The International Bank for Reconstruction & Development
The International Bank for Reconstruction & Development (IBRD), the oldest of the World Bank Group institutions, aims to reduce poverty in middle-income and creditworthy low-income countries by promoting sustainable development through loans, guarantees, risk management products, and (non-lending) analytic and advisory services. IBRD has 188 member countries. IBRD's commitments in FY15 totaled $23.5 billion.
The International Development Association
The International Development Association (IDA) provides highly concessional financing to the world's 81 poorest countries. IDA's interest-free credits and grants help support country-led poverty reduction strategies in key policy areas, including raising productivity, providing accountable governance, building a healthy investment climate, and improving access to basic services, including education and health care. IDA has 173 member countries. IDA's commitments in FY15 totaled $19 billion.
The International Finance Corporation
The International Finance Corporation (IFC) is the private-sector investment entity of the World Bank Group. It invests in sustainable private enterprises in developing and transitional countries without requiring sovereign guarantees. It provides equity, long-term loans, structured finance and risk management products, as well as technical assistance and advisory services to its clients. IFC has 184 member countries. IFC's commitments in FY15 totaled $17.7 billion.
The Multilateral Investment Guarantee Agency
The Multilateral Investment Guarantee Agency (MIGA) provides noncommercial guarantees (insurance) for foreign direct investment in developing countries. It addresses concerns about investment environments and perceptions of risk, which often inhibit investment, by providing political risk insurance. MIGA's guarantees offer investors protection against noncommercial risks such as expropriation, currency inconvertibility, breach of contract, war, and civil disturbance. MIGA has 181 member countries. MIGA's issuances in FY15 totaled $2.8 billion.
The International Centre for Settlement of Investment Disputes
The International Centre for Settlement of Investment Disputes (ICSID) is designed to facilitate the settlement of investment disputes between foreign investors and host states. It encourages foreign investment by providing neutral international facilities for conciliation and arbitration of investment disputes, thereby fostering an atmosphere of mutual confidence between states and foreign investors. Many international agreements concerning investment refer to ICSID's arbitration facilities. ICSID has 143 member countries.