Consider the following statements in respect of the International Bank for Reconstruction and Development (IBRD) :

Correct Option

• Statement 1: The International Bank for Reconstruction and Development (IBRD) provides loans, guarantees, risk management products, and advisory services primarily to middle-income countries and creditworthy low-income countries. This aligns with its objective of promoting sustainable development and reducing poverty.
• Statement 3: IBRD was established in 1944 at the Bretton Woods Conference. Its initial and primary purpose was to finance the reconstruction of European economies devastated by World War II. Subsequently, its focus broadened to include development assistance for member countries worldwide.

Incorrect Options

• Statement 2: IBRD does not work single-handedly to help developing countries reduce poverty. It is one of the five institutions comprising the World Bank Group, which also includes the International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). These institutions operate collaboratively, often in conjunction with other international organizations, governments, and the private sector, to achieve their development goals. Therefore, the statement is incorrect.