The World Bank established toward the end of World War Ⅱ as S1.______a new international f
The World Bank established toward the end of World War Ⅱ as S1.______
a new international financial organization providing long-term fi- S2.______
nance in the difficult postwar period which laid ahead. The Bank S3.______
came into operation in June 1946 with a member of 44 countries. S4.______
By April 1962 membership rose to 75, and 15 other countries were S5.______
applicants, most of which new independent African nations. S6.______
The Bank's first group of loans was made in 1947 to aid post-
war reconstruction in Western Europe. Tile Bank then turned
to lend to assist the economic growth of the less developed countries S7.______
of the world.
These development loans now reach almost US $6000 mil-
lion. They have helped to lay the foundation of economy progress in S8.______
many countries, particularly by assisting the development of the e- S9.______
lectric power, transportation, industry and agriculture.
All payment of interest and principal due from the Bank's bor- S10.______
rowers have been received.
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