International Bank for Reconstruction and Development

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International Bank for Reconstruction and Development (IBRD)

(IBRD), independent specialized agency of the United Nations, with headquarters at Washington, D.C.; one of five closely associated development institutions (also including the International Center for Settlement of Investment DisputesInternational Center for Settlement of Investment Disputes
(ICSID), specialized agency of the United Nations. A member of the World Bank Group (see International Bank for Reconstruction and Development), it was formed in 1966 and has its headquarters in Washington, D.C.
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, International Finance Corporation (see below), International Development Association (see below), and Multilateral Investment Guarantee AgencyMultilateral Investment Guarantee Agency
(MIGA), specialized agency of the United Nations. Formed in 1988, with headquarters in Washington, D.C., it is a member of the World Bank Group (see International Bank for Reconstruction and Development) and membership in the MIGA is open
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) that constitute the World Bank Group. Plans were laid at the Bretton Woods Conference (1944) for the formation of a world bank; the IBRD was formally organized as the original institution of the World Bank in 1945, when 28 countries ratified the agreement; there are now 189 members. The IBRD aims at reducing poverty in middle-income and creditworthy poorer countries through loans, guarantees, risk management products, and analytical and advisory services. The bank not only makes loans to member nations, but, under government guarantee, to private investors, for the purpose of facilitating productive investment, encouraging foreign trade, and discharging burdens of international debt. All members of the bank must also belong to the International Monetary FundInternational Monetary Fund
(IMF), specialized agency of the United Nations, established in 1945. It was planned at the Bretton Woods Conference (1944), and its headquarters are in Washington, D.C.
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. The bank is self-sustaining and has maintained a profit on its lending activities. It is controlled by a board of governors, one from each member state. Votes are allocated according to capital subscription. Ordinary affairs are conducted by 22 executive directors, five appointed by the five largest capital subscribers, France, Germany, Great Britain, Japan, and the United States, and 17 elected by the remaining members. Regional vice presidents oversee the bank's operations in five regions: Asia, Latin America and the Caribbean, East Africa, West Africa, and (in one grouping) Europe, the Middle East, and North Africa.

The bank also operates the Economic Development Institute, which offers training in economic development for officials of member countries. Another development institution is the International Finance Corporation (IFC; est. 1956), which invests in private enterprises without government guarantee. The IFC has 184 member nations. The bank organized the International Development Association (IDA; 1960) to extend credit on easier terms, mainly to developing countries. The IDA has 172 member nations. Members of the IFC and IDA must be members of the IBRD. Criticism that the IBRD-financed projects were environmentally destructive led the bank to establish an environmental fund (1990) providing low-interest loans for developing countries; the IBRD continues to be criticized to failing to adequately address human rights in its development work. Developing nations have complained that the IBRD imposes the free-market system on them, thereby discouraging planning, nationalization, and public investment.


See E. S. Mason and R. E. Asher, The World Bank since Bretton Woods (1973); C. Payer, The World Bank: A Critical Analysis (1982); S. Please, The Hobbled Giant: Essays on the World Bank (1984); E. Conway, The Summit: Bretton Woods, 1944 (2015).

References in periodicals archive ?
IBRD is similar, as borrowings through debt issuance account for about
continued improvements in economic performance and creditworthiness this CPS proposes IBRD investment lending averaging about $500 million per year within an overall IBRD lending envelope of $2.
27) The Bank's position has been premised upon its interpretation of the IBRD and IDA Articles of Agreement, which explicitly prohibit "political" activity(28) by the Bank and limit the Bank to "economic considerations.
IFC and IBRD coordinated closely in financing the Uch Power project, in which IFC provided debt financing of US$131 million both syndicated and from its own account and the IBRD provided a partial risk guarantee of a parallel commercial loan tranche.
by British economist John Maynard Keynes and the world's leader's, the IBRD finances its $16,000,000,000 annual lending operations primarily from borrowings that are 100% backed by member governments.
The IBRD offers loans for projects, programmes or policy purpose as well as hedging products to help manage the currency and interest rate risk exposures.
The IBRD is rated triple-A by all three major ratings agencies.
The objective of the Regional Potable Water Supply Systems project (1,740 million MAD supported by a US$175 million equivalent IBRD Loan) is to increase access to potable water supply for selected local communities in the provinces of Nador, Driouch, Safi, Youssoufia, Sidi Bennour and Errachidia.
Disbursements from IBRD and IDA - an important measure of impact on the ground - also reached record levels, and are expected to be around $40 billion, up from $28 billion in FY09, due to concerted and sustained efforts by bank management and staff to respond more quickly to client demand.
The strength of the combined entity would be greater than the sum of its parts, with a heightened AAA debt capacity to the benefit of existing IBRD bondholders.
i) Shared Infrastructure for Solar Parks (estimated total project cost of USD 100 million, including USD 75 million in IBRD loan and USD 23 million in CTF Loan) and (ii) Technical Assistance (USD 2 million in CTF Grant).
He said the IBRD funding facility was suspended in March 2012 because at that time Pakistan could not fulfill the required conditions regarding macroeconomic stability.