World Bank

The World Bank (the Bank), a part of the World Bank Group (WBG), was formally established on December 27 1945 following the ratification of the Bretton Woods agreement. The concept was originally conceived in July 1944 at the United Nations Monetary and Financial Conference in July 1944. Two years later the Bank issued its first, and largest, loan; $250 million to France for post-war reconstruction; an issue which has remained a primary focus, alongside reconstruction after natural disasters, humanitarian emergencies and post-conflict rehabilitation needs affecting developing and transition economies.