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World Bank

  • By: Francis Owusu
  • In: Encyclopedia of Geography
  • Edited by: Barney Warf
  • Subject:General Geography, Earth & Environmental Science

The World Bank (often called simply “the Bank”) is one of the Bretton Woods institutions, including the International Monetary Fund (IMF), that have their roots in the post-World War II meeting of eminent economists in Bretton Woods (New Hampshire) to discuss the rebuilding of Europe. While the Bank was to provide longer-term funds for investment in productive endeavors, the IMF was to provide short-term balance-of-payments relief.

What is often referred to as the World Bank is part of the World Bank Group, which is made up of the following five development institutions: (1) International Bank for Reconstruction and Development (IBRD), (2) International Development Association (IDA), (3) International Finance Corporation (IFC), (4) Multilateral Investment Guarantee Agency (MIGA), and (5) International Centre for Settlement of Investment Disputes (ICSID). ...

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