11.4 The World Bank

. The World Bank The World Bank which is based in Washington, was originally known as the International Bank for Reconstruction and Development (IBRD). The World Bank or often referred to as the Bank Group was founded in and serves as the largest source of funding and knowledge for developing countries in the world. The term “world bank” was first used in reference to IBRD in an article in the Economist on July , , in a report on the Bretton Woods Conference. The primary focus of the Bank is to work with the poorest people and the poorest countries through its five ( institutions to reduce poverty, increase economic growth and increase the quality of life by using its financial resources and its extensive experience. The World Bank is managed by its member countries who are either lenders, borrowers or donors.