History of the World Bank
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The World Bank came into being since the Bretton Woods Conference in 1944, along with the IMF. It commenced its operations in front of government decision makers of the US, Britain and other nations.
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Till 1968, the World Bank was mainly in the business of lending money, and later on it was redesigned as an institution, which would assist with investments too. Under Chairman John McCloy, the bank gave its first aid of $250 million to France, rejecting the other aspirants Poland and Chile. Over time, the scope for getting funds was broadened, and many non-European nations were given aid, on conditions that the nation borrowing the money had the capability to pay back the loan within a stipulated timeframe.
Many developing as well as under developed nations benefited from such aids extended by the World Bank, as the money was useful for developing power plants and transportation systems. Afterwards, the focus of forwarding aid was transferred on helping poor nations alleviate poverty and provide basic needs to its citizens.
Robert McNamara, who was the president of the bank in 1968, is the key force behind making the funds forthcoming for buildings hospitals, schools, and bringing about reforms in agriculture and literacy. The process of investigations before sanctioning loans helped increase the amounts that were approved, and the disbursal rate also increased. The 1980s saw the World Bank concentrate consistently on helping many countries develop their economies.
The World Bank today extends aid all over the world, and its lending practices are designed in ways that meet both infrastructural and environmental requirements.
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