What It Does: The World Bank is into issuing loans and grants to low-income and middle-income countries to finance public or capital projects. The World Bank also provides analytics and technical advice, supports policy reform, manages financial risk, and attracts private investments as well.
Mission: The World Bank’s mission is to sustainably end extreme poverty and promote shared prosperity across the world.
Size and Presence: The size of the World Bank’s workforce in the UK is not known, but the company has an office on the 6th Floor, Tudor Street, London.
Best Known For: The World Bank consists of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). This financial institution is known for its involvement in financing various projects to drive the economic growth of second-world and third-world countries.
The Good Bits: The World Bank offers its employees numerous benefits. The pay is very competitive. The work is exciting and meaningful. The work offers a rich and immersive experience.
The Not-So-Good Bits: The work involves frequent travels to distant, remote areas, which is not ideal for married employees with kids. The work-life balance is not ideal.
The World Bank came into existence in 1944 during the Bretton Woods Conference alongside the International Monetary Fund. By default, the World Bank organisation is presided over by an American, and its headquarters is situated in Washington, DC. At its inception, the United Kingdom and the United States were the most powerful nations at the conference. The aim of establishing the World Bank was to provide loans to developing countries and under-developed countries that couldn't access such loans otherwise. During its formative years, the World Bank was underfunded, and there was a leadership tussle between the president of the World Bank and the Executive Director in the US.
In 1947, the Marshall Plan was implemented, and many European nations sourced loans from alternative sources. This triggered the World Bank to focus on its non-European member nations. Between this year and 1968, the World Bank issued loans exclusively for the construction of infrastructural projects such as airports, seaports, and other projects that can enable the nation to repay the loan. During the 80s, the World Bank emphasised lending money to third-world service debt and policies capable of streamlining the emerging economies in the world. In 1989, after several criticisms, the World Bank started issuing loans to NGOs and Environmental Groups.
The World Bank incorporates certain core values, namely innovation, impact, integrity, respect, and teamwork, into its day-to-day activities. These values guide the way the organisation functions and the overall attitude of the workforce. The company cares about its employees and treats every worker with dignity regardless of their race, religion, political affiliation, gender, sexuality, or socioeconomic background. The employees are friendly with each other and willing to work as a team, creating a welcoming community for freshers and graduates. The dress code is formal.
Whether you're an intern or a new graduate, there's a bright future for you at the World Bank, thanks to the numerous training and development programs available. The World Bank has programs such as the Young Professionals Program, Bank Internship Program, Junior Professionals Program, Global Secondment Program, Legal Internship Program, Junior Professional Associates Program, Donor Funded Staffing Program, and many more. How far one can go in the organisation depends on dedication and commitment.
The period between applying and getting your appointment letter can be at least three months. The hiring process involves the following:
The World Bank pays its freshers an average salary of £45,000 yearly.
Through its Climate Change Action Plan, the World Bank intends to collaborate with members of the private sector to achieve the reduction of greenhouse gases in the environment.
There’s no widely published controversy involving the World Bank in the UK.