The World Bank, originally the International Bank for Reconstruction and Development, is the institution the 1944 Bretton Woods Conference created to finance the reconstruction of economies devastated by the Second World War and, over time, the development of poorer nations more broadly. It began operating in 1945 alongside the International Monetary Fund as the second of the two Bretton Woods institutions.
Facts
Founded Year1945 is the year the Bretton Woods Agreements' Articles of Agreement entered into force and the World Bank (IBRD) formally came into existence, not the July 1944 Bretton Woods Conference that drafted the agreement and not the 25 June 1946 start of lending operations (both are real dates for this institution, just not this field's referent). The cited source states Congress passed the Bretton Woods Agreements Act in July 1945 and the IMF and World Bank "officially came into existence five months later" (December 1945); Wikipedia's Bretton Woods Conference article gives the exact day, 27 December 1945, naming the IBRD explicitly, matching the sibling IMF entry's own founding date. Headquarters1818 H Street NW, Washington, D.C., United States 2 Classification
Institution TypeInternational or Intergovernmental Body 1 Connections
Founded By
Source Bretton Woods Conference (Office of the Historian)
In the Other Atlases
Same As
Also in Economics Atlas: the same subject.
Sources
1. Bretton Woods Conference (Office of the Historian)
U.S. Department of State, Office of the HistorianQuote
The IBRD was responsible for providing financial assistance for the reconstruction of war-ravaged nations and the economic development of less developed nations.
2. World Bank (Wikipedia)
Wikimedia FoundationInfoboxQuote, Infobox
Headquarters: 1818 H Street Northwest, Washington D.C., U.S.
World Bank Group: Who We Are
World Bank GroupIn Group: Global Intergovernmental Organizations, Page textQuote, In Group: Global Intergovernmental Organizations, Page text
Provides political risk insurance (guarantees) for projects in a broad range of sectors in developing member countries, covering all regions of the world.
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