The World Bank is a United Nations international financial institution that provides loans to developing countries for capital programs . The World Bank is a component of the World Bank Group , and a member of the United Nations Development Group . The World Bank's official goal is the reduction of poverty . According to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of capital investment. History Lord Keynes and Harry Dexter White , the "founding fathers" of both the World Bank and the International Monetary Fund (IMF). The World Bank was created at the 1944 Bretton Woods Conference , along with three other institutions, including the International Monetary Fund (IMF). The World Bank and the IMF are both based in Washington, D.C. , and work closely with each other. riteria Many achievements have brought the Millennium Dev...