Glossary

Definitions of terms used throughout CountryReports.

This glossary contains 1,144 terms used throughout CountryReports — political, economic, cultural, historical, and geographic terminology referenced in country profiles and articles. Terms are drawn from authoritative sources including the Library of Congress.

European Bank for Reconstruction and Development (EBRD): A bank founded under sponsorship of the European Community (q.v.) in 1990, to provide loans to East European countries (Bulgaria, the Czech and Slovak Federative Republic, Hungary, Poland, Romania, the Soviet Union, and Yugoslavia) to establish independent, market-driven economies and democratic political institutions. Some fifty-eight countries were shareholders in 1992.
International Bank for Reconstruction and Development (IBRD): Formal name for the World Bank Group (q.v.) which was conceived at the Bretton Woods Conference on July 22, 1944, and began operations in June 1946. Its primary purpose is to provide technical assistance and loans at market-related rates of interest to developing countries at more advanced stages of development.; Source: Library of Congress
soft loan: A loan bearing either no rate of interest, or an interest rate below the true cost of the capital lent. The International Development Association, an affiliate of the International Bank for Reconstruction (see World Bank, q.v.), grants soft loans to developing countries for long-term capital projects.; Source: Library of Congress
World Bank: Name used to designate a group of four affiliated international institutions that provide advice on long-term finance and policy issues to developing countries: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The IBRD, established in 1945, has the primary purpose of providing loans to developing countries for productive projects. The IDA, a legally separate loan fund administered by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest developing countries on much easier terms than those of conventional IBRD loans. The IFC, founded in 1956, supplements the activities of the IBRD through loans and assistance designed specifically to encourage the growth of productive private enterprises in less developed countries. The president and certain senior officers of the IBRD hold the same positions in the IFC. The MIGA, which began operating in June 1988, insures private foreign investment in developing countries against such non-commercial risks as expropriation, curl strife, and inconvertibility. The four institutions are owned by the governments of the countries that subscribe their capital. To participate in the World Bank group, member states must first belong to the IMF (q.v.).; Source: Library of Congress