Estimated reading time: 5 minutes
The World Bank Group (WBG) is the world’s largest multilateral development agency. Whilst the World Bank is technically an agency of the UN system, it is truly independent and has different sources of funding. But how much do you know about the WBG?
In this article, we will show what is the IBRD and what is its role in the WBG – crucial information if you ever want to start a career at such an impactful IGO!
In pursuit of its mission, the OpenIGO network has prepared a comprehensive eBook and support and guidance services with the aim of highly increasing your chances of success in this competitive process.
Our comprehensive eBook will introduce you to the complex world of the World Bank Group and its approach towards international development, as well as will teach you how to prepare each of the documents required in detail, and will also get you ready for the interview and assessment center. This eBook was written and revised by a team of professors, human resources specialists, and former young professionals with a great deal of diligence.
In addition, we have developed support and guidance services. These services include revising your WBG YPP application documents (essay, curriculum vitae, and thesis/dissertation short summaries) and a mock interview as per the World Bank YPP model.
Having a mock interview with a professional who has extensive experience and knowledge of the World Bank YPP interview model will help you be better prepared for this phase, greatly increasing your chances of being selected for the desired vacancy.
WOULD YOU LIKE TO KNOW MORE ABOUT OUR World Bank YPP PRODUCTS & SERVICES?
WBG YPP – Products and Services
Want to discover how to write the perfect essay for the WBG YPP? Then check out our article on the topic!
International Bank for Reconstruction and Development (IBRD)
Being one of the 5 organizations that comprise the World Bank Group, the International Bank for Reconstruction and Development (IBRD) is also one of two agencies that make up the World Bank – the other being the International Development Association (IDA).
The main objective of the IBRD is to diminish poverty in middle-income and creditworthy poorer nations through the promotion of sustainable development by means of loans, guarantees, risk management products, as well as analytical and advisory services.
The IBRD was established in 1944 by delegates at the Bretton Woods Conference as the foundational institution of the World Bank Group – being, in fact, the original ‘world bank’. Its original mission was financing the reconstruction efforts of war-torn Europe in the aftermath of World War II. The Bank issued its launching loan of $250 million to France in 1947 to provide finance assistance for infrastructure enterprises.
IBRD’s place in the WBG
IBRD’s place in the World Bank Group is to offer financial solutions that are innovative, such as financial products and knowledge and advisory services to governments at both the national and sub-national levels.
IBRD’s resources function as a vehicle for global knowledge transfer and technical aid. Consulting services in public debt and asset management assist governments, official sector institutions, as well as development organizations, to set up institutional capacity to safeguard and amplify financial resources.
The IBRD is the organization within the World Bank Group with the most member states: 189, while the other institutions in the WBG have between 153 and 184 member countries.
IBRD’s funding
IBRD’s funding is raised mostly on the world’s financial markets, becoming one of the most reliable borrowers since issuing its first bond in 1947. This has allowed the organization to provide more than $500 billion in loans to diminish poverty in middle-income and creditworthy poorer nations.
The income that IBRD has generated throughout its existence permitted it to fund development activities and to certify its financial strength, enabling it to borrow at a low cost while offering its clients satisfactory borrowing terms.
The IBRD also generates income through the return on its equity, as well as from the small margins on the loans. It transfers part of its excess income to the IDA because of its non-profit seeking stance.
WBG’s composition
The WGB is comprised of five institutions. They are:
- The International Bank for Reconstruction and Development (IBRD): The IBRD offers loans to governments of middle-income and creditworthy developing countries.
- The International Development Association (IDA): The IDA provides concessional loans and grants to governments of the poorest developing countries. It should be noted IBRD and IDA together are referred at the World Bank.
- The International Finance Corporation (IFC): The IFC is the world’s largest development institution focused entirely on the private sector.
- The Multilateral Investment Guarantee Agency (MIGA): MIGA’s aim is to promote foreign direct investment into developing countries in order to foster economic growth and improve the quality of life.
- The International Centre for Settlement of Investment Disputes (ICSID): The ICSID supplies international facilities for conciliation and arbitration of disputes between international investors and States.
Would like to know more about World Bank internship opportunities? Then check our WB Internships overview:
World Bank Internships Overview
In pursuit of its mission, the OpenIGO network has prepared a comprehensive eBook and support and guidance services with the aim of highly increasing your chances of success in this competitive process.
Our comprehensive eBook will introduce you to the complex world of the World Bank Group and its approach towards international development, as well as will teach you how to prepare each of the documents required in detail, and will also get you ready for the interview and assessment center. This eBook was written and revised by a team of professors, human resources specialists, and former young professionals with a great deal of diligence.
In addition, we have developed support and guidance services. These services include revising your WBG YPP application documents (essay, curriculum vitae, and thesis/dissertation short summaries) and a mock interview as per the World Bank YPP model.
Having a mock interview with a professional who has extensive experience and knowledge of the World Bank YPP interview model will help you be better prepared for this phase, greatly increasing your chances of being selected for the desired vacancy.
WOULD YOU LIKE TO KNOW MORE ABOUT OUR World Bank YPP PRODUCTS & SERVICES?
WBG YPP – Products and Services
