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Simple English definitions for legal terms
International Bank of Reconstruction and Development
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A quick definition of International Bank of Reconstruction and Development:
The International Bank of Reconstruction and Development is a part of the World Bank group. It was created in 1944 to help reduce poverty in countries that are not very rich but can still pay back loans. The bank gives loans, guarantees, and helps manage risks to promote sustainable development. This means helping countries invest in things that will help them grow and become better. The bank is part of the United Nations, but it only helps countries that want to have more private businesses and less government control. All members of the bank must also be members of the International Monetary Fund and follow its rules.
A more thorough explanation:
The International Bank of Reconstruction and Development (IBRD) is a part of the World Bank group that was established in 1944. Its main goal is to help reduce poverty in middle-income and poorer countries by promoting sustainable development through loans, guarantees, and risk management products. The IBRD assists in the reconstruction and development of its member countries by facilitating the investment of capital for productive purposes.
The IBRD is a specialized agency of the United Nations, but it focuses on promoting private enterprise. It favors governments that are willing to pursue laissez-faire policies. All members of the bank must also be members of the International Monetary Fund and comply with its policies.
For example, the IBRD might provide a loan to a country to build a new power plant or improve its transportation infrastructure. This investment can help create jobs and stimulate economic growth, which can ultimately reduce poverty in the country.
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