Specialized agency of the Bretton Woods Conference for postwar reconstruction.
It is the principal international development institution. Its five divisions are the {{link=International Bank for Reconstruction and Development">International Bank for Reconstruction and Development (IBRD; its main component), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Center for Settlement of Investment Disputes (ICSID). The IDA (founded 1960) makes interest-free loans to the bank's poorest member countries. The IFC (founded 1956) lends to private businesses in developing countries. The MIGA (founded 1985) supports national and private agencies that encourage foreign direct investment by offering insurance against noncommercial risks. The ICSID (founded 1966) was developed to relieve the IBRD of the burden of settling investment disputes. See also International Monetary Fund .