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International Bank for Reconstruction and Development

Published online by Cambridge University Press:  22 May 2009

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Extract

On July 11, 1958, the International Bank for Reconstruction and Development made a loan equivalent to $33 million to the Japan Development Bank to assist the privately owned Sumitomo Metal Industries Ltd. to modernize and expand the capacity of its iron and steel plants. United States, German, and Swiss banks participated in the loan, without the Bank's guarantee, for a total amount equivalent to $1,100,000. The entire project was scheduled for completion by March 1962 at an estimated cost equivalent to $83 million. The Bank's loan, which financed approximately 40 percent of this total, was for a term of 15 years and bore interest of 5⅜ percent. It was guaranteed by the government of Japan.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 12 , Issue 4 , Autumn 1958 , pp. 538 - 541
Copyright
Copyright © The IO Foundation 1958

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References

1 International Bank for Reconstruction and Development, Press Release No. 544. July 11, 1958.

2 Ibid., Press Release No. 549. August 18, 1958.

3 Ibid., Press Release No. 551, September 10, 1958.

4 Ibid., Press Release No. 537, June 13, 1958.

5 Ibid., Press Release No. 542, June 27, 1958.

6 Ibid., Press Release No. 552, September 10, 1958.

7 Ibid., Press Release No. 547, July 23, 1958.

8 Ibid., Press Release No. 553, September 12, 1958.

9 Ibid., Press Release No. 545. July 17, 1958.

10 Ibid., Press Release No. 539, June 17, 1958.

11 Ibid., Press Release No. 546, July 21, 1958.

12 Ibid., Press Release No. 555, September 17, 1958.

13 International Finance Corporation, Press Release No. 12, March 26, 1958.

14 Ibid., Press Release No. 16, July II, 1958.

15 Ibid., Press Release No. 14, July 7, 1958.

16 Ibid., Press Release No. 18, September 25, 1958.

17 Ibid., Press Release No. 15, July 14, 1958.

18 International Bank for Reconstruction and Development, Press Release No. 558, June 14, 1958.

19 Ibid., Press Release No. 543, June 28, 1958.

20 Ibid., Press Release No. 550, August 27, 1958.

21 Ibid., Press Release No. 548, August 6, 1958.

22 Ibid., Press Release No. 554, September 15, 1958.

23 Ibid., Press Release No. 556, September 17, 1958.

24 With the admission of Libya the Bank had 68 members rather than 69 because on June 14, 1938, the government of the United Arab Republic had notified the Bank that by virtue of the merger of Egypt and Syria into a single state, the United Arab Republic was a single member of the Bank. On July 18 the Executive Directors of the Bank decided that the United Arab Republic should be substituted for Egypt and Syria in the Bank's records as single member.