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History
World Bank Group
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The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Group. The bank is headquartered in Washington, D.C., in the United States. It provided around $98.83 billion in loans and assistance to "developing" and transition countries in the 2021 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion. Its five organizations arethe International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID).
The World Bank Group building (Washington, DC)
The World Bank Group building (Washington, DC)
The World Bank Group Building in Washington, D.C.
The World Bank Group Building in Washington, D.C.
The World Bank Sign on the building
The World Bank Sign on the building
A young World Bank protester in Jakarta, Indonesia
A young World Bank protester in Jakarta, Indonesia
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.