Before WW II had ended – The Articles of Agreement of the International Bank for Reconstruction and Development (IBRD) which would become known as the World Bank and the International Monetary Fund (IMF) were drawn up and adopted at the Bretton Woods Confrence held in New Hampshire July 1-22, 1944 with 44 governments the agreements became effective from December 27, 1945. [1, 2, 3, 4]
The IMF was established “to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries under adequate safeguards to help ease balance of payments adjustment.”
Since its inception in 1944, the World Bank expanded from a single institution (IBRD) to an associated group of 5 institutions that coordinate global development funding – the World Bank Group. The international bank provides loans and development assistance (not grants) to governments of middle-income countries and creditworthy (influencial) poorer countries, loans which have to be repaid. [5, 6]
The World Bank’s “mission evolved from a facilitator of post-war reconstruction and development to its present day mandate of worldwide poverty alleviation.” One of the United Nations priority SDG. “Whereas heavy infrastructure investment projects once dominated the Bank’s portfolio, a broadened focus now includes social sector lending projects, poverty alleviation, and shared prosparity” [1]