This project has been funded with support from the European Commission (226388-cp-1-2005-1-de-comenius-c21). This publication reflects the views only of the authors

5.1.2. World Bank - WB

Since its inception in 1944, the WB has expanded from a single institution to a closely associated group of five development institutions. The WB’s mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present day mandate of worldwide poverty alleviation in conjunction with its affiliate, the International Development Association.
The WB is a vital source of financial and technical assistance to developing countries around the world and is made up of two unique development institutions owned by 185 member countries - the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) (There are also three more institutions closely associated with the WB, namely, International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID)). Each institution plays a different but supportive role in the WB’s mission of global poverty reduction and the improvement of living standards. The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world. Together the WB provides low-interest loans, interest-free credit, grants to developing countries for education, health, infrastructure, communications and many other purposes and also provides analysis, advice and information to the member countries. The WB does not operate for profit.
According to WB, globalization offers incredible opportunities. Yet exclusion, grinding poverty, and environmental damage create dangers. The ones that suffer most are those who have the least to start with – indigenous peoples, women in developing countries, the rural poor, Africans, and their children. Therefore, the World Bank Group assists countries to help themselves by catalyzing the capital and policies through a mix of ideas and experience, development of private market opportunities, and support for good governance and anti-corruption.
The WB’s vision is to contribute to an inclusive and sustainable globalization - to overcome poverty, enhance growth with care for the environment, and create individual opportunity and hope and to advance ideas about international projects and agreements on trade, finance, health, poverty, education, and climate change so that they can benefit all, especially the poor seeking new opportunities. The process includes fund generation, loans, grants, analytic and advisory services and capacity building.