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Founded in 1944, the World Bank loaned funds to rebuild countries affected by World War II. Over time, the bank's goals shifted from reconstruction to development and the Wold Bank began focusing on building infrastructure and providing economic assistance in developing countries.

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The World Bank Group is a global partnership consisting of 5 institutions and 189 member countries. One of the largest sources of funding and knowledge, The World Bank Group connects global finance resources to developing countries

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To end extreme poverty by reducing the share of the global population that lives in extreme poverty to 3 percent by 2030.

To promote shared prosperity by increasing the incomes of the poorest 40 percent of people in every country.

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The World Bank Group is made of 5 institutions which partner with governments and private sectors.

Governments Partnerships

The International Bank for Reconstruction and Development (IBRD)

The International Development Agency (IDA)

The IBRD and IDA provide policy advice, technical and financial assistance to governments in developing countries.

Private Sector Partnerships

The International Finance Corporation (IFC)

The Multilateral Investment Guarantee Agency (MIGA)

The International Centre for Settlement of Investment Disputes (ICSID)

The ICF, MIGA, and ICSID provide financial and technical assistance, settlement of disputes, and political risk insurance to financial institutions in developing countries.

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Through the Human Capital Project, the World Bank seeks to invest in people and economic growth by assessing and addressing the factors that determine the acceleration of growth. The goal is to close the human capital gap by collecting and analyzing health and education data in developing countries and calculating how much generations will fulfill their earning potential.

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What is the World Bank’s Human Capital Index?

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World Development Report 2018

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How The World Bank Fulfills Their Mission

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How The World Bank Fulfills Their Mission

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The World Bank provides traditional loans, interest-free credits, and grants to governments in developing countries. Their top 3 priorities are:

1. Helping create sustainable economic growth

2. Investing in people

3. Building resilience to shocks and threats

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The World Bank currently has 1,750 projects in 145 countries.

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Focus areas:

1. Early Childhood Development

2. Girls Education

3. Education and Technology

4. Skills Development

5. Higher Education

6. Teachers

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Education and skills increase human capital and job prospects. Smart financing and policy for schools, teachers, foundational learning, early childhood, universities, 21st century skills, and vocational training support poverty reduction and economic growth.

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The number of people living in extreme poverty is continuing to plunge, despite the 2008-09 financial crisis and slowing global economic growth, according to a World Bank study released Sunday.

In the report, "Poverty and Shared Prosperity," the World Bank says the progress proves that eliminating extreme poverty is an achievable goal.

Here's the study's key finding:

In 2013, fewer than 800 million people lived on less than $1.90 a day. That's less than 11 percent of the global population. As recently as 1990, about 35 percent of all people lived in such extreme poverty.

That means about 1.1 billion people rose out of extreme poverty.

Even with a rocky global economy, earnings rose for the poorest 40 percent of people in 60 out of 83 countries studied between 2008 and 2013. In all, about 100 million fewer people were living in dire poverty in 2013, compared with 2012, the World Bank said.

The researchers tie future poverty declines to reducing inequality. Between 2012 and 2013, the income gap shrank in 49 of 83 countries studied. The World Bank hopes to use lessons from those countries to combat inequality where it persists.

"We hear a lot about rising inequality," said researcher Ana Revenga, in a conference call with journalists. But in reality, "inequality has come down in the last 10 years" in many low- and middle-income countries, she said.

Another researcher, Francisco Ferreira, said that inequality is "not rising inexorably everywhere. ... It can and has been successfully reduced."

The World Bank studied several countries where inequality declined in recent years including Brazil, Cambodia, Mali, Peru and Tanzania. It identified six successful policies:

Early childhood development and nutrition

Universal health coverage

Universal access to quality education

Making cash transfers to poor families

Rural infrastructure - especially roads and electrification

Progressive taxation

Though poverty and inequality have continuously trended down, Ferreira said, "the pockets of poverty that remain will become increasingly harder to reach and address."

The most significant contributions to declining poverty between 2012 and 2013 came from East Asia and the Pacific. With smaller proportions of people in those regions living in poverty, their contributions to future declines will shrink. Now, 50 percent of extremely poor people live in sub-Saharan Africa.

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Global Poverty Declines Even Amid Economic Slowdown, World Bank Says

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The number of people living in extreme poverty is continuing to plunge, despite the 2008-09 financial crisis and slowing global economic growth, according to a World Bank study released Sunday. In the report, "Poverty and Shared Prosperity," the World Bank says the progress proves that eliminating extreme poverty is an achievable goal.

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Interview with the president of the World Bank

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Interview with the president of the World Bank

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Topics include robots, blockchain, multilateralism, and development finance.

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We're running a quick, two-minute survey to get your feedback on the podcast. What do you like? What could we do better? We look forward to hearing from you!

How should developing countries cope with new and emerging global challenges? How do we ensure they don't get left further behind?

These were some of the questions discussed at a recent CGD event, a conversation between World Bank Group president Jim Yong Kim and CGD president Masood Ahmed.

On this week's podcast, we hear from Jim Kim on robots, blockchain, multilateralism, and development finance-including the critical role of private actors.

"There should be a new ethics of global development that includes the private sector, because it's the only way to get to the kind of volume we need to end poverty," Kim said. To get there, he continued, multilateral development banks need to work together.

Hear more in the clip below.

This is also a special episode of the podcast-it's my last as host, as I am leaving CGD for a new role. Thank you for listening these past three years, and please stay tuned for more episodes of the CGD Podcast.

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Plan B for Development - Podcast with World Bank Group President Jim Yong Kim

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We're running a quick, two-minute survey to get your feedback on the podcast. What do you like? What could we do better? We look forward to hearing from you! How should developing countries cope with new and emerging global challenges? How do we ensure they don't get left further behind?