World Bank, officially the International Bank for Reconstruction and Development, specialized agency of the United Nations, founded in 1945. Its headquarters is in Washington, D.C. From capital (limited to $24 billion) it lends money to its 176 member states for investment, foreign trade, and repayment of debts. Members own shares of $100,000 and belong to the International Monetary Fund. The bank is self-sustaining and profit-making. In 1960 it set up the International Development Association.