The World Bank was established as the International Bank for Reconstruction and Development (IBRD). The latter, somewhat cumbersome, title provides a more accurate description of the bank’s role. The IMF has more of the functions and responsibilities one would expect from a world central bank.
The World Bank was set up to address long-term development issues and to reduce global poverty. It provides funding for basic infrastructure projects to developing countries. It is also mandated to facilitate reforms to reduce global poverty. This is clearly well intentioned but the evidence shows that it has had limited success. Its effor ts in sub-Sahara Africa have had few positive results, for example.
The gap in terms of wealth between developed and many developing economies has widened. The blame for this should not be laid at the feet of the World Bank, however. Its resources are a small fraction of private investment flows and subsidies on agricultural products and other commodities by developed countries have taken their toll on incomes in developing countries.