Canada and the World Bank
The World Bank Group's (WBG) twin goals are to eliminate extreme poverty by 2030; and boost shared prosperity through inclusive, sustainable economic growth and development. The WBG is made up of five institutions that collectively operate as the World Bank Group:
- International Bank for Reconstruction and Development (IBRD), established in 1945 supports middle income countries with non-concessional finance for projects and programmes.
- International Development Association (IDA), established in 1960 provides grants and zero-to-low-interest loans for projects and programmes in the poorest countries (less than US$1,145 per capita GNI).
- International Finance Corporation (IFC), established in 1956, offers investment (co-finance via loans and equity), advisory, and asset-management services to encourage private-sector development in developing countries.
- Multilateral Investment Guarantee Agency (MIGA), established in 1988 provides political risk insurance (guarantees) for private sector investments in developing countries.
- International Centre for Settlement of Investment Disputes (ICSID), established in 1966 settles investment disputes.
These organizations work together in every major area of development. They provide an array of financial products and technical assistance. They also help countries share and apply innovative knowledge and solutions to the challenges they face. In addition to the corporate functions and geographic divisions at the Bank, there are 15 Global Practices and five Cross-Cutting Solutions Areas to best address challenges in specific sectors. Global Practices include:
- digital development
- environment and natural resources
- finance, competitiveness and innovation
- health, nutrition and population
- jobs and development
- macroeconomics, trade and investment
- social protection
- social, urban and rural development, and resilience
Cross-Cutting Solutions Areas include:
- climate change
- fragility, conflict and violence
- gender equality
- infrastructure and public-private partnerships
- knowledge management
Canada's support for the World Bank Group
Canada is a founding member of the WBG, which has 188 member countries. Canada is the eleventh largest shareholder in the WBG and holds a permanent seat on the 25-member Board of Executive Directors. The Canadian Executive Director represents a constituency on the Board that includes Ireland and eleven Commonwealth Caribbean countries. Canada largest annual contribution to the World Bank is to IDA, the Bank’s concessional fund which provides low interest loans or grants to the poorest member countries. Canada is the sixth largest donor to this fund. Since 1960, Canada has contributed US$11.1billion and from fiscal year 2012 to 2013 to fiscal year 2019 to 2020, Canada’s average annual contribution was C$441.61 million.
Canada also supports several global and country level multi-donor trust funds at the World Bank Group including:
- Blended Climate Finance Program (Phase 2 of the IFC-Canada Climate Change Program established by Finance in 2011, renewed in 2018) – provides concessional co-financing to private sector climate mitigation and adaptation projects.
- Global Financing Facility in Support of Every Woman/Every Child
- Afghanistan Reconstruction Trust Fund
From 2014 to 2017, with the support of Canada and other donors, some of the results the WBG has delivered:
- 69.2 million children received immunizations
- 263.4 million people received essential health, nutrition and population services
- 23.7 million people were covered by social safety nets
- 61,054 kilometres of roads were built or fixed
- 34.2 million people received access to water
- 14.5 million people obtained access to better sanitation facilities
- 1,492 megawatts of renewable energy generation capacity were developed or upgraded
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