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Published online by Cambridge University Press: 22 May 2009
Lending Operations
The International Bank for Reconstruction and Development made a loan on November 19, 1954, of $16.2 million to finance the foreign exchange costs of a thermal electric power plant in Bombay, India. The National City Bank of New York had agreed to participate in the loan without the Bank's guarantee to the extent of $1,364,000. The recipients of the loan, the Tata Hydro Electric Power Supply Co., Ltd., the Andhra Valley Power Supply Co., Ltd., and the Tata Power Co., Ltd., had already raised the equivalent of $6.2 million toward the rupee costs of the project ($11.3 million). The loan, which was for a period of 20 years, bore interest of 4¾ percent per annum, including the Bank's 1 percent commission.
1 International Bank for Reconstruction and Development, Loan Number 106 IN; International Financial News Survey, VII, p. 173; for information on previous Bank loans to India, see International Organization, III, p. 709; IV, p. 129, 481–482; and VII, p. 136.
2 International Financial News Survey, VII, p. 206–207; International Bank for Reconstruction and Development, Press Release 387, March 14, 1955.
3 International Financial News Survey, VII, p. 206; International Bank for Reconstruction and Development, Loan Number 107 BE.
4 International Financial News Survey, VII, p. 207–208; International Bank for Reconstruction and Development, Loan Number 108 CO; for information on a previous loan to the same institution, see International Organization, III, p. 709.
5 United Nations Press Release IB/505, March 15, 1955.
6 For information on previous Bank loans to Australia, see International Organization, IV, p. 674; VI, p. 634; and VIII, p. 261–262.
7 United Nations Press Release IB/506, March 18, 1955.
8 For previous information on the loan, see International Organization, IV, p. 482.
9 International Financial News Survey, VII, p. 216.
10 For information on the first prepayment, see International Organization, VIII, p. 564.
11 International Financial News Survey, VII, p. 230–231.
12 International Bank for Reconstruction and Development, Press Release 386, February 7, 1955. For comparable data covering the seven-month period ending January 31, 1955, see ibid., February 23, 1955.
13 For previous information on the mission, see International Organization, VIII, p. 563.
14 International Bank for Reconstruction and Development, Press Release, January 14, 1955.
15 New York Times, December 18, 1954.
16 For information on the Bank's proposals, see International Organization, VIII, p. 263.
17 International Bank for Reconstruction and Development, Press Release 380, December 10, 1954.
18 International Bank for Reconstruction and Development, Press Release, March II, 1955.
19 Ibid., February 18, 1955.
30 Ibid., January 24, 1955.
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