Which organization is specifically responsible for financing economic development?

The World Bank is specifically responsible for financing economic development, particularly in developing countries. Its primary goal is to reduce poverty and improve living standards by providing financial and technical assistance. The World Bank extends loans and grants for projects that are expected to boost infrastructure, education, healthcare, and economic reforms.

The World Bank operates primarily through various lending arms, one of which is the International Bank for Reconstruction and Development (IBRD). It focuses on funding large-scale projects that can stimulate economic growth. By investing in such initiatives, the World Bank aims to create sustainable economic development, which is key to long-term poverty reduction.

While other organizations mentioned may contribute to international finance or economic stability, their roles are distinct. For example, the International Monetary Fund typically provides short-term financial aid and monitors economic stability rather than focusing on long-term development projects. Therefore, the World Bank stands out for its dedicated mission towards financing economic development initiatives.