Developed countries are well-equipped with resources and are progressing to advancement day by day while the developing countries are under severe stress by loads of problems. All such countries known as Third world countries face the same problems. Most of the Latin American, African and Asian Countries are part of Third World Countries. These countries face challenges and problems in providing universal access to services to their people. There are major problems and basic needs which Third World countries lack in part or in total. Such as food, water, housing, health, education, and work.
The World Bank was established as a vital source of financial and technical assistance to developing countries around the world. World Bank help governments in developing countries reduce poverty by providing them with money and technical expertise they need for a wide range of projects such as education, health, infrastructure, communications, government reforms, and for many other purposes. World Bank mission is to fight poverty with passion and professionalism for lasting results. To help people help themselves and their environment by providing resources, sharing knowledge, building capacity and forging partnerships s in the public and privet sectors.
The World Bank's current focus is on the achievement of the Millennium Development Goals (MDGs), lending primarily to "middle-income countries" at interest rates which reflect a small mark-up over its own (AAA-rated) borrowings from capital markets; while the International Development Association IDA provides low or no interest loans and grants to low income countries with little or no access to international credit markets. The International Bank for Reconstruction IBRD -The World Bank is also called the International Bank for Reconstruction and Development (IBRD)- is a market-based nonprofit organization, using its high credit rating to make up for the relatively low interest rate on its loans.