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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 fourteenth annual report of the International Bank for Reconstruction and Development, covering the fiscal year July 1, 1958, to June 30, 1959, was presented to the Board of Governors on September 28, 1959. The report noted that the year under review had been one of considerable adversity for many of the Bank's member countries, with foreign exchange difficulties having been the rule rather than the exception for the less developed nations. Nevertheless, although export earnings had declined, the inflow of both public and private capital from the developed areas had been well maintained. The Bank's lending for the period under review had continued at the high level reached in the previous fiscal year, as it had made 30 loans totaling $703 million. Half of the year's lending activities had been concentrated in Asia, amounting to $354 million, while the balance had been made up of $136.5 million for Latin America, $110.6 million for Africa, and $102 million for Europe. As in previous years, lending operations had emphasized the strengthening of basic services, with electric power development representing the largest objective and accounting for $294 million of the total. Transportation improvement, mainly in railways, had accounted for $257.2 million; loans for industry, largely steel, paper, and mining, had totaled $149 million; and loans for agricultural development had amounted to $3.5 million.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 14 , Issue 2 , Spring 1960 , pp. 330 - 335
Copyright
Copyright © The IO Foundation 1960

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References

1 International Bank for Reconstruction and Development, Fourteenth Annual Report, 1958–1959, Washington, D. C., 1959Google Scholar. For a summary of the thirteenth annual report, see International Organization, Spring 1959 (Vol. 13, No. 2), p. 309–311CrossRefGoogle Scholar.

2 International Bank for Reconstruction and Development, Summary Proceedings, 1959 Annual Meeting of the Board of Governors, September 28–October 2, 1959, Washington, D, C., 10 31, 1959Google Scholar. For a summary of the 1958 meeting, see International Organization, Spring 1959 (Vol. 13, No. 2), p. 311–312Google Scholar.

3 For action in accordance with this resolution, see this issue, p. 333–334.

4 International Bank for Reconstruction and Development, Press Release No. 614, December 10, 1959. For a summary of previous activities of the International Bank, see International Organization, Winter 1960 (Vol. 14, No. 1), p. 205–208CrossRefGoogle Scholar. All loans are made without the Bank's guarantee and include a I percent commission which is allocated to the Bank's Special Reserve.

5 International Bank for Reconstruction and Development, Press Release No. 615, December 22, 1959.

6 Ibid., Press Release No. 616, December 30, 1959.

7 Ibid., Press Release No. 617, December 30, 1959.

8 Ibid., Press Release No. 619, January 20, 1960.

9 Ibid., Press Release No. 621, February 1, 1960.

10 Ibid., Press Release No. 622, February 4, 1960.

11 Ibid., Press Release No. 613, December 10, 1959.

12 Ibid., Press Release No. 618, January 20, 1960.

13 Ibid., Press Release No. 620, January 28, 1960.

14 Ibid., Press Release No. 624, February 9, 1960.