The World Bank is often criticized as being too focused on projects in developing countries. However, the organization says it is working to promote economic development in all countries. The bank has many programs that aim at promoting development and economic stability in countries. It also helps to support and develop new institutions that promote local economic development. Below is a look at some of the ways the World Bank goes about its efforts to promote development:
* Financial assistance – The World Bank provides financial assistance to countries for projects that can be used to enhance development. Many countries have programs that are supported by the bank. For example, South Africa has a program that uses micro loans to provide micro capital to businesses and other organizations. This money allows these organizations to expand and make investments in areas such as agriculture and small business development. In addition, this type of financing is used to provide training to local business owners. The bank is also providing a micro cap market to African countries through the participation in a micro cap exchange.
* Direct programs – The bank works with direct programs that provide grants and micro-credit to individuals. These grants can be used for various different types of development activities. Some of these programs include: agriculture, business improvement, basic health, family food programs, education, electricity, water management, transport, tribal empowerment, and women's entrepreneurship.
* Multifaceted projects – The bank works with several different types of multifaceted projects. These projects include: rural development, HIV/AIDS programs, energy projects, fisheries, and telecommunications. These projects help to improve the quality of life in developing countries. In addition, some of these projects directly improve the economic performance of the target country.
* Multifaceted projects run amuck – Many of the projects that the World Bank supports have what we might call an amount of woe. Many times, these projects are supported by the USA, European Union, or Japan. However, the projects often go on for years without any meaningful impact on the countries. And when they do start to show results, it's usually short term. This means the projects run amuck.
* Multifaceted programs designed to address very specific needs – The World Bank does not just give you one program to implement. In fact, there are multiple projects that the Bank brings to the aid of the developing countries. Each one has a goal and a method for achieving the goal. There are also a variety of different programs that address poverty in different ways. While some focus on economic development, others offer micro-credit schemes, for instance.
* Micro-Cap Markets – For the developing countries, the Bank provides micro cap markets. Micro cap is a term that describes the type of loan available to the private sector. The micro cap is usually issued by the Bank with an intention to let the private sector to finance small businesses in developing countries. Micro cap lending can also finance public works projects in order to help improve the quality of life for the . . . . . . people in the region. While this is good for overall development, there are many who criticize the lack of focus on infrastructure in micro cap situations.
Beyond economic growth and development, the World Bank also funds projects aimed at gender and human rights. One of the most notable examples are the projects aimed at ending genital herpes. While these projects have yet to produce results worthy of boasting, there are many other projects like this throughout the world that have actually made a difference. In most cases, these projects are focused on the development of education, health, and basic employment opportunities.