The international Bank for Reconstruction and Development or World Bank was established as a result of Bretton Woods conference. In 1944 the representatives of the allied nations met at Bretton Woods in the USA to discuss plans for promoting world recovery after the war. The purpose of the World Bank was to provide long-term assistance for reconstruction and development. It is the world’s largest multilateral source of development finance. It consists of five closely associated institutions – The International Bank of Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, International Centre for Settlement of Investment Disputes.