Final answer:
The Bank for Reconstruction and Development is simply known as the World Bank. It was created at the Bretton Woods Conference to initially assist in rebuilding post-war Europe and now focuses on funding development projects in less developed countries.
Step-by-step explanation:
The Bank for Reconstruction and Development is referred to as the World Bank. Established during the Bretton Woods Conference, the World Bank's initial role was to assist with the reconstruction of Europe post-World War II and to promote international economic development.
However, when the Marshall Plan took the main stage in the reconstruction of Europe, the World Bank adapted to focus on development projects worldwide. Its first loan to a non-European country was to Chile in 1948 for hydroelectric power generation.
The World Bank functions to provide loans to less developed countries to support economic development projects such as power, irrigation, and transportation.
In doing so, it collaborates with other organizations to offer not only funding but also guidance and expertise to help build the economies of less developed countries.
The International Bank for Reconstruction and Development (IRBD) was initially intended to facilitate international stability and rebuild Europe, and despite its evolution over time, it continues to play a pivotal role in international development and in fostering markets for American manufacturers as well as other international goods.