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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 fifteenth annual report of the International Bank for Reconstruction and Development, covering the fiscal year July 1, 1959, to June 30, 1960, was presented to the Board of Governors on September 27, 1960. The report noted that the year under review had clearly marked the beginning of a period of change in international economic relations, especially with regard to the less developed countries where new needs were emerging and new institutions and techniques to meet them were beginning to take definite shape. Although the external accounts of these countries had benefited from a substantial increase in the volume of their exports, their terms of trade had not shown a similar recovery, and their external public debt had increased. The Bank's lending for the year under review was slightly below the rate of each of the previous two years; it had made 31 loans totaling. $658.7 million as compared to 30 loans totaling $703 million in the previous year. Asia and the Middle East, sharing $273 million in loans between them, received the largest portion, while Africa received $183 million, Latin America $134 million, and Europe only $69 million. Lending operations continued to concentrate on basic facilities, with transportation loans amounting to $245 million, electric power loans to $208 million, and industrial loans to $146 million, while agricultural loans rose to $60 million, the highest sum in recent years. Net earnings, exclusive of receipts from loan commissions, came to $59.5 million, an increase of $13 million over the previous year; disbursements fell to $544 million, less than the $583 million of the preceding year.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 15 , Issue 2 , Spring 1961 , pp. 290 - 296
Copyright
Copyright © The IO Foundation 1961

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References

1 International Bank for Reconstruction and Development, Fifteenth Annual Report, 1919–1960, Washington, D. C., 1960Google Scholar. For a summary of the fourteenth annual report, see International Organization, Spring 1960 (Vol. 14, No. 2), p. 330–331CrossRefGoogle Scholar.

2 IDA came into being on September 26, 1960, with a membership of fifteen countries; see International Organization, Winter 1961 (Vol. 15, No. 1), p. 193–194Google Scholar. On January 4, 1961, it was announced (International Development Association, Press Release 3, January 4, 1961) that 37 countries were members of IDA and that funds subscribed to it amounted to $852 million.

3 International Bank for Reconstruction and Development, Summary Proceedings, 1960 Annual Meeting of the Board of Governors, September 26–30, 1960, Washington, D. C., 10 31, 1960Google Scholar. For a summary of the 1959 meeting, see International Organization, Spring 1960 (Vol. 14, No. 2), p. 331–332Google Scholar.

4 International Bank for Reconstruction and Development, Press Release 663, December 2, 1960. For a summary of previous activities of the International Bank, see International Organization, Winter 1961 (Vol. 15, No. 1), p. 190–194CrossRefGoogle 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.

5 Ibid., Press Release 664, December 19, 1960.

6 Ibid., Press Release 665, December 20, 1960.

7 Ibid., Press Release 666, December 20, 1960.

8 Ibid., Press Release 667, January 16, 1961.

9 Ibid., Press Release 668, January 16, 1961.

10 Ibid., Press Release 671, February 3, 1961.

11 International Bank for Reconstruction and Development/International Finance Corporation, Joint Press Release, December 2, 1960.

12 International Bank for Reconstruction and Development, Press Release 669, January 18, 1961.

13 Ibid., Press Release 670, January 30, 1961.

14 International Finance Corporation, Summary Proceedings, 1960 Annual Meeting of the Board of Governors, Washington, D. C, 1960Google Scholar. For a summary of the 1959 meeting, see International Organization, Summer 1960 (Vol. 14, No. 3), p. 464–465Google Scholar.

15 On October 21, 1960, the Republic of Sudan, with a capital subscription of $111,000, became the 60th member of IFC.

16 International Finance Corporation, Fourth Annual Report, 1939–1960, Washington, D. C, 1960Google Scholar. For a summary of the Third Annual Report, see International Organization, Winter 1960 (Vol. 14, No. 1), p. 208Google Scholar.

17 International Finance Corporation, Press Release 51, December 8, 1960.

18 Ibid., Press Release 52, February 6, 1961.