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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 September 16, 1959, a loan equivalent to $40 million for the construction of a 150,000-kilowatt atomic power plant in Italy. This represented the Bank's first loan for the development of nuclear power. The project was the outcome of a joint study begun in 1957 with the Italian government on the technical, economic, and financial merits of a large nuclear power plant to be located in southern Italy. The loan was made to the Cassa per il Mezzogiorno, an Italian government agency, which was to relend the proceeds to the Società Elettronucleare Nazionale (SENN), a corporation which included nine public utilities companies and five industrial companies as shareholders, and was established to build, own, and operate the plant. The total cost of the project was estimated at the equivalent of $66.4 million, of which the International Bank's loan represented about 60 percent, the remainder to be provided by SENN's stockholders. The Bank's loan, which was guaranteed by the Republic of Italy, was to be for a twenty-year term, bearing 6 percent interest, with amortization beginning on February 15, 1964.

Type
International Organizations: Summary of Activities II. Specialized Agencies
Information
International Organization , Volume 14 , Issue 1 , Winter 1960 , pp. 205 - 209
Copyright
Copyright © The IO Foundation 1960

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References

1 International Bank for Reconstruction and Development, Press Release No. 602, September 16, 1959. For a summary of previous activities of the International Bank, see International Organization, Autumn 1959 (Vol. 13, No. 4), p. 635–638CrossRefGoogle Scholar. All loans are made without the Bank's guarantee and include a 1 percent commission which is allocated to the Bank's Special Reserve.

2 International Bank for Reconstruction and Development, Press Release No. 604, September 25, 1959.

3 Ibid., Press Release No. 605, September 25, 1959.

4 Ibid., Press Release No. 610, November 12, 1959.

5 Ibid., Press Release No. 611, November 23, 1959.

6 Ibid., Press Release No. 612, November 30, 1959.

7 Ibid., Press Release No. 599, August 31, 1959.

8 Ibid., Press Release No. 603, September 20, 1959.

9 Ibid., Press Release No. 609, November 12, 1959.

10 International Finance Corporation, Third Annual Report, 1958–1959, Washington, D. C., 1959Google Scholar. For a summary of the Second Annual Report, see International Organization, Spring 1959 (Vol. 13, No. 2), p. 315.Google Scholar

11 See the following section on investment operations.

12 International Finance Corporation, Press Release No. 30, September 1, 1959.

13 Ibid., Press Release No. 31, September 10, 1959.

14 Ibid., Press Release No. 32, September 15, 1959.

15 Ibid., Press Release No. 33, September 21, 1959.

16 Ibid., Press Release No. 34, September 28, 1959.

17 Ibid., Press Release No. 35, September 29, 1959.

18 Ibid., Press Release No. 36, September 29, 1959.

19 Ibid., Press Release No. 37, November 17, 1959.