McNamara talks about the financial state of the world today. The World Bank is made up of three different departments that each give out different types of loans. In 1969, the World Bank decided that it wanted to do more to assist developing countries, so it made a five year plan to double its aid to developing countries. The bank achieved this goal, which meant that in 1973 it was lending more funds than it had over the total of its first twenty-three years. A large portion of these funds were targeted toward agriculture to encourage self-sufficiency. Also, large funds were given to population control programs. McNamara emphasizes the importance of aid to the developing world as well as for the continued well-being of developed countries.
- Hoover ID: Program 19741101
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