What is the World Bank Group?
The World Bank is a public international financial institution created at the end of World War II whose mission is to provide loans and credits to developing countries for projects that alleviate poverty and promote social and economic development. The Banks lending to governments is done through the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). IBRD loans are made with favorable interest rates and rather long repayment schedules. IDA credits are extended to the poorest of the poor countries (defined largely in terms of per capita income) at no interest, with very relaxed loan repayment schedules. The IBRD and IDA also provide loans and guarantees in support of private sector projects. However, the majority of Bank financing for private sector operations is done through the International Finance Corporation (IFC) and the Multilateral International Guarantee Agency (MIGA). Thus, the World Bank Group consists of IBRD, ID
The World Bank, more properly known as the World Bank Group, is a collective of five financial institutions which aim to improve conditions in the developing world. It is run like a multinational corporation, with numerous nations working together to direct funds where they are needed. The World Bank is formally run by a board of governors with an assortment of rotating members, headed by a President, who is typically a United States citizen. The organization was founded in 1944, to assist with the rebuilding of nations impacted by the Second World War. The value of an organization focused on lending economic assistance to those in need on an international level was recognized, and the World Bank became a permanent institution. The five organizations in the World Bank Group include the International Bank for Reconstruction and Development, which focuses on low-income nations, the International Development Association, for the poorest and neediest nations, the International Finance Corp
The World Bank Group is now made up of five institutions, four of which were created after 1944, but all sharing a similar mandate, of reducing poverty and facilitating economic growth in developing countries. The original institution is the International Bank for Reconstruction and Development (IBRD), often simply known as the World Bank. Since then other institutions have been added: the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for the Settlement of Investment Disputes (ICSID). While each of these institutions possess their own governing Articles of Agreement, all of them come under the general administration of the World Bank, sharing a common Board of Governors and Board of Directors and working under the leadership of World Bank president appointed by the US government – currently Paul Wolfowitz. The World Bank Group comprises of 185 member countries a
