The Annual Report 2014 focuses on two of the World Bank Group's institutions: The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), collectively known as the World Bank. It represents reports of the work of the World Bank, the activities and outcomes it supports in the six regions and the results of that work in helping to overcome poverty and create opportunities for people in developing countries. The progress in poverty reduction of the past 20 years presents the opportunity to envision a world free of poverty within a generation. Nonetheless, more than1 billion people worldwide remain living in extreme poverty on less than$1.25 a day. Challenges to poverty reduction are increasingly differentiated and vary across countries and regions, and solutions will need to take on multi-sectoral approaches. Greater progress is achieved when investments including improving the environment for private investment and productivity growth, building human capital, and promoting climate-smart growth are well designed, efforts are coordinated across regions and sectors, and grow this inclusive. Combining concern for greater equity with the need for growth will help to ensure that the bottom 40 percent of society will share in prosperity. This year, the World Bank Group has undergone an historic institutional change. The new Global Practices and Cross-Cutting Solution Areas, for example, will improve the sharing of knowledge and complement the Bank Group's country-based engagement model and the existing strengths of its regional units and country offices. The implementation of these changes creates a more nimble global structure and improves the World Bank Group's ability to help countries make progress toward the twin goals of ending extreme poverty and boosting shared prosperity.