Questions about International Bank for Reconstruction and Development
Short answers, pulled from the story.
When was the International Bank for Reconstruction and Development founded?
The IBRD was established in 1944 by delegates at the Bretton Woods Conference and became operational in 1946. Its original mission was to finance the reconstruction of European nations devastated by World War II.
What was the first loan the IBRD issued?
The IBRD issued its inaugural loan of $250 million to France in 1947 to finance infrastructure projects. That amount is equivalent to approximately $2.6 billion in more recent dollars.
How does the IBRD raise its capital?
The IBRD raises most of its capital by borrowing on international capital markets through bond issues. Its triple-A credit rating, held since 1959, allows it to borrow at rates close to those of U.S. Treasury bonds. In fiscal 2019 it raised US$54.0 billion from bonds issued in 27 different currencies.
Who are the top borrowers from the IBRD?
In fiscal year 2019, the IBRD's top ten borrowers were India, Indonesia, Jordan, Egypt, Argentina, China, Morocco, Turkey, Ukraine, and Colombia. The most supported sector was Public Administration.
How many member countries does the IBRD have?
The IBRD has 189 member states, each represented on the Board of Governors. The board typically consists of finance ministers or treasury secretaries and meets annually.
What is the difference between the IBRD and the IDA?
The IBRD provides commercial-grade or concessional financing to middle-income developing countries, while the IDA, established in 1960, extends low-cost and no-cost finance to the poorest developing countries. Countries with a GDP per person above US$1,145 are no longer eligible for IDA support. Together they are collectively known as the World Bank.