definitions World Bank

World Bank

A group of five closely associated international institutions providing loans and other development assistance to developing countries. The five institutions are IBRD, IDA, IFC, MIGA, and ICSID. As of July 2000, the largest of these, IBRD, had 181 member countries. International bank for Reconstruction and Development. An international organization created at Breton Woods in 1944 to help in the reconstruction and development of its member nations. Its goal is to improve the quality of life for people in the poorer regions of the world by promoting sustainable economic development. See also International bank for Reconstruction and Development.