world. In 1960, the International Development Association (IDA) was established to serve as the Bank's concessional lending arm and provide low and no-cost finance and grants to the poorest of the developing countries as measured by gross national income per capita. At the time of its creation, the IBRD was the only Multilateral Development Bank. During the period of decolonization—the mid‐1950s to the mid‐1970s—several MDBs were created—the International Finance Corporation, the International Development Association. They were both WBG members. During this period other MDBs that were similar to the IBRD in their governance and operations, were established by countries that were not member nations of the WBG. This included the Inter‐American Development Bank (IDB), the African Development Bank (AfDB), the Asian Development Bank (ADB), the Andean Development Corporation (CAF), and the Islamic Development Bank (IsDB). Both the CAF and IsDB are "primarily owned and controlled by borrower countries." In the early 1990s, European nations established the European Bank of Reconstruction and Development (EBRD) and expanded European Investment Bank, to foster European integration and to assist post‐communist countries to transform their economies to become more market‐oriented. By 2012, according to The Post, IBRD was using "its AAA credit rating to sell bonds at interest rates close to those of U.S. Treasury bonds." It loaned money to developing nations, such as China and Brazil. According to the Global Policy, journal, While the IBRD and the IDA historically prioritized funding infrastructure projects, since the 1990s, the Bank has directed less lending to infrastructure projects in favour of other development projects such as fighting climate change, eradicating poverty and ensuring good governance. Financial model The IBRD finances its activities from the shares its members hold, as well as borrowing on international capital markets by issuing World Bank bonds. The Bank raised US$54.0 billion worth of capital in fiscal 2019 from bonds issued in 27 different currencies. Since 1959, the IBRD, which is backed by world governments has had a triple-A credit rating, which allows it to borrow capital at lower rates. According to a 2015 article, commissioned by the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development—also known as the Group of 24 (G-24)—multilateral development banks (MDBs)—such as the IBRD—"represent one of the most successful types of international organization created in the post-World War II era." By October 2015, although the WBG—with its lending arms—was the only "global institution, there were more