The World Bank is an international financial institution that provides loans to developing countries for investments in infrastructure, education, and health care. The agreement which created the World Bank was signed on July 22, 1944, at the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire.

The agreement was signed by representatives of 44 countries who sought to rebuild the world economy after the devastation of World War II. The primary objective of the agreement was to create an international financial system that would promote post-war economic growth and development.

The World Bank was originally called the International Bank for Reconstruction and Development (IBRD). The bank was created to provide loans to governments of middle-income and developing countries for large-scale reconstruction projects such as the building of roads, dams, and power plants.

The founders of the World Bank recognized that poverty was a major obstacle to economic development and that investment in education, health care, and social services was necessary to promote growth and reduce poverty. The bank, therefore, expanded its mandate to include lending for social and human development projects.

Today, the World Bank is made up of five different institutions. The IBRD still provides loans to middle-income and developing countries for large-scale projects. The International Development Association (IDA) provides interest-free loans and grants to the poorest countries in the world. The International Finance Corporation (IFC) provides loans to private sector companies in developing countries. The Multilateral Investment Guarantee Agency (MIGA) offers political risk insurance to investors in developing countries. Finally, the International Centre for Settlement of Investment Disputes (ICSID) provides a forum for resolving investment disputes between governments and foreign companies.

In conclusion, the agreement which created the World Bank was a historic event that sought to promote economic growth and development in developing countries. Over the years, the World Bank has expanded its mandate, providing loans and grants for a variety of development projects. The bank`s focus on poverty reduction and social and human development has made it an important player in the fight against global poverty.