World Bank

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World Bank

World Bank (pronunciation: wɜːrld bæŋk) is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group.

Etymology

The term "World Bank" generally refers to just the IBRD and IDA, whereas World Bank Group is a more expansive term, including three more institutions. The name is derived from the aim of the institution, which is to provide financial and technical assistance to developing countries for development programs (e.g., bridges, roads, schools, etc.) that are expected to improve the economic prospects and quality of life for people in those countries.

Related Terms

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