Definition

1. Proper noun:
   • The World Bank: A major international financial institution and a specialized agency of the United Nations. Its primary stated purpose is to provide financial and technical assistance to developing countries for development programs (e.g., infrastructure, education, health) that are intended to reduce poverty and support economic development. This assistance primarily comes in the form of low-interest loans, interest-free credits, and grants, with the financial backing of its member country governments.

Usage Examples

• Proper noun:
  • The World Bank approved a $500 million loan to support the country's education reform.
  • Many developing nations rely on funding and expertise from the World Bank for large infrastructure projects.
  • The report published by the World Bank highlights the economic challenges facing the region.

Advanced Usage

• The term "World Bank" is often used metonymically to refer to the policies, influence, or conditionality associated with the institution.
  • Critics argue that World Bank policies can sometimes impose harsh economic reforms on borrowing countries.

Variants and Related Words

• International Bank for Reconstruction and Development (IBRD): The original component of the World Bank Group, which provides loans and development assistance to middle-income and creditworthy low-income countries.
• International Development Association (IDA): The part of the World Bank Group that provides concessional loans (credits) and grants to the world's poorest countries.
• World Bank Group: The broader umbrella organization that includes the IBRD, IDA, and three other institutions (IFC, MIGA, ICSID) focused on private sector development and investment dispute resolution.

Synonyms

• International financial institution
• Development bank (in a general sense, though this is a broader category)

Related Idioms/Phrases

• Bretton Woods institution: A historical term grouping the World Bank and the International Monetary Fund (IMF), as both were conceived at the 1944 Bretton Woods Conference.
  • As a Bretton Woods institution, the World Bank focuses on long-term development, unlike the IMF which focuses on short-term financial stability.

Noun

1. a United Nations agency created to assist developing nations by loans guaranteed by member governments