The International Bank of Reconstruction and Development (IBRD) was established in 1944 as the original institution of the World Bank group. Its aim is to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through financial solutions and products such as loans, guarantees and risk management products. IBRD also assists in the reconstruction and development of its member countries by facilitating the investment of capital for productive purposes. IBRD’s other services range from technical support to advising countries on how to strengthen governments and institutions financially. The bank is financed mostly from the world’s financial markets (raising approximately $500 Billion in funds since 1946).
[Last updated in June of 2023 by the Wex Definitions Team]