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THE WORLD BANK


Overview
Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Its mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with our affiliate, the International Development Association, and other members of the World Bank Group, the International Finance Corporation (IFC), the Multilateral Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).
 
The World Bank Group has set two goals for the world to achieve by 2030:
  • End extreme poverty by decreasing the percentage of people living on less than $1.25 a day to no more than 3%
  • Promote shared prosperity by fostering the income growth of the bottom 40% for every country
The World Bank is a vital source of financial and technical assistance to developing countries around the world. It is not a bank in the ordinary sense but a unique partnership to reduce poverty and support development.

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