Founding of World Bank

The World Bank began as the International Bank for Reconstruction and Development, one of the institutions planned at the Bretton Woods conference in 1944. It formally came into existence when enough countries had ratified its articles of agreement, at the end of 1945. Its first task was to finance the reconstruction of war-ravaged Europe, and its first loan went to France in 1947, but the Marshall Plan soon took over that role. The bank then turned to lending to developing countries for projects such as dams, roads and schools, and the International Development Association was added in 1960 to give low-interest loans to the poorest countries. Based in Washington, it is owned by its member governments, and its policies have often been debated.

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