Knowra World Bank World Bank The World Bank is an international development institution that provides financing and expertise to reduce poverty and support sustainable development. It is owned by member countries and consists of two institutions: the International Bank for Reconstruction and Development and the International Development Association.
International Bank for Reconstruction and Development : The World Bank institution that lends to middle-income and creditworthy low-income countries. It provides most World Bank financing on terms closer to market borrowing.
Bretton Woods Conference : The 1944 conference where delegates designed institutions for postwar international monetary and economic cooperation. Delegates created the World Bank at Bretton Woods as part of the new postwar order.
World Bank infrastructure financing : World Bank funding for transport, energy, water, and other public infrastructure. Infrastructure projects are a major channel through which its lending supports economic development.
Washington Consensus : A set of market-oriented economic policy recommendations associated with Washington-based institutions in the late twentieth century. The World Bank helped promote reforms often grouped under this label.
International Development Association : The World Bank institution that provides grants and concessional loans to the poorest countries. Its low-cost financing extends World Bank support to countries unable to borrow on ordinary terms.
International Bank for Reconstruction and Development Articles of Agreement : The founding treaty that established the International Bank for Reconstruction and Development and defined its governance and purposes. The Articles set the legal foundation for the World Bank's original institution.
World Bank education projects : World Bank-financed programs that support education systems, schools, and learning outcomes. These projects translate development goals into investments in access, teaching, and education policy.
Debt relief : The reduction, cancellation, or restructuring of debt owed by governments and other borrowers. World Bank participation in debt-relief initiatives has changed obligations for heavily indebted countries.
World Bank Group : A group of five institutions that finance development and support private investment in emerging economies. The World Bank is often used to mean the larger group, which includes three institutions beyond its two core lenders.
Marshall Plan : The United States program that provided large-scale aid for European recovery after World War II. It became the dominant source of European reconstruction aid, while the World Bank shifted toward development lending.
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