... alleviate debt problems which was its original purpose. This topic is of particular relevance as this new initiative has only recently been implemented and the way in which it used will be of great importance to developing nations as they struggle to recover from growing debt in the next few years. The World Bank was first established during World War II at Bretton Woods, New Hampshire. The emphasis in the early stages of the World Banks development was post war rebuilding. The first loan made by the World Bank was to France in 1947 for $250 million to help it recover from the devastations of war. The World Bank (03) states that despite lending to countries post conflict or in other similar humanitarian emergencies, it has evolved into a lending institution whose main agenda involves relief to third world poverty. The World Bank describes itself as a specialized agency rather than ...

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