The World Bank, officially the International Bank for Reconstruction and Development (IBRD), was one of three institutions conceived at the 1945 Bretton Woods, New Hampshire, conference. It was designed initially to aid in the reconstruction of war-torn Europe following World War II and, in the long term, to finance development in lesser-developed countries. The bank has evolved into two institutions: (1) the IBRD, which lends to middle-income and creditworthy low-income countries, and (2) the International Development Association (IDA), which provides interest-free loans and grants to governments of the poorest countries. The bank is a part of the World Bank Group, which includes three additional institutions: (1) the International Finance Corporation (IFC), which facilitates private sector investment in developing countries; (2) the Multilateral Investment Guarantee Agency ...

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