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The World Bank

World Bank

==►The World Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, where the United Nations Monetary and Financial Conference that led to their establishment took place (1 July-22 July 1944).
==► The World Bank is a vital source of financial and technical assistance to developing countries around the world.
==►World Bank is not a bank in the common sense.
==►Rather it is made up of two unique development institutions owned by 184 member countries that are.
==► The International Bank for Reconstruction and Development (IBRD).
==► The International Development Association (IDA).
==►Each institution plays a different but supportive role in its mission of global poverty reduction and the improvement of living standards.
==►The IBRD focuses on middle income and creditworthy poor countries
==►While IDA focuses on the poorest countries in the world.
==► Together both provide low-interest loans, interest-free credit and grants to developing countries for education, health, infrastructure, communications and many other purposes.
==►As above mentioned institution make World Bank; there are three other institutions, so when considering all five it makes up World Bank Group.  
==►The World Bank Group is a group of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and eliminating poverty.
==►The World Bank Group consists of
1. The International Bank for Reconstruction and Development (IBRD), established in 1945, which provides debt financing on the basis of sovereign guarantees;
2. The International Finance Corporation (IFC), established in 1956, which provides various forms of financing without sovereign guarantees, primarily to the private sector;
3. The International Development Association (IDA), established in 1960, which provides concessional financing (interest-free loans or grants), usually...