When developing countries are unable to raise sufficient capital to finance large infrastructure projects, they turn to the World Bank. The World Bank works closely with large corporations (mostly US) and arranges contracts for these projects. The projects range from building bridges and roads to electric power plants and other infrastructure elements needed by developing countries in order to expand their social and economic base.
International Monetary Fund (IMF)
The primary goal of the IMF is to lend capital on a temporary basis to countries whose financial condition precluded them from meeting financial obligations including foreign debt. This level of financial assistance provides the countries in need, the ability to increase employment and reduce poverty. The IMF manages large reserves of money which is pooled from the wealthier nations for lending. Another primary function of the IMF is to provide technical assistance and training for the effective management of financial matters such as monetary policy, tax and revenue management etc.
World Trade Organization (WTO)
The primary goal of the WTO is to negotiate and implement trade agreements between nations, lower tariffs, remove trade barriers that will increase international trade and ensure that member countries adhere to all WTO agreements. The WTO also acts as a mediator for settling disputes and negotiations.
These organizations are opened to all industrialized nations for membership. The largest members known as G-7 or Group of Seven is comprised of Canada, France, Germany, Japan, United Kingdom, Italy, and the United States. With Russia joining in 1998, the group is often called the G-7 plus Russia. The G-7 has significant influence particularly the US in terms of policy changes and voting/veto power.