IBRD = international bank for reconstruction & development or (World Bank)

Posted: July 14, 2010 in INO
  1. the IBRD was one of the 2 main products of the UN monetary & financial conference held at Bretton woods USA.
  2. the bank was conceived as a center for mobilizing & allocating capital resources for the reconstruction of war-torn states & the expansion of world production & trade.
  3. the other Bretton wood institution, the IMF, was created to maintain order in the field of currencies & exchanges rates &, thus, to prevent a repetition of the financial chaos of the 1930s.
  4. the ‘articles of agreement’ for the 2 institutions came into effect on December/27/1945 following the ratification by the required 28 states.
  5. the bank began its operation in Washington DC (HQ of IBRD) in june 1946.
  6. as of july 1997, the bank had 180 members.
  7. only members of IMF are eligible for membership of the bank &, in turn, the membership of the bank is a prerequisite for membership of the IDA, the IFC & MIGA.
  8. the IFC & IDA were created in 1956 & 1960, within the IBRDs framework to undertake development responsibilities for which the IBRD itself was not qualified its ‘articles of agreement’.
  9. in 1985, the bank approved a charter for another affiliate, the MIGA, to provide borrowers with protection against non-commerical risks such as war, uncompensated expropriations of contracts by the host governments without adequate legal redress for affected parties.
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