Which one of the following institutions is not a part of the World Bank Group?

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UGC NET Paper 2: Commerce 4th March 2023 Shift 2
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  1. International Bank for Reconstruction and Development (IBRD) 
  2. International Development Association (IDA)  
  3. Multilateral Investment Guarantee Agency (MIGA) 
  4. The Bank for International Settlements (BIS) 

Answer (Detailed Solution Below)

Option 4 : The Bank for International Settlements (BIS) 
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UGC NET Paper 1: Held on 21st August 2024 Shift 1
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50 Questions 100 Marks 60 Mins

Detailed Solution

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The correct answer is The Bank for International Settlements (BIS) 

Key Points

  • World Bank Group:
  •  It is the largest and best-known development bank in the world and an observer at the United Nations Development Group.
  • The bank is headquartered in Washington, D.C., in the United States.
  • The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity.
  • The World Bank Group consists of
    1. International Bank for Reconstruction and Development (IBRD), established in 1944, which provides debt financing based on sovereign guarantees;
    2. International Finance Corporation (IFC), established in 1956, which provides various forms of financing without sovereign guarantees, primarily to the private sector
    3. International Development Association (IDA), established in 1960, which provides concessional financing (interest-free loans or grants), usually with sovereign guarantees; 
    4. International Centre for Settlement of Investment Disputes (ICSID), established in 1965, which works with governments to reduce investment risk;
    5. Multilateral Investment Guarantee Agency (MIGA), established in 1988, provides insurance against certain types of risk, including political risk, primarily to the private sector.

Additional Information

  • The Bank for International Settlements (BIS) :
    •  Headquartered in Basel, Switzerland, the Bank for International Settlements (BIS) is a bank for central banks. 
    • Founded in 1930 was created out of the Hague Agreements, BIS is owned by 63 national central banks, also provides independent economic analysis AND offering banking services for national central banks and a forum for discussing monetary and regulatory policies
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