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Funding the World Bank: Good Deal for the U.S. |
| Section: CURRENT ISSUES / COMMENTARY |
| Author: Mark Malloch Brown |
| Publication: The world & I online |
| Issue Date: 2/1/1997 |
| Size: 1,665 Words, 10,553 Characters |
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Good Deal for the U.S.It also finances less tangible projects, from training farmers and teachers to nurturing fledgling stock markets, these being just some of the essential building blocks for any country climbing up the ladder of national prosperity. The World Bank is therefore a global development bank that champions open markets and economies. Despite its operation in the world's poorest countries, its loans are always repaid. The institution has an AAA credit rating, the business world's highest commendation.
However, there are critics, mostly from conservative think tanks. They claim that the bank's guiding purpose of alleviating poverty has been made redundant by the activities of private investors, who now lend billions of dollars to countries in the developing world.
They a...
. . .
...heir existence, I would argue that the World Bank makes the grade. In a historical period of change, it is a major catalyst in that process: guiding countries toward market-based economic development; protecting the world's fragile environment; and enabling people to reach for the beat by providing them with the education, health care, and jobs that matter so much to each and every one of us.
(812 of 10,553 characters)
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