International Bank for Reconstruction and Development

The International Bank for Reconstruction and Development (IBRD) is a World Bank Group institution that lends to middle-income and creditworthy lower-income countries and supports development through financing and expertise.

IBRD bonds: Debt securities issued by the IBRD to raise funds from global capital markets. Bond proceeds are the main source of funds the IBRD lends to member countries.
World Bank Group: A group of international institutions that provide financing, advice, and services related to development. The IBRD is one of the group’s five institutions.
Bretton Woods Conference: The 1944 United Nations monetary and financial conference that established the IMF and planned the IBRD. Delegates at Bretton Woods negotiated the institution’s founding framework.
Development policy financing: World Bank budget support tied to policy and institutional actions by a borrowing country. The IBRD uses this instrument to support policy changes rather than a single project.
Development economics: The study of how economies change and how policy can improve living standards. IBRD lending and advice are major institutions through which development policy is practiced.
Callable capital: Shareholder capital that can be requested if an institution cannot meet its obligations. Member guarantees support the IBRD’s strong credit standing, though calls have not been needed.
World Bank: The common name for the IBRD and the International Development Association. The IBRD is one of the two institutions commonly called the World Bank.
Articles of Agreement of the IBRD: The treaty that establishes the IBRD’s purposes, governance, membership, and powers. These articles define the IBRD’s legal mandate and operating structure.
Investment project financing: World Bank financing for specific projects intended to build infrastructure or strengthen institutions. It is a principal route for IBRD support of country-level investments.
World Bank conditionality: Policy requirements or actions linked to World Bank financing. Conditions attached to some IBRD support affect national policy choices.

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