... was a properly functioning institution. That year the first loan for non-reconstruction purposes was approved for Chile - intended for an irrigation project. It was also the first loan to a Latin American country. In 1949 the first loan was given to India for $34 million for railway reconstruction and development. It was the first loan given to an ... Asian country. In 1951 the Bank offered 20 year, 3.5% bonds, outside the US for the first time - the issue was for $5,000,000. The Economic Development Institute (EDI) began operations in ... ...

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