World Bank
The World Bank is a Washington-based multilateral development institution made up of the IBRD, created at Bretton Woods in 1944, and IDA, created in 1960. It lends to and advises member countries and is part of the World Bank Group.
Industry: Multilateral development bank | Location: Washington, D.C., United States | Founded: 1944
About World Bank
The World Bank is a multilateral development institution headquartered at 1818 H Street NW in Washington, D.C. The wider World Bank Group comprises five institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). Wikipedia lists 189 member states, made up of 188 United Nations members and Kosovo. Britannica dates the bank's creation to 1944, at the United Nations Monetary and Financial Conference held at Bretton Woods, and says it began operations in June 1946. Wikipedia gives 4 July 1944 as the established date and notes that the group came into formal existence on 27 December 1946, after the Bretton Woods agreements were ratified. Sources therefore differ on the exact date, but all place the origin in the Bretton Woods agreements. Ajay Banga became president in June 2023 for a five-year term. Speaking at the Bretton Woods Committee's Spring Summit in 2026, Banga described how the bank could scale crisis support from roughly US$25 billion to as much as US$100 billion over 15 months, with the conflict in the Middle East dominating the agenda. The Bretton Woods Committee's summary says Banga also warned that energy disruptions would heighten near-term pressures and argued for pairing the immediate response with longer-term work on private capital and jobs. The bank is active across the Gulf and wider Middle East and North Africa as a source of analysis, convening and advisory work. Its Gulf Economic Update for fall 2025 was titled Digital Transformation in the Gulf and framed digital progress as a route to economic diversification; the report was launched at a meeting organised by the bank in Washington. In its Saudi Arabia outlook, the bank raised its 2025 growth forecast for the kingdom to 3.8 per cent from 3.2 per cent, and noted that softer oil prices had widened the fiscal deficit and pushed the debt-to-GDP ratio toward 32 per cent. On digital policy, Saudi Arabia joined the bank's Digital Development Partnership and contributed to its fund, according to the Saudi Authority for Data and Artificial Intelligence. Arab News has also reported on talks between Saudi Arabia and the bank on strengthening digital economy growth. Separately, the bank has published a procurement notice for a market-driven assessment of digital skills demand and supply in selected MENA countries, including Saudi Arabia, Egypt and Lebanon, focused on young people aged 17 to 25 and on women.