The World Bank is an international financial institution whose primary function is to offer loans and make arrangements with developing countries who are unable to adequately cope with the dynamics of global economics. It provides loans at close to prime-rates to middle-income countries and zero interest rates to low-income countries. The goals of these loans are to increase institutional capacity and foster economic growth, which will in turn increase levels of development and reduce poverty.
The headquarters of the World Bank is in Washington, DC. The current President of the World Bank is Jim Yong Kim, who is an American physician and anthropologist. Kim was the co-founder of Partners in Health an international health organization, and then President of Dartmouth College.