III.

Affiliated Institutions

The World Bank is part of the World Bank Group, which includes four other financial institutions. The International Finance Corporation (IFC), established in 1956, invests in private enterprises in developing countries to promote economic development. The International Development Association (IDA), established in 1960, provides long-term, interest-free loans to poor countries that cannot qualify for loans at market-based interest rates. The International Center for Settlement of Investment Disputes (ICSID), established in 1966, helps to settle disputes between foreign investors and national governments. The Multilateral Investment Guarantee Agency (MIGA), established in 1988, is designed to encourage foreign investment by insuring investors against loss from noncommercial risks, such as war and civil disturbances.