International Bank of Reconstruction and Development (IBRD)
It was established at Bretton Woods Conference in July 1994. Its object is to assist the member nations in the economic reconstruction and development of the territories. The bank advances loans to the member nations for development purposes and encourages private foreign investment and also arranges loans to its own security. It guarantees loans by Private Investors. Headquarters : Washington.
International Monetary Fund (IMF)
It was established on 27th December 1945 and it operates from 1st March 1947. It works for the promotion of International Trade. It helps those countries with foreign exchange whose balance of trade is in unfavourable position. Headquarters: Washington.