HISTORY OF THE INSTITUTION

The history of the World Bank dates back to the post-World War II period, when it was established in 1944 during the Bretton Woods Conference, which also saw the creation of the International Monetary Fund (IMF). The World Bank's main objective was to help rebuild war-torn Europe by providing loans for infrastructure projects and economic development.

Initially, the World Bank was called the International Bank for Reconstruction and Development (IBRD). As its operations expanded beyond Europe, the focus shifted to supporting economic development and reducing poverty in developing countries around the world.

In the years since, the World Bank has evolved into a global institution offering a wide range of financial and development services. This includes loans and grants for infrastructure projects, health, education, energy, agriculture and rural development, among other sectors. In addition to the IBRD, the World Bank today includes the International Development Association (IDA), which provides financial assistance to poorer countries on favorable credit terms.

The World Bank also plays a crucial role in promoting sound economic policies, implementing structural reforms and creating strategic partnerships with governments, financial institutions, non-governmental organizations (NGOs) and the private sector.

Throughout its history, the World Bank has faced criticism and challenges, but it remains a central figure on the global development stage, seeking to positively impact people's lives and promote sustainable and inclusive economic growth around the world.