The World Bank was founded in 1944 in Bretton Woods Conference on Washington
DC,
USA. The bank's mission soon expanded to focus on the global challenge
of poverty and the ways in which the bank could help foster permanent change in poor countries. Through low-interest loans and interest-free credits and grants, the
World Bank invests in
education, health, infrastructure agriculture and
private sector development. It
consists of
five
organizations:
1. The International Bank for Reconstruction and Development (IBRD)
2. The International Development Association (IDA)
3. The International Finance Corporation (IFC)
4. The Multilateral Investment Guarantee Agency (MIGA)
The International Centre for Settlement of
Investment Disputes (ICSID)