Which international financial institution, established alongside the IMF at the 1944 Bretton Woods Conference and headquartered in Washington, D.C., comprises the IBRD and IDA to provide developmental loans to low- and middle-income nations?

Answer and explanation

Correct answer: B. World Bank Group

  1. Step 1: Originally founded to finance the reconstruction of war-torn European infrastructure following World War II, its initial loan went to France in 1947.
  2. Step 2: The World Bank Group consists of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), partnering with developing countries to fund health, education, and infrastructure projects.
Answer
World Bank Group
Why not the others: 'Bank for International Settlements (BIS)' The BIS is based in Basel, Switzerland, acting as a bank for central banks and setting capital adequacy standards; 'Asian Development Bank (ADB)' The ADB is a regional development bank headquartered in Mandaluyong, Philippines, focusing on Asia and the Pacific; 'African Development Bank (AfDB)' The AfDB is a regional development finance institution headquartered in Abidjan, Côte d'Ivoire.

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