Why is it in the news?
World Bank fast-tracking aid amid West Asia crisis. Supportingeconomies affected by global disruptions.
Category: International Relations
Important Points:
● Established in 1944 at Bretton Woods Conference
● Headquarters in Washington DC
● Aims to reduce poverty and promote development
● Consists of 5 institutions including IBRD and IDA
● Provides loans, grants and technical assistance
● Membership requires joining IMF first
● India is member of 4 out of 5 institutions (not ICSID)
● Funds infrastructure, health and education projects
● Major source of global economic research and data