An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs. The best known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system. Types Multilateral Development Banks A multilateral development bank (MDB) is a development bank, created by a group of countries, that provides financing and professional advice to enhance development. An MDB has many members, including developed donor countries and developing borrower countries. MDBs finance projects through long-term loans at market rates, very-long-term loans below market rates (also known as credits), and grants. The following are usually classified as the main MDBs: World Bank European Investment Bank (EIB) Islamic Development Bank (IsDB) Asian Development Bank (ADB) European Bank for Reconstruction and Development (EBRD) CAF - Development Bank of Latin America (CAF) Inter-American Development Bank Group (IDB, IADB) African Development Bank (AfDB) New Development Bank (NDB) Asian Infrastructure Investment Bank (AIIB) Arab Petroleum Investments Corporation (APICORP) Eastern and Southern African Trade and Development Bank (TDB) There are also several "sub-regional" multilateral development banks. Their membership typically includes only borrowing nations. The banks lend to their members, borrowing from the international capital markets. Because there is effectively shared responsibility for repayment, the banks can often borrow more cheaply than could any one member nation. These banks include: Caribbean Development Bank (CDB) Central American Bank for Economic Integration (CABEI) East African Development Bank (EADB) West African Development Bank (BOAD) Black Sea Trade and Development Bank (BSTDB) Economic Cooperation Organization Trade and Development Bank (ETDB) Eurasian Development Bank (EDB) North American Development Bank (Nadbank) There are also several multilateral financial institutions (MFIs). MFIs are similar to MDBs but they are sometimes separated since they have more limited memberships and often focus on financing certain types of projects. European Commission (EC) International Finance Facility for Immunisation (IFFIm) International Fund for Agricultural Development (IFAD) Nordic Investment Bank (NIB) OPEC Fund for International Development Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden NV (FMO) International Bank for Economic Co-operation (IBEC) International Investment Bank (IIB) Arab