International Bank for Reconstruction and Development

International Bank for Reconstruction and Development (IBRD) A specialized agency working in coordination with the United Nations, established in 1945 to help finance post-war reconstruction and to help raise standards of living in developing countries, by making loans to governments or guaranteeing outside loans. It lends on broadly commercial terms, either for specific projects or for more general social purposes; funds are raised on the international capital markets. The Bank and its affiliates, the International Development Association and the International Finance Corporation, are often known collectively as the World Bank; it is owned by the governments of 184 countries. Members must also be members of the International Monetary Fund. The headquarters of the Bank are in Washington, with a European office in Paris and a Tokyo office.