The World Bank is an international financial institution that provides loans to developing countries for capital programs.
The World Bank's official goal is the reduction of poverty. According to the World Bank's Articles of Agreement (as amended effective 16 February 1989), all of its decisions must be guided by a commitment to promote foreign investment, international trade, and facilitate capital investment.
The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), whereas the latter incorporates these two in addition to three more: International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID).
Read more about World Bank: History, Leadership, List of Chief Economists, Members, Poverty Reduction Strategies, Global Partnerships and Initiatives, Country Assistance Strategies, Clean Air Initiative, United Nations Development Business, Open Data Initiative, Criticisms
Famous quotes containing the words world and/or bank:
“Possibly the Creator did not make the world chiefly for the purpose of providing studies for gifted novelists; but if he had done so, we can scarcely imagine that He could have offered anything much better in the way of material ...”
—Elizabeth Stuart Phelps (1844–1911)
“What’s breaking into a bank compared with founding a bank?”
—Bertolt Brecht (1898–1956)