World Bank

  • World Bank is one of five institutions created at Breton Woods Conference in 1944.
  • The World Bank is an international financial institution that provides loans to developing countries for capital programs.
  • It comprises of two institutions:
    • International Bank for Reconstruction and Development (IBRD)
    • International Development Association (IDA).
  • Formation: July 1944.
  • Headquarters: Washington DC, United States.
  • Motto: Working for a World Free of Poverty.
  • Membership: 189 countries (IBRD), 173 countries (IDA)
  • The World Bank is one of the five components of the World Bank Group, which is part of the United Nations system.
  • World Bank Group also includes three more subsidiary organisations viz.
    • International Finance Corporation (IFC),
    • Multilateral Investment Guarantee Agency (MIGA), and
    • International Centre for Settlement of Investment Disputes (ICSID)