World Bank

The World Bank was established alongside the International Monetary Fund by the agreement reached at the 1944 Bretton Woods Conference, initially under the name the International Bank for Reconstruction and Development. It was created to provide long term financing for the reconstruction of countries devastated by the Second World War and, over time, expanded its mission to development financing for lower income countries around the world. The World Bank is headquartered in Washington, D.C. The term World Bank refers specifically to two affiliated institutions, the International Bank for Reconstruction and Development and the International Development Association, which jointly issue development loans and grants to national governments; the broader term World Bank Group covers all five affiliated institutions collectively, including the International Finance Corporation, the International Centre for Settlement of Investment Disputes and the Multilateral Investment Guarantee Agency, and is a distinct entity from the World Bank itself.