The World Bank, sometimes abbreviated BM (in English: World Bank), is an international financial institution that grants loans and other financial support to developing countries for investment projects.
The World Bank comprises two institutions – the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) – created to fight poverty by providing aid, financing and advice to States in trouble 1.
The World Bank is a subset of the World Bank Group which is made up of 5 international financial organizations in total:
The headquarters of the World Bank is in Washington, D.C. and the local in Geneva, Switzerland.
The World Bank is led by a Managing Director and chaired by the President of the World Bank Group. Both are elected by the Board of Directors of the World Bank Group.
It is one of the specialized agencies of the United Nations (UN) system. Every year, it publishes a contribution on a development theme in its World Development Report. It is also a major employer of researchers (about a quarter of its 9,200 employees have a doctorate).
It is the first money lender of public origin in the world. The IBRD, the principal organ of the World Bank, currently has 189 member countries3.
