Q. One of the following is also called as World Bank
Solution:
It was decided to set up two organisations I.M.F. and I.B.R.D., to solve the financial problems of the under developed countries at the Bretton Woods conference. World Bank group started its function as IBRD and later added five subsidiary institutions to it. They are,
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)
The main objective of IBRD is to provide loans and other financial services to less fortunate countries.
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