Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Our 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 our affiliate, the International Development Association.

Once we had a homogeneous staff of engineers and financial analysts, based solely in Washington, DC. Today, we have a multidisciplinary and diverse staff that includes economists, public policy experts, sector experts and social scientists-and now 30% of our staff is based in country offices.

Given the natural disasters that affect the developing and transition economies as well as the post-conflict reconstruction needs, reconstruction remains to be an important focus of our activities. However, we have expanded the focus of our portfolio such that it includes social sector lending projects, poverty reduction, debt relief and good governance. At today's World Bank, we focused our attention on poverty reduction as the overarching goal of our work.

For more on the World Bank's history, visit the Archives.