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Definition World Bank

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World bank

An institution created with the IMF at BRETTON WOODS in 1944 and opened in 1946. The World Bank has three main branches: the International Bank for Reconstruction and Development (IBRD), the International Development Agency (IDA) and the International Finance Corporation (IFC). Collectively, it aims to promote economic development in the world’s poorer countries through advice and long-term lending, averaging $30 ­billion a year, spread around 100 countries.

Critics of the World Bank say that it often worsens the problems facing DEVELOPING COUNTRIES.