The International Bank for Reconstruction and Development (IBRD) was established in 1944 to assist in the reconstruction of Europe after the end of WWII. Today, the Bank offers loans and other assistance to middle income countries. Considered the original institution of the World Bank, IBRD works closely with the rest of WBG to assist developing countries in reducing poverty, enhancing economic growth, and achieving prosperity.
The World Bank was established in 1944 to provide support for economic, social and sustainable initiatives as well as to fight poverty in developing countries. The UAE joined the Group in 1972, with a contribution to its Capital of $647.6 million. The two sides have a history of cooperation that dates back to the early eighties, which had begun with the Bank’s preparation of a comprehensive study to assess National Health, and restructuring the Government Computer Centre, followed by an expansion to cover environment and water.
WBG offers financial, professional and technical resources needed to support economic development projects in poor countries and for preserving the environment, in addition to providing expertise and training for capacity building and the development of fruitful partnerships between the public and private sectors. The Group’s capital amounts to $157.43 billion and comprises five institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the International Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID).
