Established in 1944, during a conference in Bretton Woods (New Hampshire), the World Bank initially helped rebuild Europe after the war. Reconstruction has remained an important focus of the Bank’s work, given the natural disasters, humanitarian emergencies, and post-conflict rehabilitation needs that affect developing and transition economies. Today’s Bank, however, has sharpened its focus on poverty reduction as the overarching goal of all its work.

It once had a homogeneous staff of engineers and financial analysts, based solely at its headquarters in Washington, D.C. Today, the Bank has a multidisciplinary and diverse staff including economists, public policy experts, sectoral experts, and social scientists: 40% of staff is now based in country offices.

The Bank itself is bigger, broader, and far more complex. It has become a Group, encompassing five closely associated development institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).

To read more about the history of the Bank, visit the Archives, or the World Bank Group Historical Chronology.