The World Bank
The World Bank is a global organization created in 1944 at the Bretton Woods Conference alongside the International Monetary Fund. The World Bank has two divisions: the International Bank for Reconstruction and Development and the International Development Association. They provide loans and grants, primarily to poorer countries, that are financed by wealthier nations. Currently, they have 184 member countries, and their main goal is to reduce poverty. The World Bank plays an essential role in the global economy and strives to develop countries to benefit from international commerce and improve living standards. Read pages 7-11 and browse the other sections to become familiar with the World Bank's structure and purpose.
Each Bank Group institution is owned by its member countries (its shareholders). The number of member countries varies by institution, from 185 in IBRD to 143 in ICSID, as of April 2007. The requirements for membership and the country classifications the Bank Group uses are explained in chapter 3.
In practice, member countries govern the Bank Group through the Boards of Governors and the Boards of Directors. These bodies make all major policy decisions for the organization (figure 1.1).
