The WBG consists of five international organizations: The International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). The main purpose of these agencies is to provide developing countries with financial resources and professional advice to decrease poverty and increase economic development in those countries. The first two institutions, the IBRD and the IDA, represent the World Bank. The IBRD was founded together with the International Monetary Fund (IMF) at the Bretton Woods Conference in 1944. Members of the IBRD can only become states that already belong to the IMF. The perquisite for joining the other institutions of the World Bank group is membership in the IBRD.1 Initially, the IBRD mainly served to reconstruct Europe. Now the main purpose of the IBRD is to reduce poverty in middle-income and poor countries by providing loans, guarantees, and other financial products and services. The IBRD has a triple A-status on the capital market, and therefore it has an important role in international finance markets. The IDA, established in 1960, orientates the world´s 78 poorest countries and mainly finances public investments, capacity construction, and economic reform programs. A special feature of the loans provided by the IDA is that they are interest-free and the repayment is extended over 40 years. The IFC, founded in 1956, supports the private sector by financing small and middle private enterprises in developing nations. However, the MIGA contributes to their economic growth by promoting foreign direct investments into the developing countries. This institution provides services like political risk insurance, technical assistance and dispute mediation service. The last institution, the ICSID, concentrates on international investment disputes between the states. The ICSID helps with conciliation and arbitration by providing facilities.1 The five biggest capital owners are the USA, Great Britain, France, Germany and Japan. They each supply one executive director while the other 19 members of the other 179 governors are elected. To this end, the countries are divided into right-to-vote groups that have between 1 and 24 members.2 Since its inception, the WBG provided approximately $550 billion for investment projects and helps with capacity construction in reconstruction and developing countries. The WB currently invests about 17% of its funds into the construction of the financial world and private sectors, 11% into the management of environment and natural resources, and 13% into the construction of human resources and also in rural development. Furthermore, 12% goes towards supporting the government and social sectors, 8% goes towards urban development, 6% towards social development and gender-equality education, 5% towards trade/integration, 3% towards economic management, and finally, 1% goes into reform.2 REFERENCE 1 The World Bank Organization; http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/0,,pagePK:50004410~p... 2 Bundesministerium für Finanzen; Weltbankgruppe; https://www.bmf.gv.at/WipoEUInt/DieinternatFinanzin_8428/BrettonWoodsIns...