The World Bank Group originated at Bretton Woods, New Hampshire. Many countries met and decided to start a Bretton Woods system including an international organization to provide finance to member countries. The Bank came into existence on 27th December 1945. Its name was the International Bank for Reconstruction and Development. The Bank’s first loan was to France. The loan was of 250 million US Dollars. The purpose was to help France to again build industry and other important things like roads destroyed during the Second World War.