The mid-2000s ushered in the idea of the World Bank as a knowledge institution, and by 2010, the Open Agenda guided the Bank to a more transparent approach to development.

Founded in 1944 at the UN Monetary and Financial Conference (commonly known as the Bretton Woods Conference), which was convened to establish a new, post-World War II international economic system, the World Bank officially began operations in June 1946.

Perhaps the biggest changes to the world of banking came in the 17th to 19th centuries, particularly in London. In fact, the way in which banks work will be based completely around these banking concepts, i.e. issuing bank debt, allowing deposits to be made into banks etc.

This year marks the 75th anniversary of the World Bank opening for business. The following transcripts have been selected to highlight this milestone. Transcript of oral history interview with Emilio G. Collado held on July 7, 1971: Summary

The World Bank (WB) was originally created as the International Bank for Reconstruction and Development (IBRD) in 1944 along with its twin, the IMF. Together they came to be known as the ‘Bretton Woods’ twin sisters’. When it was set up it was decided that this international bank would assist in the economic reconstruction of the World War II-damaged European economies.