International organisations at the G20

World Bank

General information

The World Bank is part of the United Nations system. It was created in 1944 and is based in Washington D.C. It was established with the aim of reconstructing towns and cities, bridges and roads that were destroyed in the Second World War. Today, more than 70 years after the end of that conflict, the World Bank is still needed, but for other tasks. It now promotes economic development in many countries across the world and combats global poverty. The World Bank grants loans to poorer countries that can be used to build roads and power stations, for example, and it advises governments.

Kristalina Ivanova Georgieva was born in Sofia, Bulgaria on 13 August 1953. She is a politician and economist. She has been Chief Executive Officer of the World Bank's International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) since 2 January 2017.  Between 2014 and 2016 she was European Commission Vice-President for Budget and Human Resources. Prior to that she was European Commissioner for Humanitarian Aid and Civil Protection in the second college of the Barroso Commission. After gaining her MA in Political Economy and Sociology and a PhD in Economics, Georgieva taught at the University of National and World Economy, Sofia and has also taught at Yale University, Harvard University and at the London School of Economics.

Further information
World Bank website