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Published online by Cambridge University Press: 22 May 2009
The International Bank for Reconstruction and Development announced on September 6, 1961, a loan equivalent to $3 million to the Central Bank of Costa Rica to assist in a program for the importation of equipment for the development of private industry. The loan was guaranteed by the government of Costa Rica and was for a twelve-year term; the six private banks participating in the loan for a total of $314,000 were to receive the first two maturities falling due in October 1964 and April 1965. On October 13, 1961, the Bank announced three loans. The first, amounting to $34 million, was to the National Power Corporation of the Philippines to assist in financing a large hydroelectric project on the island of Luzon. Twelve United States commercial banks participated in the loan to the amount of $1,217,000 covering the first three maturities of the 25-year term of the loan that was scheduled for semi-annual amortization payments beginning June 1, 1965. On the same day a loan of $50 million to India to assist in railway development under the Third Five-Year Plan was made known. Five United States commercial banks participated for a total of $1,075,000 in the twenty-year term loan with repayment scheduled to begin in February 1965. The final loan announced on October 13 was to Costa Rica for the improvement of its highway system; the International Bank and the International Development Association (IDA) joined in making $11 million available for that purpose, each offering $5.5 million for the financing of the reconstruction and construction of about 420 miles of national and regional highways and for the import of equipment for highway construction and maintenance. Three commercial banks participated to the extent of $150,000 in the fifteen-year term loan; amortization was to begin on May 1, 1965.
1 International Bank for Reconstruction and Development, Press Release 711, September 6, 1961. For a summary of the previous activities of the International Bank, see International Organization, Autumn 1961 (Vol. 15, No. 4), p. 705–709CrossRefGoogle ScholarPubMed. Interest rates (which are 5¾ percent for the loans here mentioned unless otherwise designated) include a I percent commission which is allocated to the Bank's Special Reserve. Private participation in loan is without the Bank's guarantee.
2 International Bank for Reconstruction and Development, Press Release 716, October 13, 1961.
3 Ibid., Press Release 715, October 13, 1961.
4 Ibid., Press Release 714, October 13, 1961. For a discussion of IDA's part in the financing, see below, p. 221.
5 International Bank for Reconstruction and Development, Press Release 720, November 3, 1961.
6 Ibid., Press Release 721, November 22, 1961.
7 Ibid., Press Releases 722 and 723, respectively, November 29, 1961.
8 International Bank for Reconstruction and Development, Press Release, September 19, 1961. For a discussion of the withdrawal of the Dominican Republic from the Bank, see International Organization, Spring 1961 (Vol. 15, No. 2), p. 293Google ScholarPubMed.
9 International Bank for Reconstruction and Development, Press Release 712, September 20, 1961.
10 Ibid., Press Release 713, October 10, 1961.
11 Ibid., Press Release 718, November 1, 1961.
12 Ibid., Press Release 717, October 24, 1961.
13 Ibid., Press Release 719, November 3, 1961.
14 International Development Association, Press Release 11, September 6, 1961. For a summary of previous activities of IDA, see International Organization, Autumn 1961 (Vol. 15, No. 4), p. 709–710Google ScholarPubMed. A service charge of ¾ of 1 percent per annum on the amounts withdrawn and outstanding is made to meet IDA's administrative costs.
15 International Development Association, Press Release 10, September 6, 1961.
16 Ibid., Press Release 15, November 22, 1961.
17 Ibid., Press Releases 13 and 16, October 19 and November 22, 1961, respectively.
18 Ibid., Press Release 12, October 13, 1961. For a fuller discussion of the program and the Bank's participation, see above, p. 218.
19 Ibid., Press Release 14, October 26, 1961.
20 For a summary of previous activities of IFC, see International Organization, Summer 1961 (Vol. 15, No. 3), p. 516–517Google ScholarPubMed.
21 International Finance Corporation, Press Release 57, August 15, 1961.
22 Ibid., Press Release 59, August 25, 1961.
23 Ibid., Press Releases 58 and 60, August 23 and September 8, 1961, respectively.
24 Ibid., Press Release 61, September 15, 1961.
25 Ibid., Press Release, September 5, 1961.
26 Ibid., Press Release 63, October 20, 1961.
27 Ibid., Press Release 56, June 23, 1961.
