ance ▁Corporation ▁( IF C ), ▁established ▁in ▁ 1 9 5 6 , ▁which ▁provides ▁various ▁forms ▁of ▁finan cing ▁without ▁so ver eign ▁guarante es , ▁primarily ▁to ▁the ▁private ▁sector ; ▁ ▁the ▁International ▁Development ▁Association ▁( ID A ), ▁established ▁in ▁ 1 9 6 0 , ▁which ▁provides ▁con cess ional ▁finan cing ▁( inter est - free ▁lo ans ▁or ▁gr ants ), ▁usually ▁with ▁so ver eign ▁guarante es ; ▁ ▁the ▁International ▁Centre ▁for ▁S ett lement ▁of ▁In vest ment ▁Dis put es ▁( IC S ID ), ▁established ▁in ▁ 1 9 6 5 , ▁which ▁works ▁with ▁govern ments ▁to ▁reduce ▁invest ment ▁risk ; ▁ ▁the ▁Mult il ater al ▁In vest ment ▁Gu arante e ▁Agency ▁( M IG A ), ▁established ▁in ▁ 1 9 8 8 , ▁which ▁provides ▁ins urance ▁against ▁certain ▁types ▁of ▁risk , ▁including ▁political ▁risk , ▁primarily ▁to ▁the ▁private ▁sector . ▁ ▁The ▁term ▁" World ▁Bank " ▁generally ▁refers ▁to ▁just ▁the ▁I BR D ▁and ▁ID A , ▁whereas ▁the ▁term ▁" World ▁Bank ▁Group " ▁or ▁" W B G " ▁is ▁used ▁to ▁refer ▁to ▁all ▁five ▁institutions ▁collect ively . ▁ ▁The ▁World ▁Bank ▁Institute ▁is ▁the ▁capacity ▁development ▁branch ▁of ▁the ▁World ▁Bank , ▁providing ▁learning ▁and ▁other ▁capacity - building ▁programs ▁to ▁member ▁countries . ▁ ▁The ▁I BR D ▁has ▁ 1 8 9 ▁member ▁govern ments , ▁and ▁the ▁other ▁institutions ▁have ▁between