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Austria joined the International Bank for Reconstruction and Development (IBRD) — the World Bank — in August 1948. Austria is also a member of the International Development Association (IDA, which it joined in 1961), the International Finance Corporation (IFC, 1956), the Multilateral Investment Guarantee Agency (MIGA, 1997), and the International Centre for Settlement of Investment Disputes (ICSID, 1971). Together, these five institutions make up the World Bank Group.