The World Bank, officially known as the International Bank for Reconstruction and Development (IBRD), is a specialized agency of the United Nations that provides financial and technical assistance to developing countries around the world. The World Bank was established in 1944, along with its sister organization, the International Monetary Fund (IMF), at the Bretton Woods Conference in New Hampshire, USA.
The World Bank provides loans, grants, and other forms of financial assistance to developing countries for a variety of purposes, including infrastructure development, poverty reduction, and economic growth. The organization has five main institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).
The World Bank has 189 member countries and is headquartered in Washington D.C., USA. Its mission is to reduce poverty and promote sustainable development by providing financial and technical assistance to countries in need. The organization works with governments, civil society, and the private sector to design and implement projects that help to improve the lives of people in developing countries.
