The World Bank is no charity. When it makes a development loan, it expects the applicant to show that his project is well conceived and that his credit is good. The bank expects to make a modest profit on its international loans, and tends its business so shrewdly that in 16 years of lending it has not suffered a default. Last year the bank opened its vaults for $646 million in loans to 19 countries. Who got most of the money? Not Africa or Asia. Latin America got 51%.
In 1962 Asia received $78 million from the bank, plus $163...
To continue reading:
or
Log-In
