History of the World Bank, includes personal comment

The WB was created by the Bretton Woods Conference and evolved by adding additional institutions as additional tasks were identified. The initial objective of the WB was to provide loans for the rebuilding of Europe after WWII, later lending is provided to developing countries to foster development. Membership in the IMF is a prerequisite to be member of the WB and the source of the funds it provides are membership subscription quotas, international capital market …

…I think that James Wolfensohn will change the World Bank. His environmental awareness, as well as his strong background as a policy maker in the area of sustainable development is exactly what the WB needs to change its course and respond to new demands from the developing world. His new policies will also satisfy organizations concerned with the WB not contributing to environmental safe projects, and will give the poor countries new hope to develop.