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International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States; it is the lending arm of the World Bank Group. The IBRD offers loans to middle-income developing countries. It is the first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in 1944, was to finance the reconstruction of European nations devastated by World War II. The IBRD and the concessional lending institution, the International Development Association (IDA), are collectively known as the World Bank as they share the same leadership and staff.
Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic policy, environmental consciousness, energy investments, healthcare, access to food and potable water, and access to improved sanitation.
The IBRD is owned and governed by its 189 member states, with each country represented on the Board of Governors. The IBRD has its executive leadership and staff which conduct its normal business operations. The Bank's member governments are shareholders which contribute and have the right to vote on its matters. In addition to contributions from its member nations, the IBRD acquires most of its capital by borrowing on international capital markets through bond issues at a preferred rate because of its AAA credit rating.
In 2011, it raised US$29 billion in capital from bond issues made in 26 different currencies. The Bank offers several financial services and products, including flexible loans, grants, risk guarantees, financial derivatives, and catastrophic risk financing. It reported lending commitments of $26.7 billion made to 132 projects in 2011.
There are five "closely associated institutions" that each have a "distinct role" and together form the World Bank—the IBRD, the International Development Association (IDA), the International Finance Corporation (IFC), that "invests in private firms and promotes entrepreneurship", the Multilateral Investment Guarantee Agency (MIGA), that guarantees loans, and the International Centre for Settlement of Investment Disputes (ICSID). Their mission is to "fight poverty and improve living standards for people in the developing world." By 2018, the World Bank Group was "one of the world's largest sources of funding and knowledge for developing countries." Of the five institutions, the IBRD and the IDA are the World Bank's two largest units. When a country reaches a GDP per person over US$1,145, they are no longer eligible for IDA financial support. For example, of the BRIC countries, China was no longer eligible in 1999 and by 2014, neither was India.
The IBRD is governed by the World Bank's Board of Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). The Board of Governors delegates most of its authority over daily matters such as lending and operations to the board of directors. The Board of Directors consists of 25 executive directors and is chaired by the President of the World Bank Group. The executive directors collectively represent all 189 member states of the World Bank. The president oversees the IBRD's overall direction and daily operations.
The Bank and IDA operate with a staff of approximately 10,000 employees.
On 9 April 2019, United States President Donald Trump nominated David Malpass as the World Bank Group's president. Malpass had served as one of President Trump's economic advisers and as a senior official in the United States Treasury Department. The IBRD member nations did not sponsor a "rival candidate" and Malpass became president, in spite of the fact that he is critical of the role of the IBRD.
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International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States; it is the lending arm of the World Bank Group. The IBRD offers loans to middle-income developing countries. It is the first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in 1944, was to finance the reconstruction of European nations devastated by World War II. The IBRD and the concessional lending institution, the International Development Association (IDA), are collectively known as the World Bank as they share the same leadership and staff.
Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic policy, environmental consciousness, energy investments, healthcare, access to food and potable water, and access to improved sanitation.
The IBRD is owned and governed by its 189 member states, with each country represented on the Board of Governors. The IBRD has its executive leadership and staff which conduct its normal business operations. The Bank's member governments are shareholders which contribute and have the right to vote on its matters. In addition to contributions from its member nations, the IBRD acquires most of its capital by borrowing on international capital markets through bond issues at a preferred rate because of its AAA credit rating.
In 2011, it raised US$29 billion in capital from bond issues made in 26 different currencies. The Bank offers several financial services and products, including flexible loans, grants, risk guarantees, financial derivatives, and catastrophic risk financing. It reported lending commitments of $26.7 billion made to 132 projects in 2011.
There are five "closely associated institutions" that each have a "distinct role" and together form the World Bank—the IBRD, the International Development Association (IDA), the International Finance Corporation (IFC), that "invests in private firms and promotes entrepreneurship", the Multilateral Investment Guarantee Agency (MIGA), that guarantees loans, and the International Centre for Settlement of Investment Disputes (ICSID). Their mission is to "fight poverty and improve living standards for people in the developing world." By 2018, the World Bank Group was "one of the world's largest sources of funding and knowledge for developing countries." Of the five institutions, the IBRD and the IDA are the World Bank's two largest units. When a country reaches a GDP per person over US$1,145, they are no longer eligible for IDA financial support. For example, of the BRIC countries, China was no longer eligible in 1999 and by 2014, neither was India.
The IBRD is governed by the World Bank's Board of Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). The Board of Governors delegates most of its authority over daily matters such as lending and operations to the board of directors. The Board of Directors consists of 25 executive directors and is chaired by the President of the World Bank Group. The executive directors collectively represent all 189 member states of the World Bank. The president oversees the IBRD's overall direction and daily operations.
The Bank and IDA operate with a staff of approximately 10,000 employees.
On 9 April 2019, United States President Donald Trump nominated David Malpass as the World Bank Group's president. Malpass had served as one of President Trump's economic advisers and as a senior official in the United States Treasury Department. The IBRD member nations did not sponsor a "rival candidate" and Malpass became president, in spite of the fact that he is critical of the role of the IBRD.