The World Bank Annual Report 2021 - From Crisis to Green, Resilient, and Inclusive Recovery (Vol. 2 of 2) - Management’s Discussion & Analysis and Financial Statements (Fiscal 2021)

Jul 19, 2026

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Annual Report 2021 presents the Management’s Discussion & Analysis and Financial Statements for fiscal year ended June 30, 2021 for IBRD. It outlines executive summary highlights, the reporting basis, and structured financial results including total assets, net income, and income allocation. The report details lending activities, other development activities, investment and borrowing activities, capital and usable equity, and comprehensive risk management covering governance, credit, market, operational risks and COVID-19 impacts. It also includes contractual obligations, pension and ESG policies, critical accounting and fair value practices, and governance and control disclosures.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages248

Reading Time10 h 25 min

Executive Summary

Summary Financial Results

Overview

Introduction

Presentation

Financial Business Model

Basis of Reporting

Financial Results

Summary of Financial Results

Total Assets

Net Income

Net Income Allocation

Lending Activities

Net Lending Commitments and Gross Disbursements

Lending Categories

Currently Available Lending Products

Discontinued Lending Products

Waivers

Other Development Activities

Guarantees

Grants

Externally-Funded Activities

Investment Activities

Liquid Asset Portfolio

Other Investments

Borrowing Activities

Medium-and Long-Term Borrowings

Capital Activities

Capital Structure

Usable Equity

Risk Management

Risk Governance

Management of IBRD’s Risks

Coronavirus Disease 2019 (COVID-19) Outbreak

Capital Adequacy

Credit Risk

Market Risk

Operational Risk

Contractual Obligations

Pension and Other Post-Retirement Benefits

Governance

Funding and Investment Policies

Environmental, Social and Governance (ESG) Policies

Critical Accounting Policies and Fair Value

Estimates Provision for Losses on Loans and Other Exposures

Governance and Controls

Business Conduct

General Governance

Executive Directors

Audit Committee

Auditor Independence

Internal Control

Appendix

Glossary of Terms

Abbreviations and Acronyms

Public Disclosure Authorized Public Disclosure Authorized Annual Report 2021 The International Bank for Reconstruction and Development (IBRD) and The International Development Association (IDA) Management's Discussion & Analysis and Financial Statements (Fiscal 2021) June 30, 2021 International Bank for Reconstruction and Development Management’s Discussion & Analysis and Financial Statements June 30, 2021 Contents Section I: Executive Summary Summary Financial Results 4 Section II: Overview Introduction 6 Presentation 6 Financial Business Model 6 Basis of Reporting 8 Section III: Financial Results Summary of Financial Results 10 Total Assets 11 Net Income 11 Net Income Allocation 17 Section IV: Lending Activities Net Lending Commitments and Gross Disbursements 20 Lending Categories 21 Currently Available Lending Products 22 Discontinued Lending Products 24 Waivers 24 Section V: Other Development Activities Guarantees 26 Grants 27 Externally-Funded Activities 28 Section VI: Investment Activities Liquid Asset Portfolio 31 Other Investments 32 Section VII: Borrowing Activities Medium-and Long-Term Borrowings 35 Section VIII: Capital Activities Capital Structure 36 Usable Equity 37 Section IX: Risk Management Risk Governance 39 Risk Oversight and Coverage 39 Management of IBRD’s Risks 42 Coronavirus Disease 2019 (COVID-19) Outbreak 42 Capital Adequacy 43 Credit Risk 44 Market Risk 51 Operational Risk 56 Section X: Contractual Obligations Contractual Obligations 58 Section XI: Pension and Other Post-Retirement Benefits Governance 59 Funding and Investment Policies 59 Environmental, Social and Governance (ESG) Policies 60 Projected Benefit Obligation 60 Section XII: Critical Accounting Policies and the Use of Fair Value of Financial Instruments 61 Estimates Provision for Losses on Loans and Other Exposures 62 Pension and Other Post-Retirement Benefits 62 Section XIII: Governance and Controls Business Conduct 63 General Governance 63 Executive Directors 63 Audit Committee 64 Auditor Independence 65 External Auditors 65 Senior Management Changes 65 Internal Control 65 Appendix Glossary of Terms 66 Abbreviations and Acronyms 67 Eligible Borrowing Member Countries by Region 68 List of Tables, Figures and Boxes 68 This Management’s Discussion and Analysis (MD&A) discusses the financial results of the International Bank for Reconstruction and Development (IBRD) for the fiscal year ended June 30, 2021 (FY21) . IBRD undertakes no obligation to update any forward-looking statements. Certain reclassifications of prior years’ information have been made to conform with the current year’s presentation . For discussion of IBRD’s financial results for the year ended June 30, 2020 as compared to the year ended June 30, 2019, see Section III – Financial Results in IBRD’s MD&A and Financial Statements for the fiscal year ended June 30, 2020. For information relating to IBRD’s development operations’ results and corporate performance, refer to the World Bank Corporate Scorecard and Sustainability Review. Box 1 : Selected Financial Data In millions of U.S. dollars, except ratios which are in percentages As ofand for the fiscal years ended June 30 2021 2020 2019 2018 2017 Lending Highlights (Section IV) Net commitments a Gross disbursements b Net disbursements b Income Statement (Section III) Board of Governors-approved and other transfers Net income (loss) Balance Sheet Total assets Net investment portfolio (Section VI) Net loans outstanding (Section IV) Borrowing portfolio c (Section VII) Total equity Non-GAAP Measures: Allocable Income (Section III) Allocable income Allocated as follows: General Reserve d International Development Association Surplus Usable Equity f g (Section VIII) Equity-to-loans ratio h (See Section IX) $ 30,523 23,691 13,590 $ (411) 2,039 $ 317,301 85,831

FAQs

What period does the Management’s Discussion & Analysis and Financial Statements cover?

The statements cover the fiscal year ended June 30, 2021 (FY21).

Which major financial result topics are included in the report?

The report covers total assets, net income, and net income allocation, along with summary financial results presented in Section III.

How does the document address risk management?

It presents risk governance and oversight, describes management of IBRD’s risks, and includes specific sections on COVID-19 impacts, capital adequacy, credit risk, market risk, and operational risk.

Jul 19, 2026

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