Abstract

Everybody's Business

Thirteen months after its formal inauguration at Savannah, the International Bank for Reconstruction and Development has yet to make its first loan. This is not due to any lack of demand for its services. Eight member countries have made bids for a total of $2,310 millions and, while some of their applications are in too tentative a form for action, others have been submitted with detailed plans which have been carefully examined by the bank's economic experts. One reason for delay has been the difficulty in finding and keeping a president for the institution. In theory, this officer is selected by the twelve-man board of executive directors elected by member countries; in practice, there is an unwritten agreement to allow the United States, as the largest investor in the bank, the right of nomination.