The World Bank
The World Bank is an institution, active in every major area of development. It is an international financial institution which provides loans and grants to the governments of low- and middle-income countries so they can pursue capital projects and develop key economic areas. The World Bank provides a wide array of financial products and technical assistance, helping countries to share and apply innovative knowledge and solutions to the challenges they face. The World Bank is part of the World Bank Group (WBG) and comprises of two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
Since 1947, the World Bank has funded over 12,000 development projects, via traditional loans, interest-free credits, and grants. The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American. The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.