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Counterpart Fund
A counterpart fund is a fund established as part of an arrangement for converting foreign aid (often supplied in $US) into an account in the domestic currency of an aid-recipient country. Counterpart funds were used by the UNRRA, and the Marshall Plan in the rebuilding of Western Europe after the Second World War,Greg Behrman, ''The Marshall Plan'', Aurum Press Ltd., 2008, pp. 178,179,232. and today remain a common technique for delivering development assistance. One method of setting up a counterpart fund is to, first, arrange for businesses in the aid-recipient country that want to import goods pay for imports in local currency. The aid-recipient government can then use foreign assistance (still perhaps in $US) to pay for the goods. This makes importing easier because it is usually easier to make payments in $US than in local currencies. Import funds supplied by donor countries are also often tied to imports from the donor countries. Trade agreements are often arranged so that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Aid
In international relations, aid (also known as international aid, overseas aid, foreign aid, economic aid or foreign assistance) is – from the perspective of governments – a voluntary transfer of resources from one country to another. Aid may serve one or more functions: it may be given as a signal of diplomatic approval, or to strengthen a military ally, to reward a government for behavior desired by the donor, to extend the donor's cultural influence, to provide infrastructure needed by the donor for resource extraction from the recipient country, or to gain other kinds of commercial access. Countries may provide aid for further diplomatic reasons. Humanitarian and altruistic purposes are often reasons for foreign assistance. Aid may be given by individuals, private organizations, or governments. Standards delimiting exactly the types of transfers considered "aid" vary from country to country. For example, the United States government discontinued the reporting of mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UNRRA
United Nations Relief and Rehabilitation Administration (UNRRA) was an international relief agency, largely dominated by the United States but representing 44 nations. Founded in November 1943, it was dissolved in September 1948. it became part of the United Nations in 1945. Its purpose was to "plan, co-ordinate, administer or arrange for the administration of measures for the relief of victims of war in any area under the control of any of the United Nations through the provision of food, fuel, clothing, shelter and other basic necessities, medical and other essential services". Its staff of civil servants included 12,000 people, with headquarters in New York. Funding came from many nations, and totalled $3.7 billion, of which the United States contributed $2.7 billion; Britain, $625 million; and Canada, $139 million. UNRRA cooperated closely with dozens of volunteer charitable organizations, who sent hundreds of their own staff to work alongside UNRRA. In operation for only four ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marshall Plan
The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative enacted in 1948 to provide foreign aid to Western Europe. The United States transferred over $13 billion (equivalent of about $ in ) in economic recovery programs to Western European economies after the end of World War II. Replacing an earlier proposal for a Morgenthau Plan, it operated for four years beginning on April 3, 1948. The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize Manufacturing, industry, improve European prosperity and prevent the spread of communism. The Marshall Plan proposed the reduction of interstate barriers and the economic integration of the European Continent while also encouraging an increase in productivity as well as the adoption of modern business procedures. The Marshall Plan aid was divided among the participant states roughly on a per capita basis. A larger amount was given to the major industrial powers, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second World War
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the only two nuclear weapons ever used in war. World War II was by far the deadliest conflict in human history; it resulted in 70 to 85 million fatalities, mostly among civilians. Tens of millions died due to genocides (including the Holocaust), starvation, ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deutschmarks
The Deutsche Mark (; English: ''German mark''), abbreviated "DM" or "D-Mark" (), was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was typically called the "Deutschmark" (). One Deutsche Mark was divided into 100 pfennigs. It was first issued under Allied occupation in 1948 to replace the Reichsmark and served as the Federal Republic of Germany's official currency from its founding the following year. On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. In 1999, the Deutsche Mark was replaced by the euro; its coins and banknotes remained in circulation, defined in terms of euros, until the introduction of euro notes and coins on 1 January 2002. The Deutsche Mark ceased to be legal tender immediately upon the introduction of the euro—in contrast to the o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Cooperation Administration
The Economic Cooperation Administration (ECA) was a U.S. government agency set up in 1948 to administer the Marshall Plan. It reported to both the State Department and the Department of Commerce. The agency's first head was Paul G. Hoffman, a former leader of car manufacturer Studebaker; he was succeeded by William Chapman Foster in 1950. The rest of the organization was also headed by major business figures such as Arthur A. Kimball (who was a key contributor to the ECA's founding) as well as David K.E. Bruce (who worked at the Office of Strategic Services in Europe during World War II). The ECA had an office in the capital of each of the 16 countries participating in the Marshall Plan. In theory the ECA served as joint administrator of the Marshall Plan development projects in each European country. In practice, local officials knew far more about what was needed than ECA representatives, who developed a management strategy of listening to local officials and allowed them to s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Recovery Program
The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative enacted in 1948 to provide foreign aid to Western Europe. The United States transferred over $13 billion (equivalent of about $ in ) in economic recovery programs to Western European economies after the end of World War II. Replacing an earlier proposal for a Morgenthau Plan, it operated for four years beginning on April 3, 1948. The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize industry, improve European prosperity and prevent the spread of communism. The Marshall Plan proposed the reduction of interstate barriers and the economic integration of the European Continent while also encouraging an increase in productivity as well as the adoption of modern business procedures. The Marshall Plan aid was divided among the participant states roughly on a per capita basis. A larger amount was given to the major industrial powers, as the prevail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
