The 1944 bretton woods conference created two major international institutions that play a role in the international monetary system-the international monetary fund (imf) and the

The International Bank for Reconstruction and Development (IBRD) -- which would come to be called the World Bank.

The IBRD was established by the conference that met at Bretton Woods, New Hampshire, in 1944.  It remains the largest of five development bank institutions that make up the World Bank Group.  According to the World Bank Group's own information, the IBRD and associated development banks exist to "provide low-interest loans, zero to low-interest credits, and grants to developing countries."