Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Our mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present day mandate of worldwide poverty alleviation in conjunction with our affiliate, the International Development Association.
Once we had a homogeneous staff of engineers and financial analysts, based solely in Washington, DC. Today, we have a multidisciplinary and diverse staff that includes economists, public policy experts, sector experts and social scientists, and 30% of our staff is now based in country offices.
Reconstruction remains an important focus of our work, given the natural disasters and post conflict rehabilitation needs that affect developing and transition economies. We have, however, broadened our portfolio's focus to include social sector lending projects, poverty alleviation, debt relief and good governance. At today's World Bank, we have sharpened our focus on poverty reduction as the overarching goal of all our work.
For more on the World Bank's history, visit the Archives.
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