World Bank

The World Bank is an international financial institution that provides loans, grants, and technical assistance to countries around the world, primarily to support the development of their economies and the reduction of poverty. The World Bank was created in 1944 at the Bretton Woods Conference and has its headquarters in Washington, D.C. It is one of the two institutions that make up the World Bank Group, along with the International Development Association (IDA). The World Bank is owned by its member countries and is governed by a board of executive directors, who are appointed by member countries. The World Bank has been a major source of financing for development projects around the world and has played a key role in supporting economic growth and poverty reduction in many countries. However, its activities and policies have also been controversial and have attracted criticism from some quarters.