Effectiveness of the World Bank's Independent Review and Evaluation System

The International Bank for Reconstruction and Development (World Bank) was created in 1945 primarily to help finance reconstruction economies devastated by World War II and for development of productive facilities where private capital was not available on reasonable terms. The Foreign Assistance Act of 1961 required the President, acting through the U.S. representative to the World Bank, to propose and actively seek establishment of an independent review and evaluation system for the World Bank.