The World Bank’s official name upon its establishment was the International Bank for Reconstruction and Development. As the name indicates, reconstruction came first: On May 9, 1947, an agreement was signed granting a reconstruction loan to France in the amount of 250 million dollars. One of the World Bank’s first development loans was to the Corporacion de Fomento and the Empresa Nacional de Electricidad of Chile. This loan financed construction...
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The Bank’s First Development Loans (English). World Bank Group Archives exhibit series|no. 022 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/791431467999688534