e projects completed in 1991 as unsatisfactory. But that sta tement fails to take account of the Bank¡¯s criteria for ¡®success¡¯, which are exc eptionally strict. For instance, before a project can be considered successful, it must have at least a 10% rate of return. This rate is far higher than the min imum demanded by many bilateral aid donors, many of which require a return of on ly 5% or 6%. Thus, projects rated unsatisfactory under the Bank¡¯s standards sti ll yield many benefits.ª¥ 

You imply that, because it deals mainly with governments, the Bank does not sufficiently support private sector development. Here are the facts. The World 

Bank has:ª¥ 

¡¡¡¡supported reforms in mere than 80 countries aimed at opening up trade, making p rices realistic and dismantling state monopolies which stifle individual enterpr ise nvested in infrastructure to facilitate business activity; assisted and advised over 200 privatization-related operations involving nearly US $ 25 billion in loans;ª¥ provided mere than US $ 12 billion through an affiliate, the International Fina nce Corp. over the last 30 years to mere than 1,000 private companies in the dev eloping world; and through another affiliate, the Multi lateral Investment Guara ntee Agency, offered insurance against non-commercial risk to encourage foreign investment in poor countries.ª¥ 

¡¡¡¡The record shows that, over the past generation, more progress has been mad e in reducing poverty and raising living standards than during any other compara ble period in history. In the developing countries: ª¥ life expectancy has been increased from 40 to 63 years;ª¥ infant mortality has been reduced by 50% ;andª¥ per capita income has doubled.ª¥ 

¡¡¡¡The World Bank consistently stresses that most of the credit for these adva nces should go to the countries themselves. Nevertheless, the Bank and organizat ions with which it collaborates-bilateral and international agencies and non-gov ernmental or