International Bank of Reconstruction and Development

International Bank of Reconstruction and Development was established in 1944 as the original intritution of the World Bank group.  Its aim is to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees and risk management products.  This is to assist in the the reconstruction and development of its member countries by facilitating the investment of capital for productive purposes.  The bank is a specialized agency of the United Nations however it is confined to promotion of private enterprise, and there is discrimintation in favour of governments willing to pursue laissez-faire policies. All members of the bank must be members of the International Monetary Fund and comply with its policies. See Ian Brownlie, Principles of Public International Law, 257 (5th ed., Oxford 1998).

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