Lesson 1/54 min
World Bank Group and the IMF
Both were born at the 1944 Bretton Woods Conference (USA) and are headquartered in Washington, D.C. That is why they are called the ‘Bretton Woods institutions’.
The 5 bodies of the World Bank Group
| Body | Key facts |
|---|---|
| IBRD (International Bank for Reconstruction and Development) | Founded 1944; started work 25 June 1946; what people usually mean by ‘World Bank’; lends to middle-income and poor countries |
| IFC (International Finance Corporation) | 20 July 1956; supports the private sector |
| IDA (International Development Association) | 24 September 1960; easy-term, low-interest loans — the ‘Soft Loan Window’ |
| ICSID (International Centre for Settlement of Investment Disputes) | 1966; settles disputes between governments and foreign investors |
| MIGA (Multilateral Investment Guarantee Agency) | 12 April 1988; guarantees foreign investment |
World Bank: more facts
- Publishes the World Development Report, since 1978
- Cuba left it in 1960 (the book's claim)
- Bangladesh joined the World Bank and the IMF on 17 August 1972
- Current president: Ajay Banga (spoke at the October 2026 Annual Meetings)
International Monetary Fund (IMF)
- Formally founded 27 December 1945; began operations 1 March 1947
- Main tasks: correcting trade imbalances and keeping exchange rates stable
- Its reserve asset is the SDR (Special Drawing Rights); the Articles were amended in 1969 to create it
- The SDR basket has 5 currencies: US dollar, euro, yen, pound and yuan
- Bangladesh took its first IMF loan in 1974 (the book's claim)
- Managing Director: Kristalina Georgieva (co-chaired the October 2026 Annual Meetings in Bangkok)
Watch out: Many books name Christine Lagarde as IMF chief, give 10 May 1972 for Bangladesh's IMF membership and print member counts such as 190 — these are outdated or inconsistent. Counts change often, so learn founding dates and headquarters instead.
Check yourself
Which World Bank Group body is known as the ‘Soft Loan Window’?
At a glance
- 1
The IMF and the World Bank were born at the Bretton Woods Conference (1944); both are headquartered in Washington, D.C.
- 2
The 5 bodies of the World Bank Group: IBRD, IFC, IDA, ICSID, MIGA.
- 3
IDA (24 September 1960) is the ‘Soft Loan Window’; MIGA was set up in 1988; IFC on 20 July 1956.
- 4
The IMF was formally founded on 27 December 1945 and began operations on 1 March 1947; its reserve asset is the SDR.
- 5
Bangladesh has been a member of the World Bank and the IMF since 17 August 1972.