Established at the Bretton Woods conference in 1944, the World Bank was primarily set up to increase economic development and reduce poverty in low- and middle-income countries. It began by assisting in the rebuilding of war-racked European economies, but has since evolved into a lender for much wider development purposes.

The World Bank’s lending policy is rooted in its mission of achieving economic growth and improving the quality of life. These principles include:

Projects Supporting Economic and Social Development: Projects that support economic and social development, create jobs, improve infrastructure and enhance public services are a focus for the Bank.

Fiscal Prudence: Loans are extended on terms that reflect fiscal prudence, ensuring that they constitute debt that borrowing countries can service without undermining their broader economic health.

Poverty Reduction — One of the key themes in this contract is reducing poverty through niche-focused projects such as improving access to education, health care, and basic services.

Environmental Sustainability: For the Bank environmental sustainability will be a key and cross-cutting theme; environmental issues will need to be integrated into project design, as well as rolled out further into projects, and consideration will be given to the impact of project on the environment.

Development services, Good Governance and Anti-Corruption: The World Bank also works to promote good governance and transparency by strengthening institutions and combatting corruption as part of an effort to ensure funds are used efficiently and for their intended purpose.

Partnerships and Collaboration: Utilising its resources and expertise, the Bank collaborates with governments, international organisations, and the private sector to maximize project impact.

These eleven principles inform the World Bank as it seeks to help reduce global poverty and inequality.