Commonly referred to as the “Bretton Woods�? institutions along with the International Monetary Fund, the World Bank group is a collection of five international financial institutions established to provide assistance and support for economic improvement to developing countries around the world. Created on December 27, 1945, the Bank focuses on issues such as human development, infrastructure-building, environmental protection, governance issues, and agricultural and rural development. The organization functions by providing loans and grants to nations, often in an effort to tackle some greater policy or project goal.
World Bank Institutions
- International Bank for Reconstruction and Development – est. 1945
- International Financial Corporation – est. 1956
- International Development Association – est. 1960
- International Centre for Settlement of Investment Disputes – est. 1966
- Multilateral Investment Guarantee Agency – est. 1988
The World Bank & Public Diplomacy
With a primary goal to alleviate poverty and provide economic assistance to the developing world, the World Bank group can be crucial in guiding economies. Scholars often lead fundamental analyses of national growth patterns, delivering comprehensive plans for future developments. Advisory services and domestic projects create a strong link between supporting countries and those in need of assistance. For a list of ongoing projects at the World Bank, please look here.