The World Bank has a list of objectives, like any other institution. However, being a global or international institution, the objectives it has set are for all the nations of the world. Therefore, the role that objectives of the World Bank play have consequences on the world community. Moreover, being a financial institution, the World Bank has been the centre of developmental initiatives. This is because the World Bank aims for developing countries and provides them loans for capital programs. Hence, the World Bank has set the organisational objectives in such a manner that the aim can be established and fulfilled. 

World Bank Group

Under the World Bank, there are five institutions- the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), the International Centre for Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA). These institutions all work towards fulfilling the goals and objectives of the World Bank. It is therefore essential to note the contributions of these five institutions. 

Mission Statement of the World Bank

The World Bank runs on the two missions it has set:

  • End poverty in the world community- The World Bank aims to reduce the share of the population, at a global level, who live under extreme poverty to 3 percent. This mission keeps the institution going to create a better world for all. A world where the gap between rich and poor is minimised. Above all, where people have access to the basic resources or the necessities. 
  • Promotion of shared prosperity- The World Bank also aims to increase the income by 40 percent of the poorest people in every country. Therefore, the World Bank works across its 189 member countries to develop shared prosperity, especially in developing countries.

The mission is to carry on its institutional task using sustainable solutions. 

Objectives of World Bank

  • Development and Reconstruction- The World Bank aims to reconstruct and develop the economies devastated due to war. Also, it plans to provide financial assistance or aid to underdeveloped or developing countries like Pakistan, India, Sri Lanka, and so on.
  • Encouraging Capital Investment- The World Bank aims to educate and encourage private investors, from around the world, to invest capital for the World Bank’s mission. The private investors can do so by providing economic assistance on reasonable terms, partnering with the World Bank for development initiatives and projects, investing in production purposes in developing countries, and so on. 
  • Encouraging and promoting International Trade- The next objective of the World Bank is to promote, encourage and enhance international trade. Participation in trade generates revenue which is important for the growth of a country. The World Bank aims to maintain the equilibrium in the balance of payments among the member nations. Promoting long-range growth of trade shall enhance the living standards of people in all countries. 
  • Setting up of Peace Time Economies- World Bank aims to develop the economies of member nations which shall be based on principles of world peace and not war.
  • Environmental Protection- As much as the World Bank aims to develop financial assistance, it wants to do so in a sustainable manner or via sustainable solutions. The World Bank takes note of those countries who are working on environmental protection and aids them economically. 
  • Encourage long-term investments- World Bank encourages international investments for a longer-term, among member nations, to develop products, the standard of living, and so on.

Conclusion

Understanding what the objective of the World Bank is is the final outcome. The introduction explains the role of the institution and how it goes about its tasks. The World Bank Group section includes the sister organisation of the World Bank. The mission statement of the institution has also been included to understand the roots of the objectives or why they are framed. The main objectives have been enlisted and explained.