Alþjóðabankanum

Alþjóðabankanum translates to "The World Bank" in English. It is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is a member of the United Nations Development Group. Its primary mission is to reduce poverty by providing financial and technical assistance to developing countries. The institution was established in 1944 at the Bretton Woods Conference in New Hampshire, United States, as the International Bank for Reconstruction and Development (IBRD). Today, it comprises two development institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IBRD focuses on middle-income and creditworthy low-income countries, while the IDA provides concessional loans and grants to the poorest countries. The World Bank's work is organized around its twin goals: ending extreme poverty and boosting shared prosperity. It achieves these goals by funding development projects, providing policy advice, conducting research, and offering technical assistance. The organization is headquartered in Washington, D.C., and operates in over 100 developing economies.