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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 June 10, 1959, a loan equivalent to $11.6 million to the Union of South Africa. The funds were to help carry out a railway expansion program, executed by the South African Railways and Harbors Administration, that had been one of the chief objects of public investment in the Union since the end of World War II. Twelve banks participated in the loan for a total amount of $2,484,000, representing the first three maturities and parts of the fourth and fifth maturities which were to fall due between December 1961 and December 1963. Among the participating banks were: the Bank of America, Continental Illinois National Bank and Trust Company, The Philadelphia National Bank, The New York Trust Company, Morgan Guaranty Trust Company of New York, National Shawmut Bank of Boston, The First National Bank of Chicago, The Chase Manhattan Bank, First National City Bank of New York, The Northern Trust Company, and the Swiss Bank Corporation (Basle). Amortization of the loan, which was for a term of ten years and bore interest of 6 percent, was to begin in December 1961.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 13 , Issue 4 , Autumn 1959 , pp. 635 - 639
Copyright
Copyright © The IO Foundation 1959

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References

1 International Bank for Reconstruction and Development, Press Release No. 590, June 10, 1959. For a summary of previous activities of the International Bank, see International Organization, Summer 1939 (Vol. 13, No. 3), p. 466–467Google 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.

2 International Bank for Reconstruction and Development, Press Release No. 591, June 17, 1959.

3 Ibid., Press Release No. 592, June 30, 1959.

4 Ibid., Press Release No. 593, July 8, 1959.

5 Ibid., Press Release No. 594, July 15, 1959.

6 Ibid., Press Release No. 595, July 15, 1959.

7 Ibid., Press Release No. 597, August 13, 1959.

8 Ibid., Press Release No. 598, August 13, 1959.

9 Ibid., Press Release No. 589, June 3, 1959.

10 Ibid., Press Release, June 17, 1959.

11 Ibid., Press Release No. 596, August 7, 1959.

12 The New York Times, July 18, 1939.

13 Ibid., August 28, 1959.

14 Ibid., August 11, 1959.

15 Ibid., August 16, 1959.

16 International Finance Corporation, Press Release No. 25, June 25, 1959.

17 Ibid., Press Release No. 26, July 8, 1959.

18 Ibid., Press Release No. 29, August 7, 1959.

19 Ibid., Press Release No. 27, July 13, 1959.

20 Ibid., Press Release No. 30, September 1, 1959.

21 Ibid., Press Release No. 28, July 20, 1959.