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World Bank
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The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the United Nations' Sustainable Development Goals, as well as environmental and social safeguards.
The World Bank building in Washington, D.C.
The World Bank building in Washington, D.C.
Harry Dexter White (left) and John Maynard Keynes, the "founding fathers" of both the World Bank and the International Monetary Fund (IMF)
Harry Dexter White (left) and John Maynard Keynes, the "founding fathers" of both the World Bank and the International Monetary Fund (IMF)
The Gold Room at the Mount Washington Hotel where the International Monetary Fund and World Bank were established
The Gold Room at the Mount Washington Hotel where the International Monetary Fund and World Bank were established
The World Bank Group headquarters building in Washington, D.C.
The World Bank Group headquarters building in Washington, D.C.
David Malpass
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David Robert Malpass is an American economic analyst and former government official who served as President of the World Bank Group from 2019 to 2023. Malpass previously served as Under Secretary of the Treasury for International Affairs under Donald Trump, Deputy Assistant Treasury Secretary under Ronald Reagan, and Deputy Assistant Secretary of State under George H. W. Bush. He served as Chief Economist at Bear Stearns for the six years preceding its collapse.
David Malpass