World Bank

The World Bank founded in 1944 with the goal of reducing poverty and promoting economic development in developing countries. It comprises two main organizations: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IBRD provides loans and other financial assistance to middle-income and creditworthy low-income countries, while the IDA offers grants and low-interest loans to the world’s poorest countries. The World Bank also provides technical assistance and advisory services to help countries implement development projects and policies. Currently headquartered in Washington, D.C., the organization has 189 member countries. Traditionally, the president of the World Bank is a U.S. citizen, while the managing director of the International Monetary Fund (IMF) is a European. Despite criticisms over the years for its policies and practices, including allegations of supporting authoritarian regimes, promoting policies that benefit multinational corporations over local communities, and imposing conditions on loans that have negative social and environmental impacts, the World Bank remains a significant player in the field of international development, with a mission to reduce poverty and promote sustainable economic growth worldwide.