Definition: WorldBank.org is a global bank, but it does not belong to any particular country. It was established in 1960 to provide financial assistance to countries in Africa, Asia, Latin America, Europe, Australia, and other developing regions that are facing economic challenges. Its main purpose is to improve the quality of life for people living in those areas by financing infrastructure projects, education programs, and microcredit initiatives. The World Bank is a member-based organization, which means that it has members who represent different countries, sectors, and regions. It operates through various committees and boards, such as the Board of Directors, the Executive Committee, the Technical Advisory Councils, and the Policy Development Group. The board of directors is responsible for overseeing the work of the World Bank. The World Bank's headquarters are in Washington, D.C., but its offices around the world include branches in Africa, Asia, Latin America, Europe, Australia, and other regions. It has partnerships with governments, private sector companies, development organizations, and non-governmental organizations to provide financing for various projects. The World Bank is known for its focus on developing countries that face economic challenges, such as poverty, inequality, and social exclusion. Its programs include infrastructure development, education initiatives, microcredit loans, and other financial assistance to help these communities improve their lives. In summary, the word "World Bank" refers to a global bank established by the United Nations in 1960 to provide financing to countries facing economic challenges in Africa, Asia, Latin America, Europe, Australia, and other developing regions. The World Bank has branches and offices in various parts of the world and provides financial assistance to help countries improve their lives through infrastructure projects, education programs, and microcredit initiatives.
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