World Bank

The World Bank is an international financial institution established in 1944 with the primary goal of reducing poverty and promoting sustainable economic development in low- and middle-income countries. Originally created to help rebuild European countries devastated by World War II, the World Bank has since expanded its focus to support development projects around the world. Its headquarters are in Washington, D.C., and it has more than 10,000 employees in over 130 countries.

The World Bank Group consists of five closely related institutions:

1. International Bank for Reconstruction and Development (IBRD): The IBRD provides loans and grants to middle-income and creditworthy low-income countries for projects aimed at promoting economic growth and reducing poverty.
2. International Development Association (IDA): The IDA offers concessional loans (known as credits) and grants to the world's poorest countries, with a focus on supporting projects that improve living conditions, promote economic growth, and address urgent development needs.
3. International Finance Corporation (IFC): The IFC supports private sector development in developing countries by providing investment, advisory, and asset management services to encourage the growth of businesses and job creation.
4. Multilateral Investment Guarantee Agency (MIGA): MIGA offers political risk insurance and credit enhancement to private sector investors and lenders, helping to attract foreign direct investment to developing countries.
5. International Centre for Settlement of Investment Disputes (ICSID): ICSID provides facilities for the arbitration and conciliation of investment disputes between governments and foreign investors, helping to promote a stable investment climate in developing countries.

The World Bank raises funds through the issuance of bonds in international capital markets and from contributions made by its member countries. The institution is owned by 189 member countries, with each country's voting power determined by its financial contributions and shares in the World Bank.

Projects financed by the World Bank cover a wide range of sectors, such as infrastructure, education, health, agriculture, and environmental protection. The World Bank also provides technical assistance, policy advice, and analytical services to support countries in implementing their development strategies.

The World Bank works in close collaboration with other international organizations, such as the International Monetary Fund (IMF) and the United Nations (UN), to address global development challenges and coordinate international efforts towards achieving the Sustainable Development Goals (SDGs).