The World Bank

Definition

The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It comprises two institutions - International Bank for Reconstruction and Development (IBRD), and International Development Association (IDA).

Related terms

International Monetary Fund (IMF): An international organization that aims to promote global economic growth and financial stability, encourage international trade, and reduce poverty.

Development Economics: A branch of economics which deals with economic aspects of the development process in low-income countries.

Foreign Aid: Money, food, or other resources given or lent by one country to another.