International Bank for Reconstruction and Development is also known as

The International Bank for Reconstruction and Development (IBRD) is commonly known as the World Bank. Established in 1944 at the Bretton Woods Conference, its initial mandate was to assist in the reconstruction of post-World War II Europe [4]. Over time, its focus shifted toward poverty reduction and sustainable development in middle-income and creditworthy poorer nations [5]. While the 'World Bank Group' encompasses five specialized institutions—IBRD, IDA, IFC, MIGA, and ICSID—the specific term 'World Bank' refers collectively to the IBRD and the International Development Association (IDA) [3]. The IBRD remains the oldest and largest wing of the organization, raising the majority of its funds through global financial markets to provide loans, guarantees, and advisory services to member countries [2]. India is a founding member of this institution [4].

Sources

1. [2] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 13: International Organizations > World Bank > p. 399
2. [4] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > 18.14 Indian Economy > p. 524
3. [5] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > Transformative Carbon Asset Facility (TCAF) > p. 528
4. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > Important Facts > p. 523
5. [3] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 13: International Organizations > International Development Association (IDA) > p. 400