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The Epic Interactive Encyclopedia 1998
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Epic Interactive Encyclopedia, The - 1998 Edition (1998)(Epic Marketing).iso
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World_Bank
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1992-09-02
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Popular name for the International Bank for
Reconstruction and Development, established
1945 under the 1944 Bretton Woods agreement,
which also created the International Monetary
Fund. The World Bank is a specialized agency
of the United Nations that borrows in the
commercial market and lends on commercial
terms. The International Development
Association is an arm of the World Bank. The
World Bank now earns almost as much money
from interest and loan repayments as it hands
out in new loans every year. Over 60% of the
bank's loans goes to suppliers outside the
borrower countries for such things as
consultancy services, oil, and machinery.
Control of the bank is vested in a board of
executives representing national governments,
whose votes are apportioned according to the
amount they have funded the bank. Thus the
USA has nearly 20% of the vote and always
appoints the board's president.