World Bank:
Informal name used to designate a group of three affiliated international institutions: - The International Bank for Reconstruction and Development (IBRD)
- The International Development Association (IDA) and
- The International Finance Corporation (IFC).
The (World Bank) IBRD, established in 1945, had the primary purpose of financing the reconstruction of Europe and Asia. Today the bank provides loans to developing countries for productive projects. It does not compete with commerical banks, but may participate in a loan set up by a commercial bank. The IDA, a legally separate loan fund but administered by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest developing countries on much easier terms than those of conventional IBRD loans. The IFC, founded in 1956, supplements the activities of the IBRD through loans and assistance specifically designed to encourage the growth of productive private enterprises in the less developed countries. To participate in the World Bank group, member states must first belong to the International Monetary Fund (IMF)
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