GENERAL KNOWLEDGE

Detailed explanation-1: -IBRD lending and advice complement other World Bank Group efforts to help governments reduce poverty and spur sustainable growth. In addition to middle-income countries, IBRD lends to creditworthy poorer countries that are also eligible for IDA support.

Detailed explanation-2: -Founded in the 1940s to support Europe’s postwar recovery, the World Bank has evolved over the years into the largest provider of development assistance to developing countries, committing about $20 billion in new loans each year.

Detailed explanation-3: -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-4: -Although the Bank and IMF are distinct entities, they work together in close cooperation. This cooperation, present since their founding, has become more pronounced since the 1970s.