(1) The World Bank was established toward the end of World War Ⅱ as a new international financial organization to provide long-term finance in the difficult postwar period which lay ahead. The Bank came into operation in June 1946 with a membership of 44 countries. (2) By April 1962 membership had risen to 75, and 15 other countries were applicants, most of which newly independent African nations. The Bank's first group of loans were made in 1947 to aid postwar reconstruction in Western Europe. (3) The Bank then turned to lending, to assist the economic growth of the less developed countries of the world . These development loans now reach almost US $6000 million. (4) They have helped to lay the foundation of economic progress in many countries, particularly by assisting the development of electric power, transportation, industry and agriculture. (5) All payments of interest and principal due from the Bank's borrowers have been received.