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BRILLIANT'S Export Management 259

3. Advisory Council: It consists of minimum of 7 members. They
are appointed by Board of Executive Directors. These members are ex-
pert of different subjects like banking, foreign trade, industry, labor, agri-
culture, etc. They give advice on different issues to the bank.
4. Loan Committees: This committee is appointed for sanctioning
loans to member countries and private enterprises. Whenever the mem-
ber countries want to apply for the loan, they have to file an application for
loan to the committee. The committee scrutinizes loan application and
gives the report to the board of executive directors.
Functions of World Bank
The functions of the World Bank are as follows:
1. The World Bank provides loans to the member countries or to
private entrepreneurs on the guarantee of their government, for
productive purposes.
2. The bank provides technical assistance in the form of profes-
sional or expert guidance to the member countries.
3. It acts as a mediator to settle the international disputes.
4. It also provides aid to the member nations for agricultural and
rural development.
5. It imparts training to the officials of the member countries re-
lated to planning, economic development, public finance and other
economic activities.
6. It also provides financial assistance to UNICEF, UNESCO, World
Health Organization (WHO), International Labor Organization
(ILO), Food and Agriculture Organization (FAO), etc.
7. It also conducts economic research related to economic devel-
opment, infrastructure development, poverty eradication, etc.
8. It establishes its subsidiary institutions, such as, International
Development Association (IDA), International Financé Corpora-
tion (IFC), Multilateral Investment Guarantee Agency (MIGA).
Criticisms of World Bank

The various criticisms of World Bank are as follows:
1. Inadequate finance: According to the critics, the capital of the
World Bank is not sufficient to meet the rising financial needs of the mem-
ber countries. Thus, it can provide little financial assistance to developing
countries in comparison to their requirements.
2. High rate of interest: The World Bank charges high rate of inter-
est on commercial credit, which is not possible to pay for the developing
countries.