The World Bank, sometimes abbreviated WB, is an international financial institution that provides loans and other financial support to developing countries for investment projects.

The World Bank comprises two institutions – the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) – created to fight poverty by providing aid, financing and advice to countries in difficulty1.

The World Bank is a subset of the World Bank Group, which consists of 5 international financial organizations in total:

• the International Bank for Reconstruction and Development (IBRD)
• the International Development Association (IDA)
• the International Finance Corporation (IFC)
• the Multilateral Investment Guarantee Agency (MIGA)
• the International Centre for Settlement of Investment Disputes (ICSID).

It is one of the specialized agencies of the United Nations (UN) system. It publishes an annual contribution on a development theme in its World Development Report. It is also a major employer of researchers (about a quarter of its 9,200 employees have a doctorate)2.

It is the world’s largest lender of public money. The IBRD, the main arm of the World Bank, currently has 189 member countries.

The World Bank is headed by a Managing Director and chaired by the President of the World Bank Group. Both are elected by the Group’s executive directors.

Under a tacit diplomatic agreement, the World Bank is always headed by an American, while the IMF is always headed by a European.

The World Bank is headquartered in Washington, D.C., and its premises are in Geneva, Switzerland.