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International Bank for Reconstruction and Development

Published online by Cambridge University Press:  22 May 2009

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Extract

During the period from March 29 to June 6, 1956, the International Bank for Reconstruction and Development made eight loans in seven countries. A loan of $5 million to the Empresa Electrica Quito, S.A. was announced by the Bank on March 29, to help finance hydroelectric and thermal power projects near Quito, Ecuador. The total cost of the projects, which were expected to nearly triple the supply of power to Quito, was estimated at $9 million. The Bank of America N.T. & S.A. participated in the loan, without the Bank's guarantee, to the extent of $197,000. The loan, the Bank's second in Ecuador, was for a period of 20 years at an annual interest of 4% percent, including the Bank's commission; amortization was to begin on August 1, 1959. The loan was guaranteed by the government of Ecuador.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 10 , Issue 3 , August 1956 , pp. 476 - 478
Copyright
Copyright © The IO Foundation 1956

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References

1 International Bank for Reconstruction and Development, Loan No. 137 EC; ibid., Press Release 438, March 29, 1956.

2 Ibid., 440, May 3, 1956.

3 Ibid., 441, May 4, 1956.

4 Ibid., 443, May 7, 1956.

5 Ibid., 444, May 22, 1956.

6 Ibid., 445, May 22, 1956.

7 Ibid., 446, June 6, 1956.

8 Ibid., 442, May 7, 1956.

9 For information on the Articles of Agreement of the International Finance Corporation, see International Organization, IX, p. 424–425.

10 International Bank for Reconstruction and Development, Press Release 447, June 15, 1956.