The World Bank was established in 1971, following the collapse of the Bretton Woods system of fixed exchange rates.

Question

Quizplus · Accepted Answer

The World Bank was actually established in 1944, along with the International Monetary Fund (IMF), as part of the Bretton Woods agreement. The World Bank's original purpose was to finance the reconstruction of Europe after World War II, but it later shifted its focus to providing loans and technical assistance to developing countries.

The World Bank Was Established in 1971, Following the Collapse