The World Bank is headquartered in Washington, D.C., and comprises two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IBRD provides loans and other financial assistance to middle-income and creditworthy low-income countries, while the IDA provides grants and low-interest loans to the poorest countries. The World Bank is owned by its member countries and is governed by a board of executive directors, who are appointed by the member countries. The World Bank's activities are funded by contributions from member countries and borrowing from international capital markets. The World Bank is also a significant source of development research and knowledge and works to promote international economic cooperation and development through its various programs and initiatives.