Question

Why was the world bank set up

Answer 1

Forty-four countries sent representatives to Bretton Woods, New Hampshire, to discuss the bank in July 1944. The bank's sister institution, the International Monetary Fund was also created at Bretton Woods. The new bank received most of its funds from the New York investment community.

Answer 2

The World Bank was created at the 1944 Bretton Woods Conference, along with three other institutions, including the International Monetary Fund (IMF). The president of the World Bank is, traditionally, an American. The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.