The International Bank for Reconstruction and Development made three loans during the period under review. On December 20, 1956, it was announced that a loan equivalent to $20 million had been made to the Indian Iron and Steel Company, Ltd. (IISCO), a privately-owned indian company, to help finance additional rolling capacity. The First National City Bank of New York, the Irving Trust Company and the Philadelphia National Bank were participating in the loan, without the Bank's guarantee, in the total amount of $1,032,000, representing the first maturity falling due in April 1960. The loan was for a term of eleven years and bore interest of 5 percent including the 1 percent commission charged by the Bank. Amortization was to begin April 15, 1960. The loan, the second to the IISCO, was guaranteed by the government of India and was to be secured by a first mortage and charge upon IISCO's assets under a trust deed.