IBRD takes on developmental role envisioned during Bretton Woods Conference (1944)

The Bretton Woods Conference of July 1944 established the rules for commercial and financial relations among the world's major industrial states. The conference set up the World Bank, GATT and the IMF and a post-war monetary arrangement by which the US dollar took the place of gold as the medium of international exchange.

Summary of Agreements. July 22, 1944