World Bank

The World Bank is an international financial organization established in July 1944 and managed by its member countries. It is a specialized agency of the United Nations.

The World Bank provides financial and knowledge sharing services to developing countries to reduce poverty and support development, which include low-interest loans, policy advice, research, analysis and technical assistance.
World Bank Logo

Logo of the World Bank

Its headquarters is located in Washington, D.C and has 189 member countries.

The World Bank was initially established to provide the financing necessary to re-build war-torn countries. The first loan application was from France on October 8, 1946 and approved on May 9, 1947.

The World Bank has since expanded to an associated group, the World Bank Group, which consists of five development organizations:
  1. International Bank for Reconstruction and Development (IBRD)
  2. International Development Association (IDA)
  3. International Finance Corporation (IFC)
  4. Multilateral Investment Guarantee Agency (MIGA)
  5. International Centre for Settlement of Investment Disputes (ICSID)

The World Bank is made up of two organizations:
  1. International Bank for Reconstruction and Development (IBRD):
    Established on June 25, 1946 and is commonly known as the World Bank
  2. International Development Association (IDA):
    Established on September 24, 1960

The main mission of the World Bank Group is to end extreme poverty within a generation and to promote shared prosperity and greater equity in the developing world.

The projects of World Bank Group has broadened from infrastructure to agriculture, health, environmental, education and other aspects of the social sector.

The official website of the World Bank Group features:
  • Research and Outlook
  • Publications including the World Bank Annual Report
  • Resources for government, society, investors, students and journalists
  • Projects and Operations
  • DataBank: Open Financial Data and Open Data about development in countries around the world
  • Global Development: By countries or practices

Address:   Headquarters

The World Bank
1818 H Street
NW Washington
DC 20433
United States

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Keywords :  
international organization   monetary   financial
Guide ID: 63 - Last Updated: October 22, 2016