World Bank Project Deck

4 HISTORY OF THE WORLD BANK IBRD was created in 1944 to rebuild Europe after World War II and was soon referred to as the "World Bank". . • IBRD was designed to be financially self-sustaining and earn income to support its development activities. First loans were made to developed countries for reconstruction purposes. IBRD's focus shifted towards poverty alleviation in the 1960s and it continued to lend to countries that were creditworthy and could borrow at market-based rates. In the 2020s an explicit focus on global public goods led to adding "on a livable planet" to the vision. BRETTON WOODS MONETARY CONFERENCE In 1944 the United States government chose the Mount Washington Hotel as the site for a gathering of representatives from 44 countries. This was to be the famed Bretton Woods Monetary Conference. The Conference established the World Bank, set the gold standard at $35.00 an ounce, and chose the American dollar as backbone of International exchange. The meeting provided the world with a badly needed post war currency stability. THE WORLD BANK Treasury

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