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THE WORLD BANK (or the Bank) was established on December 27, 1945, following the ratification of the Bretton Woods agreement. The World Bank was conceived of in July 1944 at the United Nations Monetary and Financial Conference to provide development assistance to facilitate the reconstruction of Europe following World War II. Since then, the Bank has provided financial assistance to developing countries following natural disasters and humanitarian emergencies to facilitate postconflict rehabilitation and economic liberalization and development.

The organization of the World Bank consists of two agencies of the five that make up the World Bank Group (WBG): the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The Bank consists of 185 member countries, all of whom are shareholders, represented by ...

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