Question

The World Bank started its operation in:

A.

July 1944

B.

June 1946

C.

June 1950

D.

August 1950

Correct option is B


The World Bank, officially known as the International Bank for Reconstruction and Development (IBRD), was created at the Bretton Woods Conference in July 1944, but it did not start its operations immediately.
It formally began its operations on June 25, 1946. The primary objective at the time of its formation was to support the reconstruction of countries devastated by World War II. Later, its role expanded to include economic development, poverty reduction, and infrastructure creation.
Also, the World Bank Group now includes:
· IBRD
· IDA (International Development Association)
· IFC
· MIGA
· ICSID
Thus, the correct answer is (b) June 1946.
Information Booster
1. The World Bank headquarters is located in Washington, D.C., USA.
2. Its first loan was given to France in 1947 for post-war reconstruction.
3. India is one of the largest beneficiaries of World Bank assistance.
4. Membership in the IMF is a precondition for membership in the World Bank.
5. The World Bank mainly lends for long-term developmental projects.

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