- Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions.
- Its mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with its five affiliates that form the World Bank Group: the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).
Five Agencies, One Group
The World Bank Group consists of five organizations:
The International Bank for Reconstruction and Development (IBRD) lends to governments of middle-income and creditworthy low-income countries.
The International Development Association (IDA) provides interest-free loans—called credits— and grants to governments of the poorest countries.
The International Finance Corporation (IFC) provides loans, equity and technical assistance to stimulate private sector investment in developing countries.
The Multilateral Investment Guarantee Agency (MIGA) provides guarantees against losses caused by non-commercial risks to investors in developing countries.
The International Centre for Settlement of Investment Disputes (ICSID) provides international facilities for conciliation and arbitration of investment disputes.