The
International Bank for Reconstruction and Development (
IBRD) is an
international financial institution that offers
loans to middle-income
developing countries. The IBRD is the first of five member institutions that compose the
World Bank Group and is headquartered in
Washington, D.C., United States. It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. The IBRD and its
concessional lending arm, the
International Development Association, are collectively known as the
World Bank as they share the same leadership and staff. Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide
economic development and
eradicating poverty. The IBRD provides commercial-grade or concessional financing to
sovereign states to fund projects that seek to improve transportation and
infrastructure, education, domestic policy,
environmental consciousness, energy investments, healthcare, access to food and
potable water, and access to
improved sanitation.