World Bank summary

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Below is the article summary. For the full article, see World Bank.

World Bank, Specialized agency of the United Nations system, established at the Bretton Woods Conference for postwar reconstruction. It is the principal international development institution. Its five divisions are the International Bank for Reconstruction and Development (IBRD; its main component), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Center for Settlement of Investment Disputes (ICSID). The IDA (founded 1960) makes interest-free loans to the bank’s poorest member countries. The IFC (founded 1956) lends to private businesses in developing countries. The MIGA (founded 1985) supports national and private agencies that encourage foreign direct investment by offering insurance against noncommercial risks. The ICSID (founded 1966) was developed to relieve the IBRD of the burden of settling investment disputes. See also International Monetary Fund.

economic planning Summary

Economic planning, the process by which key economic decisions are made or influenced by central governments. It contrasts with the laissez-faire approach that, in its purest form, eschews any attempt to guide the economy, relying instead on market forces to determine the speed, direction, and

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bank Summary

Bank, an institution that deals in money and its substitutes and provides other money-related services. In its role as a financial intermediary, a bank accepts deposits and makes loans. It derives a profit from the difference between the costs (including interest payments) of attracting and

United Nations Summary

United Nations (UN), international organization established on October 24, 1945. The United Nations (UN) was the second multipurpose international organization established in the 20th century that was worldwide in scope and membership. Its predecessor, the League of Nations, was created by the

Washington, D.C. Summary

Washington, D.C., city and capital of the United States of America. It is coextensive with the District of Columbia (the city is often referred to as simply D.C.) and is located on the northern shore of the Potomac River at the river’s navigation head—that is, the transshipment point between