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The World Bank is one of the largest suppliers of development assistance. Its main goal is to improve living conditions for poor people throughout the world. Last year, it provided more than seventeen-thousand-million dollars in loans to developing countries to help end poverty. The money went to efforts like debt reduction for some of the poorest countries in the world. That program was designed to increase debt assistance and provide it faster than in the past. As a result, twenty-three countries received debt assistance last year as compared to seven countries the year before.
The World Bank does more than just 16 loans, however. It believes that continued poverty reduction comes 17 investing in the people of a country—especially through education and health 18 . World Bank President James Wolfensohn announced one such program 19 this year at the organization"s yearly spring 20 in Washington. The "Education for All" plan is aimed at getting all children 21 the ages of five and eleven into early education. The World Bank plans to 22 the program soon in ten countries. Bank leaders will choose 23 that have strong education reform plans but no money to establish them.
The World Bank uses engineers, economists, public policy 24 and social scientists to create these kinds of programs. These 25 also provide developing countries with the necessary 26 help to carry out the programs. Ten thousand people work for the 27 Bank. Eight thousand are based in Washington. The rest are spread 28 the world. The World Bank is owned by more than one-hundred-eighty 29 countries. Every country holds different shares which represent the positions and 30 of the members.
The World Bank began as a much smaller group. It was established at an international conference in the United States in 1944. It has helped to make great progress in developing nations especially in the past twenty or so years. Bank officials say life expectancy in developing nations has increased and baby and child deaths have decreased. They also say more adults now can read than in the past.