International Bank for Reconstruction and Development (IBRD):

The IBRD - the original organization of the World Bank group was established in 1945. The bank and the International Monetary Fund (IMF) were products of the articles of agreement signed by representatives of a group of 44 nations at the United Nations Monetary and Financial Conference held at Britton Woods, New Hampshire, USA in July 1944. Therefore, both IBRD and IMF were usually referred to as Britton Woods Institutions.

The membership of the IBRD which was 44 at its inception in 1945 reached 182 in 2000 including developing countries of the West African Sub-region. The main objectives of the IBRD, also called the World Bank are:

i. To assist the economic development of member countries by providing loans, on reasonable terms, for the development of productive facilities and resources.

ii. To provide and coordinate staff training and technical assistance for member countries on investment projects in which they lack the requisite manpower and technical knowledge.

iii. To promote private foreign investment by guarantees or through participation in loans and other investments made in the private sector of the economies of member countries.

iv. To conduct project feasibility and evaluation studies and act as executing agency for development projects financed by the United Nations Development Programme (UNDP).

v. To promote balanced growth of international trade and the maintenance of viable balance of payments positions by member countries.