By the end of the Second World War, many countries were left in utter poverty. Their resources were spent in war and the people were suffering. Considering this situation, 44 countries decided to give shape to an organisation that would offer financial help to the war torn countries.
This organisation would take money donated by governments or other people and distribute it to countries in need. This decision was taken in 1944 and the result was the World Bank.
The World Bank began operations in 1946 and the first loans were given to war torn countries including France, the Netherlands, Denmark, and Luxembourg. The World Bank is an international organisation that provides money to countries to help them improve the lives of their citizens. Apart from loans, the World Bank also gives out grants. The grants are like loans that do not have to be paid back.
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