Composed of 183 member countries, the World Bank promotes economic development in impoverished and indebted countries by providing long-term financing and guidance for Bank-approved programs and projects.
The World Bank is comprised of five closely associated organizations that pursue the same overarching goal of poverty reduction:
• The International Bank for Reconstruction and Development (IBRD) provides market-based loans to middle-income countries.
• The International Development Association (IDA) provides
assistance to poorer countries, offering interest-free loans, technical assistance and policy advice.
• The International Finance Corporation (IFC) funds private-sector enterprises, providing technical assistance and advice to governments and businesses.
• The Multilateral Investment Guarantee Agency (MIGA)
helps encourage foreign investment.
• The International Center for Settlement of Investment Disputes (ICSID) aids the settlement of investment disputes between foreign investors and nations.
The World Bank is funded principally from issuing debt on the
international bond market, as well as subscriptions of member countries and net earnings. The World Bank’s net administrative budget for 2001 is $1.44 billion.
