World Bank/International Bank for Reconstruction and Development (IBRD)
World Bank/International Bank for Reconstruction and Development (IBRD) : This is a lending institution whose aim is to promote long-term economic growth that reduces poverty in developing countries. The IBRD like the International Monetary Fund (IMF) and the now defunct General Agreement on Tariffs and Trade (GATT) was created at the Bretton Woods Conference (1944), and is referred to as a "Bretton Woods Institution". Unlike the IMF, the IBRD lends only to developing countries. It is not a provider of 'stop gap' funding, but as the name suggests, for `reconstruction and developmental' funding. Developmental projects which were/are funded by the IBRD include installing electric power lines; building of roads, bridges and railways; modernization of farms; improving teachers' skills; building classrooms; providing business know-how to small entrepreneurs, and assisting national governments on the best way to utilize and channel their scarce resources.Membership in the IMF is a prerequisite for joining the IBRD
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