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New York Time and Boston Scientific

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World Bank
History
During the world war second the financial expert of allied nations recognized the need of international to deal with monetary anf financial problem.the 44 allied Nations convened the united Nation monetary and financial conference at Bretton Woods,New Hampshir U.S.A.only july 1-22 1994.At this conference the articles of agreement were drawnfor the international monetary fund and international Bank for reconstruction and development.
The Bank articles of agreement were submitted for ratification to 44 governments during 1945 and entered into force on december 27,1945when they were signed by28 of nations.the banks start its operations on june25,1946.The head office of the bank is at Washington D.C U.S.A.
Function of world bank
Function:-
i. To assist in reconstruction and development of member countries by facilitating the investment of capital for productives purposes. ii. World bank also used to promote and supplement private foreign investment. iii. It is used to promote the balance growth of international trade through the development of productives resources of members. iv. It give perference to more useful and urgent project. v. To assist in bringing about smooth transaction from wartime to peace time economy.
Purpose of world bank
The World Bank was established to promote long-term foreign investment loans on reasonable terms. The, purposes of the Bank, as set forth in the 'Articles of Agreement’ are as follows:
1) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purpose including; i. the restoration of economies destroyed or disrupted by war; ii. the reconversion of productive facilities to peaceful needs; and iii. the encouragement of the development of productive facilities and resources in less developing countries;
2) To promote private investment by means of guarantee or participation in loans and other investments made by private investors.
3) When private capital is not available on reasonable terms, to supplement private investment by providing on suitable conditions finance for productive purpose out of its own capital funds raised by it and its other resources.
4) To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment for the development of the productive resources of members, thereby assisting in raising productivity, the standard of living, and conditions of labour in their territories.
5) To arrange the loans made or guaranteed by it in relation to international loans through other channels so that the more useful and urgent projects, large and small alike, will be dealt with first.
6) To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members and in the immediate postwar years, to assist in bringing about a smooth transition from a wartime to peacetime economy.

International monetary Fund (IMF) History:-
There was demand for open and stable monetary system.the 44 Allied Nations convenened the united nation monetary and financial conference at breeton woods,New Hampshire U.S.A.on july 1-22 1944.the international monetary funs was set up decmber 27, 1945 when 30 country signed the articales of agreement.The inaugural meetinf of the board of governer was held in savannah,Georgia on march 8,1946.The initial meeting of the executives Board was held in washington D.c on may 6,1946.the fund started financial opertions on march 1,1947. The head office of the IMF is at washington D.C. U.S.A. Purposes of IMF i. It is used to promote international co-operation by providing machinery required for members to consult and collaborate on international monetary issues. ii. To facilitate balance growth of international trade and through this contribute to high level employment and rael income development of productive capacity. iii. IMF promote exchange stability and orderly exchange arrangement and facilities the avoidence of competitive currency deperciation. iv. Promote the foster multilateral system of payment and transfer for current transaction and seek the elimination of exchange restriction that hinders the growth of world trade. v. IMF is used to make finanacial resources available to member on atemporary basis and with adaquate safeguard, to permit then to correct payment imbalances without resourting to measures distructive of national and international prosperity.
Function of IMF
IMF performed following function * Currency rationing * Use of resources of fund * Promote exchange stabiity * Apprieciation of currency * Economy policies * Scarce currency * Exchange deperciation * Membership in fund * Management * Financial resouces * Finanacial assistance
Islamic Development Bank

History
The bank started its working in october 20,1975.the head office of the bank is located at jeddah Saudi Arabia.the finance minister of member countries of the organization of islamic conference meet in jeddah on december 18,1973 for the creation of the bank.the purpose of bank is to foster economic development and social progress of member countries and muslim communities individually as well as jointy in accordance with the principles of sharia.
Membership of the Bank
The present membership of the bank consist of 56 countries.the basic condition for membership is that prespectives member country should be a member of the organization of islamic conference(OIC),pay its conditions as may be decided upon by the board of Governers.
Function of islamic bank
Bank functions are * To participate in equity capital of productives project and enterprises in member countries. * Promote to invest in economic and social infrastructures project in member countries. * To invest suitable fund not needed in its operations. * To operate the trust funds * To accept deposit and to raise fund in other country. * To provide technical assistant to member countries. * To make loan to private and public sector for financing product. * To assist in promotion of foreign trade,especially in capital goods,among member countries.
Management of bank
The board of governors is the highest authority.the board of governer hold an annul meeting to run the affair of the bank.every member country appaoints one governor and one alternate.the president is selected among the governors to hold an office till the next annual meeting.the board of governors also delegates many power to the baoed of executives directors.the board of executives director is also responsible for the direction of general operation of the bank.BOD od director is compsed of 11 member.
Operation
The bank is working according to islamic principles.the bank provide loan for capital project,technical assistance for feasibility studies,foreign trade financing operations and non-refundable special assistance and grants.

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