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Question
Explain the following term/concept.
World Bank.
Solution
- The World Bank is an international organization formed to provide finance, advice, and research to developing nations.
- It was created at the 1944 Bretton Woods Conference along with the International Monetary Fund (IMF)
- The headquarter of the World Bank is in Washington DC.
- It provides financial as well as technical assistance to the member countries of the world.
- It comprises two institutions namely the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
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