World Bank

The World Bank [1] was set up in 1944 as the International Bank for Reconstruction and Development (IBRD) at the Bretton Woods Conference. It now also includes the International Development Association (IDA). Their purpose is to reduce global poverty and improve living standards by providing provide low-interest loans, interest-free credit and grants to developing countries. They raise most of their funds by issuing bonds on the world's financial markets.

The Bank’s five branches are:

• The International Bank for Reconstruction and Development

(provides loans to middle-income countries);

• The International Development Association

(gives interest-free loans to the poorest countries)

• The International Finance Corporation

(finances private-sector projects and provides technical support);

• The Multilateral Investment Guarantee Agency

(guarantees foreign investors against non-commercial risks); and

• The International Center for the Settlement of Investment Disputes

(seeks to settle disputes between foreign investors and host countries).