ABSTRACT
The International Bank for Reconstruction and Development (IBRD) was established in December 1945. Initially, it was concerned with post-war reconstruction in Europe; since then its aim has been to assist the economic development of members by making loans where private capital is not available on reasonable terms to finance productive investments. The World Bank, as it is commonly known, comprises the IBRD and the International Development Association. The World Bank’s primary objectives are the achievement of sustainable economic growth and prosperity, and the reduction of extreme poverty in developing countries. In early March 2020 the Executive Board approved an emergency initial US $12,000m. package comprising fast-track low-cost loans, grants and technical assistance, to support at-risk developing countries in containing and combating COVID-19 contagion. IBRD capital is derived from members’ subscriptions to capital shares, the calculation of which is based on their quotas in the International Monetary Fund.
