World Bank

The World Bank, with its headquarters in Washington, D.C., was established in 1944 as part of the post–World War II international financial architecture. The World Bank Group consists of two banks: (1) the International Bank for Reconstruction and Development (focused on middle-income and low-income countries capable of paying their loans on time) and (2) the International Development Association (focused on grants to the poorest countries). The focus was on the avoidance of future world wars by ensuring an open international trading system and global financial security. The initial focus of the bank was on postwar reconstruction. It then evolved into an institution that provides for long-term loans primarily to developing countries for development of infrastructure and provision of social services such as education and health ...