In a world of scarce resources for development, an impottant bur frequently overlooked issue is whether foreign aid is helping the people who need it most, or going instead to projects that would be funded anyway from other sources. If the latter is true, scarce development funds aren't being used to maximum effect. Is "pressure to lend" distorting aid allocations? The World Bank, the largest multilateral aid agency and most , powerful development institution, is criticized as having institutionalized such pressure. Now in its 50th year, the bank was set up in 1945 following negotiations in the American town of Bretton Woods, New Hampshire.
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