Development Financing for Poor Nations
The quarter-century since the end of World War II has seen the rise of a complex and powerful network of international development finance agencies. From modest beginnings as a part of the effort to rebuild the war-shattered economies of Western Europe and Japan, these multinational finance institutions have expanded their mandates and entered upon the work of accelerating development throughout the two-thirds of the world that is underdeveloped. Through a process of quiet but unrelenting evolution, the international organizations have become giants, controlling billions of dollars in hard and soft currencies and wielding considerable economic and political influence in both developed and underdeveloped countries.
Today the financial institutions of the international development community are lending more than $2 billion a year. ...