It is the largest and best-known development bank in the world and an observer to the United Nations Development Group.  The Bank`s head office is located in Washington, D.C. in the United States. In FY2014, it provided approximately $61 billion in loans and assistance to „developing countries and countries with economies in transition.“  The Bank`s stated mission is to achieve the two state objectives of ending extreme poverty and ensuring shared prosperity.  Total development finance lending in 2015 amounted to approximately $117 billion over the past 10 years.  Its five organizations are 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). The first two are sometimes referred to together as the World Bank. The Global Development Learning Network (GDLN) is a partnership of more than 120 learning centers (affiliated with the GDLN) in nearly 80 countries around the world. GDLN partners work together to organize events that connect people from all countries and regions to learn and engage in dialogue on development issues. With four affiliated organizations established between 1957 and 1988, IBRD is part of the World Bank Group. The Group is headquartered in Washington, D.C. It is an international organization belonging to member Governments; Although it makes profits, these profits are used to support ongoing efforts to reduce poverty.  Prior to 1974, World Bank reconstruction and development loans were relatively low.
The bank`s employees were aware of the need to create trust in the bank. Fiscal conservatism prevailed and loan applications had to meet strict criteria. :56–60 (a) Each member shall designate its central bank as the custodian of all the Bank`s assets in its currency or, if it has no central bank, designate another institution acceptable to the Bank. For the world`s poorest developing countries, the Bank`s aid plans are based on poverty reduction strategies; By combining an analysis of local groups with an analysis of the country`s financial and economic situation, the World Bank develops a plan for the country in question. The government then identifies the country`s poverty reduction priorities and goals, and the World Bank launches its relief efforts accordingly. .