World Bank Group

As a founding PRIF partner, the World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions (International Bank for Reconstruction and Development [IBRD], the International Development Association [IDA], the International Finance Cooperation [IFC], the Multilateral Investment Guarantee Agency [MIGA] and the International Centre for Settlement of Investment Disputes [ICSID]) share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development. Both the IBRD and IDA form the World Bank, which provides financing, policy advice, and technical assistance to governments of developing countries. The IFC, MIGA, and ICSID focus on strengthening the private sector in developing countries. The World Bank Group works in every major area of development, providing a wide array of financial products and technical assistance, and help countries share and apply innovative knowledge and solutions to the challenges they face. 11 Pacific Island countries are members of the World Bank, having a combined population of about 2.3 million.