The World Bank is an international financial institution that provides financial and technical assistance to developing countries around the world. Its primary goal is to reduce poverty and support sustainable development by offering loans, grants, and expert advice to member countries. The World Bank comprises two main institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

International Bank for Reconstruction and Development (IBRD):

• Purpose: IBRD focuses on middle-income and creditworthy low-income countries.
• Financial Assistance: Provides loans and financial services to member countries for development projects.
• Repayment: Member countries repay IBRD loans over an extended period, typically with low-interest rates

International Development Association (IDA):

• Purpose: IDA primarily assists the world's poorest countries.
• Financial Assistance: Offers concessional loans (low or zero-interest) and grants to countries with limited creditworthiness.
• Repayment: IDA loans have longer grace periods and repayment periods, and grants do not need to be repaid.

The World Bank provides support in various sectors, including infrastructure, education, healthcare, agriculture, and environmental sustainability. It also plays a crucial role in crisis response, helping countries recover from conflicts, natural disasters, or economic downturns.

The World Bank Group consists of additional entities beyond IBRD and IDA, including the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). These entities focus on private sector development, investment guarantees, and dispute resolution.

Key functions and roles of the World Bank include:

Financial Assistance: Providing funds for development projects and programs through loans, grants, and guarantees.

Technical Assistance: Offering expertise, knowledge, and advisory services to help countries design and implement effective development strategies.

Research and Data: Conducting research and collecting data to analyze global economic trends, inform policy decisions, and share knowledge with member countries.

Capacity Building: Enhancing the institutional and technical capacity of member countries to manage and implement development initiatives.

Poverty Reduction: Prioritizing projects and programs that aim to reduce poverty, promote inclusive growth, and improve living standards.

Environmental and Social Sustainability: Integrating environmental and social considerations into development projects to ensure sustainable and responsible practices.

The World Bank is governed by its member countries, each of which holds shares in the institution. The president of the World Bank is traditionally nominated by the United States, which is the largest single shareholder. The organization's headquarters is in Washington, D.C., and it operates globally with field offices in various countries.