Founded in 1944, the World Bank Group is one of the world’s largest sources of development assistance. The Bank, which provided US$17.3 billion in loans to its client countries in fiscal year 2001, is now owned by more than 180 member countries and is working in more than 100 developing economies, bringing a mix of finance and ideas to improve living standards and eliminate the worst forms of poverty. For each of its clients, the Bank works with government agencies, nongovernmental organizations, and the private sector to formulate assistance strategies. Its country offices worldwide deliver the Bank’s program in countries, liaise with government and civil society, and work to increase understanding of development issues.
The IBRD is a part of the WB Group and provides loans and development assistance to middle-income countries and creditworthy poorer countries.