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World Bank

The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries to pursue capital projects. World Bank is one of five institutions created at the Breton Woods Conference in 1944. World Bank is a part of the United Nations system, but its governance structure is different.

It comprises two institutions:

  • the International Bank for Reconstruction and Development (IBRD)
  • the International Development Association (IDA). The World Bank is a component of the World Bank Group.

World Bank Group

The World Bank Group is an extended family of five international organizations, and the parent organization of the World Bank, the collective name given to the first two listed organizations, the IBRD and the IDA:
  • International Bank for Reconstruction and Development (IBRD) (189 members)
  • Multilateral Investment Guarantee Agency (MIGA) (181 members)
  • International Centre for Settlement of Investment Disputes (ICSID) (161 members)
  • International Finance Corporation (IFC) (184 members)
  • International Development Association (IDA) (173 members)

Headquarters Washington, D.C., U.S.
Membership
  • 189 countries (IBRD)
  • 173 countries (IDA)

Mission

  • The World Bank's goal is the reduction of poverty
  • Promote Gender Equality
  • Develop a Global Partnership for Development
  • Improve Maternal Health
  • Combat HIV/AIDS, Malaria, and Other Diseases
  • Reduce Child Mortality
  • Achieve Universal Primary Education
  • Ensure Environmental Sustainability
  • Provides loans to developing countries for capital programmes.