Regional Economic cooperation refers to an agreement between groups of countries in a geographic region, to promote economic cooperation by reducing trade barriers and non-tariff barriers to the free flow of goods, services, and factors of production between each other.| Banking School
The World Bank was established in 1944 in the name of the International Bank for Reconstruction and Development (IBRD) to help rebuild Europe and Japan after World War II. The Bank began operations in 1946, it had 38 members. At present this international development organization has members of 187 countries.| Banking School