World Bank

The World Bank [1] was set up in 1944 at the Bretton Woods Conference. Its purpose is to reduce global poverty and improve living standards by providing low-interest loans, interest-free credit and grants to developing countries. It raises most of its funds by issuing bonds on the world's financial markets - and the remainder from members' contributions.

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).

World Bank representatives serve on the international Financial Stability Forum