading companies to shape a better future. As a membership organization, the Forum engages businesses in projects and initiatives – online and offline – to address industry, regional and systemic issues.
Remarks	The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.

The Asian Development Bank

Founded in	19 December 1966
Headquarters	Mandaluyong, Metro Manila, Philippines
Head	Takehiko Nakao
Members	From 31 members at its establishment in 1966, ADB has grown to encompass 67 members—of which 48 are from within Asia and the Pacific and 19 outside.
India and ADB	India is a founding member of the ADB and is now the fourth largest shareholder.
Remarks	The Asian Development Bank aims for an Asia and Pacific free from poverty. Its mission is to help developing member countries reduce poverty and improve the quality of life of their people. As a multilateral development finance institution, ADB provides: loans technical assistance grants

New Development Bank

Founded in	During the sixth BRICS Summit in Fortaleza (2014), the leaders of BRICS nations signed the Agreement establishing the New Development Bank (NDB).
Headquarters	Shanghai, China
Head	K.V. Kamath
Members	Bank’s Articles of Agreement specify that all members of the United Nations could be members of the bank, however, the share of the BRICS nations can never be less than 55% of voting power. At present BRICS nations are the members of NDB
India and NDB	As a member of BRICS, India are one of the founding members of NDB, India has 20% shareholding and 20% of voting rights in NDB.
Remarks	The Bank will provide technical and financial assistance for projects to be supported by the NDB and engage in information, cultural and personnel exchanges with the purpose of contributing to the achievement of environmental and social sustainability.

The Asian Infrastructure Investment Bank (AIIB)

Founded in	16 January 2016 (Open for business) 25 December 2015 (Entry into force Articles of Agreement)
Headquarters	Beijing, China
Head	Jin Liqun
Members	The bank currently has 56-member states while another 24 are prospective members for a total of 80 approved members.
India and AIIB	Fund Shares of countries- China- 30.34 % India- 8.52 % Russia- 6.66 % Voting shares of countries- China- 26.06 % India- 7.5 % Russia- 5.92 %
Remarks	AIIB offers sovereign and non-sovereign financing for sound and sustainable projects in energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply, and sanitation, environmental protection, and urban development and logistics.