The World Bank is an international financial institution that is an autonomous organization working with the United Nations. The World Bank (WB) was formed in July 1944, and its headquarter is located in Washington, D.C. Unlike International Monetary Fund (IMF) that provides loans to countries with balance of payments problems, World Bank lend for specific projects.
The World Bank helps poor countries in poverty reduction and the improvement of living standards, and provides low-interest loans to developing countries for capital programs. The current president of World Bank is Jim Yong Kim. The World Bank Group consists of five organizations:
- The International Bank for Reconstruction and Development (IBRD)
- The International Development Association (IDA)
- The International Finance Corporation (IFC)
- The Multilateral Investment Guarantee Agency (MIGA)
- The International Centre for Settlement of Investment Disputes (ICSID)