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International Bank For Reconstruction And Development

Published online by Cambridge University Press:  22 May 2009

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Extract

The World Bank announced on March 14, 1963, that it had made a loan equivalent to $13,250,000 to help finance a program to rehabilitate and modernize the two principal railway systems in Peru. The railways were an important element in Peru's transportation system, particularly for the movement of minerals, petroleum, and bulk merchandise, and their efficient operation was essential to the country's economic growth. Under the program, diesel locomotives would be put into use, carrying capacity increased, and tracks improved, thereby enabling the railways to reduce transportation costs and to provide more efficient service. The loan was made to the Peruvian Corporation Limited, a private company which owned and operated the railways, and was guaranteed by the Peruvian government. The total cost of the program, which was scheduled for completion in 1965, was estimated at the equivalent of $21.3 million, of which $19.5 million was in foreign exchange and would be covered in part by the Bank loan. The loan was for a term of sixteen years, and amortization was to begin in December 1967.

Type
International Organizations: Summary of Activities II. Specialized Agencies
Information
International Organization , Volume 17 , Issue 4 , Autumn 1963 , pp. 969 - 976
Copyright
Copyright © The IO Foundation 1963

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References

1 International Bank for Reconstruction and Development (IBRD), Press Release 63/6, March 14, 1963. For a summary of previous activities of the Bank, see International Organization, Spring 1963 (Vol. 17, No. 2), pp. 493–498.Google Scholar

2 All Bank loans summarized in this section, except as otherwise indicated, were at an interest rate of 5½ percent per annum, including the one percent commission allocated to the Bank's Special Reserve.

3 IBRD, Press Release 63/9, April 17, 1963.

4 IBRD, Press Release 63/10, April 29, 1963.

5 IBRD, Press Release 63/13, May 16, 1963.

6 IBRD, Press Release 63/14, May 16, 1963.

7 IBRD, Press Release 63/18, June 3, 1963.

8 IBRD, Press Release 63/19, June 5, 1963.

9 IBRD, Press Release 63/21, June 11, 1963.

10 IBRD, Press Release of March 29, 1963.

11 IBRD, Press Release 63/15, May 16, 1963.

12 IBRD, International Development Association (IDA), Joint Press Release of May 3, 1963.

13 IBRD, IDA, Joint Press Release of June 5, 1963.

14 IBRD, Press Release of April 4, 1963.

15 IBRD, Press Release of June 19, 1963.

16 IBRD, Press Release 63/16, May 29, 1963.

17 IBRD, Press Release of May 3, 1963.

18 IBRD, Press Release 63/17, May 25, 1963.

19 IBRD, Press Release 63/8, April 1, 1963.

20 IBRD, Inter-American Development Bank (IDB), Joint Press Release of April 2, 1963.

21 IBRD, Press Release 63/11, May 7, 1963.

22 International Monetary Fund (IMF), IBRD, IDA, Joint Press Release of April 24, 1963.

23 IMF, IBRD, Joint Press Release of May 2, 1963.

24 IDA, Press Release 63/3, March 22, 1963. For a summary of previous IDA activities, see International Organization, Spring 1963 (Vol. 17, No. 2), pp. 498–499.Google Scholar

25 In all IDA credit operations summarized in this section, the credit was interest free, and a service charge of ¾ of one percent per annum on the amount withdrawn and outstanding was to be made to meet IDA's administrative costs. One percent of the principal would be repayable annually for ten years after repayment of the principal began, and 3 percent would be repayable annually for the final 30 years.

26 IDA, Press Release 63'6, May 24, 1963.

27 IDA, Press Release 63'7, May 31, 1963.

28 IMF, IBRD, IDA, Joint Press Release of April 24, 1963.

29 IDA, Press Release 63/5, May 9, 1963.

30 IFC, Press Release 63/4, February 18, 1963. For a summary of previous activities of IFC, see International Organization, Winter 1963 (Vol. 17, No. 1), pp. 272–273.Google Scholar

31 IFC, Press Release 63/1, January 16, 1963.

32 IFC, Press Release 63/2, February 4, 1963.

33 IFC, Inter-American Development Bank (IDB), Joint Pres Release of April 17, 1963.

34 IFC, Press Release 63/6, April 17, 1963.

35 IFC, Press Release 63/7, May 1, 1963.