Guide Note

The World Bank grants loans to fund international development projects. Established on December 27, 1945, initial investments were devoted to rebuilding nations after conflict, specifically war-torn Europe after World War II. While the organization still helps fund post-conflict reconstruction, its focus has shifted to projects that foster economic growth and business development.

The Bank's investments are guided by five key principles which include capacity building, infrastructure creation and improvement, development of financial systems and institutions, combating corruption and providing consultancy and training.¹

The World Bank has received considerable criticism, most of which argues that the institution was not, in reality, established to combat poverty but instead to promote United States and similar Industrialized countries business interests.² Many have argued that World Bank programs have actually contributed to poverty and environmental degradation in many areas.³

Fast Facts

1. Established: December 27, 1945¹
2. Part of the Bretton Woods Agreement
3. President: Robert Zoellick¹
4. Stated goal is reducing poverty
5. First loan: $250 million to France for reconstruction after World War II
6. Training wings: World Bank Institute and Global Development Learning Network

• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• Multilateral Investment Guarantee Agency (MIGA)

• Eugene Meyer 1946-1946
• John McCloy 1947-1949
• Eugene Black 1949-1962
• George Woods 1963-1968
• Robert McNamara 1968-1981
• Alden Clausen 1981-1986
• Barber Conable 1986-1991
• Lewis Preston 1991-1995
• James Wolfensohn 1995-2005
• Paul Wolfowitz 2005-2007
• Robert Zoellick elected in 2007