World Bank

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.