The World Bank Group: five institutions, five different jobs
Background
The World Bank Group has five institutions: IBRD, IDA, IFC, MIGA and ICSID.
IBRD, the International Bank for Reconstruction and Development, provides financial products and policy advice to middle-income and creditworthy low-income countries; it was created in 1944 to help Europe rebuild after World War II.
IDA, the International Development Association, offers grants and low-interest loans to low-income countries; IBRD joins with IDA to form the World Bank.
IFC, the International Finance Corporation, encourages the growth of the private sector in developing countries.
MIGA, the Multilateral Investment Guarantee Agency, provides political risk insurance (guarantees) for projects in developing member countries.
ICSID, the International Centre for Settlement of Investment Disputes, is devoted to international investment dispute settlement.
In plain words
IBRD International Bank for Reconstruction and Development — The World Bank Group lender to middle-income and creditworthy low-income countries.
IDA International Development Association — Offers grants and low-interest loans to low-income countries.
MIGA Multilateral Investment Guarantee Agency — Provides political risk insurance for projects in developing member countries.
ICSID International Centre for Settlement of Investment Disputes — Devoted to international investment dispute settlement.