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Simple English definitions for legal terms
International Bank for Reconstruction and Development
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A quick definition of International Bank for Reconstruction and Development:
The International Bank for Reconstruction and Development, also known as the World Bank, is an organization created in 1945 to help countries develop their economies. It provides loans for projects that are sustainable and will help a country grow financially. The money for these loans comes from member countries and loans on the open market.
A more thorough explanation:
The International Bank for Reconstruction and Development, also known as the World Bank, is a specialized agency of the United Nations that was established in 1945. Its main purpose is to provide loans to countries for economically sustainable projects that aid in their economic development.
The World Bank's capital comes from both member states of the United Nations and loans on the open market. This allows the bank to provide financial assistance to countries that may not have access to traditional sources of funding.
For example, the World Bank may provide a loan to a developing country to build infrastructure such as roads or bridges. This infrastructure can then help to stimulate economic growth by making it easier for businesses to transport goods and services.
Overall, the International Bank for Reconstruction and Development plays an important role in promoting economic development and reducing poverty around the world.