International Bank of Reconstruction and Development (IBRD)

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Definition of 'International Bank of Reconstruction and Development (IBRD)'

The International Bank for Reconstruction and Development (IBRD), also known as the World Bank, is an international financial institution that provides loans and grants to developing countries for the purpose of promoting economic development. The IBRD was established in 1944 at the Bretton Woods Conference, and is headquartered in Washington, D.C.

The IBRD is a member of the World Bank Group, which also includes the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The IBRD is the largest of the World Bank Group institutions, and provides the majority of its lending.

The IBRD's lending is focused on projects that promote economic growth and poverty reduction in developing countries. The Bank's loans are typically used to finance infrastructure projects, such as roads, bridges, and power plants. The Bank also provides technical assistance to developing countries to help them design and implement their development projects.

The IBRD's lending is subject to a number of conditions. These conditions are designed to ensure that the Bank's loans are used for their intended purpose, and that they are repaid on time. The conditions typically include requirements that the borrower maintain macroeconomic stability, implement sound economic policies, and ensure that the project is environmentally sustainable.

The IBRD is a controversial institution. Some critics argue that the Bank's lending policies are too focused on economic growth, and that they do not do enough to address poverty. Others argue that the Bank's lending is too often used to support projects that benefit wealthy elites, rather than the poor.

Despite these criticisms, the IBRD remains an important source of financing for development. The Bank has lent over $2 trillion to developing countries since its inception, and its loans have helped to finance a wide range of projects that have improved the lives of millions of people.

The IBRD is a complex institution, and its role in development is the subject of ongoing debate. However, there is no doubt that the Bank has played a significant role in the development of the global economy over the past 75 years.

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