The World Bank Group considers itself a "Knowledge Bank." The Bank's knowledge work contributes to development outcomes both by informing clients in various policy and reform areas, and by informing staff and clients on the selection, design, and implementation of lending operations. This evaluation assesses how the World Bank approaches knowledge and learning in its lending operations. It is guided by the overall question: "How can the World Bank create optimal conditions for learning in its financing operations?" The analysis covers all financing instruments, country, sectoral and operational knowledge, and tacit and explicit knowledge. The evaluation defines tacit knowledge as: unspoken, intuitive, and experiential insights that individuals accumulate over time. It defines explicit knowledge as: codified and digitized in books, documents, reports, memos, etc. The evaluation applies a mixed-methods, phased approach that combines case studies of 34 lending projects with desk reviews, interviews, a questionnaire, and quantitative analyses. Based on this analysis, the evaluation identifies lessons and presents recommendations with the aim to support ongoing efforts of the World Bank to improve its performance as a "Knowledge Bank" as outlined in the 2024 "Knowledge Compact for Action" and the 2021 "Strategic Framework for Knowledge" (SFK). Recommendations include: (i) Make better use of the learning opportunities that are already embedded in the lending process. (ii) The Knowledge and Learning Department should ensure core knowledge management capacity and set World Bank-wide standards and processes for knowledge capture, storage, sharing, and access.