Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Its mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with its five affiliates that form the World Bank Group: the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).
The World Bank, at one point, had homogeneous staff of engineers and financial analysts, based solely in Washington, D.C. Today, it has a multidisciplinary and diverse staff that includes economists, public policy experts, sector experts and social scientists—and now more than a third of its staff are based in country offices. Reconstruction remains an important part of the work of the World Bank. However, at today's World Bank, poverty reduction through an inclusive and sustainable globalization remains the overarching goal.
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