Search Results - The World Bank

World Bank Group

The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. The group is the largest development bank in the world. It is headquartered in Washington, D.C., United States. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Historically, within the group, the IBRD and IDA were collectively known as the World Bank due to their emphasis on global lending.

The World Bank was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. Initially, its loans helped rebuild countries devastated by World War II. Over time, it has shifted its focus to development, with a stated mission of eradicating extreme poverty and boosting shared prosperity. It has been criticized for its structural adjustment programs, governance, environmental record, and policies detrimental to social welfare.

The group comprises five organizations, as established over time:

* International Bank for Reconstruction and Development (IBRD), 1944 * International Development Association (IDA), 1960 * International Finance Corporation (IFC), 1956 * International Centre for Settlement of Investment Disputes (ICSID), 1965 * Multilateral Investment Guarantee Agency (MIGA), 1988 Provided by Wikipedia