Private investors will be prepared to do some lending after the war. It is doubtful, however, whether unaided they will be willing to undertake more than a small part of the total investment required. In view of the losses suffered by international investors in some countries in the prewar years, aid and encouragement will undoubtedly be necessary if adequate international long-term credits are to be provided by private investors. It is this specialized role which the Bank is to play. To the extent necessary, it will guarantee private investment abroad and thus encourage lending by private investors through the usual investment channels. [p. 13] In some instances, it will lend directly, out of its own resources or by participation with private investors.