What is the World Bank? What is its role in the world economy?

What will be an ideal response?

The World Bank is an international institution created in 1944, as the International Bank for Reconstruction and Development (IBRD) to facilitate postwar reconstruction and development. Over time, the IBRD's focus shifted toward poverty reduction, and in 1960, the International Development Association (IDA) was established as an integral part of the World Bank. Whereas the IBRD focuses on middle-income countries, the IDA focuses on the poorest countries in the world. Together they provide low-interest loans, interest-free credits, and grants to developing countries for investments in education, health, infrastructure, communications, and other activities. The World Bank also provides advisory services to developing countries and is actively involved with efforts to reduce and cancel the international debt of the poorest countries.