Vladimir Putin

Black, Eugene R.

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The Commonwealth as the most important example of international cooperation in existence. The affairs of the World Bank and those of the Commonwealth intertwined at many points. The Bank itself as an international society--a cooperative financial institution of 54 member countries. The World Bank's business to make loans which will benefit its membership and which will be repaid. Funds of the World Bank and from where they come. First loans made for the reconstruction of Europe. Since 1947, loans for special projects which will help the less developed countries of the world to develop their physical resources. The need for basic utilities to be provided as the backbone for economic growth. Some dollar figures. The speaker's emphasis of two points: the Bank does not compete with private investment and private enterprise; its purpose is to encourage and supplement them whenever possible. An example. Secondly, the Bank itself is a business institution. Canada, geographically, the largest of the 54 members of the World Bank; from an industrial and financial point of view, one of the most important and reasons for that. A brief history of Canada's membership and relationship with the World Bank, with figures. Other Commonwealth countries in contrast to Canada in terms of their relationship with the World Bank. The fundamental position of most of the Commonwealth members that of borrowers. Examples of loans in the sterling area. Details of loans and lending practices to the Commonwealth countries. The need for international cooperation in the fields of economics and finance. Canada's effort in this regard. The central objective of the work of the World Bank: to help countries achieve a decency and dignity in the conditions of life which are requisites to a peaceful and stable world.

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