World Bank (World Bank)

Purpose

Provide financing, policy advice and technical assistance to developing countries to reduce poverty and support sustainable development.

Members:

189 member countries

Headquarters:

Washington, D.C., United States

History

The World Bank was established alongside the IMF at the 1944 Bretton Woods Conference, originally to help finance Europe's post-war reconstruction, before shifting its focus toward financing development in poorer countries worldwide.

Structure

• Board of Governors
• Board of Executive Directors
• Headed by the President
• Comprises five institutions, including the IBRD and IDA

Key facts

• Traditionally headed by a US nominee, by informal agreement with the IMF's European-led leadership
• Current President: Ajay Banga (United States), since 2023

Pakistan's relationship

Member since 1950; one of the Bank's long-standing borrowing countries, funding major infrastructure and social-sector projects.