INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. December27, 1945 Articles of agreement between the United States of America and other [T. I. A. S.1502] powers respecting the International Bank for Reconstruction and Development. Formulated at the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1 to July 22, 1944; signed at Washington December 27, 1945; instrument of acceptance by the United States of America deposited December 20, 1945; effective December 27, 1945. ARTICLES OF AGREEMENT OF THE INTERNATIONAL BANK 69 tat. 5 61 FOR RECONSTRUCTION AND DEVELOPMENT The Governments on whose behalf the present Agreement is signed agree as follows: INTRODUCTORY ARTICLE The International Bank for Reconstruction and Development is established and shall operate in accordance with the following provisions: ARTICLE I PURPOSES The purposes of the Bank are: (i) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for pro- ductive purposes, including the restoration of economies destroyed or disrupted by war, the reconversion of productive facilities to peacetime needs and the encouragement of the development of productive facilities and resources in less developed countries. (ii) To promote private foreign investment by means of guarantees or participations in loans and other investments made by pri- vate investors; and when private capital is not available on reasonable terms, to supplement private investment by pro- viding, on suitable conditions, finance for productive purposes out of its own capital, funds raised by it and its other resources. (iii) To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of pay- ments by encouraging international investment for the devel- opment of the productive resources of members, thereby assist- ing in raising productivity, the standard of living and con- ditions of labor in their territories. (iv) To arrange the loans made or guaranteed by it in relation to international loans through other channels so that the more useful and urgent projects, large and small alike, will be dealt with first. 1440
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