70 years are almost the maximum duration of a human’s lifetime. Throughout this time, a person learns a lot, grows up with friends who are always there for lending a helping hand. The same relationship exists between the World Bank Group and Thailand. WBG is always there to provide large sources of funds to countries to help them in the eradication of poverty and promote shared success.
On 3rd May 1949, hands were shaken by the country with that of the World Bank. Since then, the World Bank and Thailand now celebrate 7 decades of friendship since there has been continuity of the provision of support by the World Bank. It wouldn’t be wrong to state that the majority of the prosperity we witness today in the country would not have been possible without the aid of the World Bank over the years.
In 1950, for the first time, Thailand requested the Bank for the loan and received it. The amount of US 25.4 million dollars was utilized for financing infrastructure projects such as railways, ports, and irrigation to revive the economy of the country after the Second World War. Seven years later, another loan of 66 million dollars was approved for the construction of Bhumibol Dam in Tak province.
From then onwards, several times financial aid was granted for the building of provincial roads, highways, telecommunication, education systems, and more.
The World Bank also supported Thailand when it was going through tough times. During the 1997 Asian Financial Crisis, a loan of 1.4 billion dollars was granted to reform the corporate, as well as, the financial sectors. Aid also came when in 2004 and 2011 Thailand was hit with the tsunami and floods.
According to the country manager of World Bank, loans and other types of support are provided on requests from the government, these projects also highlight the priorities of various governments in a different time period.