• The World Bank Group is the most famous development bank in the world, whose stated mandate and mission is to reduce poverty in the world.

  • As part of the Bretton Woods Agreement, on December 27, 1945, the World Bank Group was created.
  • The World Bank Group is made up of five institutions: International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Center for Settlement of Investment Disputes (ICSID) .
  • The World Bank Group provides advice and financial assistance in the form of soft loans and grants to countries struggling with poverty, with a focus on areas such as well-being, education and agriculture.
  • The World Bank Group has 189 member countries, with the US being the bank’s largest shareholder.