16 The World Bank Treasury | IBRD • IDA 70 Years Connecting Capital Markets to Development 17

PROLOGUE Bretton Woods— Genesis of the World Bank

Bretton Woods, New Hampshire, 1946. Photo © World Bank Archives 18 The World Bank Treasury | IBRD • IDA 70 Years Connecting Capital Markets to Development 19

On July 1, 1944, an extraordinary group of international finance experts gathered in Bretton Woods in the shadow of the White Mountains of New Hampshire to discuss the regulation of the international monetary system and a strategy to rebuild from the wreckage of World War II.

The meeting, orchestrated by the United States and The Bretton Woods meeting, formally called the the United Kingdom, included delegates from 44 United Nations Monetary and Financial Conference, “History is being written today as we execute these countries and was convened while the war still raged laid the foundations for a new financial world order and many of Europe’s greatest cities were in ruins. with two institutional pillars: the International The old banking and commercial systems that had Monetary Fund (IMF) and the International Bank for documents and breathe the breath of life into the sustained the global economy were in shambles. Reconstruction and Development (IBRD), which later became known as the World Bank. In the meeting, a new model was created to avoid a International Monetary Fund and the International repeat of the mercantile debacles that flowed from The IMF would ensure exchange-rate stability and the Treaty of Versailles after World War I. Many assist countries in responding to balance of payments countries had retreated into protectionism, difficulties, while the World Bank would offer loans to Bank for Reconstruction and Development. We can devaluing their currencies and erecting trade barriers countries for postwar reconstruction and in a futile attempt to avoid economic collapse in the development projects. The World Bank laid out in its be thankful that the history we are now writing is Great Depression. articles of agreement the principles that have governed its borrowing in the capital markets and its loan-making for the last 70 years. not another chapter in the almost endless chronicle of war and strife. Ours is a mission of peace—not just lip service to the ideals of peace—but action, concrete action, designed to establish the economic foundations of peace on the bedrock of genuine international cooperation.”

Fred Vinson, U.S. Secretary of the Treasury, Washington, D.C., December 27, 1945

Chairmen of Delegations attending the United Nations Monetary and Financial Conference (Bretton Woods, New Hampshire), July 1–22, 1944. Photo © International Monetary Fund 20 The World Bank Treasury | IBRD • IDA 70 Years Connecting Capital Markets to Development 21

1944 Public Disclosure Authorized 1944 BIRTH OF THE WORLD BANK

1946 BANK BEGINS OPERATIONS IN JUNE 1947Public Disclosure Authorized 1947 FIRST BOND ($250 MM) 1948 FIRST ISSUE OUTSIDE U.S. (SWISS PRIVATE PLACEMENT) 1949 SECPublic Disclosure Authorized EXEMPTION FOR WORLD BANK BONDS 1950

1951 FIRST PUBLIC OFFERING OUTSIDE U.S. Public Disclosure Authorized (UNITED KINGDOM) 1957 FIRST CENTRAL BANK PLACEMENT (SWITZERLAND) “One of the great achievements of my predecessors 1959 WORLD BANK ACHIEVES TRIPLE-A RATINGS in the World Bank Treasury was that, not only were 1960 1968 ISSUE IN 10TH CURRENCY 1968 FIRST PUBLIC OFFERING IN MIDDLE they able to pull all of the pieces together to make (KUWAITI DINAR) EAST (KUWAIT) 1970 those early bonds successful in the market, but they 1971 FIRST PUBLIC OFFERING IN ASIA (JAPAN) 1974 FIRST PUBLIC OFFERING IN LATIN AMERICA (VENEZUELA) 1974 ISSUE IN 15TH CURRENCY actually helped create infrastructures for markets (VENEZUELAN BOLIVAR) that were usable by multiple borrowers around the 1980 1981 WORLD BANK EXECUTES FIRST FORMAL CURRENCY SWAP 1985 WORLD BANK CREATES globe. By linking capital markets to development “SHOGUN BONDS” IN JAPAN 1988 ISSUE IN 25TH CURRENCY WORLD BANK CREATES “GLOBAL BONDS” through a constant stream of innovations, the 1989 1990 World Bank has remained the driver of global 1998 FIRST ISSUE IN EUROS

development for the last 70 years.” 2000 FIRST “E-BOND” 2000 2005 “SUSTAINABLE DEVELOPMENT” DEPOSIT WITH LA POSTE IN FRANCE Gary Perlin, World Bank Treasurer, 1996–1998 2008 FIRST “GREEN BOND” 2009 ISSUE IN 50TH CURRENCY (NIGERIAN NAIRA) 2010 2014 FIRST “CAT” BOND 2016 FIRST “MULAN” BOND 2017 2017 FIRST “SDG-LINKED” BOND 2017 FIRST “PANDEMIC” BOND 22 The World Bank Treasury | IBRD • IDA 70 Years Connecting Capital Markets to Development 23

World Bank Group

Delmas 32, a neighborhood in Haiti, 2012 Mother and child beneath protective malaria bed netting, Ghana, 2006 President Kim visits integrated History child development center, India, 2016 (2004–2018) World Bank Group goes carbon neutral Three priorities guide the World Bank Group’s work to end poverty and boost prosperity for the poorest people: inclusive First institution-wide review of the World Robert B. Zoellick becomes Paul D. Wolfowitz becomes and sustainable economic growth, investment in human Bank Group’s knowledge work published World Bank Group President World Bank Group President capital, and building resiliency to global crises. The surest path out of poverty is sustainable economic growth. Investing in education, healthcare, water, sanitation, energy systems, and the capacity to recover from crises and natural disasters, all help populations continue their progress.

Global Center on World Report on World Bank Group provides Independent Review New global approach World Bank Group Conflict, Security, Disability published support to Haiti following Panel releases to fighting malaria establishes Low and Development earthquake evaluation of announced Income Countries opens in Nairobi, Kenya Department of Under Stress

The Global Center on Conflict, Security, and Institutional Integrity Trust Fund Development helps establish a stronger community of practice and knowledge-sharing among The Open Data Initiative initially makes development practitioners confronting fragile and available more than 2,000 sets of statistics to President Zoellick creates the Independent The World Bank Group establishes a $25 million conflict-aected countries. The new center provides World Bank Group the public. The initiative provides free and Review Panel to review the work of the World Bank Group trust fund to strengthen institutions in the world's and promotes more flexible, transparent, and timely open access to data that had previously been Department of Institutional Integrity (INT), the poorest countries, support their eorts at policy help to those people most aected by conflict. restricted to commercial use and only unit responsible for investigating fraud and reform, and build their capacity for social service launches Open available to paying users. President Zoellick, corruption in Bank Group-supported operations releases first report delivery. These countries, collectively known as who championed the initiative, says “Statistics as well as allegations of sta misconduct. The Low Income Countries Under Stress (LICUS), are tell the story of people in developing and panel’s findings include an evaluation of INT’s characterized by very weak institutions and Data Initiative emerging countries and can play an important performance and recommendations for the on investigation of governance and constitute the most di˜cult part in helping to overcome poverty.” department moving forward. An internal environments in which to use aid eectively. working group consisting of sta from across The trust fund targets those countries that are the institution is established to consider the fraud and corruption not eligible to receive IDA funding due to their panel's recommendations. arrears with the Bank Group. Program-for-Results financing The World Bank Group lowers its loan fees and raises the maximum amount it will lend to a single country by $1 billion instrument proposed to $14.5 billion, reflecting an increase World Bank Access Special Envoy for in its financial capacity. The borrowing limit increase is the first such increase the institution has adopted since the previous single borrower limit of $13.5 billion was set World Bank Group to Information Policy Climate Change in 1997. The change is motivated by a IFC launches its strengthened equity base together with improvements in the credit quality of the cuts lending fees takes e­ect appointed World Bank Group’s portfolio. first large-scale

IFC finances expansion The Access to Information Policy is a featured World Bank Group component of the World Bank’s drive toward appoints Andrew Steer gender initiative increased transparency and accountability. The as Special Envoy for of Azito, Côte d’Ivoire’s new policy represents a fundamental shift in the Climate Change, a The initiative encourages projects to disclosure of Bank information, moving from a new position created help local women-owned businesses. policy that spells out what records can be to ensure focused largest power plant disclosed to one that discloses any information leadership and in the Bank’s possession that is not on a list of representation of the The financing is part of IFC’s focus on exceptions. The policy aims to strike a balance World Bank Group in the fragile and conflict-aected states. between maximum access to information and international discussions respect for the confidentiality of information around climate change. pertaining to the World Bank’s clients, shareholders, employees, and other parties. 24 The World Bank Treasury | IBRD • IDA 70 Years Connecting Capital Markets to Development 25

World Bank Group History (1983–2003)

Since 1995, the World Bank Group has prioritized client engagement and aid coordination while expanding its approach to development by incorporating post-conflict reconstruction, climate change, and anti-corruption into its

purview. In the mid-2000s, the World Bank Group emerged as a knowledge Girls at computers, institution, emphasizing transparency and collaboration while opening Brazil, 1988 Public transportation, up its vast stores of knowledge and information to the world. Latvia, 1993

President Wolfensohn meets with debt relief advocates in Nigeria, 1999 Postwar Bosnia and Herzegovina, 1995

World Bank Group implements a no-smoking policy in all buildings

World Bank Group begins its annual James D. Wolfensohn becomes Gay, Lesbian, and Bisexual Employees of Lewis T. Preston becomes Renovation of World Bank Barber Conable becomes Community Connections charity campaign World Bank Group President the World Bank Group (GLOBE) forms World Bank Group President Group headquarters begins World Bank Group President

World Bank Group World Bank International Executive Directors IFC emphasizes Strategic Compact Heavily Indebted Republic of Korea World Bank Group Board of Executive Post-Soviet states Global World Bank Group World Bank Group World Bank “B-loans” approves first Group appoints Financial Institution endorse Comprehensive sustainability funding approved Poor Countries becomes first to celebrates its Directors creates join World Bank Group Environment oers first establishes Multilateral Group grants introduced th Programmatic Disability Advisor Advisory Commission Development IFC adopts new environmental The Strategic Compact consists of a initiative approved progress from 50 anniversary Independent As a result of the Facility launches global bond Investment Guarantee World Food The “B-loan” is a new cofinancing approach and social review procedures number of initiatives aimed to clarify the dissolution of the Soviet that links part of commercial bank capital flows and safeguard policies. objectives of the World Bank Group and Union in December to the operations of the World Bank Group. Adjustment Loan World Bank Group appoints Judith E. releases its report Framework address issues of accountability. Its goals World Bank Group and the International concessional borrower World Bank Group commemorates its Inspection Panel 1991, the post-Soviet The Global Environment Facility (GEF), jointly Agency (MIGA) Programme This helps borrowers mobilize commercial Heumann as its first Disability and include improving responsiveness to client Monetary Fund jointly approve the Heavily 50th anniversary amidst protests from states that emerge as administered by the World Bank Group, bank finance for investments on better Development Advisor. The appointment needs, developing a broader range of Indebted Poor Countries Debt Initiative, a environmentalists, human rights new countries seek United Nations Development Programme, terms and conditions than would be possible The $150 million Programmatic Adjustment Loan serves as a vital step in bringing Authorized by the U.S. Congress in November The Comprehensive Development Framework products and services, shifting resources comprehensive approach to relieve the high to IBRD graduate advocates, and some competing aid The Board of Directors establishes the World membership in the and United Nations Environment Programme, MIGA begins operations after more than 25 years of work on $5 million without the Bank Group’s involvement. for the Republic of Bulgaria focuses on sustaining marginalized populations into the 1998, the International Financial Institution (CDF) addresses the lack of inclusion in the to the front line, further decentralizing external debt burdens of some of the poorest groups. With a renewed focus on its Bank Group Inspection Panel to conduct institutions of the World begins as a three-year pilot project that the part of World Bank Group sta to establish an agency to structural reforms, establishing a market business mainstream of development by Advisory Commission (also known as the Meltzer development process by those most in need and at Bank Group activities, rebuilding sta‚ nations. The initiative, which will be further clients and greater engagement with independent investigations of projects to Bank Group over the provides grants for activities to protect the promote equity investment and other forms of foreign direct environment, strengthening the financial sector, highlighting the importance of disability Commission) provides recommendations on U.S. risk. The CDF focuses on four interrelated principles expertise and technical capacity, and expanded and enhanced in 1999, represents As a result of rapid economic development over non-governmental organizations and civil determine whether the Bank Group is following next several years. global environment. Investments initially take investment in developing countries by private investors. MIGA improving public sector governance, and investing in Bank Group discussions with client policy toward the Bretton Woods institutions and and objectives to be pursued at the country level: a better sharing of global knowledge on a major innovation in development finance. three decades, South Korea first progresses from society, the World Bank Group embarks its operational policies and procedures. The panel place in four areas of global interest: oers investment guarantees to investors, provides advice and in human capital by promoting social programs. countries and in its country-based other multilateral institutions. The report is long-term vision and strategy, enhanced country development with clients and partners. an International Development Association (IDA) on a campaign of promoting broad-based is created in response to increasing concerns international waters; biodiversity; climate technical assistance to governments of developing countries, analytical work and policy development. highly critical of the World Bank Group and ownership of development goals and actions, more recipient to an IDA donor and then graduates from economic growth, investing more in with the accountability and transparency of change; and, under the terms outlined in and facilitates consultation between member governments and International Monetary Fund and recommends strategic partnership among stakeholders, and International Bank for Reconstruction and human development programs, increasing operations, prompted by mounting criticism from the Montreal Protocol, the ozone layer. the international business community. they be radically reduced and restructured. accountability for development results. Development eligibility. This transition marks the diversity, and protecting the environment. non-governmental organizations and echoed by first time a member achieves both of these feats. influential circles in certain member countries. The Bank Group initially undertakes World Debt Tables the chairmanship of GEF, but in 1994 participating governments will agree to restructure GEF and replenish its core IFC’s Performance made public for fund, making it a permanent institution Standards on Environmental separate from the Bank Group. Commercial banks and Social Sustainability become globally recognized first time as good practice in dealing In response to major criticism of the adopt IFC model for with environmental and President Wolfensohn World Bank Group Indian Sardar Sarovar dam project in the Independent review of Sardar social risk management. areas of resettlement and environment, Equator Principles welcomes Jubilee launches new the World Bank Group requests an independent review. The resulting Sarovar project published report, known as the Morse Study, finds 2000 debt relief HIV/AIDS strategic plan that both the Indian government and the World Bank Group are responsible President Preston requests an for the project’s failures. At the request independent review of operations in World Bank Group launches a strategy detailed in the of the Indian government, the rally response to criticism that operations publication, Intensifying Action Against HIV/AIDS in Bank Group will cancel the remainder are not adhering to required policies Africa: Responding to a Development Crisis. The of the loan in 1993. The government of Bulgaria and the and procedures. The Wapenhans strategy warns that the AIDS crisis may undo the World Bank Group sign a Master Report, named after task force lead Master Derivatives Derivatives Agreement (MDA), which development achievements of the previous 30 years Willi Wapenhans, finds that the drive to in Africa. The Bank Group was an early participant in Independent task force allows the government of Bulgaria to approve as many loans as possible is the international fight against HIV/AIDS, investing use a range of hedging products linked harming portfolio quality. The report Agreement results to existing Bank Group loans to assist in health projects with HIV/AIDS components as early recommends policy and practice as 1987 and funding its first freestanding AIDS project submits Wapenhans Bulgaria in reducing its currency and changes, including an increase in in Zaire in 1989. interest rate risks. These hedging stakeholder engagement during the in first swap products include currency swaps; interest Willi Wapenhans Report to the Executive design and implementation phases and rate swaps; caps and collars; and, on a the creation of an independent transaction case-by-case basis, commodity swaps. Directors inspection panel. 26 The World Bank Treasury | IBRD • IDA 70 Years Connecting Capital Markets to Development 27

World Bank Group History (1962–1982)

By the 1970s, over 40% of people in developing countries lived in absolute poverty. In response, the World Bank Group aimed to reach the poor directly by dramatically increasing investment

and turning its attention to new areas of sustainable and social 1967 class of Junior Professionals development: education, gender, governance, health, sanitation, urban issues, and food production. Hydroelectric dam project, Sri Lanka, 1982 Village a ected by river blindness in Upper Volta Livestock development (Burkina Faso), 1974 program, Paraguay, 1969

Anne Krueger becomes A. W. Clausen becomes World Bank Group Sta Robert S. McNamara becomes George D. Woods becomes first female Vice President World Bank Group President Association created World Bank Group President World Bank Group President Sta Association

IDA in Retrospect IFC coins phrase Brandt Commission World Bank First World Women in “Third Window” World Bank Group joins Consultative Group Operations Pearson Commission International IDA’s first Eighteen newly World Bank Group published “emerging markets” releases report Group establishes Development Development financing eorts to fight river blindness on International Evaluation Unit submits Partners in Centre on the replenishment independent launches Junior President Clausen commissions the study, IFC introduces the term President McNamara forms the Independent Administrative Report published adviser named approved After visiting Upper Volta (now Burkina Faso) in 1972 and seeing Agricultural Research established Development report Settlement of becomes eective African countries Professionals IDA in Retrospect, to garner support for the “emerging markets,” changing Commission on International Development Issues, or first-hand the devastation brought on by the disease onchocerciasis International Development Agency (IDA), the financial world’s perception Brandt Commission, led by Chairman Willy Brandt, (also known as river blindness), President McNamara proposes a whose existence is threatened by budget of developing countries and to make recommendations on ways to break through Tribunal The World Development Report, an Gloria Scott becomes the first Adviser multidonor program to control the disease in Western Africa. (CGIAR) convenes President McNamara establishes the President McNamara forms the Investment Disputes IDA is funded primarily by periodic join the World Recruitment and constraints and adverse economic defining a new asset class. the perceived political impasse in North-South annual publication authored by sta on Women in Development, whose Together with the Food and Agriculture Organization, the United Operations Evaluation Unit to build a system Commission on International replenishments by its wealthier members. conditions. The study seeks to present an negotiations on global development. The report from across the institution, provides role promotes an understanding of Nations Development Programme, and the World Health that would measure the organization’s Development, or the Pearson The first IDA replenishment provides objective analysis of IDA’s accomplishments suggests a number of pragmatic proposals to external audiences with comprehensive key gender-related issues and ways Organization, the Bank Group launches the Onchocerciasis Control Co-sponsored by the World Bank Group, the accomplishments and project e
ectiveness Commission as it becomes known, (ICSID) created $753 million for credits to be disbursed Bank Group Development Program during its first 20 years, describing both reduce economic disparities between wealthy and assessments of topical global to address them in operational work. Programme (OCP), assuming responsibility for fund raising, donor Food and Agriculture Organization, and the and contribute to improved performance on to review the previous 20 years of over the next four years. successes and failures, while arguing for developing countries and examines international development issues. The first report coordination, and fund administration. The OCP will prove to be United Nations Development Programme, the ground. The unit initially reports to the development assistance, assess the continued support from member nations. issues such as food and agricultural development, identifies “a number of fundamental one of the most e ective cofinancing operations. CGIAR serves as an informal association of more Programming and Budgeting Department and results, and make recommendations World Bank Group launches the Junior Professionals aid, energy, trade, international monetary and problems confronting the developing than 40 public and private donors supporting a consists of just five sta
members. In 1975, for the future. Led by former Recruitment and Development Program to attract young, financial reform, and global negotiations. countries and [explores] their The Intermediate Financing Facility, network of international agricultural research the unit will gain independence when it begins Canadian Prime Minister Lester B. In response to an increasing number of exceptionally bright, and highly educated professionals relationship to the underlying trends or “Third Window” financing, centers. The Bank Group provides CGIAR with reporting directly to the Executive Directors. Pearson, the commission’s report requests for the World Bank Group to from all over the world to join its fight against poverty. in the international economy.” provides development assistance funding and o“ces as well as a rotating Vice makes a strong case for continued serve as mediator between investors The program represents a major shift in the Bank to eligible countries on terms President to serve as CGIAR chairman. and increased investment in and governments, ICSID is designed to Group’s recruitment process, which up until 1962 only between those of the International developing countries. included recruitment of mid-career professionals. Structural Adjustment Loans (SALs) act as an impartial international Bank for Reconstruction and reduce the medium-term account tribunal to encourage foreign private Development and the International deficits of a borrowing country while investment by resolving disputes World Bank Group Development Association. The new supporting adjustment programs, President McNamara delivers through conciliation and/or arbitration. financing becomes e ective in which include specific policy changes December 1975 after pledges designed to strengthen a country’s approves first of $100 million to the Interest balance of payments. Turkey receives historic Nairobi speech Subsidy Fund are received. the first SAL for $200 million to reduce inflation, increase foreign Structural Adjustment exchange earnings, and improve In his speech to the Board of Governors at the domestic resource mobilization in the 1973 Annual General Meeting in Nairobi, Kenya, public and private sectors. Loan President McNamara describes how 800 million people live in “absolute poverty” and warns that o¡cial development assistance is inadequate. He proposes a strategy for rural development with an emphasis on productivity of small holder agriculture. In the five years immediately following this speech, Bank Group financing of development e orts will increase by over 40%. 28 The World Bank Treasury | IBRD • IDA 70 Years Connecting Capital Markets to Development 29

World Bank Group History (1944–1960)

In its first two decades, the World Bank worked to help its members in Europe and around the world build infrastructure for reconstruction and development. Bank loans helped nations build dams, electrical

US President John F. Kennedy at the 1963 grids, irrigation systems, and roads. At the same time, the World Bank Annual Meetings in Washington, D.C. Electric power project, Yugoslavia, 1951 encouraged the role of private sector investment while providing resources for its poorer and less creditworthy members.

Railway infrastructure in France financed by the first loan Post-WWII Marseille, France

With the founding of IFC, the World Bank becomes known as the World Bank Group World Bank launches a training course for sta World Bank institutes group health insurance for sta World Bank sta start their first day of work

Robert L. Garner becomes Eugene R. Black becomes John J. McCloy becomes Eugene Meyer becomes first President of IFC World Bank President World Bank President World Bank President

The World Bank approves its first At this inaugural meeting loan to Credit National of France in Savannah, Georgia, the International Development World Bank Group signs IFC makes its first International Finance World Bank establishes Finland and World Bank approves for reconstruction purposes. The World Bank approves governors adopt bylaws, World Bank and World Bank’s Bretton Woods loan is intended to be used for elect executive directors, equipment, coal, petroleum, and and choose Washington, Association (IDA) created Suez Canal compensation investment Corporation (IFC) Economic Development Yugoslavia make first development loan raw materials. The $250 million first loan for D.C., as the site for the International Monetary Articles of Agreement Conference begins loan will remain one of the two new institutions. The IDA launches in response to calls by those member countries not deemed The World Bank approves its first development loan largest loans in real terms made meeting concludes on agreement IFC invests $2 million to help Siemens’ founded Institute first repayments by the World Bank. reconstruction March 18, 1946. Fund Boards of enter into force su‚ciently creditworthy to borrow from the World Bank Group. Eligible to Chile for the development of electrical power and Brazilian a‚liate manufacture countries receive loans, called “credits” in IDA parlance, on terms more water facilities and resources. On this same day, the electrical equipment. favorable than conventional loans o ered by the World Bank Group. The purpose of the Economic Development Institute (EDI) is to build of loans World Bank signs another loan to Chile for the Governors hold country capacity by providing training for ocials concerned with purpose of buying agricultural machinery and programs and projects in developing countries. Initially, courses are IBRD training irrigation equipment. general in nature and oered exclusively in Washington, D.C. Over inaugural meeting India and Pakistan time, more intensive courses on topics such as project preparation and sector planning are developed and oered outside of the sign Indus United States. World Bank enters bond market Waters Treaty At the request of Egypt and the United Kingdom, the World Bank Group participates in negotiations for settling In response to demand for investment by client India and Pakistan sign the Indus Waters Treaty, claims arising from the expropriation of The International Finance countries, the World Bank enters the bond market the culmination of over a decade of negotiations the Suez Canal Company. The Corporation (IFC) is with a $250 million oƒering. Considered a between the two countries. The Treaty resolves resounding success, the bonds are substantially World Bank Executive Directors successful resolution of the claim designed to further issues of water use and new developmental uses. allows for subsequent investment in economic development by oversubscribed and sell at a premium over the Beginning in 1952, the World Bank Group, led by the Suez Canal Authority by both the encouraging the growth of public oƒering price. “The confidence which the President Eugene Black, provided mediation private and institutional investors of the United hold their first meeting World Bank Group and private banks. private enterprise. Finland and Yugoslavia repay loans services during negotiations. States have displayed in the Bank’s securities… signed in October 1949 for the purpose will be a great encouragement to the directors and of increasing the production of timber. management of the Bank in the work that has yet to be done,” says President John J. McCloy. World Bank Governors hold their first meeting

Timeline of the World Bank Group at the World Bank Group Visitor Center in Washington, D.C. Art by Will Kemp / World Bank. Text & timeline by World Bank Group Archives