The structure of the World Bank Group The World Bank Group (Section B 4.5) consists of the International Bank for Reconstruction and Development (IBRD) and the International Development Organization (IDA) (Hoering, 1999). The IBRD owns two subsidiaries: The International Finance Corporation (IFC), which invests in private companies in developing countries and the Multilateral Investment Guarantee Agency (MIGA), which secures foreign investors in developing countries against non-market risks. Officially the World Bank is a specialized agency of the UN, but it is not subject to UN control. The World Bank Group’s principal role is to support its borrowers in reducing poverty. Its loans are to improve the preconditions for economic development in the recipient countries and thus to improve living conditions.