The World Bank is an international financial institution that provides loans to most countries around the world for capital projects. Founded 73 years ago in 1945, the World Bank was developed like most post-WWII institutions in the ashes of the war to help devastated countries get back on their feet. It comprises two institutions, the International Bank of Reconstruction and Development or the IBRD, and the International Development Association or IDA with most countries around the world as members.
World Bank`s most recent stated goal is the attack and war on poverty – to reduce poverty around the world.World bank provides financing, advice and research to support the development of many countries around the world. Recently, World Bank focuses on the development of middle-income and other nations. Also, World Bank offers training in both the private and public sectors with an aim to encourage economic activity by creating jobs for developing countries.
The World Bank was created at the 1944 Bretton Woods Conference along with the IMF or International Monetary Fund with the expressed reason for existing to be providing weaker countries with loans, to help them out of poverty. Membership of the World Bank is now at 190 countries in the IBRD and 173 countries in teh IDA. Jim Young Kim is the current president, with its Headquarters in Washington D.C.