The World Bank: What It Is, How It Works, History, and Key Organizations

The World Bank is an international financial institution that provides loans, grants, and technical assistance to developing countries for the purpose of reducing poverty and promoting economic development. Founded in 1944 at the Bretton Woods Conference alongside the IMF, the World Bank Group consists of five organizations and works with 189 member countries. In 2022, the World Bank identified 17 key goals to address global challenges ranging from climate change to education.