Agencies of the World Bank Group and Their Missions

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Describe the various agencies of the World Bank Group and their missions.
The World Bank Group is composed of five agencies:
• the International Bank for Reconstruction and Development (IBRD)
• the International Development Association (IDA)
• the International Finance Corporation (IFC)
• the Multilateral Investment Guarantee Agency (MIGA)
• The International Center for Settlement of Investment Disputes (ICSID).
In general, the World Bank Groups’ mission is to help with long-term growth in developing countries by providing funding for infrastructure, education, health and other necessary building blocks to establish a productive economy.
The IBRD is the initial institution of the World Bank when it was establish after World War II to assist in the reconstruction of Europe and Asia. Today it has the stated goal to improve poverty in “middle-income countries’ and creditworthy poorer nations through sustainable development. They accomplish this through financial assistance (loans) as well as provide analysis and advice.
The International Development Association (IDA) provides interest-free loans and grants to the world’s poorest countries. Similar to the IBRD the IDA promote economic growth by financing infrastructure, agriculture, health, education and similar activities, except the IDA services those countries which fall below the scope of the IBRD.
The International Finance Corporation (IFC) supports development in the private sector by providing loans, offering management advice and by managing private investor’s funds which are used to provide the institution loans. The IFC differs from the IBRD and the IDA in that it focuses on the development of the private sector as opposed to governmental/public functions. The private sector development should create more sustainable jobs to complement the enabling results of the infrastructure development.

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