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International Bank for Reconstruction and Development

Published online by Cambridge University Press:  22 May 2009

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Extract

Lending Operations

During the period from March 24 to June 22, 1955, the International Bank for Reconstruction and Development made nine loans in seven countries. A loan of $12 million in European currencies to the Bank of Finland was announced on March 24, bringing the total of Bank loans in Finland to over $50 million. The new loan was to be used to help finance projects for expansion and modernization of the woodproducts industry and for further development of electric power. Two commercial banks in the United States were participating in the loan, without the Bank's guarantee, to an extent of $2, 288, 000. It was expected that the Bank's loan would finance about one-fifth of the proposed projects, the remainder being financed from Finnish sources. Approximately $8 million of the loan had been allocated to five woodproducts companies and about $4 million to two electric power projects. It was further expected that about three-fourths of the foreign exchange provided by the Bank's loan would be spent in Denmark, France, Germany, Sweden, Switzerland and the United Kingdom and about one-fourth in the United States. The loan was for a term of 15 years at an interest of 4⅝ percent a year, including the Bank's one percent commission; amortization was to begin on April 15, 1958.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 9 , Issue 3 , August 1955 , pp. 421 - 425
Copyright
Copyright © The IO Foundation 1955

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References

1 International Bank for Reconstruction and Development, Loan No. 112 Fr; ibid., Press Release 393, March 24, 1955.

2 Ibid., Loan No. 113 CO; ibid., Press Release 394, March 24,1955.

3 Ibid., Loan No. 114 PE; ibid., Press Release 396, April 6, 1955.

4 Ibid., Loan No. 115 No; ibid., Press Release 399, April 20. 1955.

5 Ibid., Loan No. 116 PE; ibid., Press Release 400, April 19, 1955.

6 Ibid., Press Release 402, June 1, 1955; United Nations Press Release IB/521; New York Times, June 2, 1955; The Times (London), 06 2, 1955Google Scholar.

7 Internation Bank for Reconstruction and Development, Press Release 403, June 15, 1955.

8 Ibid., 404, June 15, 1955.

9 Ibid., 406, june 22, 1955.

10 Ibid., 398, April 18, 1955.

11 Ibid., 407, June 27, 1955.

12 Ibid., 391, March 24, 1955.

13 Ibid., 392, March 19, 1955.

14 Ibid., 401, May 3, 1955.

15 Ibid., 397, April 15, 1955. See ibid., Articles of Agreement of the International Finance Corporation and Explantory Memorandum As Approved for Submission to Governments by the Executive Directors… April 11, 1955, Washington, n. d.

16 New York Times, May 12, 1955. For information on previous discussions of this question, see International Organization, XI, p. 274; VIII. P. 263.

17 International Bank for Reconstruction and Developmjent, Press Release 408, June 24, 1955.

18 Ibid., 395, March 24, 1955. See International Organization, XI, p. 273, for information on the cancellation of the unused balabnce of the loan.

19 Internation Bank for Reconstruction and Development, Press Release 390, March 21, 1955.

20 Ibid., 405, June 15, 1955.