THE WORLD BANK GROUP
For more than fifty years the World Bank Group has served as a catalyst for economic growth and social progress. Almost every country of the world is a member of the Bank Group. These institutions are headquartered in Washington, D.C., and have over 100 field offices in more than seventy-five countries.
The World Bank Group consists of:
THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)
The IBRD is the single largest provider of development loans to middle-income developing member countries and a major catalyst of similar financing from other sources. Its operations are financed primarily through borrowings in international capital markets, and its lending is backed by government guarantees.
THE INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA)
IDA provides financing on highly concessional terms for the world’s poorest countries. It relies mostly on contributions from its wealthier member countries to fund its loans.
THE INTERNATIONAL FINANCE CORPORATION (IFC)
IFC is the largest source of financing for private sector projects in developing countries. It invests in commercial enterprises by means of loan and equity financing in collaboration with other investors. Unlike the IBRD and IDA, IFC does not receive government guarantees of repayment.
THE MULTILATERAL INVESTMENT GUARANTEE AGENCY (MIGA)
MIGA encourages the flow of foreign direct investments to developing countries by providing private investors with guarantees against political risk. It also offers investment marketing services and advice to developing countries on how to better attract foreign investment.