Consider the following statements in respect of the International Bank for Reconstruction and Development (IBRD): I. It provides loans and guarantees to middle income countries. II. It works single-handedly to help developing countries to reduce poverty. III. It was established to help Europe rebuild after the World War II. Which of the statements given above are correct?
Explanation
The International Bank for Reconstruction and Development (IBRD) is a key arm of the World Bank Group, originally created for post-war reconstruction and now focused on development in middle-income nations.
Statement I: Correct The IBRD provides loans and guarantees to middle-income and creditworthy low-income countries.
Statement II: Incorrect The IBRD does not work single-handedly; it collaborates with other arms of the World Bank Group like IDA, IFC, etc.
Statement III: Correct It was established in 1944 to help Europe rebuild after World War II.