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The World Bank was founded in 1944 and has its headquarters in Washington DC. It is not a bank in the common sense of the word. It consists of two development institutions, owned by 187 member
countries. These are:
• the International Bank for Reconstruction and Development (IBRD) which aims to reduce poverty in middle income and credit worthy poorer countries
• the International Development Agency (IDA) which provides assistance to the world’s poorest nations.
Both institutions provide low-interest loans, interest-free credits and grants for a variety of purposes.
marlinbito answered the question on July 6, 2018 at 09:30
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