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Banks of Importance

In: Business and Management

Submitted By asdasdasddavo
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The International Bank for Reconstruction and Development (IBRD) and International Monetary Fund (IMF) were established by delegates at the Bretton Woods conference in 1944 and became operational in 1946.[4] The IBRD was established with the original mission of financing the reconstruction efforts of war-torn European nations following World War II, with goals shared by the later Marshall Plan. The Bank issued its inaugural loan of $250 million ($2.6 billion in 2012 dollars[5]) to France in 1947 to finance infrastructure projects. The institution also established its first field offices in Paris, France, Copenhagen, Denmark, and Prague in the former Czechoslovakia. Throughout the remainder of the 1940s and 1950s, the Bank financed projects seeking to dam rivers, generate electricity, and improve access to water and sanitation. It also invested in France, Belgium, and Luxembourg's steel industry. Following the reconstruction of Europe, the Bank's mandate has transitioned to eradicating poverty around the world. In 1960, the International Development Association (IDA) was established to serve as the Bank's concessional lending arm and provide low and no-cost finance and grants to the poorest of the developing countries as measured by gross national income per capita.[2][6]
The IBRD began investing in development projects such as the Japanese high-speed railway system in 1964. In 1971, the IBRD set up an agricultural scientific research partnership organization to promote research and technology in agriculture. Its initial investment in renewable energy projects was made in 1973 when it financed the development of a geothermal power plant in El Salvador. That same year, the Bank approved an increase of 40% in agriculture financing. The Bank issued its first loan for environmental improvements to Finland in 1975 to finance investments in combating water pollution. In

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