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BRILLIANT'S Export Management 257

3. Less contribution in GNP: UNCTAD has made it mandatory, for
the developed countries, to contribute one percent of their GNP to devel-
oping nations. But, it was not implemented successfully. In all, few na-
tions contributed and that too at very low rates. For example, the United
States of America, world's most affluent nation, contributed only 0.24 per-
cent of its GNP to developing countries.
4. Failure in establishing link: UNCTAD failed to establish a link
with IMF, World Bank and GATT. The developed countries treated it as
unnecessary interference of UNCTAD in the activities of IMF, World Bank
and GATT.
5. Other failures:
(a) The developed countries did not show any interest in technology
transfer to developing countries.
(b) No efforts were made by the developed countries to solve the
problems of debt of developing countries.
(c) International aids and grants were inadequate for under-devel-
oped countries.
Besides these failures, it cannot be denied that UNCTAD has
succeeded in increasing the interest of developed countries and in solving
the problems of developing countries. 

WORLD BANK
Q.40. Write a short note on World Bank. [MBA (FT) 2008, 05, 04]
OR
What are the objectives and functions of World Bank? Ex-
plain.

Introduction
In the year 1944, a conference was held at Bretton Woods in America.
The representatives of 44 countries attended it. India was one of them. In
the conference, it was decided that two institutions must have been set
up for the economic development of all the countries. Thus, the two
institutions set up were International Monetary Fund (IMF) and International
Bank for Reconstruction and Development (IBRD) or World Bank.
The objective of IBRD was the reconstruction of war-ravaged economies
and provision of necessary funds for the economic development of all
developed and under-developed countries. The bank was established on
27th December, 1945. Its headquarters are in Washington DC, USA.