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Glossary: World Bank

Photo: The World Bank Group
Photo: The World Bank Group

The World Bank Group aims at ending extreme poverty and sharing prosperity. The Group consists of five organizations.

(1) The International Bank for Reconstruction and Development (IBRD) which lends to governments of middle-income and creditworthy low-income countries,

(2) The International Development Association (IDA) which provides interest-free loans and grants to governments of the poorest countries,

(3) The International Finance Corporation (IFC) which helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments,

(4) The Multilateral Investment Guarantee Agency (MIGA) which offers political risk insurance (guarantees) to investors and lenders to promote foreign direct investment into developing countries, and

(5) The International Centre for Settlement of Investment Disputes (ICSID) which provides international facilities for conciliation and arbitration of investment disputes.

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