IBRD—International Bank for Reconstruction and Development

Established in 1944 and more commonly known as the World Bank, the IBRD provides loans and development assistance to middle and low-income countries with a stated aim of reducing poverty. Loans generally have a five-year grace period and must be repaid over a period of 15-20 years. In 2008 the IBRD commited a total of $ 13.5 billion in loans, in contrast to $13.6 billon in 2005, destined for a large range of projects. The Bank obtains some of its funds through the sale of bonds in international capital markets while most of its income comes from lending out its own capital. This capital consists of reserves built up over the years as well as money paid in by its 185 member countries. While not a profit maximizing organisation, the IBRD has earned net income every year since 1948.