The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing economic development. It is the collective name for the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), two of the five international organizations owned by the World Bank Group. The World Bank was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. Initially, its loans helped rebuild countries devastated by World War II. Over time, it has shifted its focus to development, with a stated mission of eradicating extreme poverty and boosting shared prosperity.
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