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World Bank Group

The World Bank Group is a congregation of five international organizations responsible for providing finance and advice to different countries for economic up gradation by reducing the poverty level. The establishment of World Bank Group took place on 27 December 1945. The bank came into operations on 25th June 1946; thereby approving its first loan on May 9, 1947. The bank has its five separate agencies including the following:

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

The term World Bank usually refers to International Bank for Reconstruction and Development and International Development Association. Unlike the World Bank, World Bank Group refers collectively to the institutions. The activities of the World Bank are directly focused towards low income countries in different perspectives including human development, agriculture and rural development, environmental protection, infrastructure, and governance. The IBRD is a major part of the World Bank Group with headquarter in Washington, D.C. World Bank Group is an international organization owned by the member countries government of the group. Although the World Bank Group makes profits, these profits are used to support continued efforts in poverty reduction. The World Bank Group and its agencies play different role in their fields discussed following are the agencies and their role:

Established in 1945, the International Bank for Reconstruction and Development (IBRD) provides debt financing. Established in 1956, The International Finance Corporation (IFC) provides various types of financing without sovereign guarantees, basically to the private sectors; Established in 1960, the International Development Association (IDA) provides interest-free loans and grants. Established in 1988, The Multilateral Investment Guarantee Agency provides insurance on some risk which includes political risk.

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