The World Bank was established in 1944.
Initiated to aid and rebuild Europe and Japan after World War II, it was known as the International Bank for Reconstruction and Development (IBRD).
It started operations in 1946 with 38 members. Currently, it has 189 member countries. Members of the International Monetary Fund are only eligible to take a membership in the World Bank.
The primary function of the World Bank is to lend money to the governments of its poorer members and upgrade their standard of living. It has a number of research and training institutions to facilitate training for the government and other officials.
The Governing body of the World Bank comprises the President, 25 executive directors, and 29 vice presidents.
The different organisations of the World Bank are:
International Development Association: Lends to low-income countries
International Finance Corporation: Lends to the private sector
Multilateral Investment Guarantee Agency: Encourages private companies to invest in foreign countries.
- International Centre for Settlement of Investment Disputes (ICSID)
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