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Consider the following statements regarding 'World Bank Group':
1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.
2. International Financial Corporation provides assistance only to the private sector in developing countries.
3. India is a member of all the institutions of the World Bank Group.
1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.
2. International Financial Corporation provides assistance only to the private sector in developing countries.
3. India is a member of all the institutions of the World Bank Group.
Q. Which of the statements given above is/are correct?
- a)1 only
- b)2 and 3 only
- c)1 and 2 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding World Bank Group:1. Intern...
World Bank Group
The World Bank Group is an international financial institution that provides loans and grants to developing countries for capital programs. The group comprises five institutions:
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)
Statements and Explanation:
1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.
This statement is correct. The International Development Association (IDA) is a part of the World Bank Group that provides concessional loans and grants to the governments of the poorest countries of the world. These loans and grants are provided at very low-interest rates and are meant to support economic development and reduce poverty in these countries.
2. International Finance Corporation provides assistance only to the private sector in developing countries.
This statement is incorrect. The International Finance Corporation (IFC) is a part of the World Bank Group that provides assistance to both the private sector and the financial sector in developing countries. It provides financing, advisory services, and investment to help businesses grow and create jobs, and also supports the development of financial markets.
3. India is a member of all the institutions of the World Bank Group.
This statement is correct. India is a member of all the five institutions of the World Bank Group. India joined the World Bank in 1944 and has been a member since then. As a member, India can access the resources of the World Bank Group for its development programs.
Therefore, the correct answer is option 'C' - 1 and 2 only.
The World Bank Group is an international financial institution that provides loans and grants to developing countries for capital programs. The group comprises five institutions:
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)
Statements and Explanation:
1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.
This statement is correct. The International Development Association (IDA) is a part of the World Bank Group that provides concessional loans and grants to the governments of the poorest countries of the world. These loans and grants are provided at very low-interest rates and are meant to support economic development and reduce poverty in these countries.
2. International Finance Corporation provides assistance only to the private sector in developing countries.
This statement is incorrect. The International Finance Corporation (IFC) is a part of the World Bank Group that provides assistance to both the private sector and the financial sector in developing countries. It provides financing, advisory services, and investment to help businesses grow and create jobs, and also supports the development of financial markets.
3. India is a member of all the institutions of the World Bank Group.
This statement is correct. India is a member of all the five institutions of the World Bank Group. India joined the World Bank in 1944 and has been a member since then. As a member, India can access the resources of the World Bank Group for its development programs.
Therefore, the correct answer is option 'C' - 1 and 2 only.
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Community Answer
Consider the following statements regarding World Bank Group:1. Intern...
The World Bank Group consists of five organizations:
- The International Bank for Reconstruction and Development: The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries
- The International Development Association: The International Development Association (IDA) provides interest-free loans - called credits - and grants to governments of the poorest countries. So, statement 1 is correct.
- Together, IBRD and IDA make up the World Bank.
- The International Finance Corporation: The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. So, statement 2 is correct.
- The Multilateral Investment Guarantee Agency: The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people's lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders.
- The International Centre for Settlement of Investment Disputes: The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.
- India is not a member of ICSID. India refrains from becoming a signatory to the ICSID Convention on the following grounds: (1) the Convention's rules for arbitration leaned towards the developed countries and (2) there is no scope for a review of the award by an Indian court even if it violates India's public policy. So, statement 3 is not correct.
Therefore, the correct answer is (c).
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Consider the following statements regarding World Bank Group:1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.2. International Financial Corporation provides assistance only to the private sector in developing countries.3. India is a member of all the institutions of the World Bank Group.Q. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding World Bank Group:1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.2. International Financial Corporation provides assistance only to the private sector in developing countries.3. India is a member of all the institutions of the World Bank Group.Q. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding World Bank Group:1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.2. International Financial Corporation provides assistance only to the private sector in developing countries.3. India is a member of all the institutions of the World Bank Group.Q. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding World Bank Group:1. International Development Association provides concessional loans and grants to the governments of the poorest countries of the world.2. International Financial Corporation provides assistance only to the private sector in developing countries.3. India is a member of all the institutions of the World Bank Group.Q. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
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