• Wed
  • Aug 27, 2014
  • Updated: 8:54pm

World Bank Group

The World Bank and the International Monetary Fund (IMF) were both created at the 1944 Bretton Woods Conference. The World Bank’s mandate is to lend to developing countries to fund capital programs to alleviate poverty. The IMF, an organisation of almost 200 countries, helps alleviate problems among member countries. Since the onset of the global financial crisis in 2008, the IMF has taken part in rescues of countries such as Greece.

World Bank cuts growth forecast for China to 7.6pc

The World Bank cut its forecast for economic growth in China this year to 7.6 per cent from its projection in January of 7.7 per cent.

Thursday, 12 June, 2014, 12:45am

World Bank approves first Russia investment since Ukraine crisis

The World Bank approved an investment in Russia for the first time since President Vladimir Putin annexed Crimea, overriding opposition from Canada and lack of support from the US.

5 Jun 2014 - 5:34am

Hongkongers No 4 in world in material well-being

Hongkongers are perched comfortably near the top of a global ranking of material well-being, a new World Bank study shows.

1 May 2014 - 7:46am 10 comments

Talking points

Our editors will be looking ahead today to these developing stories ...

World Bank chief heads to Beijing

25 Feb 2012 - 12:00am

Chinese economist a frontrunner for top World Bank role

Leading Chinese economist Justin Yifu Lin is a frontrunner in the race for the job of World Bank chief economist, bank sources and Professor Lin's assistant said yesterday.

19 Jan 2008 - 12:00am

End the power monopoly at global financial bodies

When the governing board of the World Bank meets this week, it is expected to endorse the nomination of US Deputy Defence Secretary Paul Wolfowitz as the bank's next president. In doing so, without giving serious consideration to any other candidate, the board will pass up a chance to introduce democracy to one of the world's leading anti-poverty institutions.

28 Mar 2005 - 12:00am

'11pc live in absolute poverty'

A new World Bank report concludes that at the end of 1998 China had 106 million people living in dire poverty, about 11.5 per cent of the population.

The problem stands out in ethnic minority areas despite a repeated pledge by mainland leaders to develop remote areas inhabited by ethnic minority groups.

14 Sep 2000 - 12:00am

Port firm gets IFC loan for expansion

Port operator China Infrastructure Group has received US$14 million in funding from the International Finance Corp (IFC) to aid its Zhapu port project in northern Zhejiang.

China Infrastructure said it planned to build a new port on 1.2 million square metres of reclaimed area next to its multipurpose and petroleum products port.

26 Oct 1999 - 12:00am

Germany backs dam project but other nations shy away

GERMANY has decided to back its companies tendering to supply turbines for the controversial Three Gorges Dam by offering government export credit guarantees.

No formal announcement has been made but sources say the German government is now satisfied that China can meet its requirements on environmental protection and the involuntary resettlement of over one million people.

27 Oct 1996 - 12:00am

World Bank head in Beijing

THE President of the World Bank Lewis Preston arrived in Beijing yesterday for a 10-day visit to China, the New China news agency said.

Preston is scheduled to meet Chinese banking officials to gain a better understanding of the economic development in the country and see how World Bank loans are being used, the official agency said.

4 Apr 1993 - 12:00am