As the World Bank has adapted its mechanisms and approaches to address the evolving challenges developing countries have faced; it has evolved into the “World Bank Group”. This consists of five closely related institutions that specialize in different aspects of development: 

• International Bank for Reconstruction and Development (IBRD); 
• International Development Association (IDA); 
• International Financial Corporation (IFC); 
• Multilateral Investment Guarantee Agency (MIGA); 

• International Centre for Settlement of Investment Disputes (ICSID). 

The term “World Bank” refers only to IBRD and IDA. Together, these two organizations provide low-interest loans, interest-free credit, and grants to developing countries.  

• Both IBRD loans and IDA credits support investment projects and programs designed to meet priority economic and social needs.  
• They also provide financial support to help governments undertake reform in the structural and social policies that are crucial to effective private and public sector development, and to poverty reduction. 

Source: TMH Ramesh Singh & World Bank