▁reg ener ation , ▁and ▁electric ity ), ▁large ▁industrial ▁construction ▁projects , ▁and ▁govern ance ▁( e . g . ▁anti - cor ruption , ▁legal ▁institutions ▁development ). ▁The ▁I BR D ▁and ▁ID A ▁provide ▁lo ans ▁at ▁prefer ential ▁rates ▁to ▁member ▁countries , ▁as ▁well ▁as ▁gr ants ▁to ▁the ▁poor est ▁countries . ▁Lo ans ▁or ▁gr ants ▁for ▁specific ▁projects ▁are ▁often ▁linked ▁to ▁wider ▁policy ▁changes ▁in ▁the ▁sector ▁or ▁the ▁country ' s ▁economy ▁as ▁a ▁whole . ▁For ▁example , ▁a ▁loan ▁to ▁improve ▁coast al ▁environmental ▁management ▁may ▁be ▁linked ▁to ▁development ▁of ▁new ▁environmental ▁institutions ▁at ▁national ▁and ▁local ▁levels ▁and ▁the ▁implementation ▁of ▁new ▁reg ulations ▁to ▁limit ▁poll ution . ▁ ▁The ▁World ▁Bank ▁has ▁received ▁various ▁critic isms ▁over ▁the ▁years ▁and ▁was ▁t arn ished ▁by ▁a ▁sc andal ▁with ▁the ▁bank ' s ▁then ▁President ▁Paul ▁Wolf ow itz ▁and ▁his ▁a ide , ▁Sh aha ▁R iza , ▁in ▁ 2 0 0 7 . ▁ ▁History ▁ ▁Found ing ▁The ▁W B G ▁came ▁into ▁formal ▁existence ▁on ▁ 2 7 ▁December ▁ 1 9 4 6 ▁following ▁international ▁rat ification ▁of ▁the ▁Bre tt on ▁Wood s ▁agre ements , ▁which ▁emer ged ▁from ▁the ▁United ▁Nations ▁Mon et ary ▁and ▁Fin an cial ▁Conference ▁( 1 – 2 2 ▁July ▁ 1 9 4 4 ). ▁It ▁also ▁provided ▁the ▁foundation ▁of ▁the ▁O si ander ▁Committee ▁in ▁ 1 9 5