The World Bank formally began operations on 26th June 1946. The initial authorised capital of the bank was $12 million. The primary purpose of the Bank was to provide loans for reconstruction and rebuilding of Western European countries after World War 2. Another purpose of the Bank was to invest in the developing world. The lending for reconstruction ended in 1967, and into the present the Bank remains the largest source of development assistance. This assistance is intended primarily for projects that were unable to attract private investment.

In 1947 the first ever loan was approved to Credit National of France for $250 million, which was the largest loan in real terms made by the Bank i

In 1962 the first loan for education was given to Tunisia. In 1966 the International Centre for the Settlement of Investment Disputes (ICSID) was established. It provides arbitration services in investment disputes, which arise between foreign investors and host country governments. It also provides advice to developing countries governments on the drafting of foreign investment laws and regulations.

n its first fifty years. Among other things, the money were used to purchase railway locomotives and to rebuild ports. This year the bank also entered the bond market for the first time with an offering of $250 million, which was substantially oversubscribed and bonds immediately started to sell at a premium over the public offering price. By 1959 the Bank achieved the highest possible, triple bond rating, which has been rigorously maintained ever since. This was an important achievement for the bank, because it gets most of its funding from private money markets. Moreover, the first overseas offices were set up in Paris, Hague and Copenhagen, to oversee loan expenditure. During this time it was also agreed that the interest rates paid by borrowing countries be the same for all courtiers, irrespective of their individual credit rating.

During 1970 the first loan for

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