ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Founded in 1944, the International Bank for Reconstruction and Development-soon called the World Bank-has expanded to a closely associated group of five development institutions. Originally, its loans helped rebuild countries devastated by World War II.

Detailed explanation-2: -The International Bank for Reconstruction and Development is officially created when, on December 27th, 1945, a sufficient number of member country representatives convene in Washington, D.C., and sign the Bank’s Articles of Agreement.

Detailed explanation-3: -Indeed on December 27, 1945, 75 years ago this month, representatives from twenty-one countries convened in Washington, DC to become the Bank’s first members, thereby ratifying the Articles and ushering the Bank into existence.

Detailed explanation-4: -The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States, that is the lending arm of World Bank Group. The IBRD offers loans to middle-income developing countries.

Detailed explanation-5: -India is one of the founder members of IBRD, IDA and IFC. World Bank assistance in India started from 1948 when a funding for Agricultural Machinery Project was approved. World Bank resident mission was established in India in 1957.