World Bank
- Organization Name
- World Bank
- Description
The World Bank Group is an international financial institution that provides loans and grants to governments of low- and middle-income countries for capital projects aimed at reducing poverty and supporting development.
Key Facts
- Founded: 1944 (Bretton Woods Conference); began lending in 1946
- President: Ajay Banga (India-born American), assumed office in June 2023 for a five-year term
- Five institutions: IBRD, IDA, IFC, MIGA, ICSID (these make up the World Bank Group)
- Focus: To end extreme poverty and boost shared prosperity on a livable planet
- Members: 189 countries (IBRD); 174 countries (IDA)
- Nepal relevance: The World Bank is one of Nepal's largest development partners, financing infrastructure, education, health, energy, and urban development projects; Nepal is an IDA-eligible country.
Mission
The World Bank's mission is to reduce poverty and support development through financing, policy advice, and technical assistance.
- Headquarters
- Washington D.C., USA
- Founded Year
- 1944
- Current Head/SG
- Ajay Banga
- Category
- Financial