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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 International Bank for Reconstruction and Development announced on September 9, 1960, its first loan to Israel, in the amount of $27.5 million to help build and equip a new sheltered deep-water port at Ashdod, on the Mediterranean Sea. The Bank's loan was to cover all the foreign exchange requirements and part of the local currency costs of die first stage of the project, scheduled to be completed early in 1965; diis stage was to include the construction of about two miles of breakwaters, dredging the port area to proper depths for ocean-going ships, extension of piers to a length adequate for the accommodation of five ships at once, construction of a track and roadway within the port area and rail links outside it to a building quarry, construction of transit sheds, paved open storage areas, port utilities, and auxiliary structures, and the supply of some harbor craft, cranes, and cargo-handling equipment. Amortization on the loan, which was for a term of 25 years and bore interest at the rate of 5¾ percent per annum, was to begin in August 1965.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 15 , Issue 1 , Winter 1961 , pp. 190 - 194
Copyright
Copyright © The IO Foundation 1961

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References

1 International Bank for Reconstruction and Development, Press Release No. 649, September 9, 1960. For summary of previous activities of the International Ban, see International Organization, Autumn 1960 (Vol. 14, No. 4), p. 639–662Google Scholar. All loans are made without the Bank's guarantee and include a 1 percent commission which is allocated to the Bank's Special Reserve.

2 International Bank for Reconstruction and Development, Press Release No. 650, September 19, 1960, and Press Release, November 10, 1960.

3 Ibid., Press Release No. 652, September 20, 1960.

4 Ibid., Press Release No. 657, October 18, 1960.

5 Ibid., Press Release No. 660, October 28, 1960.

6 Ibid., Press Release No. 651, September 20, 1960.

7 Ibid., Press Release No. 654, September 23, 1960.

8 Ibid., Press Release No. 653, September 23, 1960.

9 Ibid., Press Release No. 662, November 8, 1960.

10 International Bank for Reconstruction and Development and International Finance Corporation, Joint Press Release, November 15, 1960.

11 International Finance Corporation, Press Releases Nos. 49 and 50, respectively, September 29, 1960.

12 Ibid., Press Release, October 21, 1960.

13 International Development Association, Press Release No. 1, September 26, 1960.

14 Australia, Canada, China, India, Italy, Malaya; Norway, Pakistan, South Vietnam, Sudan, Sweden, Thailand, the United Kingdom, the United States, and West Germany. In addition to the above, Ecuador, Ethiopia, Honduras, and the Netherlands had signed the Articles of Agreement but required to complete other formalities for membership. Other current member countries of the Bank could still become original members of IDA up to December 31, 1960.

15 International Development Association, Press Release No. 2, November 9, 1960.