The World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). These institutions—along with the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID)—make up the World Bank Group. Each institution specializes in a different aspect of development, but they all have the same goal: a world free of poverty. The World Bank exchanges ideas with countries on which policies are best suited to achieving their development goals and provides them with technical and financial assistance. IBRD’s clients are middle-income and creditworthy poorer countries, while IDA focuses exclusively on the poorest countries. The World Bank operates like a cooperative, with developing and developed country members functioning as shareholders. Their representatives, the Executive Directors, set Bank policies and oversee its operations. IBRD has 185 member countries. Since its inception in 1944, it has made loans amounting to $433 billion. IDA has 166 member countries. Since its inception in 1960, it has made commitments amounting to $181 billion. World Bank programs give high priority to sustainable human and social development and to strengthened economic management, with an emphasis on inclusion, governance, and institution building. Grants and loans obtained from cofinanciers and partnerships often complement government funds and World Bank lending to make up the total package of assistance to a country. For additional information please see www.worldbank.org, as well as the Guide to the World Bank at www.worldbank.org/reference.   | THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
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| Established 1944 | 185 Members Cumulative lending: $433 billion* Fiscal 2007 lending: $12.8 billion for 112 new operations in 34 coutnries. Â *Effective fiscal 2005, includes guarantees. | IBRD aims to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees, risk management products, and (nonlending) analytical and advisory services. The income that IBRD has generated over the years has allowed it to fund development activities and to ensure its financial strength, which enables it to borrow in capital markets at low cost and to offer clients good borrowing terms. | | Â | | IBRD Key Financial Indicators |
 | THE INTERNATIONAL DEVELOPMENT ASSOCIATION
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| Established 1960 | 166 Members Cumulative commitments: $181 billion*
Fiscal 2007 commitments: $11.9 billion for 189 new operations in 64 countries   *Effective fiscal 2005, includes guarantees. | IDA provides highly concessional financing to the world's 82 poorest countries. IDA's interest-free, long-term credits and grants—financed by contributions to IDA from donor countries, IBRD's net income transfers, and IDA's credit reflows—are vital because these countries have little or no capacity to borrow on market terms. IDA's resources help support country-led poverty reduction strategies in key policy areas, including raising productivity, providing accountable governance, building a healthy investment climate, and improving access to basic services, such as education and health care. | |  | | IDA Key Financial Indicators |
 | THE INTERNATIONAL FINANCE CORPORATION
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| Established 1956 | 179 Members
Committed portfolio: $25.4 billion
(IFC's account), plus $5.5 billion in syndicated loans
Fiscal 2007 commitments: $8.2 billion committed and $3.9 billion mobilized for 299 projects in 69 countries | IFC invests in sustainable private enterprises in developing and transition countries without accepting government guarantees, thereby helping to reduce poverty and improve people's lives. It provides equity, long-term loans, advisory services, and structured finance and risk management products to clients. IFC seeks to reach businesses in regions and countries that have limited access to capital. It provides financing in markets deemed too risky by commercial investors in the absence of IFC participation, and it adds value to the projects it finances through its corporate governance, environmental, and social expertise. IFC partners with IBRD, IDA, and MIGA on private sector initiatives. | | Â | | IFC Key Financial Indicators |
 | THE MULTILATERAL INVESTMENT GUARANTEE AGENCY
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| Established 1988 | 171 Members
Cumulative guarantees issued: $17.4 billion*
Fiscal 2007 guarantees issued: $1.4 billion   *Amounts include funds leveraged through the Cooperative Underwriting Program. | MIGA provides political risk insurance (guarantees) to encourage foreign direct investment in developing countries. MIGA's guarantees protect investments against noncommercial risks, including expropriation, currency inconvertibility, breach of contract, and war and civil disturbance (including terrorism). The agency helps investors and governments resolve disputes that may adversely impact MIGA-backed investments, thus keeping projects on track. MIGA also advises countries on attracting foreign direct investment, and it provides a suite of online services offering free information on investment opportunities, business operating conditions, and political risk insurance. MIGA specializes in facilitating investments in high risk, low-income countries, supporting complex infrastructure projects, and promoting investments between developing countries. | |  | | MIGA Key Financial Indicators |
 | THE INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES
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| Established 1966 | 144 Members
Total cases registered: 236
Fiscal 2007 cases registered: 26 | ICSID helps encourage foreign investment by providing international facilities for conciliation and arbitration of investment disputes, thereby helping foster an atmosphere of mutual confidence between states and foreign investors. Many international agreements concerning investment refer to ICSID's arbitration facilities. ICSID also conducts research and publishing activities in the areas of arbitration law and foreign investment law. | | Â | | Cooperation Across the World Bank Group: Improving the Investment Climate |
 © 2007 The International Bank for Reconstruction and Development/The World Bank |
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