The World Bank

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DEFINITION of 'The World Bank'

An international organization dedicated to providing financing, advice and research to developing nations to aid their economic advancement.

BREAKING DOWN 'The World Bank'

The World Bank was created at the end of World War II as a result of many European and Asian countries needing financing to fund reconstruction efforts. Created out of the Bretton Woods agreement of 1944, the Bank was successful in providing financing for these devastated countries. Today, the Bank functions as an international organization that attempts to fight poverty by offering developmental assistance to middle and poor-income countries. By giving loans, and offering advice and training in both the private and public sectors, the World Bank aims to eliminate poverty by helping people help themselves.

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