(People's Daily Online, Sept 19, 2006) The World Bank is made up of two unique development institutions owned by 184 members -- the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

Each institution plays a different but supportive role in the mission of global poverty reduction and the improvement of living standards.

The IBRD focuses on middle income and creditworthy poor countries, while the IDA focuses on the poorest countries in the world. It provides low-interest loans, interest-free credit and grants to the developing countries for education, health, infrastructure, communications and other purposes.

Since inception in 1944, its mission evolved from the IBRD as facilitator of post-war reconstruction and development to the present day mandate of worldwide poverty alleviation in conjunction with its affiliate, the IDA.

The shareholders are represented by a Board of Governors, who are the ultimate policy makers at the World Bank. They meet once a year at the Annual Meetings of the Board of Governors of the World Bank Group and the International Monetary Fund.

Because the governors only meet annually, they delegate specific duties to 24 Executive Directors, who work on-site at the bank.

This year's IMF/World Bank annual meetings are now going on in Singapore.
source:People's Daily Online
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