Important facts related to World Bank and IMF

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Important facts related to World Bank and IMF

The World Bank and the International Monetary Fund were set up during the United Nations Monetary and Financial Conference of 43 countries in Bretton Woods, New Hampshire, USA in July 1944.
They are collectively known as Bretton Woods institutions
The World Bank consists of International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA)
The World Bank Group consists of FIVE institutions namely, International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), International Centre for Settlement of Investment Disputes (ICSID) and Multilateral Investment Guarantee Agency (MIGA).
The President of the World Bank Group is chosen by the President of United States of America.
The World Bank is an investment bank, borrowing from the one and lending to the other, while the IMF is a type of credit union whose members have access to a common pool of resources to which each member nation contributes a certain amount of money proportionate to its economic size and strength.

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