What is the World Bank?
The World Bank is an international organization committed to reducing global poverty by facilitating foreign capital investment in developing nations. Created in 1944, the World Bank originally focused on postwar reconstruction. However, the World Bank has since expanded into five cooperative organizations: the International Development Association, the International Finance Corporation, Multilateral Guarantee Agency, and the International Centre for the Settlement of Investment Disputes. Today, the World Bank continues to facilitate postwar reconstruction, but its primary goal is poverty reduction. Toward this end, the World Bank offers low-interest loans--financed by a combination of government, bank, and private investment funding--to help developing nations improve infrastructure, education, healthcare, and other initiatives vital to success in the modern world. The World Bank hopes to reduce extreme poverty (individuals who live on less than $1.25 per day) to less than 3% of the global population by 2030.