The World Bank is an international financial institution that provides loans and grants to poorer countries for capital programs with the goal of reducing poverty.
Imagine if your neighborhood had a community fund where everyone contributes some money. When someone's house needs repair, they can borrow from this fund. That's what World Bank does on a global scale - it collects contributions from wealthier nations and lends it out for development projects in poorer ones.
Development Economics: A branch of economics which deals with economic aspects of the development process in low-income countries.
Foreign Aid: Financial or material help given by one country to another, often underdeveloped ones, usually for humanitarian purposes or development efforts.
Debt Relief: Measures designed to reduce or eliminate a country's debt burden such as lowering interest rates on loans, reducing principal owed, or forgiving certain debts entirely.
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