World Bank

About World Bank

Created at the Bretton Woods Conference in 1944 alongside the IMF. The World Banks original name, the International Bank for Reconstruction and Development, reflected its initial mission of rebuilding Europe after World War II. After the Marshall Plan took over European reconstruction, the Bank shifted focus to developing countries. The Bank provides loans for infrastructure, education, health, and governance. The World Bank Group includes IBRD, IDA, IFC, MIGA, and ICSID. The US traditionally appoints the World Bank president, while Europe appoints the IMF managing director. The Bank has been criticized for imposing structural adjustment programs and for environmental impacts of funded projects.