The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union, and the African Union.
The G20 was founded in 1999 in response to several world economic crises. Since 2008, it has convened at least once a year, with summits involving each member's head of government or state, finance minister, or foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank.Other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some permanently.
It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
The G20 is composed of most of the world's largest economies' finance ministries, including both industrialised and developing countries; it accounts for around 80% of gross world product, 75% of international trade, two-thirds of the global population, and 60% of the world's land area.
In its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation. The group's stature has risen during the subsequent decade, and it is recognised by analysts as exercising considerable global influence; it is also criticised for its limited membership, lack of enforcement powers, and for the alleged undermining of existing international institutions. Summits are often met with protests, particularly by anti-globalization groups.
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As the custodians of significant portions of the world's gold, the G20 collectively holds a formidable position in shaping the global economy.
Gold, a traditional store of value, offers a safety net during economic uncertainties. The G20's substantial gold reserves act as a stabilizing force, instilling confidence in their economies and, by extension, the world economy. This collective reservoir of gold reinforces the G20's ability to weather financial storms and mitigate risks.
Furthermore, the G20's gold holdings influence global trade and monetary policies. As economic powerhouses, their decisions regarding gold can send ripples throughout financial markets. The strategic management of gold reserves allows G20 nations to assert themselves in international economic forums, shaping discussions and policies that impact the entire world.
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The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference.
After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio.
Its loan strategy is influenced by the United Nations' Sustainable Development Goals, as well as environmental and social safeguards.
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