International Bank for Reconstruction and Development

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International financial institution

International Bank for Reconstruction and Development
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Formation	1944
Type	International financial institution
Headquarters	Washington, D.C., United States
Membership	189 countries
Language
Leader title	President
Leader name	David Malpass
Website

The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to middle-income developing countries. It is the largest and oldest of five member institutions that compose the World Bank Group. The IBRD's goal is to reduce poverty in middle-income and creditworthy low-income countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services.

History

The IBRD was established in 1944 during the Bretton Woods Conference, along with the International Monetary Fund (IMF). The institution was created to help Europe rebuild after World War II. Over time, its focus shifted from reconstruction to development, and it now provides financial and technical assistance to developing countries around the world.

Structure and Governance

The IBRD is governed by its member countries, with decisions made by a Board of Governors and a Board of Executive Directors. Each member country appoints a governor, typically the country's finance minister or central bank governor. The Board of Executive Directors is responsible for the day-to-day operations and consists of 25 Executive Directors who represent the member countries.

Functions

The IBRD provides financial products and policy advice to help countries reduce poverty and extend the benefits of sustainable development to all of their people. Its main functions include:

• Providing loans and credits to middle-income and creditworthy low-income countries.
• Offering financial products such as guarantees and risk management products.
• Providing analytical and advisory services to support development efforts.
• Mobilizing financial resources from international capital markets.

Membership

As of 2023, the IBRD has 189 member countries. Membership in the IBRD is open to any country that subscribes to its policies and procedures. To become a member, a country must first join the International Monetary Fund (IMF).

Projects and Initiatives

The IBRD funds a wide range of projects aimed at improving infrastructure, education, health, and other critical areas in developing countries. These projects are designed to promote economic development and improve living standards.

Related Pages

• World Bank
• International Development Association
• International Finance Corporation
• Multilateral Investment Guarantee Agency
• International Centre for Settlement of Investment Disputes
• Bretton Woods system
• International Monetary Fund

See Also

• Development economics
• Globalization
• Sustainable development