About the World Bank
Established in 1944, the World Bank is not a bank in the ordinary sense but a unique partnership to reduce poverty and support development. The organization is governed by the 188 member countries and the focus of their work is aimed at the poorest countries, fragile and conflict-affected states, the Arab world, middle-income countries, global issues, and delivery of knowledge and learning services.
The World Bank Group consists of five organizations with more than 9,000 employees operating in more than 100 offices worldwide.
- The International Bank for Reconstruction and Development (IBRD) lends to governments of middle income and creditworthy lo-income countries.
- The International Development Association (IDA) provides interest-free loans, called credits, and grants to governments of the poorest countries.
- The International Finance Corporation (IFC) is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.
- The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 as a member of the World Bank Group to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people's lives. MIGA fulfills this mandate by offering political risk insurance (guarantees) to investors and lenders.
- The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.