The World Bank is an international financial institution whose primary function is to offer loans and make arrangements with developing countries who are unable to adequately cope with the dynamics of global economics. It provides loans at close to prime-rates to middle-income countries and zero interest rates to low-income countries. The goals of these loans are to increase institutional capacity and foster economic growth, which will in turn increase levels of development and reduce poverty.
The headquarters of the World Bank is in Washington, DC. Obama appointee Jim Yong Kim resigned or was forced out in early 2019. Kim was the co-founder of Partners in Health an international health organization, and then President of Dartmouth College.
The Supreme Court of the United States has rejected World Bank claims of complete legal immunity, ruling that one of its arms can be sued in relation to lending activities. The ruling could open other American-based international organizations to the threat of lawsuits over financing overseas development. Undersecretary for international affairs at the Treasury Department, David Malpass has argued the World Bank has become too focused on its own expansion and prestige rather than on the interests of poor countries.