International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development (IBRD) is one of the five institutions of the World Bank Group, established in 1944 alongside the International Monetary Fund at the Bretton Woods Conference. Its principal purpose is to reduce poverty in middle-income and creditworthy lower-income countries by providing loans, guarantees and related financial products, often on concessional terms backed by sovereign guarantees. The IBRD raises most of its funds through bond issuance on international capital markets and lends to governments for development projects and policy reforms. Its headquarters are in Washington, D.C.
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