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The World Bank Group ( WBG ) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and most well-known development bank in the world and is an observer at the United Nations Development Group. The bank is headquartered in Washington, D.C. in the United States. It provided around $61 billion in loans and assistance to "developing" and transition countries in the 2014 fiscal year. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion. Its five organizations are 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 (ICS

Founding edit The WBG came into formal existence on 27 December 1946 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary and Financial Conference (1–22 July 1944). It also provided the foundation of the Osiander Committee in 1951, responsible for the preparation and evaluation of the World Development Report. Commencing operations on 25 June 1946, it approved its first loan on 9 May 1947 (US$250M to France for postwar reconstruction, in real terms the largest loan issued by the Bank to date).

All of the 193 UN members and Kosovo that are WBG members participate at a minimum in the IBRD. As of May 2016, all of them also participate in some of the other four organizations: IDA, IFC, MIGA, ICSID., WBG members by the number of organizations which they participate in: only in IBRD: None IBRD and one other organization: San Marino, Nauru, Tuvalu, Brunei IBRD and two other organizations: Antigua and Barbuda, Suriname, Venezuela, Namibia, Marshall Islands, Kiribati IBRD and three other organizations: India, Mexico, Belize, Jamaica, Dominican Republic, Brazil, Bolivia, Uruguay, Ecuador, Dominica, Saint Vincent and the Grenadines, Guinea-Bissau, Equatorial Guinea, Angola, South Africa, Seychelles, Libya, Somalia, Ethiopia, Eritrea, Djibouti, Bahrain, Qatar, Iran, Malta, Bulgaria, Poland, Russia, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, Thailand, Laos, Vietnam, Palau, Tonga, Vanuatu, Maldives, Bhutan, Myanmar All five WBG organizations: the rest of the 138 WBG members Non-m

Together with four affiliated agencies created between 1957 and 1988, the IBRD is part of the World Bank Group. The Group's headquarters are in Washington, D.C. It is an international organization owned by member governments; although it makes profits, these profits are used to support continued efforts in poverty reduction. Technically the World Bank is part of the United Nations system, but its governance structure is different: each institution in the World Bank Group is owned by its member governments, which subscribe to its basic share capital, with votes proportional to shareholding. Membership gives certain voting rights that are the same for all countries but there are also additional votes which depend on financial contributions to the organization. The President of the World Bank is nominated by the President of the United States and elected by the Bank's Board of Governors. As of 15 November 2009 the United States held 16.4% of total votes, Japan 7.9%, Germany 4.5%,

The World Bank has long been criticized by a range of non-governmental organizations and academics, notably including its former Chief Economist Joseph Stiglitz, who is equally critical of the International Monetary Fund, the US Treasury Department, and US and other developed country trade negotiators. Critics argue that the so-called free market reform policies – which the Bank advocates in many cases – in practice are often harmful to economic development if implemented badly, too quickly ("shock therapy"), in the wrong sequence, or in very weak, uncompetitive economies. World Bank loan agreements can also force procurements of goods and services at uncompetitive, non free-market, prices.: 5 Other critical writers such as John Perkins, label the international financial institutions as 'illegal and illegitimate' and a cog of coercive American diplomacy in carrying out financial terrorism. In Masters of Illusion: The World Bank and the Poverty of Nations (1996), Cat

Eugene Meyer (18 June 1946 – 4 December 1946) John J. McCloy (17 March 1947 – 1 July 1949) Eugene R. Black, Sr. (1 July 1949 – 1 January 1963) George D. Woods (1 January 1963 – 1 April 1968) Robert McNamara (1 April 1968 – 1 July 1981) Alden W. Clausen (1 July 1981 – 1 July 1986) Barber Conable (1 July 1986 – 1 September 1991) Lewis T. Preston (1 September 1991 – 1 February 1995) Acting: Ernest Stern (1 February 1995 – 1 June 1995) James Wolfensohn (1 June 1995 – 1 June 2005) Paul Wolfowitz (1 June 2005 – 1 July 2007) Robert Zoellick (1 July 2007 – 1 July 2012) Jim Yong Kim (1 July 2012 – 1 February 2019) Kristalina Georgieva (Interim) (1 February 2019 - 4 April 2019) David Malpass (5 April 2019 – present)

Hollis B. Chenery (1972–1982) Anne Osborn Krueger (1982–1986) Stanley Fischer (1988–1990) Lawrence Summers (1991–1993) Michael Bruno (1993–1996) Joseph E. Stiglitz (1997–2000) Nicholas Stern (2000–2003) François Bourguignon (2003–2007) Justin Yifu Lin (June 2008 – June 2012) Martin Ravallion - (June 2012- October 2012) Kaushik Basu (October 2012 – July 2016) Paul Romer (August 2016 – January 2018) Shanta Devarajan (January 2018 – November 2018) (Acting) Pinelopi Koujianou Goldberg (November 2018 - current)

Christopher Willoughby, Successively Unit Chief, Division Chief, and Department Director for Operations Evaluation (1970–1976) Mervyn L. Weiner, First Director-General, Operations Evaluation (1975–1984) Yves Rovani, Director-General, Operations Evaluation (1986–1992) Robert Picciotto, Director-General, Operations Evaluation (1992–2002) Gregory K. Ingram, Director-General, Operations Evaluation (2002–2005) Vinod Thomas, Director-General, Evaluation (2005–2011) Caroline Heider, Director-General, Evaluation (2011–present)