When was the World Bank Created?

The World Bank is composed of five international organizations, International Bank for Reconstruction and Development (IBRD), International Development Association (IDA). International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes ( ICSID). The purpose of the World Bank is to offer advice and finance to nations for the purposes of economic development and eliminating poverty. The World Bank was created formally on 27 December 1945 following Bretton Woods agreements’ international ratification.

Over the years, the World Bank Group has expanded from the World Bank headquarters in Washington D.C. to have multidisciplinary and diverse staff based in country offices. Currently more than a third of World Bank staff is based in various countries.