The World Bank group is a partner in opening markets and strengthening economies. Its goal is to improve the quality of life and expand prosperity for people every where, especially the world's poorest.
The World Bank group of institutions includes as follows:
1) The International Bank for Reconstruction and Development (IBRD) founded in 1944 in the single developing countries and a major catalyst of similar financing from other sources.
2) The International Development Association (IDA) founded in 1960, assists the poorest countries by providing interest free credits with 35 to 40 years maturities.
3) The International Finance Corporation supports private enterprise in the developing countries by providing interest free credits with 35 to 40 years maturities.
4) The Multilateral Investment Guarantee Agency (MIGA) offers investors insurance against non-commercial risk and helps developing country governments to attract foreign investment.
5) The International Centre for the Settlement of International Disputes (ICSID) encourages the flow of foreign investment to developing countries through arbitration and conciliation facilities.
Over the years, the World Bank has made two significant departures in its policy of lending; it changes its policy of lending to government and public sector and concentrated on private sector, and it changed its approach from a project based lending to sector-based lending.