Question

When was the World Bank established?
1. 1948
2. 1942
3. 1946
4. 1944

Answer 1

Correct Answer - Option 4 : 1944

The correct answer is 1944.

• The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire (USA), to agree upon a series of new rules for international financial and monetary order after the conclusion of World War II.
• The two major accomplishments of the conference were the creation of the
  • International Bank for Reconstruction and Development (IBRD)
  • International Monetary Fund (IMF).
• Founded in 1944, the International Bank for Reconstruction and Development (IBRD) — soon called the World Bank — has expanded to a closely associated group of five development institutions.

• IDA (International Development Association)
  • Established in 1960, IDA aims to reduce poverty by providing loans (called “credits”) and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.
  • IDA complements the World Bank’s original lending arm—the International Bank for Reconstruction and Development (IBRD).
  • IBRD and IDA share the same staff and headquarters and evaluate projects with the same rigorous standards.