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Recent Activity: International Bank for Reconstruction and Development, International Development Association, International Finance Corporation

Author(s):
International Monetary Fund. External Relations Dept.
Published Date:
December 1964
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IN THE THIRD QUARTER of 1964, the World Bank Group committed a total equivalent to $429.8 million in new loans, credits, and investments for economic development. The total was made up of $273.0 million of loans from the Bank, $147.19 million of credits from the International Development Association (IDA), and $9.61 million of commitments by the International Finance Corporation (IFC). During the first nine months of 1964, the World Bank Group committed a total equivalent to $946.94 million in new loans, credits, and investments.

AFRICA

Cameroon: The Bank is helping to finance a study looking toward measures to check the decline in cocoa production and to strengthen the country’s position in the world market by improving the quality of cocoa. The study is being undertaken in cooperation with the Food and Agriculture Organization (FAO) and will cover improvement of feeder roads to facilitate the collection of cocoa produced in selected areas. The Bank and FAO will pay the foreign exchange costs, estimated at $100,000.

The Bank has also agreed to help finance a study that is seeking further improvements of the N’Gaoundere-Garoua Road. The Bank will pay the foreign exchange costs, estimated at $200,000.

Ghana: A member of the Development Advisory Service completed his assignment as Resident Representative.

Libya: At the end of August, a member of the Development Advisory Service completed his assignment as Economic Adviser to the Prime Minister.

Nigeria: The Bank has agreed to help finance a study which will provide the basis for improving and expanding the road network in Eastern Nigeria. Foreign exchange costs, to be borne by the Bank, are estimated at $375,000. The study of the Northern Region’s road program, undertaken in May 1962, has been completed.

In June, a member of the Development Advisory Service completed his assignment as Economic Adviser to the Premier of the Mid-Western Region. He is remaining in Nigeria for a further three months as Economic Adviser to the Federal Government.

Sudan: The Bank has agreed to help finance a study to review the basic concepts, objectives, and practices of the Gezira Scheme, bearing in mind the vital importance to the national economy and the individual tenant of increased production and efficiency. The Bank will pay the foreign exchange costs, estimated at $400,000.

The Bank is providing to the Sudan, for a two-year period, an adviser on project preparation.

ASIA AND THE MIDDLE EAST

India: The study of coal transport problems has been completed, at a cost to the Bank of about $855,000.

Kuwait: A Bank staff member completed his assignment as adviser on organization and staffing to the Kuwait Fund for Arab Economic Development.

Nepal: The Bank has agreed to conduct and help finance a survey of transport facilities in Nepal. The survey will include the formulation of a coordinated transport investment program which is part of Nepal’s next Five-Year Plan, beginning in July 1965. The Bank will pay the foreign currency costs of the survey, estimated at $100,000.

Pakistan: The Consortium on Aid to Pakistan met on July 16. Participants were Belgium, Canada, France, the Federal Republic of Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, the Bank, and IDA. The Consortium pledged the equivalent of $431 million, subject as appropriate to legislative or other necessary authorization, to assist the last year (1964-65) of Pakistan’s Second Five-Year Plan. Of this amount, the Bank and IDA share was $80 million.

The Bank has agreed to pay the foreign exchange cost of consultants’ services for surveys of river ports and waterways. This amounts to about $950,000.

A report on possible measures to improve the securities market in Pakistan has been presented to the Government.

The Bank provided a transportation adviser to the Government of East Pakistan.

WESTERN HEMISPHERE

Argentina: The Bank sent a mission to assist the National Development Council on a public investment program for 1965.

COLOMBIA: A Bank staff member was stationed in Bogotá to assist in the planning and execution of highway development programs in Colombia and Ecuador.

OTHER ACTIVITIES

Two countries increased their subscriptions to the Bank’s capital: the Dominican Republic from $8,000,000 to $13,300,000, and the United Arab Republic from $106,600,000 to $142,100,000. Thus total subscriptions amounted to $21,226,800,000.

Formalities for replenishment of IDA resources by $750,000,000 have been completed. On July 2, Belgium became a member of IDA with an initial subscription of $8,250,000. This raised IDA’s membership to 94, and the total of initial subscriptions to $995,695,000.

The Economic Development Institute began, on September 14, its second Project Evaluation Course in the Spanish language with 25 participants from 15 member countries. The Project Evaluation Course was started in 1963 to help to meet the need for specialized training in this field.

On September 28, the Institute began its Tenth General Course with 24 officials from 20 countries participating. The aim of the course is to give participants a comprehensive view of the policies and problems of economic development and to increase their effectiveness in carrying out their responsibilities.

On August 25, Mr. George D. Woods, President of the Bank, the International Development Association, and the International Finance Corporation, announced the appointment of Mr. Michael L. Lejeune as Director of Administration of the three institutions in the place of Mr. William F. Howell, who died on July 9, 1964. Mr. Lejeune was formerly Assistant Director of the Department of Operations—Far East, of the Bank and IDA. He took up his new post on October 1.

WORLD BANK LOANS DURING THE THIRD QUARTER OF 1964
CountryPurposeAmount

($ million)
FinlandHighways28.5
GabonRoads12.0
MoroccoAgriculture17.5
NigeriaKainji Dam Project82.0
PhilippinesWater Supply20.2
Sierra LeonePower3.8
SpainRailroads65.0
VenezuelaHighways30.0
VenezuelaElectric Power14.0
Total for the third quarter of 1964273.0
Loans made during first two quarters of 1964306.8
Total amount lent during the first nine months of 1964579.8
IDA CREDITS DURING THE THIRD QUARTER OF 1964
CountryPurposeAmount

($ million)
BechuanalandHighway Development3.60
BoliviaPower10.00
BoliviaPower5.00
IndiaTelecommunications33.00
KenyaTea Production2.80
PakistanIndus Basin Development Fund58.54
PakistanInland Waterways5.25
TurkeyPower24.00
TurkeyDevelopment Finance Company5.00
Total for the third quarter of 1964147.19
Total amount of credits extended during the first
two quarters of 1964201.00
Total amount of credits extended during the first
nine months of 1964348.19
IFC INVESTMENTS DURING THE THIRD QUARTER OF 1964
CountryType of ProjectAmount1
ArgentinaPaper$2,500,000
ChileFood Products153,846
MexicoSteel6,446,228
SpainElectrical Equipment for Motor Vehicles225,000
SpainIndustrial Development Finance Company291,667
Total investments during the third quarter of 1964$9,616,741
Investments during the first two quarters of 19649,338,7872
Total investments during the first nine months of 1964$18.955.5283

Figures include stand-by and underwriting commitments.

Figure revised to exclude certain commitments made in 1963 which appeared in tables published in Vol. 1, Nos. 1 and 2.

Figure does not include exchange adjustments of $12,243 applying to investments made prior to 1964.

Figures include stand-by and underwriting commitments.

Figure revised to exclude certain commitments made in 1963 which appeared in tables published in Vol. 1, Nos. 1 and 2.

Figure does not include exchange adjustments of $12,243 applying to investments made prior to 1964.

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