World Bank UPSC NOTE

It was created in 1944, as the International Bank for Reconstruction and Development (IBRD, later part of the World Bank group) along with the IMF at Bretton Woods Conference.

Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.

The World Bank is one of the United Nations' specialized agencies.
The World Bank Group is a unique global partnership of five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
It has 189 member countries, in which India is a member country.
To become a member of the Bank, a country must first join the International Monetary Fund (IMF).
Membership in IDA, IFC and MIGA is conditional. A country has to first become a member of IBRD for that.

Loans and the World Bank

The Bank lends money to middle-income countries at interest rates lower than the rates on loans from commercial banks.
In addition, the Bank lends money at no interest to the poorest developing countries, those that often cannot find other sources of loans.
Countries that borrow from the Bank also have a much longer period to repay their loans than commercial banks allow and don't have to start repaying for several years.

Reports published by World Bank

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