World Bank
IntermediateThe World Bank is an international financial institution that provides loans, grants and expertise to developing countries to support economic development and reduce poverty.
The World Bank was established in 1944 at the Bretton Woods conference, alongside the International Monetary Fund. Its original purpose was to help rebuild Europe after the Second World War. Today, it focuses on developing countries.
The World Bank Group includes several institutions. The International Bank for Reconstruction and Development lends to middle-income countries, while the International Development Association provides low-interest loans and grants to the poorest countries. Other members of the group support private sector investment and handle investment disputes.
The World Bank funds projects in areas such as education, health, infrastructure, agriculture, clean water, energy and climate change adaptation. For example, it might finance the construction of roads and power plants in a low-income country or support programmes to improve primary school enrolment.
While the IMF focuses mainly on short-term financial stability and crises, the World Bank focuses on long-term development. The World Bank has faced criticism over the environmental and social impacts of some projects and the conditions attached to its lending, and has reformed many of its policies in response.
For worked examples and full lessons, visit notesbysara.org.