Indian American appointed as US representative to IBRD

On May 5, 2020, the US President Donald Trump had nominated Indian American Ashok Michael Pinto as the US representative to IBRD (International Bank of Reconstruction and Development).

Highlights

Mr Pinto replaced Erik Bethel. Mr Bethel resigned from the post. Pinto was serving the Counselor to Under Secretary for International Affairs in the department of treasury of the US. It is to be noted that Mr Pinto was a special assistant to President George W Bush.

International Bank of Reconstruction and Development

The IBRD is an international financial institution that was established in 1944. The headquarters of the bank is located in Washington D C. The bank offers loans to middle income developing countries. It is one of the five member institutions that compose the world bank.

The IBRD, its lending arms and the International Development Association are collectively known as World Bank.

Five member institutions

The Five major member institutions that make up the World Bank include IBRD, Multilateral Investment Guarantee Agency (MIGA), International Development Association (IDA), International Finance Corporation (IFC) and International Centre for Settlement of Investment Disputes

International Development Association

The International Development Association was established as a member in 1960. Generally, the IBRD and IDA are collectively called the World Bank. This is because, the other associations and institutions have relatively lesser importance.

Month: Current Affairs - May, 2020