World Bank

February 2004
Essential Economics;2004, p277
Reference Entry
A description of the economic institution, the World Bank (WB), is presented. WB was created with the International Monetary Fund (IMF) in Bretton Woods, New Hampshire in 1944. It was opened in 1946. Three main branches comprised WB, referring to the International Bank for Reconstruction and Development (IBRD), the International Development Agency (IDA) and the International Finance Corp. (IFC). WB aimed to promote economic development in poorer countries.


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