World Bank Annual Report1975 :~~ ~ ~ ~ ~ t FILE cpy wasimm. I : I D t The World Bank Group includes the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the International Finance Corporation (IFC). These institutions help to raise standards of living in developing countries by providing financial and technical assistance. The International Centre for Settlement of Investment Disputes (ICSID), spon- sored by the Bank, offers a mechanism for solving disputes between governments and foreign investors. Front cover: Preparing Pr spring planting in the Ecuadorian Andes. Table of Contents ( Gs Page The Record for Ten Years-1966-75 3................... . ... . . .. ... 3 Summary and Background of the Year's Activities ... . .... ........... 5 The Year's Activities, by Region Eastern Africa ............2 ....................... ... .1... ........ ... . 21 W estern Africa .......................................................... ............ 26 East Asia and Pacific ........ ......................................... .... 31 South Asia .......................3................... ........ ...... ......... 36 Europe, M iddle East and North Africa ...................................... ............... 41 Latin America and the Caribbean ... .............. .. ....... 47 Projects Approved for Bank and IDA Assistance in Fiscal 1975, by Sector ............ . 52 Technical Assistance and Other Activities Technical Assistance . . ........... . . . ............... ... 67 Econom ic Developm ent Institute .................................. 67 Aid Coordination ..........................6...... ............................ .......... 69 Inter-Agency Cooperation .................... .......... ... . .... . 69 International Agricultural Research .................................................... ... 71 Audit and Evaluation .............7.................... .................................. 71 Joint Audit Com m ittee ....2. ... ................ . ................. . .... ........ 72 Econom ic Research and Studies ............. .......... ......... .......... ... 72 International Centre for Settlement of Investment Disputes ................. ................ 74 Bank and IDA M em bership ... ............. .. .. . . ... . ....... ........... . . ... 74 Borrowings and Finance Income and Expenditure: Bank .. ..... ............ . .......... ... 75 O ther Financial O perations: Bank .. .......... ........ ............ .......... ... 75 The Bank's Borrow ings-Fiscal 1975 .......................... ......... ........ 75 D istribution of Bank Debt .7.6.............................. .................. 78 Increase in Capital ............7.B....... . .......................... 78 Finances: IDA 7......... ................. ............... ..... 78 Foreign and International Bond Markets-Calendar 1974 .................................... 79 External Public Debt ....................... ... ............................. 81 Executive D irectors .................... .................... ......... ................... 82 List of Executive Directors ................. .......................................... 83 Statistical Annex ............ ........ ........B... . . ......... 84 Bank A ppendices ............. ..................... ....... .. ........ ....... . 103 IDA A ppendices ...................................... .... 121 Bank/IDA Appendices ............ .................................................. 135 The Executive Directors of the International Bank for Reconstruction and Development and the Inter- national Development Association have had prepared this Annual Report for the fiscal year July 1, 1974, to June 30, 1975, in accordance with the By-Laws of the two organizations. Robert S. McNamara, President of the Bank and the Association and Chairman of the Ex- ecutive Directors, has submitted this Report, together with accompanying administrative budgets and au- dited financial statements, to the Boards of Governors. The Annual Reports of the International Finance Cor- poration and the International Centre for Settlement of Investment Disputes are published separately. The Record for Ten Years-1966-75 Amounts in US$ m llions Fiscal Year 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 World Bank Operations Approved 37 46 44 82 69 78 72 73 105 122 Loan Amountsr ) 839 777 847 1,399 1,580 1,921 1,966 2,051 3,218 4,320 Countries 29 35 31 44 39 42 40 42 49 51 Disbursementsr2) 668 790 772 762 754 915 1,182 1,180 1,533 1,995 Total Income 292 331 356 410 504 578 646 758 929 1,157 Net Income 144 170 169 171 213 212 183 186 216 275 Total Reserves 954 1,023 1,160 1,254 1,329 1,444 1,597 1,750 1,772 1,902 Borrowings: Total 288 729 735 1,224 735 1,368 1,744 1,723 1,853 3,510 Borrowings: Net 64 503 222 698 299 819 1,136 955 990 2,483 Subscribed Capital 22,426 22,850 22,942 23,036 23,159 23,871 26,607 30,397 30,431 30,821 Member Countries 103 106 107 110 113 116 117 122 124 125 Professional Staff 667 734 767 961 1,170 1,348 1,516 1,654 1,752 1,883 IDA Operations Approved&3) 12 17 16 29 50 51 68 75 69 68 Credit Amounts 284 353 107 385 606 584 1,000 1,357 1,095 1,576 Countries 8 13 14 28 33 34 38 43 41 39 Disbursements 267 342 319 256 143 235 261 493 711 1,026 Usable Resources, cumulative 1,682 1,767 1,807 2,176 3,182 3,343 4,204 7,019 7,433 11,608 Member Countries 96 97 98 102 105 107 108 112 113 114 c) Excludes loans to IF f$100 million in FY1967, $160 million in FY1970, $60 million in FY1972, $40 million in FY1973, $110 million in FY1974, and $50 m I on n FY1975 (21 Excludes d sbursements on loans to FC. (3) Joint Bark/lDA operations are counted only once, as Bann operations. .3 IS~~~~~~~~v. fA-~~~~~~~I4 Summary and Background of the Year's Activities In fiscal 1975, the World Bank Group greatly donor (or Part I) IDA members had given official expanded its lending to developing member notification of their contributions, and when nations. Lending and investment commitments the amount of contributions notified reached totaled S6,108 million, or $1,591 million above $3,500 million, or about 80% of the total. the record level set in the previous year. Lend- The Bank continued to expand its assistance ing by the Bank accounted for $4,319.7 million, to the least developed countries. The expan- compared with $3,218 million. In absolute sion was in line with the policy of providing terms, the increase amounted to 34%; in real more assistance to the poorest countries and terms (1974 dollars), the increase came to 25%.(') people. Their needs took on additional urgency Commitments by the International Develop- in a year during which their problems were ex- ment Association (IDA) were up 44% to $1,576.2 acerbated by economic events beyond their million, as against $1,095 million last year. In control. The poorest countries accounted for real terms, IDA commitments in the year rose 38% of total Bank and IDA commitments, as by 34% over fiscal 1974. The International Finance opposed to 31% in fiscal 1974. In the case of Corporation (IFC) made investment commit- IDA alone, such countries accounted for 84% ments of $211.7 million (for further details, see of commitments. the IFC's Annual Report). In addition, the Bank Agriculture accounted for a record 32% of all made one loan of $50 million to the IFC. commitments (it was 22% in fiscal 1974); lend- Net income by the Bank ($275 million), bor- ing in the Bank's "traditional" sectors-power, rowings ($3,510 million), and disbursements transportation, and telecommunications-con- ($3,021 million, including those of IDA),(2) also tinued to decrease as a proportion of the whole reached record highs. (For further details, see (29% in fiscal 1975, compared with 43% in the the "Borrowings and Finance" section on previous year). page 75.) More than half of all Bank and IDA opera- IDA commitments rose because additional tions for agriculture-involving commitments resources were received under the terms of the of nearly$1,000 million-were for rural develop- Fourth Replenishment. Those resources amount ment projects designed specifically to increase to approximately $4,500 million over the three- the productivity of the rural poor. In addition, year period 1975-77. The Fourth Replenishment about $80 million was committed for nine edu- became effective in January 1975 when the cation projects whose primary objective is to United States Government officially notified increase skills in rural areas. About $130 million the Association of its participation. Under the was committed for the construction of rural -agreement reached by 24 member nations in roads. Thus, in fiscal 1975, the Bank and IDA Nairobi in September 1973, the Fourth Replenish- committed over $1,000 million specifically for ment could become effective only after 12 the rural poor, or more than twice the fiscal 1974 figure of less than $500 million. "} Since the real value of loan commitments by the Bank is eroded to the extent that cost infiationi occurs over the per od of ds- A World in Uncertainty bursements, i is the practice of the Btank to make allosyance tor esca ation at the time or cornmitmen'. The deflator now used During the 12 months covered by this Annual by the Bank to express lending n real terms isa wveighted average ot the pr ce levels assumed to be prevai ing over the period o Report, the uncertainty in world economic rela- the execution of the project. The ack of a deflator for FC in- tionships continued-as in the previous year- vestments prevents the expression of total Bank Group lending to cloud the prospects of developing countries. and Investment comm tments in rea terms. (1) Bat excludiup disoursements on loans to IFCc In fiscal 1974, the upheaval in global economic relationships was characterized by accelerated rises in prices of both capital goods and primary Tfst deol' 'so't t n ' '5t'''N t -at' ' r'' io commodities, sudden and substantial increases hv tC.vo vVor!(i taitk !>,s1!' !9O64 c! ifD8 in petroleum prices, food and fertilizer short- O'' e!i '!,40r 'nt,!'iot sa't lhvnt em ios !(! JO!n v.1einvXClY, ages, and the beginnings of recession in the in- proi' eoclCt tsb the Btantk sc( cif')A dustrial countries. 5 inflation was a general decline in the prices ot Note on dollar amounts major primary commodities (excluding petro- leum) supplied by developing countries. This Dollar amounts used in the text of this Report declne su cceloie g troughou for capital of the Bank refer to United States decine came m successive stages throughout dollars of the weight and fineness in effect on 1974; the downward movement of prices rapid- july 1,1944, while those used for subscriptions Iv accelerated as 1975 began, and has continued and contributions to IDA, with the exception of ever since. On the other hand, prices of manu- the Fourth Replenishment, refer to US dollars factured goods-which comprise more than of the weight and fineness in effect on January two-thirds of the import bill of the developing 1,1960. For all practical purposes, these are the countries-continued to rise. As a result, the same. Unless otherwise specified, all other terms of trade of most developing countries amounts in US dollars refer to current dollars. worsened. The purchasing power of exports of One dollar as used for Bank capital and IDA primearycomnmrodities is expected to decline by subscriptions and contributions equaled ap- ary 13% in 1975n proximately 1.20635 current dollars, as of June about 13% i 1975. 30,1975. For more detailed discussion, see Gen- Countries with annual per capita incomes of eral Notes to Statistical Annex; Note A, Appen- above $200 are particularly affected by the de- dix G, Bank financial statements; and Note A, cline in the growth rates of developed coun- Appendix F, IDA financial statements. tries. The demand for many of the goods and services that earn their foreign exchange-tour- ism, manufactures, non-ferrous metals, and In fiscal -1975, little relief from the problems some raw materials such as rubber, timber, and of the previous year was found. The year was iibers-is highly sensitive to economic condi- haunted bv the specter of a deepening reces tions in the industrialized nations. Thus, the sion and rapid inflation in the industrialized abilitv of the industrialized world to resolve its countries (in combination on a scale unprece- own economic problems directly affects their dented in the last quarter-century), steady export receipts. Latin America has been partic- prices for petroleum products (in calendar ularly affected by the downturn in the indus- 1974, the total hill for such products amounted trial nations. It is estimated that the decline in to1974 of the total billforsuchf improdts ahouned c manutacturerl exports from this region could to 12%, of the total cost of imports in those di- e almost $ 1,000 miillioni in -19,75. veloping countries which are not members of be recent chariges in 1975. OPEC), and by a sharp drop in the prices paid The recent changes in the miternational situ- for many of the primary commodities tradition- ation have also worked agaist the lower-in- ally exported by the developing countries. No come countries, particularly those which de- countrv was able to escape the effects of these pend on imports of food and fertilizers and forces. Even those countries which had, or were exports of textiles. In addition, exporters of able to obtain, the resources necessary to main non-errous metals and ores have been ad- tain growth rates were significantly affected by Ther principal response of most developing the world economic slowdown. T he cres that haveloping For the 1,000 million people living in lower- countries to the crises that have jolted the income countries,(l) the economic events of the world economy in the last two years has been past vear have meant that average real incomes to adopt policies to attempt to meet them head have not risen at all. Current pro jections indi- on. They have taken dramatic and, at times, ex- cate that their real incomes may grow by less tremely harsh measures-at considerable politi- than 1% yearly for the rest of the decade. Not cal cost-to alleviate the adverse effects of the surprisingly, these countries are the ones whose international economic climate. immediate prospects depend to an extent In the Sahelian countries, for example, where greater than others, on factors largely beyond economic performance has been affected in their control: the weather, the availability of large measure by recent droughts, the major re- external aid, and international prices for their sponse has been to organize emergency food externl and imports. relief programs vvith the help or external aid. In exports rts most of the Sahelian countries, the slender base Real growth rates in other dleveloping coonh of resources has left economies with very little tries remained at about 4% per capita. They roomi for maneuver. were maintained in large part because many Countries affected principally by the reces- higher-income countries were able to borrow Countries attected prld 'have reced substantial amounts from foreign commercial sion in the industrialized world have also acted sourcestaalbi amourns fromforelativel d cmme l with great speed to soften its impact. The Re- sources, albeit on relatively hard terms, public of Korea-heavily depneto th The recession in the industrialized countries America ot maarkpendent on the in 1974 and 1975 has sharply affected the devel- American and Japanese markets for its exports- oping world. One important result of industrial has adopted a special credit program whiich slowdown and of measures adoptedl to reduce provides a large solume of short-term financing to help industries carry larger inventories; pref- erential rates go to small and medium-sized firms. A land bank" was established to buy real i, r,[ pwpo,erow ti tn a , i ' , deve (,ping cnuntrie, w th an estate from private firms that need cash to estimated anrial per sap ta ncI)MCe ril -72 ot less than s2ri are cla,,ified a, -l ,%Cer-: fl((em strengthen their finances. Public in6estment programs for labor-intensive sectors are being to go far beyond am/ amount likely to be forth- initiated to create employment. Along with a coming-even assuming that economic growth number of countries, its currency was devalued in the industrialized countries is rapid. in order to strengthen its balance of payments Such massive additional capital flows are un- over the longer run. likely for a number of reasons. Most of the countries especially hit by infla- In recent years, members of the Organization tion deployed a wide variety of monetary and of the Petroleum Exporting Countries (OPEC)M fiscal instruments to dampen inflationary pres- have significantly ircreased their financial as- sures. Interest rates were raised, reserve re- sistance to developing countries and to devel- quirements increased, and severe restrictions opment institutions, both in terms of commitments were placed on the extension of credit by the and disbursements. The development assist- banking sector. For a short while, many govern- ance policies of these countries, particularly for ments cushioned the impact of higher world the medium term and long term, are in a proc- prices on final consumers by increasing subsi- ess of evaluation. OP'EC members have decided dies on crucial commodities. As a result, there togivehigh prioritytodomesticdevelopmentas were some cutbacks in investment programs. long as their own per capita incomes are lower However, to avoid worsening economic prob- than those of the industrialized nations. OPEC lems in the future, governments began to re- commitments and clisbursements are likely to duce subsidies; they passed on price increases be related to their balance of payments. Their to consumers, and restored investment pro- current account surplus, which increased dra- grams, particularly in those social sectors which matically to a level of about S65,000 million in can be effective in removing the handicaps of 1974, is not expected to grow significantly for the poorest sections of society. In Kenya and the remainder of the decade. Even assuming a Tanzania, various methods were tried to soften quick recovery by the OECD (Organisation for the impact of inflation on the poor. Moderate Economic Co-operation and Development) na- wage increases in Tanzania wvere limited to low- tions, a number of OPEC members capable of er-paid employees; in Kenya, it was decided undertaking large programs fordomestic devel- that only the lowest-paid would be compen- opment may be in current account deficit bv-1980. sated fully for cost of living increases. Another major source of increased capital Many developing countries adversely affect- flows to the developing world is the DAC (De- ed by deteriorating terms of trade took steps to velopment Assistance Committee of the OECD) redirect production and investment. Egypt and countries.t2) Theirc:oncessionaryassistance, India were among those that shifted their focus measured as a percentage of their combined towards better utilization of installed capacity Gross National Product (GNP), has declined and away from the installation of new capacity, from 0.31% in 1963 to an estimated 0.33%. in Some countries shifted investment away from 1974. If a 6% rate of growth in developing infrastructure and towards commodity produc- countries were to be achieved solely by reliance tion sectors. Manygovernments increased their on larger ODA (Official Development Assist- investment in food production in order to ance) flows from DAC countries, concessionarv avoid an abject form of dependence and to assistance would have to increase to 0.81% of ward off the threat of starvation. A number of GNP. Present projections, however, indicate governments-including Ecuador, Bolivia, Ivory that despite the rise in 1974, and despite indica- Coast, Pakistan, India, and Sri Lanka-greatly lions that sorme countries will either maintain stepped up their investments to locate, devel- high rates of ODA, or will increase them, flows op, and exploit domestic energy sources. of concessionary assistance might drop to The prospects of developing countries de- 0.24%. of GNP by1980. pend heavily on their resource endowments. Most cannot, by themselves, make the adjust- Capital Flows, OPEC and DAC ments that will permit them not only to weath- er the current economic uncertainties, but also Although the statistics on the aid flows from to increase growth rates. The need for external members of OPEC are much less firm than those assistance has grown; the need to exarmine for the OECD/DAC countries, reports indicate ways by which developing countries can earn that total commitments by OPEC members rose more through increased exports has also be- from $3,000 million in 1973 to S16,000 million in come more apparent. 1974. Reported disbursements also rose rapidly, from about S1,000 million to 55,000 million. Capital Flows Bank estimates indicate that if developing countries, as a whole, are to reach a growth rate i) Al"eria, Ecuador, a)on, n (Inea a, ian. rar, Kuwai, Lioyai of 6% annually by 1980-a rate necessary for Arab Repui c- Nige,an Qatar, Sai,di Arabta, United ASah Eni- ra[a,, atnd V ereLueln them to attain a reasonable degree of economic 21 aIes AL 5tia. , Ar 5tri, Be guILmI, Cariada, Denmark, f inl idn and social development-through additional Fr.nce, C,-,,-any (ed,ai, Repbunic ,f). ll, )'apan, Nenher- capital inflows alone, the amounts required lanc,,nn , Zcalatnc St rvan. Sneden, Svoza i tedi Eunien K n"de Lu antv StaInae at hehe Csmmikion at the L,uropean would be massive. Indeed the sums would have wamnvles.a 7 The Flow of Financial Resources from DAC Countries to Developing Countries and Multilateral Institutions: 1970-74 1Usot`00 rnm I. on, Net d .burler ents '1 1) -, 1' 73 r74f Total, oticial ancd Private 15.71 17.94 19.73 24.28 26.70 Total toficial 7%9(, c895 10 t18 11.84 13.42 Oftiial Deve opment \s'.ktance(') 6.81 7(9 c 8.54 9.38 11 30 As sharcor GNP (' 0.34 0.35 0.,3 0.30 0.33 Total private(2i 7.75 8.Y9 9.f,5 12.44 13.28 Dr tls may not add to totra lac.aau.e ,-t rounding. M -0ticial De\elo[rment AV. stance i tu \ det ned n jttiOt cal A\nne idb r 3, as s t' rontenl the r aincder ot oit C a r-ourcr5, krossn as Other C a F oar (2 Include. giant, bV pr \ate ,oluntars agenc Ps (0) Prow Crna These figures include both concessionary and theirdevelopmental ends,other measures must non-concessionary resources. In '1974, approxi- be found if an annual 6% growth rate for the de- matelv 40% of disbursements were on conces- veloping countries is to he achieved. sionarv terms. The non-concessionarv cdis- bursements included loans to the Bank ($1,460 Trade Policies million) and to the International Monetary Fund's oil facility ($1,220 million, the propor- In this context, it becomes essential to exam- tion of the facility lenttodevelopingcountries). ine trade policies which can add to the export Preliminary data from DAC indicate that earnings, and hence to the growth, of develop- ODA by DAC members rose by 21°h in dollar ing countries. terms, but very little in real terms in fiscal 1975. The Over the years, the Bank has increased its total ODA of $1-1,300 million (or 0.33% of com- support of international commodity agree- bined GNP) \,vas the first significant reversal in ments, including the provision of technical the downward trend observed so far in the assistance. In the past, it has entered into con- 1970s. All 17 DAC nations increased their out- sultative arrangements with specialized com- flow of ODA in dollars during the year, and 13 modity bodies to ensure that its actions affect- countries(') also raised it as a share of their GNP. ing those commodities are consistent with their In fiscal 1975, Sweden became the first DAC policies. Recognizing that the stocking of com- country to meet the 0.7'o of GNP target for modities is an important segment of the pro- ODA which has been accepted by the majority duction process, the Bank has also provided as- or DAC members. sistance for building foodgrain warehousing Total flows for development by DAC mem- facilities in several countries. In fiscal 1975, the bers, vvhich include export credits extended by management of the Bank reaffirmed its read- official and private sectors, and direct and port- iness to receive applications for the financing folio investments, rose-10% in theyear to $26,700 of buffer stocks and to examine each proposal million. In real terms, according to DAC esti- on its merits. It was also recognized that one mates, that figure was equivalent to 0.78°, of major issue that may arise stems from the DAC members' combined GNP, the same per- Bank's constitutional need for governmental centage as in 1973. guarantees that loans wvill be repaid, and that in Multilateral institutions such as the World the case of international buffer stock author- Bank have increased their lending commit- ities, the nature and form of such guarantees ments in the wake of the worldwide economic would have to be worked out. malaise. In order to encourage assistance from Though the entire range of issues dealing other sources, the Bank has also increased the with comnnodity exports, includitng assistance scope of its co-financing activities with other for financing buffer stocks, has come into the bilateral and multilateral agencies. Details of forefront of international discussions, fewv this cooperation are provided in the regional countries have taken measures to lower the sections and in the "Aid Coordination" section barriers imposed against the imports of primary of this Annual Report. products from developing countries. The Bank Because flows of concessionary assistance believes, however, that if such barriers were can only supplement the finances developing dismantled, impressive short-term export gains countries themselves raise to funcl the means to could be achieved by developing countries. These additional earnings could, by 1980, equal half the amount of additional foreign exchange } Australa, Austria, Canadur. Denmark, Finland, France Cermany needecd to lift the growth of developing coun- (Federal Republic of), Netherlands. Ne"c Zealand. Nornav, treeden tUnited K ngdonr, and the United States. tries to a rate of 6%. 8 Bank Loans and IDA Credits Approved inb174/75, by Region (us$ millions) tank loansei IDA cdtdn Totalt't t~~~~~~~~~~~~~ ~~~~~~~~~~ank loans(it IDA ci editst Totaiilt umr Amutumeti AoNumbume{t mutNumber' AmlOuLntI Numbert2) Amount Nurmbeid?) Amount Eastern Africa ~~~~~~~~~~~~~~~~Eutrope, Middle East and Ethiopia . . . - $ - 4 $ 80.5 4 ~~~~~~~~~~$ 80.5 North Africa Kenya . . . 5 75.5 - 25.5 5 ~~~~~~ ~~~~~~~~~~~~~101.0 Afghanistan . $ - 2 $ 22(0 2 $ 22.0 Lesotho . . . - - ~ ~ ~~~~ ~ ~ ~~~~ ~~1 4.0 4.0 Algeria ......2 480 2 48.0 Malagasy Republic I~~~~~ 6.8 1 -16.4 2 231 Egypt, Arab Repuiblic of. 4 '162.0 'f 65.0 5 227.0 Malawi . . . - ~~ ~~ ~~~~- 2 18.5 2 18.5 Finland 1 20.0 -1 20.0 MAaurits . . . 1 .3.5 3.5 1 7.0 Greece . .....2 70.0 - 2 70.0 Pvwand ....- - 1 8.0 1 8.0 iran ~ ...2 52.5 --2 52.5 Somalia 1 8.0 1 8.0 Israel I ... 35.0 - - 1 35.0 Sudan ..........3 53.0 3 53.0 jordan 4 1 9.5 4 19.5 Swaziland. .. 2 10.5 'I 5.0 3 1I5.5 Morocco. . 2 48.5 1 -14.0 3 62.5 Tanzaniia.. . 3 54.0 3 .37.7 6 91.~7 Romiania. 4 230.0 - - 4 230.0 Zaire . ~.~... .1 -100.0 2 52.0 3 152.0 Spain, . I 33.0 - 1 33.0 Zambia .... 3 04.1 - 3 94.1 Syrian Arab Republic. 1 80.6 - 1 00.6 16 $ 344.4 19 $32.L5565. nisia . ... 3 6.3.5 - - 3 63.5 T~ $ 121 $~56A urkey- .- ..2 158.0 - 2 158(1 Western Africa Yemen Arab Republic - 3 27.1 3 27.1 Cameroon ...... 1 $ 7.5 1 5 18.2 2- $ 25.7 Yenler1, People's Democratic Dahomey .- - 1 4.0 1 4.0Reulco2 225225 Gab)On .1...' 5.0 - 1 5.0 Reubolavoia -- 61 2 22. 5 223.5 Ghana- ...'I 23.0 1 13.6 2 36.6 Yuolv 263. - 5 23 Guinea 1 7.0 1 7.0 30 $1,264.1 13 $ -170.1 43 $1,434.2 Ivory Coast ...5 76,)9 5 76.9 Latin America and the Liberia ....1 4.0 - 1 4.0 Caribbean Mali ..... ....- 1 24.2 I 24.2 Bolivia. 1 $ 32.0 1 $ 7.5 2 $ 39.5 Mauriltania . .1 3.0 1 3,0 Brazid) ... 5 426.5 -. - 5 426.5 Nigeria 8 -173.0 - - 8 173.0 Chile . .. .1..20.0- -1 21. Senegal........ 1 7.0 2 23. 3 30.0 Colombia . . . 5 88.0 - 5 118.1) Sierra Leone 1 7.3 5. 1 12.3 Costa Rica . . . 1 4-1.0 - 1 41.0 Togo.- - 1 6.0 1 6.0 Dominican Republic 2 29.0 - - 2 29.0 Upper Volta .- - 2 16.5 2 16. Ecuador~ .... . -1 4.0 - 1 4.0 -19 $ 303.7 11 $ 120.5 306 Et2.2 Salvador ..1 2.5 6.0 1 8.5 East Asia and Guatem-ala. .I 26.0 - - 1 26.0 Pacific Guvana. I 8.0 - 4.0 1 -12.0 indonesia 7 ~~~~~~~~~~~~~~ ~~~20 - -.~~~~~~~~~ ~~~ Haiti. 1 20.0 1 2 0.1 Indonesa ....... 7 332.0 $ - 7 $ 332. HbnduAras ...I 35.0 - - 1 35.0 Korea, Republic Of 5 297.5 - - 5 297.5 Malaysia .. ..3.0.5. 3 19.Jamaica . 3 41.0- - .3 41.0D Philippines... ....7 208.0 - 7 208.0 Mexico .4 360.0 - - 4 3b0.0 Singapore ~ ~~~~~~~1 25.0 - I 25.0 Panama. . 'I 24.0 - - 1 24.0 Western amo . . - - 1 4.4 1 . Paraguay. . 2 24.5 1 11.0 3 35.5 23 $ 972.0 1 S 4.4 ~~~~~~~ 5 976.4 i~~~rinidad and Tobago 1I ).0 - - I 5.0 South Asia .~~~~~~~~~~~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~31 $1,166.5 3 $ 48.5 34 $1,215 0 Bangladesh(3) - $ - 4 $ 150.0 4 $ 150.0 TOTALS . 122 $4,319.7 68 $1,576.2 -190 $5,895.8 Burma.- 2 45.0O 2 45.0 -- ___ India . . 2 209.0 tO 631.1 '12 840.1 Details may not adid to totals because of iounding. Pakistan . . 1 60.0 2 66.0 3 126.0 OrJ All supplemnents and amendments arc included in amnounts, but only those qtualifyiing a. separate lending operations are inclu ded in number. Sri Lanika . - 3 28.5 3 28.5 (2) loont Bank/tDA operations are, couinted only once, as tank opera(ions. 3 $ 269.0 21 $ 9201.6 24 $1,189.6 i3S txcludes Bangladesh consolidaIiotn loan and credit. Bank Loans and IDA Credits Approved in 1974/1975, by Purpose(') 11.155 rerklrons) Bank IDA Total Bank IDA lotat Agriculture Serregal-area developmernt $ 7.0 $ 7.0 $ 14.0 Atghanistain-agricultural credit .. .. - $ 13.0 $ 13.0 Senegal-irrigalion - . 1.0 Algeria- area develIopme,nt . .0 - 13.0 Sierra Leone-area development 5.0 5.11 1 0.0 Bangladlesh-irrigat on - 27.0 27.0 Spain-livestock ,33.0 -- 33.0 Bolivia-agricultural credit. - 7 5 7.5 Sri Lanka-livestock..- 9.0 9.0 Brazil-area development .. 231 23.( Sudan-irrigation(') - 210.0 211.0 Burmna-forestry .- 24.10 24.0 Tarnzania-agricultural indust ries - 111.0 10.0 Ca me(-roo n - ro p. 6 ,1, - 63.5 tanzania--crops.. 9.0 9.0 13 0 Camneroorr-crops - 16. 113.11 Togo-crops - 6. 6.0 Chile-area development ..... . . 20.0 - 20.0 TUNisia-irrigation ... .2 - -12.2 Colombia-area development, 9.5 - 19.5 t Urkey-a rEa developmneit.7.5.o1 - 75.0 Colombia-irrigation .21.0 - 21,0 LUpperVolta-livestock . .......- 9.0 9.0 Lthrcopia-area dlevelopment , . - 9.5 9.5 Yemern Arab Republic-area cdevelopirrent.- 10. ioo Chana -crops, - 1 3.6 13.6 Yemen, People's Demnocratic Republic of-fisheries(2l - 1.6 I.1 G ui nea - irr ig dtIi on . 7.0 7.0 Yugoslavia-agririultural credit.50.0 - 50.0 India-area dlevelopment .. .... 30 8~O_T 1 S -3,] $,5. India -area development - 24.0 24.( 121. 3.1 $,5. ncodi a-agriculItorat r relit I. 75.0 75.0 Dvlomn finance companies India-irrigaition 4. 4 Agna$ 00 $ - 5 4.5 India-irri 'gation - 5.0 35.0 Colombia .5 - rndia.-agricultural indlU.4ries - 34.0 34 0 Finlarnd 20.11 - 20.0 1nodra-livesrock - 7.7 27.7 Greece 25.0 - 25.0 trrdia-livestock ... - 16A~ 16.4 India ....300.0 - 100.0 lnrlonesia-irrigation 135.0 - 65.0 Indonresia .......50.0 50.0 ldonesia-agricultLiral research.21.5 - 21.5 Israel 35.0 - 35.0 Ilran-agricultural credit. . . . 40 0 - 40.0 Korea, Republic of 60.0 - 60. trail -fisheries,.. 12 5 - 12.5 Liberia . , 4.0 - 4.0 Ivorv Crrast-rorrps 31.11 - 31.0 Nloroccrr 30.0 - 30.0 teory Cruast-crops 20.0 - 20.0 Pakistan .,- 311.1 30.0 lcrrdan -irrigation . - 7.5 7.5 Philippines. . .....50.0 - 30.0 Kenya-area de -velopmnent, 7.5 7 5 15.0O Sri Lanka -4.5 4.5 Keriya-torestry.. .lOt 1 0.1. 20.0 tri nidad and Tobago .. ..5.0 - 5.0 Malagasy' Republic-forestrv 6.11 6.13 1.3.5 Turkey ......1....3. 5.1) - 65.0 Malagasy Republic-livestock . - 9.63 9.6 4139.5 3~ 34.5 $ 504.0 alaldsi-arcea rdevelopmerrt - 13.5 13.5 Ntala5sia-area dlevelopmrent .36.0 - 313.0 Education Nialaysia-agricultural research 2135 - 28.5 Brazil.. $ 23.5 $ - 5 23.5 Mali-cropsil) ~ ~ ~ ~ ~ - 2 6 2.13 Cameroorrl2l ... - 1.2 1.2 Mali-livestock.- 13.3 i 13.3 Datrioney . . . Ntexico-area de\selOprrirlt..1113.0 - 11(1.0 Doininiran Republic 138.0 6.0 Mexico-area development .50.0 - 50.0 Ecuador . '.1.. .. . .0 - 4.0 Mcxtiro-irrigation . . 150.1 - 1511.0 Ethiopia. . . 30 . Mioroccon-iarriea ie Oilop. en - 14.0 14.0 Gaibrn.. 50 - 5.0 Morocco-arregadctiopn rn1135 - 113.5 Greece . .. ...45.0 - 45.0 Nigeria-area development. .... 19.0 - '19.0 Guymana 8.0 4.11 12.0 Nigeria-area dle\elopmerrt . ,29.13 - 29.0 Ivory Coast..5.0 - 5.1) Nigeria-area development 21.0 - 21.0 Ilv,ry CoaSt[2l ...22. Nigeria-irrigation .1 7.5 - I17.5 jorcdar - 1.0 13.0 Nigeria-crops ...17.0 - 17,01 Korea, Republic 0f 225 - 22.5 Nigeria-crops I . .too 19.0 Lr'sotho..--4.0 4.0 Nigertia-cropas . 29.5 - Nl auritius ... .3.5 3.5 7.0 Nige-riai-livestock,. 21.110 2 1.1 Rwarrda...8. & Paragnuas --agricultural credit, - I11.0) 11.0 Senlegal . -13.0 13.0 Pa raguay-likestock I..11.0 -- 10.0 Somalia, . 150 15.0 Philippines-area dlevelopmntr' . 5.0 - r2 ( Sudlarr . - 10.0 10.0 Phi Iippinmo-i rrigRation . . . .. . 17 0 - 17(0 Sswazrlancld 5.0 5.0 Rorrrania -agricultural credit .. 0 - 30.0 Yemerr, People's Derrorratic Republic f .... - 54 5.4 Romania-irrigation . . 701 - 711.0 $126.7 $ 97.1 $ 223.83 Electric power Transpor~~~~~~~~~~~~~~~~~)tation Costa R ic a 5 41.0 $ -~~~~~~~~~~~ $ 41.0 llrazil-ruads $ 110.0 $ - $ 110.0~$1-100 $ - $ 10. Honduras 36.0 - 35.0 Brazil-railways . ~~~~~~~ ~~~~~~~~~~~~~~~~~~~1750 - 175.0 Indonesia 41 0 - ~~~~ ~ ~~~~~~ ~~~~~~41,0 BoiV-alas 32.0 32.0 Malaysia 46.0 -- 45.0 Egypt, Arab Republic of-ports . ~~~~ ~ ~~ ~~~~~~50.0 - 50.0 Romania . ... . 60.0 - 60.0 Ethiopia-roads ~~~~~~~~~~~~~~~~~~~~~~~~~- 32.0 32.0 Sudan 23.0 23.0 ~~~~~~~~~~~~~~~~~~~~~Haiti-rod .- 20.0 20.0 Syrian Arab Republic 72.0 - 72.0 lamaica roads ~~~~ ~ ~~ ~~~~~~~~~~~135 - 13.5 Syrian Arab Republicl2l . 8.6 B.6 larnaica-air transport 12.5 - 12.5~~~~~~~2~5- 12. Yugoslavia 70.0 - 70.0 Kenya-pipelines. . . . 2~~~~ ~~~~~~~~~~~~~~~~0.0 20.0 Zambiattl 42.1 - 421 Korea, Republic of-railways . 100.0 - 100.0~~~~~~~~~~~~0 - 00. s 475.7 $ 2B.0 s 503.7 Malawi-roads ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ - 10.0 10.0 Industry MaIi-roads(2l ~~ ~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~- 8.3 8.3 Bangladesh -fertilizer . . S - $ 31.0 5 ~~~~~~33.0Muiai-od -3) 3.0 Egypt, Arab Republic of-small industry . . . . 40.0 - 40.0 Panama-ports 24.0 - 24.0~... 240 - 24. India-fertilizer . . 109.0 - too.o Paraguay-roads ~~~~ ~~ ~~~~~~~~~1445 - 145 India fertilizer. . 91.0 o1.o Philippines-ports ~~~~ ~ ~~ ~~~~~~~~~20.0 - 20.0 Indonesia-tertilizer 115.0 115.0 Sierra Leone-roadsOl ~~~~~~ ~~~~~~~~~2,3 - 2.3 Jordan-fertilizer - 10 1.0 Swaz~~~~~~~~~~~ ~ ~~~iland--roads, , 7.0 - 7.0 Mexico-fertitizer . . 50.0 - 50.0 Tanzan~~~~~~~~ ~ ~~ia-roads.. . - 10.2 10.2 Philippines-small industry . 30.0 .30.0 Upper Volt~~~~~~~a-road,s ...- 75 7.5 Tanzania-textiles isi~~ - 15.0 Yemeo Arab Republic-roads 9.0 9.0 Iurkey-fertilizerlt) 180 - 18.0 Yugoslavia-ports ... ~~~~ ~ ~~ ~~~~~~~44.0 - 44.0 Zaire-roads ~~~~~ ~~~~~~~~~~26.0 26.0 Bangladesh S - 5 50.0 $ 50.0 5 815.8 ~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~$ 172.9 $ 988.7 Egypt, Arab Republk of 15.0 .35.0 70.0 El Salvador . . $ 2.5 5 6.0 5 8.5~~~25 $ 6. $ 8. India 100.0 ~~~~~~~~~~~l00.0 Indonesia .. . ~~~~~~~~~~~~~~25.0 - 25.0 Korea, Republic of 100.0 - 1000 Tanzania - 8.5 8.5~~~~~~~~~~~~~~~~~~~~~~~~8. 8 Sri Lanka . 15.0 15.0 Zambia 200 ~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~- 20.0 Tanzania 30.0 - 30.0 $ 70,5 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$ 225 $ 93.0 Afghanistan . , 5~~~~~~~~~~ - S 9.0 $ 9.0 Bangladesh 5 $ 15.0 5 35.0 Colombia ~~~~ ~ ~~ ~~~~~~~~~~~~~~~~27.0 - 27.0) Philippines 25,0 - 25.0 Indonesia ~~~~ ~ ~~ ~~~~~~~~~~~~~~~~~~~~14.5 -14.5 $ 25.0 $ 15.0 $ 40.0 IvoryCoast.. 9~ ~ ~~ ~~~~~~0 -9.0 Telecommunications jansaica. 15.0 15.0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1.0'1. Burma $ - $ 21.0 ~~~~~~~~~~~~~~ 21.0 Singapore ~~~~~~~~~2,5.- 25.0 Colombia . 15.0 - 15.0 Swaziland.. 3.5 - 1.5~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~3. Egypt, Arab Republic of - 30.0 30.0 Tunisia ~~~~ ~ ~~ ~~~~~~~~~~~280 -28.0 Ghana 23.0 - 23.0 Yugoslavia.. ~~~2106.0 6.0 Guatemala 26.0 - 26.0 $ 128.0~~~~MD $ 17.1 $ 145.1 Zambia . . . . . 32.0 .. 32,0 ~~~~~~~~~~~~~~~~TOTLSI5 .3$431. $1,~576.2 $5,895.8 $ 96.0 $1.0 $9.0 Details may not add to totals because of rounding. Tours (5oeain aebe lassified by the~ nialor purpose they linance Many projects include activity in more DomncnRpbi 10 $$ 21.0 than onie secto1.r or subsectur. Ivor Cat . .. 97 -97 (iS Amendment/supplement to previous loan or credit~ not counted as a separate. leniding operation. $ 07 - $33. 3 Em ludes Bangladesh consolidation loan and credit. Progress has been made in improving export recession in the incustrial world. A Bank study possibilities, as exemplified by the recent estimates that manufactured exports from de- agreement reached in Lome defining trade rela- veloping countries in the period 1976-80 could tions between 46 African, Caribbean, and Pacif- increase by more than 15% yearly, provided that ic nations and the European Economic Commu- growth in the OEC[) countries were to average nity. In particular, the mechanism included in 6°n in the same period. that agreement for the stabilization of earnings Even if growth in the industrialized world is from 12 commodity exports holds promise for slow, petroleum exporting countries might be a the improvement of trade prospects of many significant market lor manv developing coun- developing countries. As the importance of tries. Imports of goods by OPEC members, esti- trade in helping the developing countries meet mated to be on the order of $43,500 million in the needs of their citizens looms ever larger, 1974 (a figure almost double that of 1973), are the trade discussions in various international projected to increase bv as much as 25% an- fora have become all the more important. nually through 1980. The past share of exports Trade-related negotiations between developed to this group of countries by developing coun- anddevelopingcountries undertheauspicesof tries has been only 14%; a maintenance of this both UNCTAD (UN Conference on Trade and share would contribute greatly to their ability Development) and GATT (General Agreement to pay for their import requirements. on Tariffs and Trade) are currently under way. Increased earnings by developing countries Long-Term Development Needs which produce primary commodities are not An increase in exports-both of primary com- thwarted only by trade restrictions in the indus- modities and of manufactures-from the devel- trial countries. Another constraint is productive oping COULntries would provide a boost to their capacity in the developing countries them- stagnating economies. Yet greater earnings selves. A Bank study indicates that only bv, in- through exports cannot be expected to solve vesting about $18,000 million (in 1974 dollars) the accumulated economic problems and con- by 1980 to expand production of these com- straints of the developing world. modities could the developing countries take The fact is that developing countries with an- full advantage of the elimination of trade nual per capita incomes of above $200 would restrictions. be the chief beneficiaries of export expansion Import liberalization for primary commodi- and trade liberalization. The degree of their ties, though significant in overall terms, would current dependence on world trade is far larger nevertheless probably prove to be of limited than that of the lower-income countries. Since value to the developing world over the long 1974, external finance has heen less used as a term. The markets for such products will con- supplement to domestic savings as terms of tinue to grow only slowly, as income elasticities trade deteriorated. Export growth can help re- are, in most cases, low. Imnproved long-term ex- turn rates of domestic savings-and hence, do- port prospects must, therefore, be based largely mestic resources available for development on trade in manufactures. programs-to more normal levels. But if long- Although manufactured goods no0wv account term development is to proceed-especially for for 25%°o of the total exports of the Creveloping the 1,000 million people living in the lower-in- countries, their share of the world trade in man- come developing countries-much larger capi- ufactured goods is still only about 6%,-. More- tal flows on concessional terms must he pro- over, exports of manufactures from developing vided. countries have grown only marginally faster in There are but a few developing countries value between 1960 ancd 1972 than total world with highlv diversified economies which can trade in this category. hope to achieve adequate rates of growth sole- Mvlanufactured products from cdeveloping ly through export growth. For the rest, a combi- countries often face a variety of tariff and non- nation of measures will be needed to enable tariff barriers (countervailing duties, cluan- them to pay for the imports recquired for sus- titative restrictions, and voluntary but nego- tained development. That combination can be tiateC restraints on exports, tor instance). In provided only through cooperation among the recent years, several industrial countries have industrialized, petroleum exporting, and devel- begun efforts to phase out domestic industries oping countries. Expanded exports to and in- which cannot compete with manufactured creased capital flows from OECD and OPEC goods from developing countries. Although members can help the developing countries there are limits to the speed at which this can weather the current transitional period of eco- be done, the Bank believes that the adoption of nomic disequilibrium. Beyond this period, more liberal policiesbvdeveloped countrieson however, long-term development finance on the importation of manufactured goods is es- concessional terms will be needed to help pro- sential to the long-term growth prospects of vide developing countries-especially the low- the developing countries. In the short run, er-income ones, whose dependence on foreign however, increases in exports of manufactured trade is relatively small-with the capital needed goods by developing countries will be partic- to finance programs designed to achieve basic ularly sensitive to the extent of recovery from development objectives which increasingly are 12 a Kk L[X r >< e-nr>jr g bky Geoplap:) 1 00 (2} ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ C Inldn0 e gp,Mrco n ui 0)~~~~~~~~~~~~~0 ES 1,00 \!CO 0P (3) Excluding Afghanistan an Ira ' n g A a- 0co C\1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~N C's 0 c's I IN ~ ~ ~ ~ co 200~~~~~~~~~~ C' 1 A j~ 3)EcuigAganistanNand Ira 01~nldn fhnsa n rn u x dn lei,Eyt Morcco an Tuni a. -1 designed to raise the productivity of the poor- resources), it should be administered by the est groups in their midst. IMF, though on longer and more concessional In response to the worsening economic con- terms than those applying to the existing facil- ditions, global initiatives were launched during ities of the Fund. the past fiscal year to deal with two of the world's most intractable problems: the deterio- The Third Window rating economic posture of the developing countries, and the continuing threat of dis- At the same January meeting, the Develop- astrous imbalance between food supplies and ment Committee also requested the Bank to ex- population. amine the possibility of establishing a "third window," providing development assistance on The Development Committee terms intermediate between those of the Bank and IDA. Indeed, even before that meeting, the In October 1974, following the approval of Bank had begun to study the feasibility of parallel resolutions by the Boards of Governors establishing such a facility. of the Bank and the International Monetary The response by the Bank to the proposal was Fund, the Development Committee-formally, affirmative, for it believed that the Third Win- the loint Ministerial Committee of the Boards dow could prove a valuable source of capital of Governors of the World Bank and the Inter- resources to developing countries. national Monetary Fund (IMF) on the Transfer At its June meeting, held in Paris, the Devel- of Real Resources to Developing Countries- opment Committee unanimously supported was established. the establishment for one year in the Bank of The Development Committee consists of 20 the new intermediate lending facility. The members, generally Ministers of Finance, each Committee also urged the Bank to proceed appointed for the first two years by one of the wvith its establishment in the fiscal year begin- 20 countries or groups of countries designating ning luly -1, 1975, in order to lend to the de- a member of the Bank's Board of Executive Di- veloping countries in that year up to $1,000 rectors. The Committee is required to advise million in assistance separate from other Bank and report to the Boards of Governors, both of operations. the Bank and the IMF, on all aspects of the The Third Window is essentially an interme- broad questions of the transfer of real resources diate lending facility whose terms are softened to developing countries, and to make sugges- by the availability of interest subsidies. The tions for consideration by those concerned re- fun)ds needed to finance disbursements under garding the implementation of its conclusions. Third VWindow loans, which would be made The initial focus of the Committee's vork over t one-year period, would have to be bor- was on the situation of the poorest and the rowe-l by the Bank. The amount of conces- "'most seriously affected"(l) developing coun- sionary resources needed to finance the in- tries, and on measures by which their needs for terest subsidization of such loans depends on the immediate period ahead might be met. In both the volume of lending to be undertaken its January 1975 meeting, the Committee re- and the terms offered on individual loans. At quested that the creation of a "special trust an intermediate interest rate of 41/2%-4% below fund," providing additional highly conces- the Bank's present lending rate-about $225 sionary resources, be examined by the Execu- million in interest subsidization funds would tive Directors of the Bank and the IMF. he required to finance the lending of each The Bank's Executive Directors studied how $1,000 million. Contributions in the form of the need of developing countries, especially grants would be voluntary. the lower-income ones, for quickly-disbursing The chief beneficiaries of Third Window op- balance of payments assistance could be met. erations would be those countries with per The need was made more urgent by the knowl- capita GNPs of less than $375, and especially edge that the rapid commitments of assistance the lower-income countries. Though many of by some OPEC members, much of it fairly the lower-income countries could not afford quickly-disbursing, might not continue on the the intermediate terms of Third Window same scale, and that the IMF oil facility was loans-exclusively, at any rate-they would scheduled to be phased out. stand to benefit indirectly through a re-alloca- In view of the character of the urgently- tion to them of IDA funds from some develop- needed assistance for balance of payments re- ing countries which can afford intermediate lief, the two Boards agreed that if any such trust terms. Taking into account both the direct and fund were to be established (its establishment indirect effects of Third Window lending, the would depend on the availability of additional lower-income countries might receive a net in- crease in total Bank Group assistance of ap- (1) The term ,mo,t se,ous v atrected.' or ,S,-, ha, come ntc proximately 20o%, with an appreciable softening wirdespread use an the past two sears. and denotes those deve - oping countries wsith lo%sest per capita incomes that hate a so, of the average terms of that assistance. The been hardest hit by recent word econom c event> Ident- Bank believes, however, that the Window tication of \,tSA countr e, is among the tasks of the United Nd- tions Emergency Operation. Forts-two countries have to date should not be completely closed to countries been incorpotrated into the viSA list. with per capita incomes higher than $375. 14 World Food Conference are discussed in the "Inter-Agency Coopera- tion" section of this Annual Report. In early November, 130 governmental delega- The World Food Conference highlighted the tions, as well as a large number of non-govern- importance of taking action to narrow the pro- mental and intergovernmental groups, met in jected world food gap, and the Bank has begun Rome in the wake of the serious deterioration to take action to assist its members to formulate of the world food situation. The immediate and implement plans to increase food produc- problems of food and fertilizer shortages were tion. In many cases, such plans might involve not dealt with in substance, for the Conference some fairly radical changes in pricing and other had a long-term reterence-approximately 10 policies, and the removal of socio-political, in- years-which looked both toward the improve- stitutional, and other constraints. While the ment in persistent, unfavorable trends in food emphasis is being put on quick-yielding activ- production in the developing countries, and to ities, the Bank is also paying attention to actions the establishment of means to cope \ith emer- which may bring about important, long-term gencies when major crop shortages occur, as results. The Bank is, for instance, helping some happened in 1972 and 1974. The Conference of its members-Bangladesh, India, Indonesia, was remarkable for the unanimity with which it Iran, Kenya, Nepal, Zaire, and the countries of endorsed the basic principle that the world's the Sahel, to name a few-in the use of satellite food problems could be solved only through, a remote sensing imagery in resource survey and great and sustained growth in food output in evaluation work, and in all aspects of project areas in which the great masses of under- planning. nourished and vulnerable people live, namely, During fiscal 1975, as a result of a compre- the developing countries of Asia, Africa, and hensive study of the problems of the rural poor, Latin America. the Bank gained an improved global perspec- Delegates agreed to hold subsequent nego- tive of absolute and relative poverty, of where tiations on four principal subjects: the rural poor are located, and some idea of -the creation of an International Fund for their production potential. Knowledge of the Agricultural Development ("World Food constraints which impede the fulfillment of Fund"); this potential has also been increased. -the establishment of a global information and early warning (for potential crop fail- Rural Development ures) system; -the reconstitution of the existing Inter- Almost 650 million people in the developing governmental Committee of the World world are considered to live in absolute pover- Food Program as a body to coordinate food ty, existing on annual per capita incomes of not aid; and more than $50. About 100 million more, in rela- -the creation, at the ministerial level, of a tive poverty, have incomes, though above $50 a World Food Council of about 25 members year, which are below one-third the national to coordinate the activities of a standing average. Of this total of three-quarters of a bil- committee of the (Food and Agriculture lion people, 600 million, or 80%, live in rural Organization of the United Nations) FAO areas. Their number is growing by approximate- Council on world food security (which Iy 2% a year. deals with the establishment of food stock- The poverty of the rural poor is reflected in piles), the Intergovernmental Committee their poor nutrition, their inadequate shelter, of the World Food Program, and a new and low health standards. Schooling in rural bodv, the Consultative Group on Food Pro- areas is often both inadequate and irrelevant. duction and Investment in Developing Rural areas, compared with urban areas, have a Countries (CGFPI). smaller share of economic infrastructure, such as domestic water, electricity, and waste dis- Several of these actions taken by the Confer- posal. Even when such services exist, the poor ence had implications for the work of the Bank. often do not have access to them because orga- Resolution XIII, which was sponsored by many nization is inadequate, and costs are high. of the OPEC members, and which recommend- If the problems of food production are to be ed the establishment of the "World Food alleviated, the rural poor must be made a part of Fund," contemplates the disbursal of its re- the solution. Because the problems are so com- sources by "international institutions," a term plex, complex solutions, cutting across sectoral intended to cover the Bank, among others. The lines, must be devised to help the rural poor World Food Council, asked by the Conference contribute more fully to an increase in output. to coordinate the actions of, make recommen- The Bank believes that rural development, dations to, and receive reports from "United properly conceived and carried out, need not Nations bodies and agencies," will work closely conflict with the objectives of higher food pro- with the Bank, the world's major source of ex- duction. Indeed, studies indicate that small ternal funds for direct investment in the agri- farmers are often more efficient in the use of cultural sector. The proposed activities of the farm resources than are large farmers. And CGFPI, as well as its relationship to the Bank, though it may take longer to increase food out- 15 Bank and IDA. Lending 3 A[ SeeC[orsr, aIId l4L, Agr'cuiuire and RuraS DevJ< pmnen'f 10,50 75 (US$ millions Fisca: years 5 n000 All Sectors Agriculture -4,000 Rural Development -3,000 2 2 000 000 1950 1955 1960 1965 1970 1975 put on small farms than on larger units-it is with the problem. and the sequence in which more difficult, for instance, to devise and im- they are used, will necessarily reflect local plement development schemes involving large conditions as well as narrower technical numbers of smallholders than those affecting considerations. only a few large-scale farmers-the Bank has In some instances, present policies must concluded that, in the longer run, increases in change if programs for rural development are to food production of the magnitude required to be effective. The Bank's analysis indicates that satisfy worldwvcide demand can only be all too often, government policies discriminate achieved by heiping small farmers increase against agricultural production in favor of man- their productivity and output. ufacturing or processing industries; in addition, Experience has taught the Bank that, in many policies designed to keep food prices low for instances, a lack of finance alone is not the only the large urban market have frequently been factor limiting production among small-scale adopted to the disadvantage of the small farm- producers. Frequently, technological, proce- er. In other cases, national fiscal policies- dural, and manpower constraints thwart the ef- through high levels of indirect comnmodity taxa- fective use of additional investment. tion and low effective rates of income or prop- Overriding these factors, however, is the erty taxes, the poor often pay a considerably need, at the national level of government, for a larger share of their income than the rich, for strong commitment to rural development pol- instance-must be made consistent with the icies. Such commitment is required if the im- commitment to rural development. Elsewhere, pact of programs designed to attack the prob- land policies, involving land reform or settle- lems of rural poverty are to be both effective ment schemes, to name but two, must be de- and broad-based. The Bank is in no position, signed to aid the rural poor. Technologies of norwould itwantto be, to dictate the design of relevance to and within the means of the small- such programs, for the choice of ways to deal holder must be made available and promoted. 16f In those countries where there exists a rate of return at least equal to the opportunity strong, national commitment to improve the cost of capital; they will be comprehensive in productivity of the rural poor, the Bank has al- their approach to small-scale agriculture, and ready become a major source of external funds will provide for a balance between directly pro- for direct investment in the agricultural sector. ductive and other components (where the in- It is the Bank's estimate that the rate of growth clusion of the latter is appropriate); and they of output of small farmers can exceed 5% by will have a low enough cost per beneficiary so 1985 if assistance, properly conceived and tar- that they might be extended to other areas, giv- geted, is provided. The Bank also knows, how- en the availability of additional resources. At * ever, that some innovative rural development the same time, however, the Bank has recog- programs wvill inevitably be unsuccessful. (Risks nized that there is a need to develop new ap- can be reduced by providing facilities for moni- proaches to solve the many difficult technical, toring and evaluation so that the lessons of ex- organizational, and other constraints which perience can be learned.) And, the Bank real- hinder the realization of the productive poten- izes that its rural development program for the tial of low-income rural people in agricultural next five years-ambitious as it is-will scarcely and other pursuits. Because increasing food keep pace with the additional numbers of the output on small farms takes a long time, the rural poor-some 70 million-who will be born Bank will continue, under appropriate condi- during the same period. A five-year (fiscal 1975- tions, to help finance projects designed to in- 79) lending projection by the Bank foresees crease food production and expand exports on commitments of up to $7,000 million for agri- medium-scale and large farms. culture and rural development projects. Such lending could benefit about 100 million people, Education of whom 60 million are presently living in either absolute or relative poverty. Bank and IDA lending for education devel- The Bank has estimated that over the next 10 opment is but -12 years old; during that period, years, up to $100,000 million might be required the perceived objectives of education, and its to provide the impetus for sustaining produc- relationship to development, have changed in tivity and real income growth among all the rur- much of the developing world. The Bank, too, al poor. Because Bank and IDA financing, on av- has periodically re-examined its role in foster- erage, accounts for but one-half of project ing educational development. costs, the lending projections, if realized, Until recent years, overall strategies, includ- would support a total annual investment pro- ing those for education, have been directed gram of approximately $2,000 million by fiscal toward modern sector activities and educating 1979. This alone would represent 20% of the people for roles in a highly modernized society. yearly requirement for financing the target of a This has often resulted in a concern for urban production increase of 5% by 1985. populations and more highly-skilled groups in The main elements of the Bank's rural devel- the labor force which works to the disadvan- opment projects will remain largely the same. tage of the rural dwellers and other segments of They will be designed to benefit large numbers the poor who are engaged in traditional or tran- of the rural poor, while earning an economic sitional ways of life. Bank and IDA: Trends in Lending, by Sector (US$ mil ions Fisca years ) 1973 1974 1975 Bank IDA Tota Bank IDA Total Bank IDA Total Agriculture 501.6 436.1 937.7 646.5 309.4 955.9 1,221.5 636.1 1,857.5 Development finance companies 268.0 42.0 310.0 309.0 36.2 345.2 469.5 34.5 504.0 Education 161.6 114.5 276.1 134.4 18.7 153.1 126.7 97.1 223.8 Electric power 174.3 147.2 321.5 755.9 13.5 769.4 475.7 28.0 503.7 Industry - 67.2 67.2 309.1 109.7 418.8 665.3 125.0 790.3 Non-project 30.0 195.0 225.0 - 235.0 235.0 195.0 325.0 520.0 Population 21.5 - 21.5 - 17.0 17.0 25.0 15.0 40.0 Technical assistance - 4.0 4.0 16.0 5.0 21.0 - - - Telecommunications 157.8 90.0 247.8 66.5 41.4 107.9 96.0 103.0 199.0 Tourism - - - 30.6 16.0 46.6 30.7 - 30.7 Transportation 520.1 162.3 682.4 733.2 223.8 957.0 815.8 172.9 988.7 Urbanization 16.0 20.0 36.0 68.0 45.0 113.0 70.5 22.5 93.0 Water supplv and sewerage 200.1 78.7 278.8 149.2 24.5 173.7 128.0 17.1 145.1 Total 2,031.0 1,357.0 3,408.0 3,218.4 1,095.2 4,313.6 4,319.7 1,576.2 5,895.8 Detai 5 may not add to totals because of rounoing. 1 7 Bank and E Ari The Bank believes that educational strategies Lendsng to Cru ndii,eK v1_;'!_ must adapt themselves to and be consistent .'al * .;with broadly-defined development objectives which increasingly are focusing on wavs to below $200, 196475 raise the productivity of the poorest segments (USS mil ons Fscal vears.) of the population. The 750 million people who live today in poverty are, in most cases, the IDA same people for whom education in the past _ Bank w was either inaccessible or irrelevant. Develop- _ Total C\ment strategies to increase these people's pro- 2,200 - ductivity and incomes cut across many sectors- including agriculture, health, and population, as well as education. In attempting to promote balanced educa- tional development, the Bank believes that 2.000- minimum, basic eclucation should be offered to all, as fully and as soon as resources permit, and that further education and training beyond the basic level should be provided selectively to -1 800- improve the knowledge and skills needed to carry out economic, social, and other develop- mental roles. The Bank realizes, however, that new educa tional strategies to provide relevant training to 1,600- masses of people cannot be divorced from the various political milieus in which decisions af- fecting new strategies are developed. In addi- tion, it knows well that there are risks involved __ f 400- tor developing nations in embarking on highly CO i Ninnovative policies in such an emotion-laden field as education. For countries not content with the results of past educational policies, and which wish to . 200 redress existing imbalances and irrelevancies, the Bank stands ready to share the risks in- volved in evolving new educational policies a) I _ j and programs. For others which are yet to de- r- t _ " termine what direction new educational strate- 0) - N; v 1 ooo- gies should take, the Bank has indicated its will- ingness to assist in financing comprehensive sector studies which broadly assess the degree to which a country's educational system re- 800- sponds to its developmental objectives and needs, The Bank firmly believes, however, that 6 l, _ _ 111such studies must be undertaken at the initia- tive of, and carried out by, the countries them- selves if the best and most firmly-rooted results 600- are to be achieved. Almost three-quarters of a billion people above the age of 15 are today illiterate; unless o) w - _ Bremedial action is taken soon, that number may ;Jr s Ee - ,400- rise by more than 100 million in 10 years. Such is the magnitude of both the problem and chal- lp co m1t _ _.- lenge. The Bank is aware that its contribution to i, f educational development-in terms of dollars- is small (though increasing to more than $1,000 _ _200 - million for 80 education projects in the period 1974-78). It believes, however, that through its lending program, combined with its advice, giv- en in continuing dialogues with concerned de- veloping countries on how best their own 1964-68 1969-73 1974 1975 needs might be met, it can act as a significant Annua Averages catalyst in helping developing countries 1'Excluding ol exporterswth capta surplus achieve their goals. 18 Health The responsibility for implementing this pol- icy has been assigned to an expanded Office of Health programs in developing countries, Environmental and Health Affairs. The Office too, have historically neglected the rural mas- will: ses. This bias against the provision of adequate -review all Bank lending operations with a health services for the rural poor is manifested view to preventing their possible detrimen- in two ways, the Bank has determined. A large tal effects on health and providing op- proportion of public expenditures on health in portunities for health improvements, developing countries has been allocated to im- -coordinate the Bank's participation in spe- pressive, but expensive modern hospital facil- cific disease control projects; ities and highly-trained medical manpower. -undertake-initially on a highlv-selective Both are naturally found in urban centers. Ur- basis-analyses of the health sector in par- ban dwellers are doubly favored: they also have ticular countries; better sanitation and water supply facilities, -plan and oversee Bank-related research in higher school enrollment ratios, and superior the sector; and environmental and personal health services -organize and nonitor field experiments to than do their rural counterparts. (People liv- test out more effective health care systems. ing in urban slums, however, have also largely The Bank is also extending its collaboration remained beyond the reach of modern with the World Health Organization (WHO), medicine.) particularly in improving the allocation of na- The Bank believes that inefficiencies and in- tional resources devoted to health. Indeed, be- equities in health policies should be removed. cause the strengths of the twvo organizations The issue is one of more than equity alone; it is are complementary (WHO has great technical also economic, for ill health imposes economic expertise, while the Bank Group has substantial costs by impairing the productivity of both strength in conducting economic analyses), workers and capital goods, and by reducing the substantial scope exists for collaboration with availability of labor. To promote economic de- WHO and other agencies-as has already taken velopment, the poorest in developing societies place in the Western Africa onchocerciasis must be permitted and encouraged to become project. Perhaps of even greater importance is as productive as resources permit. As health the fact that the Bank and WHO, starting from conditions and economic development are different conceptions of their respective roles fundamentally related, the majority of the in assisting their common member countries, people cannot be denied access to better have arrived at a substantial convergence of health care without damaging national devel- views as to priorities and methods of approach- opment prospects. ing the health problems of the poor. Evidence indicates that the effectiveness of limited resources for health services (govern- Housing and Urban Transport ment health expenditures in many developing countries total less than $1 per person) can be In attempting to define solutions to alleviate increased, and that more equitable access to the poverty that exists in much of the develop- health care can be ensured if governments ing world-through rural development, educa- were to curtail their considerable expenditures tion, and better health care-the Bank also took on hospitals and highly-trained personnel, and increasing note during the year that poverty is devote more resources to the staffing of low- by no means confined to rural areas. level health services in areas with few or no fa- Estimates by the UN indicate that in 1975, 819 cilities. Preventive medicine-focusing on im- million, or 30%, of the people in developing proving environmental and public health, per- countries live in cities and towns of over 20,000 sonal health practices, and nutrition-rather habitants; by the end of the century, it is ex- than curative medicine should be emphasized. pected that the proportion will have risen to While the Bank has not directly financed about 42%, and the number of urban dwellers conventional health infrastructure as such, it will be 2,200 million. Half will have come from has initiated project lending in a number of rural areas in search of better employment op- areas that directly affect health, either through portunities. Most will find deficient living con- the provision of project components, or ditions in their new surroundings, but though through the overall project itself. These areas their deplorable conditions may be more vis- include population and nutrition, education, ible than those of the rural poor, most migrants, rural development, irrigation and drainage, nonetheless, will consider urban living a dis- "sites and services," and especially, water sup- tinct improvement. ply and sewerage. This effort will continue. In One fact is clear: the services provided to the addition, the Bank has decided that, within the poor, whether they live in urban or rural areas, context of its present lending program, it will fall veryfar below those provided to the middle systematicallv analvze the health conse- classes and the well-to-do. In the area of hous- quences of the projects it supports, and seek ing, for instance, the supply of urban land and available opportunities to improve health con- urban services, such as water, sewerage, and ditions in the developing world. electricity, tends to be strongly skewed toward 19 upper-income groups, leaving the lower-in- for the poor majority of the city populations. In come groups vvith minimal or non-existent very large, lower-income cities, the upgrading services. Typically, the standards adopted for of squatter areas also appears to hold great utility supplies are, in any case, too costly for promise for alleviating the grossly sub-standard the poor. The supply of housing for middle-in- living conditions of the very poor. Positive zon- come groups is limited, and housing ostensibly ing and land use policies can also be used to in- provided for the poor is often usurped by high- fluence the locations of residences and places er-income families. As far as urban trans- of employment within cities in wvays which re- portation is concerned, governmental policies duce transport needs and widen the opportu- have often worked, unintentionally, to the det- nities of poor workers. riment of the poor. Many, particularly in the As with housing, Bank activities in urban poorer cities, cannot afford any form of motor- transport will be concentrated in cities where ized transport on a regular basis. Ten cents a authorities demonstrate a willingness to con- working day-fairly tvpical of fares for two bus sider and implement bold measures to adapt rides of two or three miles-represents about their policies to the mounting pressures of ra- 10% of an income of $300 a year. Many of the pid urban growth. Priority will be given to proj- poorer wage earners earn less than that. Never- ects supplementing basic transport systems theless, facilities for both walking and cycling, which are directed primarily to the needs of the in cities of most developing countries, are no- majority who cannot afford an automobile, and toriously poor and are being reduced by the for goods traffic. Though consideration will ac- priority accorded to the private automobile. In corclingly be given to bus and urban rail sys- sprawling, low-density cities, the distances in- tems, including vehicles, repair shops, termi- volved often make walking or cycling imprac- nals, and road and track improvements re- tical. "Squatter" housing settlements are peri- quired for efficient functioning, particular at- odically demolished, and the poor, unable to tention will be given projects catering to the build, buy, or rent housing near centers of em- many cyclists and pedestrians who cannot af- ployment, are pushed to the peripheries of ford even low-cost public transportation. cities where transportation facilities are often The growth of Bank activities in helping to non-existent or costly. develop and finance urban transportation pro- A reorientation of existing housing programs, grams will inevitably be limited by the long the Bank has concluded, can make a substantial preparation times for projects and a general contribution to economic development and shortage of expertise in the field. The Bank is social \velfare. Though a few developing coun- convinced, however, that increased involve- tries have adopted imaginative programs to ment is inevitable because urban transport is, in serve adequately their gro\ving urban popu- many respects, a leading influence on deter- lations, housing conditions in most countries mining physical and social urban patterns. Be- are worse than they need be. The reasons for cause inadequacies exist in current method- this state are complex, but basically, they are ology for analyzing urban transport problems due to a lack of understanding of the under- and designing solutions to them, the Bank will lying problems and resource constraints wvhich also attempt to stimulate further development result in the formulation of misguided policy. of methodologies specifically related to gener- It is the Bank's belief that many countries al urban conditions in developing countries. have often chosen to respond to the needs of The effectiveness of Bank assistance can be their urban citizenry by constructing dwellings maximized only if it is placed in the context of of such high standards that the broacd demand an overall urban development program. The for housing cannot be met. In addition, the Bank believes that such an overall program costs of such housing are often beyond the might include such elements as initiatives to reach of the urban poor. This condition, then, is improve land management policies, policies to similar to those prevailing in the field of health, restrain too rapid development of peak hour where modern hospitals have substituted automobile use, and both an understanding of inadequately for measures designed to help the market imperfections by the authorities con- masses of the people attain better health. cerned, and a willingness to recluce them over If developing countries were both willing timne. Only vvithin such a context can Bank assist- and able to bring the cost of housing down by ance infinancingurbantransport,"sitesand ser- reducing standards, by encouraging self-help vices," the upgrading of squatter settlements, building projects, by encouraging or providing and in building up the capabilities of local for higher-density construction, by using local housing finance institutions through technical building rnaterials, through the provision of assistance and the provision of 'seed capital" fewer private and more communal plumbing to mortgage insurance institutions, be maxi- and sanitary facilities, and by improving the ef- mized. During the year, increasing attention fectiveness of housing finance institutions, wasgivento projectsin support of general urban housing conditions could be greatly improved and urban/regional development programs. 20 Eastern Africa Per capita Trretnd in Lending, 1964-75 Populat on CNP (US$) Current borrowers (000)(1) 1973 (J$ n ons sea years Botswana 641 240 nnuai Averages Burundi 3,580 70 (00) Number o' Operations Ethiopia 26,550 90 Kenya 12,480 180 Le sot ho IJ6 I2 Malagasy Republic 7,610 140 Malawi 4,833 110 Mauritius 860 350 Rwanda 3,980 70 Somalia 3,042 90 Sudan 17,051 130 Swaziland 459 300 Tanzania -13,974 120 Uganda 10,829 140 Zaire 23,438 90 Zambia 4,646 390 1a Estirmated as of rid -1973. 300 600 500 i 200 All the countries in Eastern Africa are heavily world copperprices. Record high prices reached dependent on the export of a small number of in early 1974 led to a rapid increase in im- primary products to earn the foreign exchange ports; when copper prices dropped precipi- required to pay for the increasing costs of im- tously, the steadily-rising costs of the new level ports. In fiscal 1975, as in the past, economic of imports compounded the two countries' progress-or lack of it-in the region's 16 coun- economic problems. As a result of the decline tries has been closely linked to the price trends in copper revenues, Zambia expects to register of principal exports. Many countries, which had a very large budget deficit in 1975. In Zaire, too, benefited from a boom in export commodity rapidly-rising public expenditures outstripped prices through mid-1974, suffered when their the growth in revenue and fueled a price infla- export earnings fell. Yet unfavorable move- tion which reached 30% in 1974. Both Zambia ments in the terms of trade only partly explain and Zaire experienced sharp declines in their the serious difficulties experienced by several foreign exchange reserves in 1975. nations; in Ethiopia, Kenya, Somalia, and Tan- The countries w.vhose principal export is cof- zania, continuing drought caused a major set- fee-Burundi, Ethiopia, Kenya, Madagascar, and back, while Mauritius suffered serious damage Rwanda-also faced declining export receipts. in January when it was hit by the worst cyclone The price of coffee, which peaked in early 1974, in 15 years. In Ethiopia and Madagascar, the has fallen sharply in recent months. High prices ability to deal with economic problems was af- for sugar benefited two major producers Swazi- fected by political changes, and the organiza- land and Mauritius, though in the latter coun- tions of the East African Community were re- try, production dropped by 15% to 20% as a re- strained from action by the need to negotiate sult of cyclone damage. A drop in the price of further for agreement among the partner cotton adversely affected the economies of Su- countries. dan and Tanzania. The sharpest setback in export earnings was In Tanzania and Madagascar, the need to im- experienced by the two countries in the region port large quantities of food seriously aggra- -Zaire and Zambia-critically dependent on vated a balance of payments situation already 21 made difficult by the escalation in the prices of The country of the region registering the petroleum products and manufactures. By De- highest rate of economic growth during fiscal cember 1974, Tanzania's foreign exchange re- 1975 was Botswana, where yearly per capita in- serves had fallen to less than the equivalent of comes have doubled in less than five years. This one month's imports. It was then that the Bank rise is due mainly to large investments in the approved a quick-disbursing$30 million loan to mining sector over the past five years which help enable the countrv to continue importing have enabled it-despite technical difficulties raw materials and intermediate goods essential in some projects-to begin exploitation of its for its development program. diamond, copper, and nickel resources. Somalia's predicament was even more pre- carious during the year. A drought which began Co-financing Arrangements in 1973 became acute during 1974, and killed as many as a third of the livestock (some 1 million In an effort to direct additional financial as- cattle and 1 V2 million goats and sheep). Nearly a sistance to priority needs in the region, the quarter of a million people were fed in well-or- Bank worked closely with bilateral donors and ganized relief camps. Since livestock is the other international organizations in concluding main source of Somalia's foreign exchange co-financing arrangements for several projects: earnings, the drought caused a deterioration in in Kenya, Malawi, Mauritius, Rwanda, Somalia, that country's balance of trade. Despite large Sudan, Tanzania, and Zaire. Total investments capital inflows, foreign exchange reserves de- by all co-financers, excluding the Bank and clined in 1974 and continued to do so in the IDA, came to $290 million. first half of 1975. The most notable operation of this kind was a Although the drought also affected southern co-financing arrangement between the Bank (a and southeastern Ethiopia, that country ben- $100 million loan), the Libyan Arab Republic efited-up to the middleof 1974-from averyfa- (also a $100 million loan), and the European In- vorable trend in its terms of trade. Since then, vestment Bank (a $20 million loan) to assist the however, greatly increased prices for its in- expansion of Zaire's State-owned Gecamines ports have resulted in a moderate decline in mining company, the successor company to Ethiopia's sizeable foreign exchange reserves. Union Miniere du Haut-Katanga which was na- Kenya was very adversely affected by a com- tionalized in 1967. The loans from the three par- bination of deteriorating terms of trade and ties will help the company implement a $435 drought. As a relatively large importer of petro- million investment in its copper and cobalt leum products, the country was also severely mining facilities. hit by the increased cost of oil. Foreign ex- The loan represented the first Bank (as dis- change reserves covered less than two months' tinct from IDA) lending to Zaire (vvith special imports at the end of 1974, and a residual ex- debt servicing arrangements) since its indepen- ternal financing gap of over $150 million is dence; it also marked the first direct Bank forecast for 1975. To help maintain investment Group involvement in that country's mining momentum, the Bank provided a $30 million sector. Once completed, the project will create non-project loan to cover the cost of essential 2,000 new jobs, and will raise Zaire's copper and imports while ne-w policies relating to agricul- cobalt production by more than 20%, resulting tural prices and investments, in particular, are in additional foreign exchange earnings of taking effect. about $160 million yearly. Lending to Current Borrowers in Eastern Af rica, by Sectors (USS millions. Fisca years.l Annuil Annuial averag,' averag- 19(4-6h1(') l ,9h-73 1973 1974 I9735 Agriculture $ 5 3 $ 54.5 $145.6 $120.9 $124.2 Education 9.7 23.4 53 3 - 65.0 Industry (including DFCs) - 1 5.2 4.0 41.5 115.0 Non-proiect 6.0 30.0 - 60.0 Population - - 12.0 Power 13.2 24.3 - 127.5 65.-1 Telecommunications 3.6 9.5 32.5 21 4 48.0 Transportation 38.3 76.7 76.5 82 1 1 31.2 Urbanization - _ 3.0 44.5 Water supply ancl sewerage 0.2 4.4 - 3.5 Total $70.3 $214.0 $341.9 $408.4 $656.4 Of vh:ch: Bank $3178 $1107.2 $148.5 $209.9 S344.4 IDA $32.5 $106.8 $193.4 $198 5 $312.1 DOtair mryv not add to totals b-cause ot rou.ndmn (1) Exclude, 53 9 mdilion in loans to Rhodesia, and $2D million to South Africa 22 A highmvay in K nya. Bank Grout fending for transportation projects in the Eastern Africa region increased by more than half in fiscal 1975. The Bank and IDA responded to the econom- minimum investment in economic and social ic difficulties confronting the countries of the infrastructure, simultaneously provided, is one region in fiscal 1975 by increasing their aggre- prerequisite for raising agricultural productivity gatelending by61% overthe previousyear'sto- among the rural poor. Most of the agricultural tal. Total lending amounted to $656.4 million- projects assisted by the Bank and IDA, there- $344.35 million by the Bank, and $312.05 million fore, included improvements in roads, health by IDA. The number of projects assisted also facilities, education, and other services. In a rose-from 30 in fiscal 1974 to 35 in the year just number of projects, attempts were made to im- concluded. prove the total rural environment through com- Lending to the transportation, industrial (in- prehensive regional development. Perhaps the cluding mining), non-project, education, tele- most noteworthy example is the Kigoma rural communications, and urbanization sectors development project in Tanzania for which a increased greatly. More agricultural and rural $10 million IDA credit was approved in August development projects (nine) were approved 1974. than in any other sector. To improve rural living standards, the Tanza- nian Government has been assisting the half Raising Agricultural Productivity million inhabitants of Kigoma Region to re- settle in ujamaa villages, thereby facilitating the A disquieting trend in the region towards an task of providing economic and social services. increasing dependence on food imports has ap- The IDA credit is designed to help some 250,000 peared in recent years. Given the large agricul- people, who have established themselves in tural potential of most of the countries, renewed 135 villages, double (to about $40) their yearly efforts are required to boost production, both per capita incomes. In mostly individually- for domestic consumption and for export. owned plots, the people cultivate crops such as It has become increasingly accepted, both by maize, beans, cotton, or groundnuts. Agricul- the Bank and the countries of the region, that a tural credit will be channeled to the villages 23 through the Tanzania Rural Development Bank, About two-thirds of Somalia's 3 million while the Kigoma Cooperative Union will be people are nomads who tend their livestock in responsible for buying and collecting village an arid and generally harsh environment. The prod uce. literacy rate stands today at about 5%. The Gov- Though the inhabitants of the 133 uiamaa vii- ernment is striving to increase literacy, and, at lages are to be the direct beneficiaries, the en- the same time, to further the task of nation- tire population of the region will also benefit, building by developing the Sormali language us- The project will develop a credit ancd marketing ing Latin script. In 1971, the Somali language system, strengthen village-level extension serv- was adopted nationwide as the teaching medi- ices, facilitate clearing the area of tsetse flies, um to replace the diverse use of Arabic, English, enable feeder roads to be constructed, and wvill and Italian. The education project, aided by an introduce into the area a program of adaptive $8 million IDA credit, is the first Bank Group agricultural research. The level of social serv- operation designed to support the develop- ices wvill be improved through the provision of ment of a national language and to include a education and health facilities, and village wa- training scheme for nomads. ter supplies. (The United Nations Capital De- Ten educational and training facilities for no- velopment Fund is providing $1.5 million for madswill be constructed.As manyas-1,600chil- the health and water supply components.) dren will be enrolled annually in four-year In Malawi, a third IDA credit, on this occasion courses, and 2,000 adults will be able, each year, for 58.5 million, is assisting the third phase of to attend short courses in subjects such as hy- the Lilongwe Land Development Program giene, agriculture, and animal husbandry. which began in fiscal 1968. The newest phase is In pursuit of greater efficiency in eclucation designed to provide modern agricultural in- investment, major emphasis is also being puts, credit, a stock breeding ranch, water sup- placed on low-cost construction in con junction ply and other infrastructure, an intensified ex- with self-help techniques. For instance, in tension service, and improved health facilities Rwanda, an $8 million IDA credit will help fi- for about 110,000 farm families cultivating more nance an innovative program for primary edu- than 1,300,000 hectares. (The United Nations cation. Workshops are being aCided to about Capital Development Fund is providing $1.6 150 village schools, where some 6,000 pupils million for the health and credit components.) will he taught agricultural and craft skills. The In Madagascar, a $9.6 million IDA credit \vill labor for the construction of the workshops assist cattle producers in the undlerdeveloped will be contribLited by the villagers themselves, northwest region of the island. Eighty thousand following the traditional African pattern of families in 200 villages will benefit from mea- communal action. sures to improve pastures, water supplies, schools, mobile health units, and investments in roads. The last mentioned is of particular in- Investment in Transport portance for the rural population is often cut off completely from other parts of the country A fundamental problem facing countries in for six to eight months a year. Intensive veter- Eastern Africa is the maintenance and expan- inary services will be provided, and annual per sion of transport facilities for the movement of capita cash incomes are expected to rise from goods within the country and for export. Ex- $20 to $30. ports from landlocked countries such as Buruncdi, Rwanda, and Zambia, or from regions such as eastern Zaire, western Uganda, or Manpower Training southern Sudan. may travel 1,500 kilometers or more to reach the sea. These countries are se- Despite the high prioritv accorded by gov- verely handicapped by the costs and delays of ernments to the education sector over the past such lengthy overland journeys. Current rail- decade, in most countries of Eastern Africa way projects in Sudan, the East African Commu- there remains an acute shortage of skillerd man- nity, and Madagascar will improve the routes to power, particularly in the technical fields. Sub- the sea. In June, a$26 million IDA creditwas ap- stantial training components have, therefore, provecd to assist in the financing of rail and river been included in the majority of Bank and IDA facilities in Zaire which will improve the effi- education projects in the region. The projects ciency and capacity of the Voie Nationale, ail show a marked movement away from the which links Shaba Province and the sea. Road more formal types of academic training transportation in the country was also assisted towards basic education programs focusing on through a $26 million credit designed to meet the need to provide relevant practical training. some of the country's most urgent needs for For example,. IDA credits were made available road rehabilitation and to strengthen the Bu- during the year for 10 nomadic training centers reau of Roads. in Somalia, 40 rural education centers in Sudan, Agricultural products must be able to find and 100 communityskill training centers in Ethi- their way to the railways and main roads. In fis- opia; all provide vocational training facilities in cal 1975, five Bank- and IDA-assisted agricul- rural areas for children and adults alike. tural projects contained transportation compo- 24 nents designed to facilitate the marketing of Sites and Services Schemes agricultural products. In Ethiopia's lower Adiabo project, 240 kilometers of roads will be The rapid expansion of Eastern Africa's urban either improved or constructed; in the forestry population is giving rise to potentially explo- and livestock development projects in `Mada- sive social problems in many countries. In the gascar, more than 330 kilometers of roads will past year, three urban projects-in Kenya, Tan- be maintained or upgraded, and almost 1,750 zania, and Zambia-were supported by the kilometers of service and feeder roads con- Bank and IDA. Because the development of ur- structed. In Tanzania's Kigoma Region, 370 ban services tends to be costly except on a per kilometers of roads will be improved, and as a capita basis, the Bank's involvement has been component of the Kilombero sugar estate proj- directed to finding more economical solutions ect in that country, a rail spur, linking the sugar requiring a minimum subsidy. factory to a line of the East African Railways will The Tanzania project, for which an $8.5 mil- be constructed. The two telecommunications lion IDA credit was approved in July 1974, in- projects for which loans were made during the cludes 10,000 serviced sites and support for self- year-to Ethiopia and Zambia-are character- help housing in Dar es Salaam and two regional ized by an emphasis on the establishment of urban centers as well as improvements to exist- links between urban centers and provincial and ing squatter settlements. In addition, a pilot nu- rural communities. As such, they are an impor- trition project will be carried out by the newly- tant complement to transportation invest- created Tanzanian Food and Nutrition Center. ments, facilitating regional administration and Nutrition education and the development of the achievement of improved productivity in capabilities to prepare and disseminate nutri- all areas. tion information will be emphasized. 25 Per capita Population GNP (US$) W estern Africa Population____________a Current borrowers (0)1l1 I1 Cameroon 6,206 220 - ,,. Central African Republic 1,710 170 !1lw't2'a'ro, i;1 r -5[?LJ'1XN, -bt ?'i:ni?', f hat 3,870 70 (US$ m liors Fisca years Congo, People's Annua Averages Republic of the 1,199 3-10 o00) Number Of Operations Dahomey 2,947 110o2 Equatorial Guinea 306 25012) Gabon 520 960 59. Gambia, The 493 120 (4.4) Ghana 9,313 300 Guinea 5,243 1n0021 > _ (19.8) Ivory Coast 5,600 360 Liberia 1,452 330 _ _ 17Xi.6 ,Mali 3,370 70 Mvlauritania 1,257 190 Niger 4,304 90 281.7 Nigeria 71,262 170 O _ (24) Senegal 4,070 270 Sierra Leone 2,787 1990 424.2 ~ (30)Togo 2,105 170(2) (30) ' Upper Volta 5,714 70 300 600 900 1,200 (1) Estimated as ot mid-1973 '2i Pre. rin ar). st aty' Economic conditions in Western Africa dur- financial constraints, the outlook for deterio- ing the year were influenced principally by do- rating terms of trade over a longer period, and mestic and international adjustments to the the need to retain higher reserves and savings abrupt changes in commodity and other prices, to meet the increased costs of investment. Gen- which began at the end of 1973, the beginnings erally, the situation in these countries could be of recovery from the effects of cirought in the regarded as providing temporary relief to hard- Sahelian countries, and the emergence, in cer- pressed budgets and as an occasion to increase tain sectors, of the effects of declining activity allowances for future contingencies. Yet, some and demand in the industrialized countries. of them seized the opportunity to introduce ex- For some countries, higher commodity prices tensive changes in the domestic price structure and export volumes more than compensated of tradeable commodities in order to pass part for the effects of rising import prices, and they of the gains on to rural producers, and to re- experienced short-term improvements in their duce the burden on public finances of the high foreign exchange earnings and public reve- consumer subsidies (particularly on rice) that nues. Apart from the petroleum producers (Ni- were introduced in many West African coun- geria, Gabon, and, to a lesser extent, the triesoverthe pasttwotothreeyears; others,es- People's Republic of Congo), the gains accrued pecially the petroleum producing countries, mainly to producers of groundnuts (Gambia, markedly stepped up their rates of public ex- Nigeria, Senegal), phosphates (Senegal, Togo), penditure for development as well as for and bauxite (Guinea). The scope for allocating consumption. these increased resources to economic devel- The larger and more diversified economies of opment depended on the degree of severity of countries which do not produce petroleum 26 (Cameroon, Ghana, Ivory Coast) were adversely signed in May. The latter community,() will be- affected by international economic conditions. come effective upon ratification by at least Prices for their main exports (cocoa, coffee, seven member states. The West African Sub- timber) rapidly declined from their record committee of the Association of African Central highs in the first half of 1974, and declining con- Banks set up a clearinghouse to facilitate pay- struction demand in Europe also reduced the ments in the region so that intra-West African volume of timber exports. At the same time, trade might be expanded. And spurred by the higher levels of energy consumption, and of prospects for substantial international assist- imports of intermediate and capital goods asso- ance in the development of the Sahel, the Or- cidated wvith industrialization, required larger ganization for the Development of the Senegal outlays of foreign exchange. During the year, all River Basin (OMVS) made significant progress of these countries, as well as several others in during the year. The OMVS, with headquarters the region, completed, or were in the process in Dakar, seeks to promote the integrated de- * of drawing up, new development programs em- velopment of the agriculture, power, transport, phasizing continued economic diversification, and mining sectors of the three basin states- substitution for imported energy and staple Mali, Mauritania, and Senegal. The Bank has foods, and intensified rural development. participated in the early planning stages, and a These programs will demand much higher lev- $1 million IDA credit was approved in May 1975 elsof foreignfinancingthanthepreviousones. for the engineering of irrigation works in the Recovery from drought was the main eco- Debi and Lampsar polders in the Senegal nomic concern of countries in or bordering the River valley. Sahel region. Rainfall during the year \vas close to the 30-year average, and crops were general- Bank and IDA Activities ly good. However, heavy losses of cattle, the failure of food and export crops in the two pre- In fiscal 1975, the volume of Bank and IDA ceding years, the southward migration of pas- lending in the region reached a new high- toralists, the loss of public revenues, and an in- $424.2 million. This amount represents an in- creased need for public assistance-all were crease of 50% over fiscal 1974, the previous factors which contributed to the continuing record year, and of 139% over the fiscal 1969-73 difficulties of the stricken region. Large annual average. As the accompanying table amounts of aid in the previous years helped shows, the year's increase was entirely in Bank prevent widespread famine and epidemics, but lending; IDA assistance remained at its fiscal continuing long-term assistance on a wide 1974 high, which exceeded the fiscal 1969-73 front will be essential to attack the chronic average by 102%. The number of projects rose problems of the Sahelian countries, which are from 24 in the previous year to 30. There were related fundamentally to a poor resource base several innovative features in the year's and a harsh climate. The international commu- activities. nity is assisting the Sahelian states in a broad The year's lending pattern was affected bv program of studies aimed at evaluating re- large, anomalous variations in the cycles of ag- source availabilities, population and migration ricultural and transportation project prepara- trends, education policies, the potential for irri- tion. To discover any significant changes in the gation and new cropping patterns, alternative lending pattern, therefore, a comparison of fis- livestock development strategies, and transport cal 1974 and 1973 averages with those of fiscal infrastructure and services. 1969-73 is appropriate. Such a comparison shows a dramatic shift towards lending for agri- Regional Cooperation culture and rural development. This sector's share in total lending more than tripled, from The year was also marked by the signature of an average of 17% in fiscal 1969-73 to one of the Lome Convention defining trade and aid re- nearly 57% in fiscal years 1974 and 1975. Rural lations between 46 African, Caribbean, and Pa- development includes development of agricul- cific nations and the European Economic Com- tural roads; for the last two years the construc- munity and by increased attention to regional tion, maintenance,and upgrading of such roads economic cooperation. The Convention's sev- averaged almost 6,000 kilometers, a large in- eral innovative features include a scheme for crease over previous years. The share of lending the stabilization of export earnings from 12 pri- for conventional transportation projects-high- mary commodities and their products, includ- ways, railways, and ports-declined, amounting ing such major exports as groundnuts, cocoa, to 25% in fiscal years 1974 and 1975 compared coffee, cotton, timber, and iron ore, with pref- with 39% in fiscal 1969-73. These shifts reflect erential treatment to be accorded to the least the increasing influence of the Bank's new developed and landlocked countries. Follow- strategy, which focuses on broad-based rural ing the institution in 1974 among six franco- development to help raise the productivity of phone states of the Communaute Economique de I'Afrique de l'Ouest (CEAO). a draft treaty i Dahomey The Gen a, Cliana, Comea. Cuinea-Bis- establishing the 15-member Economic Com- au, ory coast, Lberia, Mali, Mauritania, Niger, Nigeria, Sene- munity of West African States (ECO\XVAS) was ga , Sierra Leone, Togo, anci Upper Volta. 7 the poor and to bring about a more even distri- goal, packages" of services will be provided to bution of income. existing farming communities. The major ele- ments of these packages are: development of Food, Livestock Production Emphasized 3,B00 kilometers of feeder roads; the construc- tion of some 250 small and medium-sized earth Most of the vear's 20 agricultural and rur-al dams; and the provision of farm inputs and development projects emphasized domestic equipment- I 10,000 tons of fertilizer, 10,000 food crop or livestock production so as to im- tons of improved seeds, 20,000 ox carts and prove the nutritional and health levels of the plows, and 200 tractors. At full development, rural population and, at the same time, reduce the net farm inconme of the farmer-s directly af- the dependence on imports of food. Only five fecled by the projects should increase by, be- projects, accounting for about 17%. of the total tvween 35% and 54°.. lending to the sector, were of the more conven- The Ivory Coast project will expand the cot- tional type, focusing on export crops, viz., ton growing area from 60,000 hectares to about cocoa projects in Cameroon and Ivory Coast 80,000 hectares, and the area or food crops (assisted by Bank loans of $6.5 million and $20 grown in rotation with cotton from about 9,000 million respectively), a cocoa/coffee project in hectares to 70,000 hectares. Special features of Togo (aided by an IDA crecdit of $6 million), a the project include the improvement of feeder rubbet- project in Cameroon, and a pineapple roads and the construction of nearly1,000 small project in Guinea (assisted by IDA credits of bridges on existing roads; the digging of several 516 million and $7 million respectively). But hundred wells for village water supplies; provi- even they included elements such as agricul- sion of credit to farmers; the training of local ar- tural roads, provision of inputs, and credit char- tisans and blacksmiths to service farm equip- acteristic of the 'new style" (integrated rural ment; the building of tvvo cotton ginneries; and development) project package approach. This the establishment of a maize seed farm. The approach is most fully reflected in the year's project area has a population of -1.3 million six rural development projects-three in Nigeria whose annual average per capita income, ot and one each in Ivory Coast, Senegal, and Sierra about $50, is only one-seventh the national av- Leone. Bank and IDA assistance for these proj- erage. At full development, the prolect is ex- ects totaled $124 million. pected to benefit 84,000 families-about 600,000 The three Nigerian projects are in the rural people-and will raise annual per capita in- North East (Gombe), North Central (Funtua), comes to about $80, thus promoting regional and North WVest (Gusau) States. Here live a sig- balance and improving income distribution. Al- nificant proportion of the country's food and though on a smaller scale, the rural develop- industrial crop producers; their annual per cap- ment projects in Senegal and Sierra Leone have ita incomes, of about $40, are the lowest in the many of the same features. Federation. More than 2 million people live in Ot the year's three livestock projects-in the 17,000 square kilometer area covered by the Mali, Nigeria, and Upper Volta involving Bank projects, and some 230,000 families will directly and IDA assistance totaling $43 million-the benefit. The projects' objective is to increase one in Mali is of special interest. Assisted by an the production of cotton, groundnuts, sor- IDA credit of $13.3 million, the project repre- ghum, maize, andl cowpeas. To achieve this sents the first comprehensive effort to increase Lending to Current Borrowers in Western Africa, by Sectors ( s, Sm rmii Ion. fiscal ni arb i ,Annu.a Annudl 1 l'1,4-1, 1 %O-7 i I,71 1i-74 1)73 Agriculture 5 3.6 5 30.6 $ 39.7, 81.0 $323.0 Education 4 4 2.7 bi . 4. 7 32.4 Industrv Including DFCs) 6.0 3.4 - 3. 4.0 s on-project - -f.00) Power 25., 21.9 _ 2) Telecommunications - Iti 10.8 25.0 23.0 Tourism - - -7 Transportation 20.4 687 54.1 54.1 23.1 Urbanization - 1 b - Water supply and sewerage - 3.6 9.5 10.4 'J 0 Total $59.6 5177 5 176.6 5281.7 S424.2 Otwhich: Bnke $42.9 $117.8 $ 85.9 S1bO.7 $303.7 IDA S167 A 59.7 $ 9(0.7 1 21.0 5120.5 Doetais mda 11t acd t 0 iatdll b,-(au'e of roun,linci On, rehaniltaton loanrn,t mii0n to Ni-p,Oi4 in rY 1971 anas ie'n acerag-n over a tOve--ear period 28 e i c eee ar ;, Ki. A rur~ cl sh ool in4 Ma i iBal nk o f)era t i ons du,r I ng t he vye,ar i iDa h,o Pe y i vo ryvCoa s t a nd.JS e ne ga i .v I!! h e r Lira! yo.ut! accnLire relevanit skil!s. range livestock production by about 100,000 and Upper Volta. The strategy emphasizes the pastoralist families living in the Sahelian zone. adaptation of existing education systems to the Special features include the introduction of economic needs of the rural population; it also livestock extension services and grazing con- promotes the participation of industry and trols, the construction of an abattoir and hide- commerce in the upgrading of their employees' drying facilities, and the testing of a functional skills. The Senegal project, assisted by an IDA literacy program for pastoralists. The principal credit of $15 million, includes an experimental direct benefit from the project will be a greater scheme of 30 village education centers offering annual livestock production worth nearly $8 practical training in agricultural and related oc- million in 1974 terms. The pastoral families will cupations, and the elements of literacy and increase their average annual cash incomes arithmetic to children leaving primary schools, from livestock production from $140 to about and to youths and adults who have never at- $220, and 400 new jobs will be created. The tended school. By the third year of operation, project also aims to halt the deterioration of the scheme will involve about 2% of the equiva- nearly 90,000 square kilometers of rangeland, lent age group in rural areas. The Dahomey and to protect both the cattle and the people in project, supported by an IDA credit of $4 mil- the area in the future against all but calamitous lion, also focuses on providing training in such droughts. basics as functional literacy, health, nutrition, and fundamental farming techniques for the Adapting Education to Needs country's rural youth who have either not at- tended school or who have dropped out Two IDA-sponsored education projects-in prematurely. This training would be provided Senegal and Dahomey-feature further ad- through the support of the country's rural vances in the definition of a relevant strategy in youth training program. The project also aims at this important sector which had been pio- improving the skills of industrial and clerical neered earlier in projects for Mali, Mauritania, workers in urban areas through the construc- 29 tion of a center for the upgrading of skills. The million in Bank and IDA assistance for the training given at this center will consist of projects concerned. short, practical courses enabling up to 2,000 The program for the control of onchocer- trainees yearly to become more proficient in ciasis (riverblindness) in the Volta River basin such fields as mechanics, electricity, construc- entered its first phase of operations under the tion, and business. general supervision of a Joint Coordinating Anotherfirstinthe year's Bank and IDA oper- Committee consisting of representatives of ations in the region is a sewerage and drainage governments and international agencies. The project, located in Abidjan, and assisted by a Committee held its first meeting in Abidjan in Bank loan of $9 million. About half the Abidjan February 1975 and elected M. G. Candau, for- urban area is low-lying, and several densely- mer Director General of the World Health Or- populated areas in the city have experienced ganization (WHO), as its chairman. Aerial ap- serious flooding. Moreover, in the absence of plication of larvicides to kill the vector, a public sewage treatment stations, waste water species of black fly, started at the beginning of is discharged untreated into the lagoons the year in parts of Ghana, Ivory Coast, Mali, around which the city is located, posing a and Upper Volta. The program is jointly spon- serious health hazard. An increase in typhoid sored by the World Bank and three other inter- and cholera in areas where sanitary conditions national agencies-the Food and Agriculture are worst has recently been noticed. The proj- Organization of the United Nations (FAO), ect will prevent further deterioration in public WHO, and the United Nations Development health and will improve sanitary conditions in Programme (UNDP). While WHO is the execu- the fastest-growing residential areas of Abid- ting agency, the Bank has assumed responsi- jan, as well as in areas occupied by people with bility for mobilizing the external finances low incomes. In addition, the project will di- needed to cover the costs, estimated at $54 mil- minish significantly the incidence of flooding, lion, for the initial six-year phase of the pro- thereby reducing economic losses and health gram (1974-79). Most of this financing is now hazards. assured under the Onchocerciasis Fund Agree- Further operational "firsts" during the year ment signed in May 1975 which covers contri- included the first Bank loan to Ghana since butions from nine donor governments (Bel- 1969, and the first IDA credit ever to Guinea. gium, Canada, France, the Federal Republic of The $23 million loan to Ghana will help finance Germany, lapan, Kuwait, the Netherlands, the the first phase of a telecommunications project United Kingdom, and the United States), to- concentrating on high-priority works for re- gether with the African Development Bank habilitation, replacement of obsolete and (AfDB) and the World Bank. Financing for worn-out plant, and expansion and general im- chemotherapeutic research and training is provement of the quality of local, domestic, being provided outside the Fund by the UNDP. long distance, and telex services. The $7 million The program is designed to clear the way for credit to Guinea will help finance the estab- eventual resettlement and economic develop- lishment of a pineapple estate which, at full de- ment of the potentially productive areas affect- velopment, will produce an additional 10,000 ed, and the seven participating African Govern- tons of pineapple from the estate and nearby ments(') will be assisted by the sponsoring outgrowers, with a gross value of about $3 mil- agencies in undertaking the necessary pre-in- lion annually. Studies of the rice and livestock vestment studies. subsectors are also included, and future proj- In order to cope more efficiently with in- ects in those subsectors will be identified and creasing Bank Group operations in Cameroon, prepared. the Bank assigned a resident representative to Yaounde. He will assume his duties early in fis- Co-financing Activities cal 1976. He will also assist as necessary in expe- diting operations in neighboring countries. Bank and IDA lending in the region contin- Reflecting the Bank Group's increased ued to be complemented by co-financing from concentration on rural development, a Feeder other organizations, both bilateral and multi- Road Section was established within the Bank's lateral. In fiscal 1975, these donors included Regional Mission in Western Africa, based in Canada, France, Kuwait, and the European Abidjan, to identify feeder road projects and to Investment Bank. Co-financing from these assist governments in their implementation. sources involved seven of the year's 30 projects, (l) Dahomey, Chana, Ivory C,ast, Mal , `rger, Togo, and Upper and totaled $43.6 million, compared with $85.7 vo ta 30 East Asia and Pacific Trend in Lending, 1964-75 (US$ millions. Fiscal years.) Annual Averages Population GNer cap ta (00) Number of Operations Current borrowers (000)(1) 1973 Cambodia 7,566 110 1O8 China, Republic of 15,424 57 6. Fiji 5150E Indionesia 124,415 100 Korea, Republic of 32,910 370 Laos 3.180 70 Malaysia 1,5 8 Papua New Guinea 2,596 340 Philippines 4,2 7 Singapore 2,185 2 0 Thailand 39,400 240 Viet-Nam 19,870 160 2f4 Western Samoa 1 53 200 - (1) Estimated as of mid-1973. 300 600 900 1 200 For most countries of the East Asia and Pacific ance of payments positions for all countries in region, the past year was a difficult one, gener- the region, except Thailand, which benefited ally characterized by decelerating growth rates, from high prices for its rice exports. In the Re- worseningtermsof trade,cdeteriorating balance public of Korea, for example, the current ac- of payments positions, and escalating inflation. count deficit increased by more than $1,500 While the region's aggregate Gross National million and in the Philippines, the current ac- Product (GNP) grew by some7% in real terms in count, in surplus by $520 million in 1973, was in 1974, most of this growth took place between a deficit position by $210 million a year later. January and June; the second half of the year Accumulation of reserves during the recent saw a general pattern of decelerating growth. commodity price boom provided most coun- One cause of the less encouraging perform- tries with a cushion against the deterioration in ance was a fall, beginning in mid-1974, in the their balance of payments positions. world market prices of the region's major ex- The rapid rise in foodgrain prices led to in- port commodities, notably rubber, timber, and creased efforts by food importing countries to coconut products. As a result, rural incomes achieve self-sufficiency in grain production. which had benefited considerably from high Taken as a whole, the region is marginally a net commodity prices declined. exporter of rice, but must import much wheat The terms of trade worsened for all countries and other cereals. Moreover, there are wide in the region because of high import prices, variations in each country's food position. The mainly for fuel, foodstuffs, and capital equip- Republic of Korea, formerly a food surplus ment. The Republic of Korea's terms of trade in- country, is now a net importer and is trying to dex, dropping by 18%, was the most adversely become self-sufficient in food by the early affected. Even Indonesia, despite increased oil 1980s. Though Thailand still has an export sur- revenues, saw some deterioration in its terms of plus, it has diminished in recent years, as pro- trade. duction increases have been used largely to Falling export prices and rising import prices, meet growing domestic demand. together with a drop in the demand for manu- All countries in the region except Singapore factures, resulted in adverse changes in the bal- are predominantly agricultural, but industry is 31 becoming increasingly important to growth long period of remarkable price stability. How- and development. The Republic of Korea and ever, consumer prices rose in 1973 by 10.5% and Singapore, for example, have rapidly indus- in 1974, by 18%. Indonesia's inflation has been trialized in recent years, exporting goods main- fed by rapidly-rising import prices which in- lyto Japan and the United States. The recession creased by an estimated 80% between 1972 and in these two major markets has hit both coun- 1974; the main increases were in foodstuffs and tries' manufacturing sectors. Markets have fertilizers. These price increases have used up been reduced, and external funds on suitable more than one-half of the country's additional terms have been difficult to find. The Philip- oil earnings. In the Philippines, consumer pines and Malaysia also have dynamic, though prices rose by some 40% during 1974 but the smaller, manufacturing sectors, which, encour- rate of increase had moderated sharply by the aged by Government incentives, have shown end of the year. In the Republic of Korea, petro- relatively strong growth in recent years with in- leum and foodgrain imports have led to a very creasing emphasis on export markets as a sharp rise in prices with consumer prices in- source of future growth. creasing by 31% and wholesale prices rising by The region as a whole receives large inflows more than 60% annually. of external capital which have been an impor- Because of the importance of international tant factor in the economic expansion of the trade to these countries, imported inflation has last decade. In the past year, despite increased been a major factor in domestic price escala- inflows of foreign funds into most countries, tion. For many countries, rising prices for petro- many governments had to draw down foreign leum products have been the primary element. exchange reserves to help finance procurement For example, between 1972 and 1974, payments of higher-priced capital equipment. Increased for imported oil increased almost fivefold to external finance will be required if the momen- some S2,500 million for the Republic of Korea, tum achieved in earlier years in the develop- the Philippines, and Thailand. The Republic of ment of agriculture and industry is to be re- Korea, which depends on oil imports for about gained. The region is generally well-endowed 60% of its fuel requirements, was hit hardest. Its with natural resources but its agricultural po- oil bill rose by some $800 million in 1974. tential is still under-utilized. In terms of per Increased oil prices, on the other hand, capita income, most countries in the region be- helped Indonesia in 1974 and should help Ma- long to the middle-income group of develop- laysia substantially in a few years. Oil revenues ing countries ($200 to $375 per capita GNP) al- now contribute about 10% to Indonesia's GNP. though Singapore is significantly above this Malaysia's current production is modest-less level, and Indonesia, with a per capita GNP of than 100,000 barrels a day-but it is expected to about $100, is one of the poorest countries in increase fivefold by the end of the decade. Ma- the world. laysia also possesses substantial natural gas re- serves which could come into production by 1980. Concern over Inflation In fiscal 1975, Bank lending to the countries of the East Asia and Pacific region emphasized Inflation continues to be a major cause for increased smallholder agricultural production, concern in the region. Malaysia had enjoyed a especially in foodgrains. At the same time, the Lending to Current Borrowers in East Asia and Pacific, by Sectors (US$ millions Fiscal years.) Annual Annual average average 1964-6851l 1969-73(i) 1973 1974 1975 Agriculture $ 28.8 $ 88.2 $113.5 $189.5 $193.0 Education 2.4 34.5 88.7 38.5 22.5 Industry (including DFCs) 14.1 36.7 45.0 88.5 285.0 Non-project - - - - 100.0 Population - 3.6 5.0 - 25.0 Power 29.0 86.2 46.0 85.8 147.0 Technical assistance - 2.0 - 5.0 Telecommunications 5.4 19.2 37.0 - Tourism - - - 41.0 Transportation 25.7 103.4 181.8 188.6 124.4 Urbanization - 3.2 16.0 - 40.0 Water supply and sewerage 5.4 4.6 13.5 67.0 39.5 Total $110.8 S381.6 S546.5 $703.9 $976.4 Of which: Bank $108.6 $254.3 $338.9 S603.4 $972.0 IDA $ 2.2 $127.3 $207.6 S100.5 $ 4.4 Details may not add to totals because of rounding. (ii Excludes loans of $375 million to lapan and $102.8 million to New Zealand 32 Buffaloes plowx muddy furrows in a Central Luzon rice field in the Philippines. A $17 million Bank loan approved during the year will help upgrade irrigation systems in this major rice producing area. Bank stepped up assistance for industrial devel- of activities undertaken to raise the living stan- opment, infrastructure, and public utilities dards of the rural poor in an undeveloped and projects to support systematic development of isolated area, is a rural development project on urban and rural areas in a number of countries. Mindoro island in the Philippines. Only 45 ki- Bank lending to the region continued to rise. In lometers from Luzon, Mindoro already pro- fiscal 1975, new lending totaled $976.4 million, vides surplus rice to other parts of the Philip- an increase of about 39% over the previous year. pines, and has potential for much additional The only IDA operation was a credit to Western agricultural development because of its land Samoa, the Bank Group's first operation in the and water resources, and its relative freedom new member country. from typhoons which periodically destroy crops in Luzon. The Philippines Government plans to im- Agricultural Development prove the standard of living of the island popu- lation and to supplement rice supplies from A large portion (32%) of the Bank's lending Central Luzon to metropolitan Manila. In addi- was for projects related to agricultural develop- tion to improving irrigation, highways, and port ment. It supported efforts to promote rural de- facilities, the project contains programs to con- velopment in the Philippines and agricultural trol schistosomiasis, an endemic snail-borne research in Malaysia and Indonesia. The Bank disease, which affects the health and produc- continued its support for land settlement in tivity of the people, and to help improve the liv- Malaysia, irrigation projects in Indonesia and ing conditions of some 80,000 people of the the Philippines, and fertilizer production in Mangyan tribes, the island's original inhabi- Indonesia. tants, by providing mobile medical teams, con- A noteworthy project, helped by a Bank loan structing roads, and introducing new agricul- of $25 million and illustrating the wide sweep tural practices. The project will help increase 33 includes the reorganization of the Commission water supply and sanitation, schools and health on Population and assistance to the Depart- facilities in about 2,000 hectares of densely- ment of Health for the establishment of over populated, low-income neighborhoods, with 200 rural health units which will extend a new provision for the eventual expansion of the health and family planning service approach program to about 30,000 hectares. The project into the rural areas. also provides for the development of "sites and A significant share of the Bank's lending has services," including the construction of core gone to support urban development programs housing on about 130 hectares of under-utiliz- in Indonesia, the Republic of Korea, and Sin- ed land. The project will support the recently- gapore which are designed to improve the liv- established National Urban Development Cor- ing conditions of the urban poor. A $25 million poration and the National Mortgage Bank, and loan, for example, will help finance the Jakarta is designed to assistthe testing and formulation urban development project which includes the of a prototype program for later expanded op- upgrading of roads and footpaths, drainage, erations of these institutions. 35 Sou (US milios Fica earth Asia Trend in Lending, 1964-75 South Asia ~ ~~~~~~~~~~~~(US$ millions. Fisca years.) AI= ;Annual Averages (00) Number of Operations Per capita Population GtNP (US$) Current borrowers (000)(1) 1973 Bangladesh 74,000 70 Burma 29,509 90 India 581,911 120 - 4~ Nepal 12,020 90 Pakistan 66,230 150 - _ Sri Lanka 13,180 110 m (') Estimated as of mid-1973. 300 600 900 1.200 This has been one of the most difficult years most seriously affected" by recent world eco- in the recent history of the South Asia region. nomic developments. To alleviate their press- More than 800 million people live in the region; ing balance of payments problems, sizeable re- most of them suffered losses in their real in- source transfers were required. There was comes, and the poorest among them suffered indeed a record resource transfer in nominal acutely from the rises in food prices which took terms for most countries, from the Bank Group, place during the year. the International Monetary Fund's oil facility, It was apparent in early 1974 that the months the members of the Organization of the Petro- ahead were likely to provide a severe test for leum Exporting Countries (OPEC), of the India the region. Some of the main commodities im- and Pakistan consortia, and of the Bangladesh ported by South Asian countries, particularly and Sri Lanka Aid Groups. These large amounts petroleum, fertilizer, and foodgrains, increased were barely sufficient, however, to maintain sharply in price, while prices of most of the im- the volume of imports at the previous year's portant exports went up only slightly. As a re- level. sult, the volume of exports which purchased a The inflows from abroad might have been dollar of imports during the year ending June sufficient to avert the kind of hardship which 1973 bought only 52 cents worth in Bangladesh, took place, and combined with judicious do- 63 cents worth in Sri Lanka, 70 cents worth in In- mestic policies, to safeguard levels of invest- dia, and 84 cents worth in Pakistan during f iscal ment, if the monsoon had not been so poor. 1975, after a continuous sharp deterioration in The Governments of Bangladesh, India, Paki- the previous 12 months. stan, and Sri Lanka were forced by poor harvests The sharpness of the deterioration in the into making large food purchases which pre- terms of trade, together with the extreme pov- empted significant proportions of the limited erty of most of the countries, resulted in the foreign exchange available. South Asian na- placement of five of the six regional countries tions (excluding Burma) imported 7% or 8% of (Nepal being the exception) on the United Na- their total foodgrain consumption in 1974 and tions Emergency Operation's list of countries 1975. It is apparent that, for most of the coun- 36 tries of the region, increased food production is foodgrain production in that year. By June 1974, also the key to improving the balance of faced with the realization that its cash commit- payments. ments for foodgrain and other imports ex- ceeded by a substantial margin the foreseeable foreign exchange availabilities in the following Weather a Factor three months, the Government instituted dras- tic measures to reduce imports. Simulta- The foodgrain situation in South Asia seems, neously, it appealed to its major trading part- if anything, to be worsening. While popu- ners to afford relief with respect to current lations grow annually at a rate of 2% or 3%, most payments and requested the Bank to form an South Asian countries have been unable to sus- Aid Group. The Aid Group for Bangladesh had tain growth rates of foodgrain production of as its first meeting in Paris in October 1974. It met much as 2%. Even in good monsoon years, do- again in May 1975. mestic production in most countries is only suf- Worldwide inflation and another year of agri- ficient to satisfy the minimum per capita con- cultural shortfalls combined to cause India se- sumption requirements. In bad years, large- vere economic hardship during the year. Food- scale imports are needed to avert severe malnu- grain production has been stagnant and is trition. The shortcomings in agricultural devel- unlikely to be more than 106 million tons in fis- opment in South Asia are generally not a matter cal 1975. This amount represents an improve- of inadequate technology or lack of farmer mo- ment over the harvest of the past two years, but tivation; the roots of the problem lie in the fact it is still below the 108 million tons achieved that there have not yet been enough programs four years ago. The import requirements gener- for investment in water resources, distribution ated by this shortfall, combined with rapid of credit and inputs, and provision of support- price increases of other essential imports, have ing services. In the longer run, however, even a roughly doubled India's import bill in the last substantial improvement in this regard may not two years. Although export earnings have risen be sufficient if population growth rates cannot impressively-mainly as a result of price, rather be reduced from their present levels. than volume, increases-the current account Bangladesh's terms of trade have deterio- deficit has grown roughly tenfold during the rated rapidly, with import prices rising by about same period, to about $2,000 million. Even with 91% as against a rise in export prices of less than this deficit, imports in real terms (aside from 30% between fiscal 1973 and 1975. Higher im- foodgrains) showed little change. This level of port prices could not be passed on immediately imports, combined with energy deficits, due in to consumers and, as a result, the budgetary part to some reduction in oil imports, contrib- deficit increased markedly. The high levels of uted to stagnation throughout the economy, deficit financing, combined with commodity particularly in industry. The rate of inflation, shortages, led to a rapid rise in the pace of infla- which threatened to exceed 25% during the tion. The Government attempted to minimize year, has lessened, although the fiscal and cred- the effects of inflation by continuing to place it austerity required to contain inflation has in- large orders for foodgrains during the first half duced some slowing of the pace of economic of 1974 in spite of the higher level of domestic activity. Lending to Current Borrowers in South Asia, by Sectors (US$ millions. Fiscal years.) Annual Annual average average 1964-68 1969-731l) 19730' 1974 1975 Agriculture $ 25.2 $108.1 $ 93.1 $150.0 $ 400.1 Education 5.2 4.7 15.5 - - Industry (including DFCs) 40.8 77.1 153.0 110.0 367.5 Non-project 91.0 109.0 195.0 235.0 290.0 Population - 4.3 - - 15.0 Power 25.7 42.0 91.0 - Technical assistance - 0.8 4.0 - - Telecommunications 6.6 50.3 85.5 20.0 57.0 Tourism - 0.9 - - - Transportation 51.2 71.3 53.5 100.1 60.0 Urbanization - - - 35.0 - Water supply and sewerage 10.4 11.0 55.0 7.8 Total $256.1 $479.5 $745.6 $657.9 $1,189.6 Of which: Bank $ 71.0 $ 86.5 $ 70.0 $112.0 S 269.0 IDA $185.1 $393.0 $675.6 $545.9 S 920.6 Details may not add to totals because of rounding. (1i Excludes $222 million of commitments to Bangladesh which replaced commitments originally made to Pakistan. 37 Harvesting wheat hy hand in Pakistai The f3ank approved during the year S400 millinn for projects airmed at n einea ng anric'uturai nouP(k ition in t,nhe South Asia riLgon. Pakistan's economy has suffered from wors- in time for the second filling in mid-1975. The ening terms of trade which, together with the stored waters will be available for irrigation in floods in August 1973 and a long period of the winter crop season and will add at least 40% drought in 1974, held back agricultural produc- to supplies of canal irrigation water. Power gen- tion and the volume of exports. Terms of trade erated there will become available later in 1976. deteriorated by almost 16%. The value of ex- Other projects for increasing agricultural and ports of raw cotton, yarn, and textiles was re- other production are the Multan fertilizer plant duced by a smaller cotton crop and by a sharp and Pakistan's second oil refinery which will drop in demand. Imports of wheat and edible substitute cheaper crude oil imports for more oil have also had to be increased to make up for expensive imports of refined products. -lower-than-expected growth of domestic pro- Burma was an exception within the region in duction. Pakistan's current account deficit may that its terms of trade improved with substan- have nearly doubled when the figures for fiscal tial price increases for rice (which accounts for 1975 are tallied. The effects of the terms of trade nearly half of its total exports) and timber. deterioration were, however, mitigated in 1974 However, stagnating agricultural production by the generous assistance Pakistan received prevented Burma from taking advantage of this from the members of OPEC. In the longer run, improvement, since an increasing population the trade picture should improve substantially led to the further dwindling of its traditional as a result of projects under way to increase ag- export surpluses. Recorded rice exports, which ricultural and other production. The largest of had averaged 1.5 million to 2 million tons dur- these is the Tarbela Dam. A series of mishaps, ing the 1960s, stood at 250,000 tons in 1974. which took place when the initial filling of the While increased agricultural production in Bur- reservoir began in mid-1974, necessitated a pro- ma is, therefore, important because of its con- gram of remedial works. They were completed tribution to higher exports rather than through 38 reduction of imports, Burma is in the same posi- IDA approved assistance during the year to In- tion as other countries of the region in that a dia and Bangladesh for fertilizer production, vigorous agriculture sector is one of the keys to and to Pakistan fore natural gas pipeline proj- an improved balance of payments outlook. ect to carry feedstock to a fertilizer plant. Nepal, which is also a net exporter of food- Some 366,000 tons of nitrogen yearly are ex- grains, faced a similar situation except that, giv- pected to be added to India's fertilizer capacity en the heavyweight of petroleum, cement, and in 1978 when two Bank- and IDA-supported fertilizer in its import bill, its terms of trade de- fertilizer projects are completed. Of the total, teriorated.Asaconsequence, Nepal, during the about 230,000 tons will come from the new -year, faced its worst balance of payments situ- plant at Phulpur in Uttar Pradesh, and an addi- ation in the past decade. tional 136,000 tons annually will be produced at One of the countries most severely hit by the the Sindri plant of the Fertilizer Corporation of price changes was Sri Lanka. The price rises of a India when its modernization and expansion year ago aggravated the long-term decline in its program is completed. A Bank loan of $109 mil- terms of trade. Sri Lanka's major export com- lion and an IDA credit of $91 million, respec- modities-tea, rubber, and coconut (together tively, were approved for the projects. accounting for about three-quarters of total ex- A fertilizer project in Bangladesh, which is to port receipts)-increased in price in 1974, al- be assisted by an IDA credit of $33 million, will though, except for major coconut products produceapproximately528,000tonsofureaand (150% increase), at relatively modest rates. The 305,000 tons of ammonia annually for domestic increases in world prices of Sri Lanka's major consumption. The $250 million fertilizer plant, imports, however, were much greater than the to be constructed at Ashuganj, about 60 ki- increases in the country's export prices. Thus, lometers northeast of Dacca, 'vill help reduce the rise in the prices of its five major import Bangladesh's heavy dependence on foodgrain commodities, making up about two-thirds of and fertilizer imports. The plant will use the total import costs, ranged from a low of 100% country's abundant natural gas resources. Oth- (wheatflour) toahigh of250%(petroleum prod- er contributors to the project are the Asian De- ucts). The result was a current account deficit in velopment Bank, the Federal Republic of Ger- 1974 estimated at $193 million compared with many, Iran, Switzerland, the United Kingdom, $38 million in 1973. In the longer run, the expan- and the United States. sion of agricultural output is the main remedy A $60 million loan to Pakistan for a pipeline for Sri Lanka's balance of payments problem. to carry natural gas will also have a major im- pact on fertilizer production in that country, The Bank's Response since the gas provides the main feedstock for the Multan fertilizer plant which will nearly The overriding concerns for the region, and double Pakistan's domestic fertilizer produc- therefore for the Bank in its operations there, tion. An expanded plant will begin operation are to ensure that productive capacity is ef- in 1977. ficiently utilized, to maintain investment pro- During the year, the Bank Group intensified grams at appropriate levels, and to promote ag- its work in support of agriculture in South Asia. ricultural production to avert serious famine in There were active lending programs in this sec- later years, and to free foreign exchange cur- tor in all the countries in the region; in most, rently used to buy food. One constraint on the Bank has a continuing dialogue with the foodgrain production during the past year was governments concerning the formulation of ag- the limited availability of fertilizer. The devel- ricultural strategy. The Bank also prepared re- opment of domestic fertilizer production to ports on the agricultural sectors in Burma, Nep- provide assured supplies and substitute for al, Pakistan, and Sri Lanka. In Bangladesh, past costly imports has, therefore, had high priority agricultural sector work forms the basis for the both for South Asian governments and for Bank lending program, and in India, where the Gov- activities. At the same time, the Bank has con- ernment itself has an active program for analyz- ,tinued to emphasize the potential benefits rural ing the problems of the agricultural sector, the development offers to the poorer sections of Bank is working in cooperation with the au- the population. thorities in a number of areas chosen jointly by Total Bank assistance to the countries of the the Bank and the Government. The specialist region rose to $1,189.6 million in fiscal 1975, an agriculture staff of the Resident Missions in increase of about 80% over the previous year. Bangladesh and India has been strengthened to Of this amount, 53% went to projects related to increase the Bank's ability to assist in project agricultural development, 24% to non-project preparation and progress review. lending, and the balance to non-agriculture-re- The Bank supports, at the request of govern- lated industries and to population and infra- ments, population programs in the subcon- structure projects. Of the agriculture-related tinent. Such programs contribute to efforts to lending, 37% was for major fertilizer projects strengthen the economy and also to bring into which will have a substantial impact on agricul- better balance foodgrain production and popu- tural production (mainly foodgrains) and on lation. During the year, IDA approved a$15 mil- balance of payments positions. The Bank and lion credit for a family planning project in 39 Bangladesh, where the population growth rate ter control and agricultural supporting services. of 3% a year puts a severe strain on resources, No separate project authority will be estab- The project is designed to help the Govern- lished for carrying out the project. Instead, the ment work out a feasible program, to organize responsibility for each aspect of implementa- itself for carrying out the program, to secure fi- tion will remain with the individual agencies nancing, and to get the program moving. It will normally involved in such matters. The Water also help create the capacity for training the Development Board will handle the construc- manpower to be used for health and family tion of sluices and the widening and deepening planning services; it will bring new life to the of creeks. The Bangladesh Agricultural Devel- family planning program by expanding the opment Corporation will handle the procure- services provided by basic health and family ment, installation, and maintenance of the wa- planning workers; and it will assist in develop- ter pumps. The Ministry of Agriculture will be ing activities aimed at changing social attitudes responsible for extension work in the project toward family size. The project is also area, while the Integrated Rural Development noteworthy in that five ministries in addition to Program will handle cooperatives and cred- the Ministry of Health and Population Planning it. Coordination of the activities of these will be involved in its implementation. agencies v,ill be the responsibility of an interdepartmental project implementation Help for Industrial Expansion committee. The Bank's continuing support for rural de- During theyear, IDA also approved non-proj- velopment in South Asia is also illustrated by a ect credits to Bangladesh and India to help en- $35 million IDA credit to India to help stabilize sure the flow of essential supplies to maintain or increase production from agriculture and re- or expand industrial production, and to Sri Lan- lated activities in six drought-prone districts in ka for more efficient utilization of existing fa- central and western India.The sixdistrictsare in cilities in agriculture, industry, and selected the states of Andhra Pradesh, Karnataka, Maha- services through imports of raw materials, com- rashtra, and Rajasthan, and were selected from ponents, and spare parts. For example, a $200 those especially affected by the 1972 drought. million credit to India was designed to enable This is the first Bank operation in India specifi- selected priority industries, most of which are cally designed to tackle the difficult problems involved in producing essential investment affecting rural development in that country's goods, to maintain and expand their produc- arid and semi-arid regions. The five-year proj- tion. The credit will help them to import raw ect is expected to benefit over 1 million people materials, components, and spare parts. About by improving the incomes of some 225,000 rural 850 medium-scale and large industrial enter- households. They represent more than 10% of prises will benefit. The industries selected man- the population of the six districts, and most of ufacture or produce tractors and power tillers, them are among the poorest in the country. An- fertilizers, pesticides, electrical equipment, nual crop production will increase by about aluminum, commercial vehicles, automotive 58,000 tons (principally foodgrains and oil- components, castings and forgings, machine seeds). Substantial increases will be realized in tools, heavy construction equipment, and spare saleable fodder, as well as milk, wool, and mut- parts for heavy earth-moving and power-gener- ton. About 85,000 jobs will be generated over ating equipment. the project period and about 20,000 jobs will be An example of the Bank's role in strength- created after the project is completed. These ening the capacity of a government to carry out objectives will be achieved through irrigation, a project is provided by a$27 million IDA credit soil conservation, pasture improvement, affor- to assist an irrigation project in Bangladesh. The estation, dry farming development, improved project will ensure a reliable supply of irrigated sheep and wool production, and dairy water to the Bakerganj district in the vicinity of development. Barisal, a town in southwestern Bangladesh. The broad range and the large number of About 650,000 people live in this area. Irrigation project activities, together with the high degree facilities will help raise rice production in the of coordination required between all agencies, project area from its present 143,000 tons an- public and private, instrumental for carrying nually to an expected 345,000 tons by 1985. The out the drought-prone areas project, make it project will also expand dry season rice cultiva- both unique and complex, and the project tion, and allow high-yielding rice varieties to exemplifies the World Bank's efforts at finding replace local varieties over most of the project new approaches to help the poorest among the area in the wet season by providing better wa- rural masses of South Asia. 40 Per capita Population GNP (USS) Eu rope, M4Idd C e East Current borrovvers (000)(1) 1973 Afghanistan 15,219 90 and North Africa Algeria 14,700 460 Bahrain 232 670 Cyprus 655 1,290 Egypt, Arab Republic of 35,619 250 Trend in Lending, 1964-75 Finland 4,660 3,170 (US$ m [lions Fisca years) Greece 8,970 1,670 Annual Averages Iran 32,136 570 Ireland 3,030 1,760 (00) Number of Operat ons Israel 3,210 2,790 Jlordan 2,540 290 . s 179.4 Lebanon 2,970 900 Morocco 16,200 290 ___la_: Oman 618 620 C 581.2 Portugal 8,560 1,130 Q (26.2) Romania 20,830 890 _832.5 Spain 34,740 1,360 Syrian Arab Republic 6,942 370 (134) [ Tunisia 5,459 410 Turkey 37,930 400 Yemen Arab Republic 6,217 100121 Yemen, People's Democratic Republic of 1,560 11012) ____,_______i,___I_______,___I,_______i___i___a_ Yugoslavia 20,960 890 300 600 900 1 200 II' Estimated as of mid-1973 21 Preliminary estimates Developments in the region in fiscal 1975 Recent economic events have had a signifi- were, as in the previous year, strongly in- cant negative impact on the balance of pay- fluenced by the major international economic ments of those countries in the region which events of 1973-74. The events included the in- are not major petroleum exporters; as a result, . crease in the price of oil, worldwide inflation they will require increases in capital inflows in 'and its impact on import prices, the deteriora- order to maintain the rates of economic growth tion in the terms of trade of developing coun- achieved in recent years. .tries, and the economic recession in the indus- The three countries with per capita income trialized countries. levels below S200 depend heavily on imports of The region includes three countries (Afgha- food, fertilizers, manufactured goods, and pe- nistan, the Yemen Arab Republic, and the troleum. All three have been particularly ad- People's Democratic Republic of Yemen) with versely affected by recent economic events; the annual per capita incomes of considerably less United Nations has also determined that the than $200. The majority of countries, however, three, plus Egypt, are among the 42 developing fall in the middle and higher per capita income countries "most seriously affected" by these categories of developing countries; in this events, thus requiring special international group are eight major petroleum exporters-Al- emergency assistance. geria, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Among the middle- and higher-income de- Arabia, and the United Arab Emirates. veloping countries of the Mediterranean, 41 Greece, Portugal, Spain, Turkey, and Yugoslavia $9,000 million in 1974, and disbursements were have, as a result of both the increases in the about $2,000 million, or 1.3% of their combined price of oil and capital goods and the economic Gross National Product (GNP). conditions in those European countries with which they have close economic links, experi- Relations with Major Oil Exporters enced serious deteriorations in their terms of trade, declines in their export volumes, and ad- In fiscal 1975, there was a further evolution in verse effects on two major sources of foreign the changing relations, referred to in last year's exchange earnings-tourism and workers' re- Annual Report, between the major oil exporters mittances. Morocco and Tunisia, however, ex- and the Bank. Financing-either in the form of perienced significant increases in export vol- borrowings or other contributions-provided umes (mainly on account of phosphates) and to the Bank Group by these countries increased also a small gain in the terms of trade. substantially. (For details of financing provided The eight major petroleum exporters in the by countries in the region, see the "Borrowings region earned over $87,000 million from their and Finance" section in this Annual Report.) oil exports in 1974 (compared with $27,000 mil- The number of projects co-financed by the lion in 1973). But principally because of the ef- Bank Group and these countries also increased. fects of the world economic recession on oil On the other hand, Bank lending to this group consumption, this figure was below the of countries decreased; but since its need for amount forecast earlier. The combined current technical assistance of the kind the Bank can account surplus of these countries was $53,000 provide has become more acute, the Bank's million, but two-thirds of that amount accrued technical assistance activities expanded. to only four countries-Kuwait, Qatar, Saudi Bank assistance has also been given in the Arabia, and the United Arab Emirates. The oil form of advice and, in some cases, secondment export receipts and current account surpluses of staff (during the formative stages) to a num- of the major petroleum exporters are projected ber of regional and national institutions, such to increase only slightly in 1975. as the Arab Fund for Economic and Social De- The eight major petroleum exporting coun- velopment (AFESD), the Islamic Development tries have considerably expanded their assist- Bank, and the Saudi Arabian Development ance to other developing countries-a number Fund. of them within the region-either bilaterally or During fiscal 1975, an increasing number of through multilateral institutions. Total bilateral co-financing arrangementswereconcluded be- commitments-the figures are "highly tenta- tween the Bank and major petroleum exporters tive" according to the Development Assistance in the region. By the end of the year, about $425 Committee of the OECD-of Official Develop- million had been mobilized for projects for ment Assistance (ODA) by regional members which the Bank and IDA had committed about of the Organization of the Petroleum Exporting $365 million. Among the most important bila- Countries (OPEC) were estimated to be about teral co-financers were the Kuwait Fund for Lending to Current Borrowers in Europe, Middle East and North Africa,(') by Sectors (US$ millions. Fiscal years.) Annua Annual average average 1964-68 1969-73 1973 1974 1975 Agriculture $ 14.7 $111.2 $209.4 $ 184.0 $ 395.3 Education 5.5 34.3 36.1 41.7 56.4 Industry(including DFCs) 46.4 133.9 95.2 444.2 367.3 Non-project - - - - 70.0 Population - 4.3 16.5 5.0 - Power 16.9 70.6 75.2 294.5 215.6 Technical assistance (including pre-investment studies) - - - 2.8 Telecommunications - 31.6 82.0 - 30.0 Tourism - 10.8 - 5.6 Transportation 95.2 141.1 216.4 254.5 248.5 Urbanizatiofn - 0.5 - 60.0 Water supply and sewerage 0.7 42.9 101.7 29.2 51.1 Total $179.4 $581.2 $832.5 $1,321.5 $1,434.2 Of which: Bank $158.3 $504.9 $688.9 $1,229.5 $1,264.1 lDA $ 21.1 $ 76.3 $143.6 $ 92.0 $ 170.1 Details may not add to tota s because of rounding. 11) Excludes $497 million in early loans for European reconstruction and $1,273.6 million in loans to nine higher-income countries shich are no longer borrowers. Includes loans to Finland. Ireland, and Israel which have continued to obtain some of their capital needs from the Bank. Loans to these countries totaled $277.5 million in 1969-73, $60 million in 1974, and $5B million in 1975. 42 Arab Economic Development, Iran, Saudi ' Arabia, Libya, Abu Dhabi, and Qatar. The AFESD, a multilateral institution, also contributed to the financing of several Bank and IDA projects. Technical Assistance Activities The petroleum exporters in the region have become increasingly aware that their economic 'development could be promoted by a greater l ability to use effectively their foreign exchange.S earnings. At their request, the Bank is helping several among them speed up their develop- ment by emphasizing, in particular, the acquisi- tion of skills and the creation of institutional frameworks required for modern economies. Ninety percent of the technical assistance ac- tivities extended by the Bank in the region are being carried out in the eight regional member states of OPEC; most of the technical assistance programs are in Iran and Saudi Arabia. The Bank's technical assistance covers many sectors and takes many forms, ranging from its role as Executing Agency for the United Nations De- velopment Programme-financed National Transport Survey of Saudi Arabia, to the adviso- ry and pre-investment activities of the resident agricultural mission in Teheran. In both coun- tries, most of the technical assistance work is related to major internal investment decisions the countries are contemplating, and is gener- ally comparable to the services the Bank pro- vides in the course of its lending operations. Of special significance are the studies undertaken tt in both countries whose objective it is to help the authorities in the formulation of their man- power employment policies as well as thak eirn education and training programs. Some other examples of the new relationship with regional OPEC members are provided by the Bank's Economic Developient Institute's collaboration with the Arab Planning Institute in offering a regional, general projects course in Kuwait and the collaboration with the Alge- rian Government on an industrial projects Andtodkervnasmalleloeccrnicsnplant naCasablanca course in Algiers, the assessment by Bank staff snhurn in Moirocco. Plant capacity' has been expanded of power demand and expansion in generating nvith Tunds crns the BanlgesNatiusale purle -capacity in Abu Dhabi, and the joint review of Drveippi nent Eonomindue (tNrDE, the cs,ntinnv costs of major agricuItural projects in Libya. rsaira ofurce noriIon-terin finance inrl ncdiverifi neeveloprnnt, BN'DE has rnencive severnslBank loans, thp natest hefny a s st ncnoman Abou 0(1 un to- Overall Trends in Lending yutur aevelopmenfroseloanal for Owing dev The Bank and IoDA hel ped fi nance 43 projects ~in 17 countries. Total lending was $1,434.2 mil- lion. The three largest borrowers were Yugo- constituted 33% of the region's operations, and slavia ($263 million, five projects), Romania 28% of total commitments during the year. Ten ($230 million, four projects), and Egypt ($227 loans were made for industrial development mnillion, five projects). One of the noticeable and to development finance com-panies differences from- the previous year was the (DFCs). The region remains by far the largest phasing down of lending to Iran and the post- recipient of loans to industry and DFCs, since ponement of projects in Cyprus previously several of the borrowers have fairly diversified planned for the year. and sophisticated economies. About 28% of to- Lending for agricultural development rose in tal Bank and IDA assistance for industrial devel- fiscal 1975 over the previous year's figure, and opment went to the region. The continuing 43 high prices for petroleum products have caused the labor force and accounting for more than several of the petroleum importing countries of 20% of the country's GNP-are lack of capital, the region to look to alternative sources of and, especially for small farmers, insufficient energy. In fiscal 1975, the Bank helped finance credit and extension facilities. the construction of a lignite-fueled power The project calls for investments in livestock, plant (Romania) and a hydroelectric power fruit and vegetable production, land reclama- plant on the upper reaches of the Drina River tion, mechanization, and agro-industries, and is (Yugoslavia). expected to help reduce crop fluctuations and promote self-sufficiency in foodgrains and Agriculture and Rural Development milk. Small farmers (to whom 40% of the loan is Agriculture ~~~~~~~~allocated) will receive subloans, either directly Of the loans to agriculture during the year, or through agricultural enterprises, thereby in- one-third were to assist agricultural and rural creasing their prosperity in general, and, in par- development projects, more than a third were ticular, helping them exploit their comparative for agricultural credit, and a quarter supported advantage in livestock production. About 380 irrigation activities. Loans to each of these sub- social sector agricultural enterprises and 10,200 sectors are of special interest because they in- private farmers will benefit directly from the clude socially innovative or other significant project; the average farmer's income is ex- features. pected to rise by over 150%. The project should One of the most ambitious projects to be un- also create about 6,000 new jobs. dertaken in the region in fiscal 1975 was a rural A shortage of water has hampered agricul- development project in Turkey. It is ambitious, tural development in southern Morocco. The both in its objective of reaching some of the Souss groundwater project, assisted by a Bank most disadvantaged people in isolated areas, loan of $18.5 million, is designed to assure the and in the comprehensiveness of its multisec- optimum use of available groundwater re- toral approach. sources for the benefit of about 1,600 poor rural The project, aided by a Bank loan of $75 mil- families. The project provides for sprinkler irri- lion-it marks the Bank's first involvement in in- gation on about 6,200 hectaresof new land, and tegrated rural development in Turkey-will af- the rehabilitation of a crude gravity irrigation fect farmers living in the north-central system covering 1,000 hectares. The project will provinces of Corum and Cankiri. Primarily de- create viable farm units through land consoli- pendent on rainfed agriculture, the two prov- dation and distribution, improve supporting inces are among the poorest third in the coun- agricultural services, and organize farmers into try on the basis of income levels and living service cooperatives. The family farms will pro- standards, agricultural development, industrial duce cereals, milk, meat, and, to a lesser extent, development, health and sanitation facilities, fruit, for the domestic market. The project will and communications. The project seeks to raise also improve the rural environment by provid- by 70% the incomes of about 400,000 rural poor ing streets, street lighting, domestic water sup- by enabling them to double their production of ply, schools, and health and community grain; it will also improve the infrastructure of centers. the villages in which they live. A rural development project in Algeria, aided An intensive agricultural extension program by a Bank loan of $8 million, is designed to help will be instituted; credit will be provided to buy the Government improve the social and eco- inputs such as seed, fertilizer, buildings, and nomic conditions of the country's rural poor. machinery; new irrigation facilities will be con- The project-which consists mostly of technical structed to serve an additional 6,250 people liv- assistance-will strengthen Algeria's capacity ing on 12,000 hectares of land; new village ac- for project preparation and implemzentationi, cess roads will be built, and existing ones particularly at the local and regional levels; upgraded; drinking water will be provided to moreover, it will help develop rural institutions 120 villages, and electricity will be extended to and services. 233 villages. In addition, facilities for basic The project provides the technical personnel health and social needs-public baths, toilets, and equipment needed to plan, test, and ulti- laundries, and meeting halls-will be mately begin the implementation of four sub- constructed. projects, each of which will concentrate on im- A Bank loan of $50 million for an agricultural proving the productivity of small farmers. Two credit project in Yugoslavia has two major ob- of the subprojects aim at overcoming two of jectives: to help increase agricultural produc- the main constraints to rural development at tion by extending credit to socially-owned agri- the national level (credit and extension) by de- cultural enterprises and private farmers, and to signing and testing a model for a national ex- help improve the allocation of resources by tension system and by assisting ongoing agri- supporting institution-building within the cultural credit efforts. The two remaining eight banks through which the loan proceeds subprojects focus on two of Algeria's poorest will be channeled. The major constraints on the areas-its steppe and mountain regions. development of Yugoslav agriculture-it re- The steppe subproject will attempt to stop mains an important sector, absorbing 44% of the degradation of pastoral lands, will tackle 44 the sociological problems arising from the dis- demand, and if waste were not properly dis- integration of traditional tribal arrangements posed of, the environment would be degraded, concerning grazing rights and migration routes, and tourism would suffer. The project, for and will support pastoral development, includ- which the Bank loaned S6 million, will allow ing the permanent settlement of semi-nomads Dubrovnik to expand its water supply system, into cooperatives. The mountain region sub- and reduce the health hazards of pollution project will seek to improve economic op- through the construction of sewage treatment portunities for the population living in the facilities. Aures mountains, and thus discourage their mi- gration to urban areas. It is hoped that the solu- Education tions developed by the Bank-aided project can A $5.4 million IDA credit for an education be widely applied elsewhere in the country, project in the People's Democratic Republic of Yemen exemplifies the Bank's new approach in Environment the field of educational development. One of the year's most innovative loans Since its independence in 1967, the country marks the Bank's initial involvement in a na- has experienced an education explosion: pri- tional program to improve the environment A mary school enrollment has increased 300%. $20 million loan in support of a project in Fin- Preparatory school enrollment has risen by land is designed to help protect both man and 100/ thenvio o te hbeen on the order of 500%. Modernization of the environment from the harmful effects of in- curcua prvso ofaeut.colbid dustrial wastes. The project will reduce water curricula, provision of adequate school build- pollution-even at the expense of some eco- ings and equipment, and training of the teach- nomic growth. ing force could not keep up with the increasing Half of Finland's almost 5 million people live demand, and thus real progress in the sector ,, ~~~was limited. In addition, schooling outside near severely or moderately polluted waters; a ad except In theimore develift oy- quarter of the people live in areas where the Aden, except m the more developed Fifth Gov- municipal water supply is taken from unsuit- ernorate, is still sparse. able surface sources. The trend of urbanization In coordination with other external programs and industrialization indicates that pollution designed to help the Government by providing will accelerate if effective counter-measur supplementarv school buildings, secondary will accelerate If effective counter-measures teces.n tchiadies th. pojc are not taken as soon as possible. The Finnish teachers, and technical advisers, the project Goernment has launched a 10-year national wil supply annually about half the new primar Governmeto control industrycaused water pol- school teachers needed, and will help upgrade program ol whicause watersp- almostathirdof theexisting unqualified teach- lution. The program, of which the Bank-sup- ers. More practical, broad-based curricula will ported project will cover the three-year period 1975-77, will also be a part of Finland's efforts to be Introduced into preparatory and secondary reduce the serious pollution of the Baltic Sea by schools, traning will be provided to meet ur- curtailing the sources and levels of pollutants gently-needed skilled manpower in agricul- discharged into the Baltic from Finnish territo- ture, industry, and the social services, and two ry. The Bank has contributed to the design and pilot rural development centers will be built in implementation of the program, whose target is the remote rural areas ot the country. The cen- a 50%. reduction by 1980 of industrial water pol- ters will help support existig local crafts, will lution. The Bank loan, made to the Mortgage bthe focus of adult literacy programs, will in- Bank of Finland,will be re-lent to industrial en- troduce vocational training, and will support terprises which will share in the costs of the the activities of the Ministry of Health in carry- program. ing out family care and nutrition programs. As By contributing to Finland's program the much as 80% of the project's costs will be di- Bank will acquire detailed knowledge about rected towards people lving In rural areas. pollution control costs and benefits in industry, Other Projects fand experience in the research needed for 'modeling aquatic eco-systems and applying In the past 12 months, Egypt has taken a num- systems analysis for pollution control. ber of measures to accelerate its economic de- Environmental protection is also a major con- velopment, and has both sought and received cern in a water supply and waste water disposal commitments of large amounts of develop- project for the medieval, walled city of Dubrov- ment assistance from various donors. Bank nik in Yugoslavia. Eighty percent of all tourists Group assistance, which had been limited to vacationing in Yugoslavia spend some of their IDA credits until fiscal 1974, increased sig- time on the Adriatic coast, where the town is nificantly in fiscal 1975 by the addition of the located. Tourism, which currently accounts for first Bank loans since 1959. The Bank and IDA about 15% of Yugoslavia's total convertible cur- lent $227 million to Egypt during the year-a rency earnings, is highly sensitive to environ- sum more than quadruple any previous year's mental conditions. If Dubrovnik's water supply total. The largest loan, of $70 million (half on system (part of which was built in the 15th cen- Bank and half on IDA terms), made in Decem- tury) were not to keep pace with the growing ber 1974, is the first non-project loan ever made 45 to a country of the region. It will provide the equipment and facilities there-but not the foreign exchange necessary to use the econo- main structures-have been destroyed. The my's existing productive capacity more fully. project will help restore navigation, and will A major portion of the proceeds of the loan is enable the waterway to operate at its former being used to import raw materials, inter- efficiency. mediate goods, and spare parts to support cur- The Bank also extended loans to all three of rent production in industry and inputs for agri- Romania's key economic sectors-industry, culture. The loan will also help finance the power, and agriculture. The two loans for agri- acquisition of urgently-needed equipment and culture, which totaled $100 million, are for proj- spare parts required to improve operating effi- ects representative of the country's overall pro- ciency at the port of Alexandria, which, since gram of agricultural investment. The Sadova- 1967, has been Egypt's only port handling im- Corabia agricultural credit project will help in- port and export traffic. crease productivity, and through its subproj- A Bank loan of $50 million-supplemented by ects, will significantly improve the production contributions from other sources-was also potential of over 40 cooperatives, state farms, made to the Suez Canal Authority for a project and agro-industrial enterprises. The Giurgiu- to rehabilitate the Canal, the total cost of which Razmiresti irrigation project will provide is estimated at $288 million. The Bank's associ- 100,000 hectares of irrigation infrastructure, es- ation with the Suez Canal dates back to 1959, sential to the future growth and stabilization of when a loan was made for its expansion. Since agricultural output. Incomes of about 17,000 the closure of the Canal in 1967, almost all the farm families will be raised. 46 Per capita Population ONP (LSs) Latin Am erica and Current borrowers (000)(1. 1973 Argentina 24,282 1,410 the Caribbean Bolivia 5,331 230 Brazil -101,051 720 Trend in Lending, 1964-75 Chile 10,230 760 Colombia 23,777 440 (US$ m. lions Fiscal years) Costa Rica 1,872 710 Annual Averages Dominican Republic 4,432 530 too) Number of Operat ons Ecuador 6,727 390 El Salvador 3,801 370 310.4 Guatemala 5,175 520 Guyana 772 400 .8) : . .Haiti 4,454 120 7 e7 l WtO6.4 Honduras 2,781 330 -(27.4) Jamaica 1,967 860 .5 1- ______ wMexico 56,047 810 ; 684.9 . Nicaragua 1,973 520 L- (2e) . . .Panama 1,570 940 - 923.2 s Paraguay 2,416 350 m923.2 Peru 14,531 590 (32) - t 0 .Trinidad and Tobago 1,059 990 ..1 2ts Uruguay 2,995 780 * (34) . .Venezuela 1-1,279 1,260 ==I I i 1 . i E i 4' E i 300 600 900 1,200 iS) Estimated as of mid-1973. Recent trends in the international economy, Some of the petroleum importing countries including the recession in the industrial world export commodities whose relative prices have which began in 1974, have had powerful but also risen in the last two years, thereby soft- somewhat divergent effects on Latin America ening the impact of more expensive imports. In and the Caribbean. In most countries, higher Barbados, the Dominican Republic, and Guate- -import prices and lower export prices created mala, for example, there has been a major in- serious problems of domestic economic man- crease in export earnings because of higher agement and contributed to inflation. world prices for sugar, while the Dominican Re- The world price of petroleum has not, of public, Haiti, and Jamaica have benefited from course, been the only influence on recent increased earnings from bauxite. trends. But it has probably been-directly or in- During 1975, however, market conditions for directly-more important than any other factor. most of the region's principal export products Important distinctions can thus he drawn be- deteriorated. Consequently, the terms of trade tween the few countries-Bolivia, Ecuador, worsened. The relative decline in coffee prices Trinidad and Tobago, and Venezuela-which has had a particularly widespread effect, be- derive a major share of their foreign exchange cause several countries in the region derive 20% earnings from this commodity, a few others- or more of their export receipts from this crop. Argentina, Colombia, and Mexico-which are Lower copper prices have adversely affected actually, or are nearly self-sufficient in petro- Chile and Peru, and lower wool prices, together leum, and the remainder-including Brazil, with adecline in world market meat prices, and, Chile, Jamaica, and Uruguay-which at present even more importantly, a limitation of beef ex- rely heavily on imports. ports to the countries of the European Econom- 47 ic Community, has reduced export earnings for tries. In Costa Rica, Uruguay, and Panama,for in- Argentina, Paraguay, and Uruguay. stance, the current account deficit in the For those countries which have achieved balance of payments as a proportion of Gross substantial economic diversification-Argen- Domestic Product nearly doubled in 1974 as tina, Brazil, Colombia, and Mexico-the reces- compared with 1973. The immediate outlook sion in the industrial world has reduced de- for their traditional exports is unpromising. The mand for their manufactured exports. It is also economic difficulties of Honduras were accen- likely to lead to a decline in tourism earnings tuated by a hurricane which devastated much for the region. The economies of the Bahamas, of the country in September 1974. Barbados, Haiti, Jamaica, and Mexico, will be In the medium term, the general outlook for particularly affected. the region is somewhat brighter, because it has For most countries, changing price and de- a strong resource base and also because some mand conditions are likely to mean larger trade countries have succeeded in creating relatively deficits. In general, the possibilities for cush- advanced industrial structures and in diver- ioning the effect of these deficits by drawing sifving their exports in recent years. This, com- down reserves or running up short-term debts bined with recent general improvements in are limited. It thus seems likely that for most public finance and balance of payments pol- countries in Latin America, the recession in the icies, augurs well for the region's ability to industrialized world will lead to lower rates of make the necessary adjustments and to main- economic growth, although the extent of this tain growth rates which may be above those of impact will vary according to their export other parts of the developing world. This is like- prospects. ly to be particularly true of Brazil, Colombia, World trade conditions and their own eco- and Mexico, all of which, in recent years, have nomic structures are such that most countries- increased their productive capacity, expanded at least in the short run-will find it even more their industrial exports, and accumulated inter- difficult to diversify their exports. As a result, national reserves. there have been several attempts to reduce im- Forthe major oil exporting countries, notably ports through policies designed to lessen ag- Venezuela, the adjustment process has been gregate demand. In Mexico and Peru, attempts entirely different. Venezuela has used its in- have been made to combine demand restraint creased oil revenues to build foreign exchange with efforts to sustain the level of development reserves, to increase domestic investment, and outlays. In Colombia, however, development to finance development elsewhere in the re- expenditures had to be cut back as part of a gion and the rest of the world. In August 1974, stabilization program, but the fiscal reform the Bank borrowed $500 million from Vene- measures adopted recently are expected to in- zuela. During 1974, the country also committed crease resources for development and also in- $540 million to the International Monetary duce a more equitable distribution of income. Fund's oil facility, and a total of about $700 mil- The process of short-run adjustment is prov- lion for the Central American Bank for Economic ing particularly difficult for many smaller coun- Integration, the Caribbean Development Bank, Lending to Current Borrowers in Latin America and the Caribbean, by Sectors (US$ mill ons. Fisca vears.) Annual Annual average average 1964-68 1969-73 1973 1974 1975 Agriculture $ 46.6 $109.2 $256.4 $223.5 $ 422.0 Education 4.2 19.1 20.6 68.2 47.5 Industry (including DFCs) 12.9 96.4 80.0 76.2 155.5 Non-project - 12.0 - - - Population - 1.0 - - Power 177.2 201.8 109.3 248.7 76.0 Technical assistance (including pre-investment studies) - - - 13.3 - Telecommunications 14.7 19.9 - 41.5 41.0 Tourism - 4.4 - - 21.0 Transportation 47.7 186.2 99.5 177.6 401.5 Urbanization - 5.1 200)1) 15.0 8.5 Water supply and sewerage 7.1 51.3 99.1 59.2 42.0 Total $310.4 $706.4 $684.9 $923.2 $1,215.0 Of which: Bank $300.7 $683.1 $638.8 $885.9 $1,166.5 IDA $ 9.7 $ 23.3 $ 46.1 $ 37.3 $ 48.5 Details may not add to totals because of rouinding. (') Nicaragua earthquake reconstruction 48 A Bank-suppnrtedro acl pro ject in Honnnra c will help) thcis La,nher mil mcii nei Its pronnnc t Io tin accral I (i, ir 0! C Te-ucr'alpa Over S400 niliin h a I cn af ; -ved hS theBant luring On e r Icir f transpoa inn Finpn (c ti th' tin Ameri a end thn 'eribbean ing'on. the United Nations Emergenicy Operation, a A total of 34 projects was approved, against 32 special oil facility in Central America and Pa- in fiscal -1974. nama, the financing of coffee stocks in Central The Bank's interest in spreading the benefits America, and some other loans to Latin Ameni- of economic development to poorer regions can countries. During 1975, Venezuela has es- and population groups was reflected in a larger tablished a $500 million trust fund in the Inter- numiber of loans for rural development and ag- American Development Bank (IDB), and in- riculture, education, urban development, and tendstoestablishtrustfundsintheAndeanDe- water supply projects. Industry, power, and *velopment Corporation and the Caribbean De- transportation continued to account for sub- velopment Bank. stantial commitments. In many countries, including those with rela- In rural areas, the Bank is supporting national tively advanced economies, external capital re- efforts to promote development-as in Mexico. quirements have recently increased in real In urban areas, the Bank is supporting low-cost terms. Venezuela is playing a constructive role housin, and water supply ancl sewerage pro in meeting some of these needs. But other ects-as in El Salvador and Colombia. sources of public external capital-including Two integrated rural development projects in the Bank-must also be responsive to them. Mexico will benefit about 1,250,000 people in the poorest parts of the country. Both are The Bank's Response among the most complex projects with which the Bank has ever been associated and indicate Against this background, Bank and IDA lend- the ambitious and tar-reaching efforts being ing to the region in fiscal 1975 was $1,215 mil- made by the Mexican Covernment to over- lion, an increase of 32% over the previous year. come stagnation in the rural sector. 49 Both projects will help raise family incomes ities in eight departmental capitals and provide and expand food production through the pro- additional water supplies for some 2 million vision of credit and technical services. They will people in 30 small towns. also create permanent jobs and improve the liv- ing conditions in poor villages by bringing to Employment and Diversification them potable water, electrical services, primary school classrooms, workshop facilities, and Although an increasing part of the Bank's ef- community centers. fort has been allotted to projects designed to A $50 million Bank loan will bring benefits to benefit the poor, many Bank loans have the di- more than 500,000 people in the Papaloapan ba- rect purpose of promoting sustained economic sin and a $110 million loan will benefit about growth and expanding the base for rural and ur- 750,000 people in 30 "micro-regions" in differ- ban employment and economic diversification. ent parts of the country, and will support a proj- These goals are approached through projects ect which will help increase annual production designed to increase agricultural and industrial of maize by 200,000 tons, beans by 40,000 tons, production, especially for export, and through and beef by 25,000 tons. the development of basic infrastructure. In the Similar goals have been attached to the lower transfer of resources, the Bank's role is comple- Sao Francisco polders project in Brazil. With the mentary to that of other lenders, and, in many construction of dikes and pumping stations, cases, the Bank has sought to combine its loans the project will protect more than 32,000 hec- with those of other institutions. tares of lowlands, which would otherwise be A Bank-assisted project which aims directly almost entirely lost to production because of a at increasing agricultural production is the live- change in the river flow associated with the stock development project in Paraguay for construction and expansion of hydroelectric fa- which the Bank approved a $10 million loan. As cilities at Sobradinho and Paulo Afonso. It is the the country enjoys a comparative advantage in first Bank project in Brazil which contains irri- beef production, the project will help generate, gation and agrarian reform components. Fol- through meat exports, the foreign exchange lowing the pattern adopted in two other areas, needed to import goods required to expand the Government will purchase the land and re- productive capacity and to improve the living distribute it to sharecroppers and to owners of standards of the people. small and medium-sized farms. The project While agricultural development continues to will, therefore, prevent large landowners from be a basic objective in the countries of the re- securing windfall benefits; it will also guaran- gion, industrial development is also of major tee a substantially higher income to new land- concern. Although manufactured exports have owners, and raise the current level of produc- been growing, industrial development has tion quite significantly. been largely confined to countries with suffi- One of the most serious problems in Latin ciently large internal markets to facilitate im- America has been the pressure which rapid mi- port substitution within a framework of exter- gration from rural to urban areas has put on the nal protection. The Bank's lending for industry, supply of low-cost housing; one form of re- nevertheless, takes place in an environment in sponse with which the Bank has been associ- which several Latin American countries now ated involves the provision of urban "sites and have relatively strong industrial bases and have services." In El Salvador, for example, a $2.5 mil- recently improved export incentives. lion Bank loan, together with a $6 million IDA One aspect of Bank operations in industry is credit, will help finance the construction of illustrated by a $95 million loan to Brazil in sup- about 7,000 dwellings for families earning be- port of the Government's steel expansion pro- tween $40 and $120 per month. This project is gram. The program, which will help sustain the intended as a model for replication throughout process of economic import substitution, has the country. A private organization is acting as also been supported by the IDB, and involves the executing agency and is providing addition- total investments of more than S5,000 million. al financial resources for the project. The in- Now in its third stage, the program will sub- volvement of the private sector demonstrates stantially increase the basic iron and steel mak- its potential role in such ventures, and will ease ing, rolling, and finishing capacities of the three the burden on Government resources. The Sal- Government-controlled companies which ac- vadoran Government is financing the extension count for the bulk of Brazil's output of flat- of urban electricity, water supply, and sewverage rolled products. facilities into the project area. Education and Another example of the Bank's industrial community facilities will also be constructed. lending, and illustrating the importance of in- Another problem arising from the rapid ter-sectoral relationships, is a loan to help fi- growth of demand for urban services is the nance the construction of two fertilizer plants inadequacy of water supply systems, which has and the expansion of a pesticide plant by led to poor health and sanitary conditions in Guanos y Fertilizantes, S.A., a state-owned en- many urban areas. A $27 million Bank loan to terprise in Mexico. Both fertilizer plants will Colombia will help finance the construction of produce urea to help satisfy the growing do- water distribution and sewage collection facil- mestic demand for this product during the next 50 several years, and temporarily sustain a modest Technical Assistance and Studies level of exports. The construction of the ferti- lizer plants and the expansion of the pesticide Regional integration is an increasingly impor- plant are to take place in the southeast and tant topic in Latin America and the Caribbean, north-central regions, and will, therefore, con- and a major Bank study of the English-speaking tribute to the process of urban-industrial devel- states of the Caribbean completed during the opment outside Mexico City. As part of the year illustrates the Bank's role in fostering this project, a study is to be carried out for improv- process. These countries have made consider- ing fertilizer distribution so that a larger num- able progress towards integration over the last ber of small farmers will benefit. The project decade, and the study concludes that further will cost $133.5 million, of which the Bank loan integration can be most effectively promoted amounts to $50 million. by means of technical assistance and external Throughout the region, the development of financing designed to benefit the region as a small-scale industry has generally been limited whole as well as individual countries. The find- by inadequate access to credit and insufficient ings of the study also indicate the need for an technical assistance. The principal objective of expansion of the role of regional institutions, a $5.5 million Bank loan, to be re-lent to small notably the Caribbean Development Bank. The and medium-sized industries by Colombia's study also identifies a number of projects suit- Corporaci6n Financiera Popular (CFP), is to able for external financing in the trans- help remove these constraints. Small and medi- portation, education, agriculture, and tourism um-sized industries account for 41% of employ- sectors, but argues that coordination between ment and 26% of value-added in manufacturing sources of external aid must be improved if in the country. Some 200 firms are expected to such efforts are to be fruitful. benefit from the project, and an estimated 1,700 Another study, undertaken jointly by the to 2,000 new jobs will be created-mostly out- Bank, the United States Agency for Inter- side Bogota. The project will thus contribute to national Development, and the IDB, concerns the dispersal of economic activity. agricultural sector surveys in Costa Rica, El Sal- Industrial growth in particular, and economic vador, Guatemala, Honduras, and Nicaragua. growth in general, depend on the availability of These surveys have focused on the needs of the basic utilities; the development of hydro- rural poor, on project identification, and on electric power has thus recently acquired par- how the technical and financial assistance ef- ticular importance in non-petroleum produc- forts of the three agencies might be better ing countries. The Bank's sixth loan, of $35 coordinated. million, for power development in Honduras Finally, the Bank has been helping petroleum will help finance the third stage of the Lake exporting countries in their efforts to diversify Yojoa/Rio Lindo hydroelectric scheme, the first their economies. Most of this effort has been two stages of which were also built with Bank directed towards Venezuela, where the Bank and IDA assistance. The additional capacity to has provided technical assistance to the Ve- be provided under the project will meet Hon- nezuelan Investment Fund involving initial ad- duras's incremental needs until 1980, and will vice on establishing the Fund, and subsequent lessen its dependence on imported fuel. The assistance with project evaluation. The Bank project also includes additions and improve- will also provide advice to the Venezuelan Gov- ments to the utility's distribution system, and ernment on sectoral development, employ- will extend the benefits of electrification to ment policies, and other economic strategies, 300,000 new consumers. including diversification. 51 Projects Approved for Bank and IDA Assistance in Fiscal 1975, by Sector Agriculture BURMA: IDA-$24 million. This credit will AFGHANISTAN: IDA-$13 million, Funds will help rehabilitate and improve much of Burma's be provided the Agricultural Development timber extraction operations. Key personnel Bank of Afghanistan for loans to farmers and to will be trained, roads constructed and main- the Afghan Fertilizer Company to build ferti- tained, sawvmills rehabilitated, and equipment lizerwarehouses throughout the country. More bought. No adverse environmental effects are than a quarter of a million farmers and their foreseen as a result of the project. Total cost: families will benefit from higher incomes; $35.8 million. foodgrain production should increase by 1985 CAMEROON: IDA-$16 million, Almost 6,000 by almost 250,000 tons; and the country could hectares of land will be cleared and planted achieve self-sufficiency in wheat and increase with high-yielding rubber; 3,000 persons and exports of commodities such as cotton. their families will be employed, and provided ALGERIA: Bank-$8 million. This technical as- housing, health, education, and social facilities. sistance loan will help study and implement A master plan for the region will be prepared. rneasures to increase agricultural productivity At peak production, the estate will produce of small farmers and other rural poor, strength- 13,000 tons of rubber. The project is jointly fi- en local administrations, and develop rural in- nanced with the Caisse Centrale de Coopera- stitutions and services. Preparation of schemes tion Economique (CCCE) of France. Total cost: for integrated development will be set up in $28.5 million. two poor regions, in the steppe zone and in the CAMEROON: Bank-$6.5 million. The in- mountain zone. An experimental program will comes of 32,000 farm families will be increased explore ways of developing agricultural exten- by as much as 70% as a result of this project in- sion services; and assistance will be provided to volving cocoa planting and rehabilitation of improve the agricultural credit system. cocoa land on 50,000 hectares of land in the re- BANGLADESH: IDA-$27 rillion, Reliable ir- gion surrounding the capital city of Yaounde. rigation water will be supplied to 56,000 hec- The project is jointly financed with the French tares of land near the city of Barisal in south- agencies Caisse Centrale de Coop6ration Eco- vvestern Bangladesh, rice production wvill nomique (CCCE) and Fonds d'Aide et de Co- increase by 200,000 tons yearly to 345,000 tons, operation (FAC). Total cost: $23.8 million. and more than 600,000 people will benefit from CHILE: Bank-S20 million. About 22,000 small the project. Total cost: $46 million. farmers, among the poorest 40% of the popu- BOLIVIA: IDA-$7.5 million. About 3,600 poor lation, will be provided short-term and medi- rural families will earn more through cultiva- um-term credit to finance the purchase of ferti- tion of crops, and ranchers will get help in rais- lizers, seeds, and pesticides. Total cost: $55.5 ing cattle and sheep under the provisions of million. this fourth IDA operation for agricultural devel- COLOMBIA: Bank-$21 million. This project opment in the country. More sugar cane and in the Sinu River valley calls for the completion beef wiil be exported and put on the local mar- of drainage works on 40,000 hectares, including ket. Full employment for 4,000 smallholders reclamation of 6,000 hectares of permanently and seasonal employment for 8,000 workers flooded land. About 1,000 landless families will will be created. Total cost: $12 million, be settled on the reclaimed land, and other BRAZIL: Bank-$23 million. Dikes and pump- land to be acquired under existing land reform ing stations will be built to protect 32,000 hec- laws. Another 2,800 small farms will benefit tares of land in the broad flood plains of the from the drainage works. Improved community lower Sao Francisco valley. Important elements services will be provided to 35,000 people. The of agrarian reform incorporated in the project project, to be implemented by the Colombian will help ensure the equitable sharing of ben- Institute for Agrarian Reform (INCORA), will efits. An incremental production of 25,000 tons increase farm incomes and crop yields. Total of rice is expected, and new farmers, share- cost: $35.7 million. croppers, and small landowners should see COLOMBIA: Bank-$19.5 million. This sec- their incomes increase from an average of $200 ond phase of a land colonization project in Ca- yearly to $1,800 by the sixth year. More than queta will emphasize follow-up assistance to 18,000 jobs will be protected. Almost 2,000 new established farms, environmental protection, farms will be created. Schools and health cen- and social services. An estimated 2,850 small ters will be built, and electricitv and potable farmers will receive medium-term and long- water supplied. Total cost: $56.5 million. term credit. Pasture land will be established, 52 roads constructed, and health centers and pri- incomes of about 160000 farmers in the area. mary schools built. Total cost: $37.1 million. Total cost: $70 million. ETHIOPIA: IDA-$9.5 million. A pattern for INDIA: IDA-$35 million. By 1980, the in- settlement with secure tenure in Tigre Prov- comes of more than a million people, most of nce's lower Adiabo region will begin as a result whom belong to the poorest segments of the of this credit which constitutes the first five- population in six drought-prone districts in year phase of a program which will eventually four states-Andhra Pradesh, Karnataka, Maha- settle about 12,000 farm families on 22,000 hec- rashtra, and Rajasthan-will be increased. This tares of Government-owned land. Annual net credit is the first Bank Group operation in India cash incomes of the farmers could rise from the designed specifically to tackle the problems of present $25 to more than $75. Basic services, in- rural development in the country's arid and frastructure, and necessary institutions will all semi-arid regions. Public investments in minor be provided. Total cost: $13.5 million. irrigation, soii conservation, forestry and pas- GHANA: IDA-S13.6 million. Help will be ture development, dry farming, sheep and dairy provided in financing the first phase of alO,000- development, and provisions for applied re- hectare integrated oil palm development pro- search and training are all included. Total cost: gram which involves planting 5,200 hectares of $102.7 million. oil palm in a poor and relatively under- INDIA: IDA-$34 million.About 200,000 farm- developed region of the country. This new in- ers-75% of them smallholders-will directly dustry (for Ghana) may generate a gross income benefit from, and 100,000 man-years of labor of as much as $17 million yearly. The nucleus yearlywill beprovided bya projectdesigned to plantation will employ 600 staff and laborers, increase foodgrain production (by 310,000 tons and an outgrower program will directly benefit a year by 1979), farm income, and rural employ- about 250 farmers. Total cost: $22.5 million. ment in West Bengal State. Total cost: $67 GUINEA: IDA-$7 million. This first IDA cred- million. it to Guinea vill help establish a 420-hectare ir- INDIA: IDA-$27.7 million. A dairy develop- rigated pineapple estate, which will supply fruit ment project in Rajasthan. (For details, see be- of high quality for export. Road transportation low.) Total cost: $52 million. and fruit handling services will also be im- INDIA: IDA-$16.4 million. A dairy develop- proved. Pineapple growers near the estate will ment project in Madhya Pradesh. (For details, also be provided with a package of support see below.) Total cost: $31.2 million. services to help them increase their productiv- Milk production in the two states will be in- ity. Rice and livestock studies will be prepared creased from 9 million tons to 21 million tons as so that future projects can be identified and a result of these two projects. Village cattle prepared. Total cost: $8.5 million. owners will be organized into dairy co-ops, INDIA: IDA-$83 million. Two hundred thou- which, in turn, will be grouped into eight milk sand hectares in the area of the Rajasthan irriga- producers' unions. Quality crossbreeding, tion canal will be provided all physical work animal health improvement, and the develop- and agricultural supporting services required ment of facilities for milk collection, process- for full water utilization. The project does not ing, and marketing are included. extend the irrigated areas; it seeks, rather, to re- INDIA: IDA-524 million. As many as 12,000 alize all the potential benefits from already additional jobs will be created over the next existing irrigated land. The project includes decade, the incomes of 93,000 farmers will land development, canal lining, afforestation, nearly double, and foodgrain production feeder road construction, and provision of wa- should increase by 165,000 tons yearly as a re- ter supply systems to 100 villages. About 70,000 sult of a project providing all necessary physical jobs will be provided over the next 10 years. To- works and agricultural supporting services to tal cost: S174 million. enable full realization of the benefits of the INDIA: IDA-$75 million. About 600,000 existing Chambal irrigation system in Mladhya people-many of them involved in small-scale Pradesh State. Total cost: $46.6 million. 2 farming-will benefit from this credit which INDONESIA: Bank-$65 million. Three irriga- will support the activities of the Agricultural tion systems covering about 200,000 hectares Refinance Corporation, an agency established will be rehabilitated, improved or completed, to provide medium-term and long-term finance and as many as 2½.2 million people will benefit to commercial and cooperative banks for on- directlv from the project. As many as 45,000 ad- lending to farmers. The credit's main focus will ditional full-time jobs will be created by -1985, be on development of minor irrigation and staff and paddy production may jump from 500,000 training for personnel in rural banking tons to950,000 tons. Total cost: S165 million. institutions. INDONESIA: Bank-$21.5 million. This loan is INDIA: IDA-$45 million. A new barrage to help finance an agricultural research and ex- across the Godavari River in the state of Andhra tension project designed to improve crop Pradesh will be completed, replacing an older yields throughout the country. The production- one which is in danger of collapse. About oriented research will concentrate on four 400,000 hectares of land will be protected, and types of commodities. It is hoped that high- water for irrigation will be assured, along with yielding, disease-resistant varieties of seeds 53 and planting materials suitable to Indonesian KENYA: Bank-$7.5 million: IDA-$7.5 mil- conditions will be developed. The project also lion. One hundred twenty-six group-owned, provides for one national and nine regional in- large-scale mixed farms and coffee estates formation centers to assist in disseminating re- which have encountered serious management search information to farmers. Total cost: $46.6 and production problems will be rehabilitated. million. Technical and managerial services to all the IRAN: Bank-$40 million. This project-which farms will also be given and credit for macbin- essentially extends activities under two ery, infrastructure, and working capital will be previous loans-will help support a t~wo-year offred. WAheat, maize, and coffee production lending program for investments in commercial wilbe expandedi and foreign exchan~ge earned; agriculture as well as a,gri-business and agro-in- employment for about 13,000 gru-amon dustry b3y the Agricultural Development Bank ers will be ensured. Total cost: $23.2 million. of Iran. With this loan, however, more emphasis M\ADAGASCAR: IDA-$9.6 million. An addi- will be placed on developing smaller-scale tional 70,000 hea'd of cattle wvill be raised and commercial agriculture, the output of pigs, rice, maize, manioc, and IRAN l3nk-$2.5milion.Creit aciltie to Peanuts increased as a result of this village live- both commercial and traditional fishermen for Stokadrrldvlomn,rjc.Sm the purchase of needed equipment are includ- 80,000 poor, rural families (400,000 people) will ed in this project whichb is expected to generate beasse.Cmua atres Will be in- the production ofl19,000 tons of fish anidshrimp prvd colsbit ae supply facilities a year, A training program which will benefit funse o20vlae,ras lbuilt and main- about 900 f ishermen is also in~cluded. Total cost: tae,advtrnr aiiis provided. Total $18 mnillion, ot 1.8mlin IVORY COAST: Bank-$31 million. Areas in MAAACRrBn-67 illion; IDA- northern Ivory Coast under cotton cultivation $6.75 million. About 34,000 hectares of pine will be increased from about 60,000 hectares to plantations will be afforested, service roads -built and maintained, and technical assistance almost 80,000 hectares and the area of fo od . crops grow ,n in rotation with cotton will be in- provided for this project which will provide creased from about 9,000 to 70,000 hectares. full-time jobs for 1,600 pe-ople, and which will Construction of two cotton ginneries, feeder reduce soil erosion arid improv'e soil fertility in roads, and other infrastructure are also includ- the Mvangoro valley. Total cost: $17.2 million. ed. Living conditions of about84,000 farm fami- MALAWI: IDA-S8.5 millioin. This final (third) lies will be improved. Total cost: $52.5 million, phase of the Lilongwe Land Development Pro- gram will cover 32,000 farmers who have not yet IVORY COAST: Bank-$20 million. About benefited from the program whiich, when com- 26,500 hectares of high-yielding cocoa plan- pleted, will affect 500,000 persons. The Li- tat;ions will be developed, 'and access roads and Iongwe programi is designed to raise agricul- wells wvill be constructed and rehabilitlated. The tural productivity and increase rural incomes project is expected to generate net a nnual for- through m-easures including land demarcation eign exchange earnings of $23 million, and to andt registration, farmner credit, livestock devel- triple theicmso about 17,000 farmers. To- opment, and extension services. Total cost: tal cost $47mlin$12.1 million. JoRDN D-75million. This credit will MALAYSIA: Bank-$36 million. About 3,400 help fiac atof a larger development settler families will be provided housing in two schemefrteetr Jlordan valley w,hich aims new urban settlements, 25,500 hectares of land at developing irrigation and providing rural de- will be cleared, 22,000 hectares of oil palm velopmen fcltetoincrease production and planted, and two palm oil mills built in this land narrow incm itiution disparities. About settlement project. About 5,000 workers will be 25,000 pepewl eef it directly, and by 1983, directly employed during the project's devel- agriculua prdutin should almost double o~pment period, and settlers' average yearly in- in the 760hcaeof the project area. Total comes will increase from $355 (prior to joini'ng cost: $172 ilo,the scheme) to about $2,650 (after they finish KENYA an-1milo;DA$0 million, l~oan repayments). Total cost: $98.7 million. This secn oetyprjc nldsafforesta- MALAYSIA: Bank-$28.5 million. This project tion of3800hcae6o alg and 8,000 will help assist the development and expansion hectaes fr pupwoo platatin, ad further of the Malaysian Agricultural Research and De- develpmen of 20,00 hecaresof etablished velopment Institute (MARDI) over the 1975-81 planatin. Fres roas wll b imroved andf period. A new Extension Unit in the Federal De- techica assstace ill e gvenfor recoin- partment of Agriculture will also be created, mendng lnd ue poicie andfor mproving marking the fiirst step in increasing the flow of sawmll peraion. Th prjectwil hep re- information from MARDI to smallholder farm- duce papr, wood roducts,andsaw tiber ers. Total cost: $108.5 million. impots,andinceas san tmbeexprts thus MALI: IDA-$13.3 million. Some 100,000 pas- addig $150 mllio yealy t Govrnmnt reve- toral families, baadly hit by the -1972-73 drought, nues. Total cost: $55.5 million,will be aided by this project which marks the' 54 first comprehensive effort to increase range based on the use of groundwater resources. livestock production in the Sahelian zone. The The project provides for development of people will be better protected against future sprinkler irrigation over6,300 hectares, rehabili- droughts through the introduction of livestock tation of 1,000 hectares of traditional gravity extension services and grazing controls in three system, and rural infrastructure. Total cost: $39 special development areas, and through the million. provision of improved animal services through- MOROCCO: IDA-$14 million. The project out the region. Wells and ponds will be built, aims at increasing agricultural production and markets constructed, and a functional literacy incomes and improving income distribution in program begun. Average cash incomes from an area of 170,000 hectares in Meknes Prov- livestock production may increase from $140 to ince. These objectives will be achieved by land $220 yearly, and 400 new jobs will be created. redistribution and consolidation, land tenure Total cost: $17.3 million. changes, strengthening the technical services MALI: IDA-$2.6 million. A supplement to the available to farmers, introducing farmers' coop- Mopti Rice Project credit of $6.9 million ap- eratives, propagating improved agricultural proved in January 1972. practices, and constructing access roads, water MEXICO: Bank-$150 million. More than supplies, and small-scale irrigation networks. 100,000 people will benefit directly and inten- About 50,000 people will benefit, most of sive agriculture and livestock operationswill be whom presently have incomes less than one- developed on more than a quarter of a million third the national average. Total cost: 532.4 hectares as a result of this irrigation scheme in million. the lower Rio Bravo basin. Incomes of average NIGERIA: Bank-$29.5 million. (An agricul- small-scale farmers will increase from $1,600 to tural project in Mid Western State; for details, $4,000 at full development. Total cost: $384.4 see below.) Total cost: S59.7 million. million, NIGERIA: Bank-$19 million. (An agricultural MEXICO: Bank-$1-10 million. This complex project in East Central State; for details, see be- project, involving 30 separate areas in the coun- low.) Total cost: $37.5 million. try, and which will be implemented by 14 dif- NIGERIA: Bank-$17 million. (An agricultural ferent federal and state agencies, is intended to project in Western State; for details, see be- increase production of maize, beans, beef, low.) Total cost: 534 million. fruits and vegetables, and honey with an added These three projects for which the Bank value of about $85 million yearly. It has been loaned a total of $65.5 miilion, will, at full matu- described as the Mexican Government's most rity in 1990, provide 100,000 tons of palm oil ambitious and far-reaching rural development yearly for domestic use and 22,000 tons of ker- project ever. As many as 750,000 people, in re- nels for export. Some 14,000 smaliholders and gions throughout the country ranging from arid 1,600 laborers will participate in the develop- to humid tropical zones, will benefit directly, ment of three high-yielding oil palm estates, and 30,000 permanent jobs will be created. Irri- and more than 100,000 people will benefit gation systems will be constructed, feeder directly. roads built, as well as market stores and ware- NIGERIA: Bank-$29 million. About 1,500 ki- houses. Water supply systems for a quarter of a lometers of agricultural roads will be built, million people will be built, rural health centers dams and ponds constructed, training facilities, constructed, and classrooms furnished. Farmers farmer credit and marketing services will be ex- will be trained and technical assistance pro- panded and created, seed multiplication farms vided. The project is important, Bank President rehabilitated and equipped, and a project eval- Robert S. McNamara has noted, in that it dem- uation unit will be established in this rural de- onstrates the Government's determination to velopment project, located in North Central attack the problem of rural poverty by adopting State. About 16% of the inhabitants of the practical measures designed specifically to help state-approximately 900,000 people-will ben- low income families become more productive. efit. Total cost: $57.6 million. Total cost: $295 million. NIGERIA: Bank-$21 million. About 1,000 ki- MEXICO: Bank-$50 million. This integrated lometers of agricultural roads will be built, rural development project is designed to im- ponds and dams constructed, 50 village service prove the quality of life for more than a half centers built, farmer credit and marketing serv- million people. Located in the Papaloapan ba- ices provided, and a training center erected. A sin (southeast of Mexico City), the project will total of about 640,000 people living in North help expand food production, and will improve Eastern State will benefit. Total cost: $42.1 the distribution of income by raising the in- million. come level of poor families through the provi- NIGERIA: Bank-$21 million. Seven State- sion of credit and technical services. Total cost: owned ranching companies will be either es- $138.5 million. tablished or improved, two fattening ranches MOROCCO: Bank-$18.5 million. This proj- will be upgraded, technical support provided ect is designed to help increase agricultural to commercial and smallholder farmers, and production in the Souss valley by providing a pastureland improved or established. Total rational development of irrigated agriculture cost: $42 million. 55 NIGERIA: Bank-$19 million. Some 1,000 ki- provided. The project includes on-farm and lometers of agricultural roads will be built, livestock development as well as investments dams and ponds constructed, physical infra- in related agro-industries. Total cost: 559.5 structure created, and farmer extension, credit, million. and marketing services provided to a total proj- SENEGAL: Bank-57 million; IDA-$7 million. ect population of about 620,000 who live in About 34,000 farmers in the heavily-populated North West State. Total cost: $37.4 million. Sine Saloum region will benefit from increased NIGERIA: Bank-$17.5 million. About 9,000 extension services geared to promote improved hectares of swamp vallev areas in East Central farming methods for peanuts, cereals, cotton, and South Eastern States will be developed for and livestock. Farmers' incomes should rise in rice cultivation by some 6,000 farm families; five years' time by 40%. The project is being co- milling and marketing facilities will be pro- financed by the Caisse Centrale de Coopera- vided, and feeder roads built. The project's tion Economique (France). Total cost: $30.9 swamp valley development has the potential million. for wider application in the country. Total cost: SENEGAL: IDA- $1 million. This engineering $35 million. project is designed to reformuiate within the PARAGUAY: IDA-$1I million. About 7,000 framework of Senegal River basin regional de- low-income rural families will benefit from this velopment, an irrigation project in the Senegal project which seeks to increase agricultural River delta for which IDA approved a credit in production and improve the living conditions 1973. Fully-controlled irrigation with double of the rural poor. Schools, health and commu- cropping will be developed instead of a single- nity centers, as well as roads, will be construc- crop controlled flooding system. The engineer- ted; a lending program to 2,000 small farmers ing is to be completed within 21 months. Total will be supported. Total cost: $15.8 million. cost: 51.25 million. PARAGUAY: Bank-$10 million. This fourth SIERRA LEONE: Bank-$5 million; IDA-S5 livestock operation in the country features million. About $5 miliion in foreign exchange lending to small farmers and cooperatives and will be saved yearly, and about 14,000 farmers the financing of investments in sheep, dairy, and their families will benefit directly from this pig,. and poultry production. About 2,700 ran- project, designed to increase yields of rice for chers will be aided. Total cost: $23 million. domestic consumption, and export crops, and PHILIPPINES: Bank-$25 million. About 40% to promote more balanced regional develop- of the population of the island of Mindoro- ment. The North and East areas of the country some 200,000 people-will benefit from this rur- are involved; the absolute poverty level in the al development project, which includes the former will be reduced, and incomes in the lat- construction and improvement of irrigation ter will be brought closer to the national aver- systems and roads, improvements to the is- age. Total cost: $13.7 million. land's main port of Calapan, rat and schistoso- SPAIN: Bank-$33 million. Credit will be pro- miasis control, and technical assistance to mi- vided for the development of 400 cattle pro- nority tribes. Paddy production may increase by duction farms, 200 cattle fattening farms, and 100,000 tons by1985, and per capita incomes on 150 sheep production farms. More than 5,000 typical farms will increase from $90 yearly to farm families (25,000 people) will directiv ben- $140. Total cost: $50 million. efit from this second Bank-assisted livestock PHILIPPINES: Bank-$17 million. More than development project, and increased employ- 100,000 people living in Central Luzon will ben- ment opportunities will be realized. Total cost: efit from this project which will upgrade the ir- S149.3 million. rigation systems on about 21,000 hectares of SRI LANKA: IDA-59 million. Credit and tech- land, and extend those systems to an additional nical services for on-farm development of 13,000 hectares. In addition, the loan will help about 1,800 smali (under four hectares) and 600 finance a national irrigation system improve- larger (16 to 20 hectares) dairy farms will be fur- ment study; about 400,000 hectares will be in- nished under this project. Milk collection serv- ventoried, and 150,000 hectares will be selected ices will be expanded and technical assistance forfuture improvement.Total cost:$34 million. provided, Milk production should increase by ROMANIA: Bank-570 million. About 100,000 more than 5 million gallons yearly, and 1,500 hectares of land along the Danube will be irri- jobs will be created by 1981. Total cost: $12.7 gated, cropping intensity increased by 15%, million. farm emplovment more than doubled, and in- SUDAN: IDA-$20 million. An amendment to comes for about 17,000 families working on co- the Rahad Irrigation Project, increasing the $42 operative farms improved as a result of this million IDA credit made in March 1973. project. The gross value of annual agricultural TANZANIA: IDA-$10 million. About a quar- production in the area may rise from 133 million ter of a million people with annual per capita to $90 million after full development (1985). To- incomes of about $20 will benefit from a proj- tal cost: S151.8 million. ect designed to provide -135 uiamaa villages in ROMANIA: Bank-$30 million. Financial help the Kigoma Region of western Tanzania with for more than 40 individual agricultural produc- economic and social infrastructure, credit, and tion projects in southwestern Romania will be technical support services for agricultural de- 56 velopment. The United Nations Capital Devel- increase its exports of commodities like po- opment Fund (UNCDF) is providing $1.5 mil- tatoes, onions, and fresh vegetables. The proj- lion on a grant basis for financing the water ect also provides for the construction of about supply and health components of the project. 180 kilometers of feeder roads and about 90 vil- This marks the first occasion of Bank-UNCDF lage water supply schemes, and funds required joint participation in a project. Total cost: $13 for the provision of molluscicides and equip- million. ment for reducing the incidence of waterborne TANZANIA: Bank-$9 million; IDA-$9 mil- diseases. The Abu Dhabi Fund for Arab Eco- lion. A new sugar estate in the Kilombero valley nomic Development is also providing $10 mil- will be developed (as well as outgrower lands lion toward the financing of the project. Total worked by ufamaa farm families) and a new cost: $23.2 million. sugar refining factory will be built. Outgrower YEMEN, PEOPLE'S DENMOCRATIC REPUBLIC * uiamaa farm families' incomes may rise from OF: IDA-$1.6 million. A supplement to a $3.5 5275 in the second year of the project to $725 million creditfora fisheries project approved in after six years. Denmark and the Netherlands April 1973. are participating in the project's financing, with YUGOSLAVIA: Bank-$50 million. This first $17.3 million and Sli1 million equivalent respec- agricultural project covering the whole of Yu- tively. Total cost: $55.8 million. goslavia will provide credit to social sector en- TOGO: IDA-$6 million. About4,000 hectares terprises and private farmers for investments in each of coffee and cocoa trees will be planted, livestock, vegetable and fruit production, land maintained, or rehabilitated; feeder roads will reclamation, agro-industries, including grain be constructed and taken care of; agricultural drying, cold storage, milk collection, ancd on- development agencies will be strengthened. farm mechanization. The project will help Yu- The project,assisted byagrant from FAC (Fonds goslavia increase its food production and ex- d'Aide et de Coop6ration), will benefit about pand agricultural exports. By channeling the 6,500 rural families. Total cost: 510 million. proceeds through a participating bank in each TUNISIA: Bank-$12.2 million. This project republic and province, the loan will assist in aided by the Bank will help close the gap be- strengthening agricultural credit institutions tween potential and actual use of irrigation in- throughout the country. vestments in Tunisia's Med jerda valley and the Nebhana area. About 11,300 hectares of land in Development Finance Companies the two areas will be fully developed, and about 3,800 smallholder farmers will be aided. ALGERIA: Bank-$40 million. This project is a Total cost: $23.8 million. line of credit to the Algerian Development TURKEY: Bank-$75 million. About 400,000 Bank and will help finance the foreign ex- people living in two rainfed provinces in cen- change cost of projerts in the construction ma- tral Anatoliavwill benefit from a project which is terials sector. Funds wil b-e used both for proj- based on an intensive extension service to as- ects of large State enterpi ises and for those to sist farmers to increase the production of crops be carried out under the responsib,lity of re- and livestock, thus raising incomes. NMost of the gional authorities. Technical assistance will im- farmers have incomes below one-third the na- prove the development bank's standards of tional average. Credit will be provided, new irri- project appraisal and supervision. gation facilities built, roads built and main- COLOMBIA: Bank-55.5 million. This loan tained, and villages supplied with drinking will help the Corporacion Financiera Popular water, electricity, and community centers. The (CFP) finance a small-scale industrial project. quality of life in about 1,200 villages should be The loan will also contribute to alleviating improved. Total cost: S162 million. the scarcity of long-term resources available to UPPER VOLTA: IDA-$9 million. About the CFP, and will permit increases in its financ- 330,000 traditional cattle producers will benefit ing of fixed investments bv small-scale from this project, which will also introduce tra- industry. ditional farmers and pastoralists to commercial FINLAND: Bank-$20 million. This project is ranching. Nine group ranches and a ranch de- expected to reduce in half by 1980, industrial velopment center will be established, im- wastes discharged into Finland's waters. Pollu- proved veterinary services provided, a livestock tion in the Baltic Sea will also be lessened. The market constructed, and 730 kilometers of loan will go to the Mortgage Bank of Finland, stock routes improved. Total cost: $11.5 million. which, in turn, will help finance pollution con- YEMEN ARAB REPUBLIC: IDA-S-10 million, trol investments by industry, notably the pulp This first integrated rural development project and paper industry. in the country seeks to improve the standard of GREECE: Bank-525 million. This fifth Bank living of some 21,000 farm families living in se- loan to the National Investment Bank for Indus- lected areas of the Southern Uplands. By pro- trial Development S.A. (NIBID) will help meet a viding credit for agricultural inputs, production portion of the institution's additional resources and distribution of improved seeds, and con- requirements for 1975 and -1976. NIBID loans struction of feeder roads, the country hopes to help develop all regions of Greece and pro- reduce its dependence on food imports, and to mote export-oriented industrial enterprises. 57 INDIA: Bank--$100 million. This eleventh Finance Corporation of Ceylon (established 10 Bank loan to the Industrial Credit and Invest- years ago with Bank assistance) over the next ment Corporation of India (ICICI) will help that two years for lending, mainly to export indus- institution meet part of its foreign exchange re- tries and for tourism. Industry contributes quirements through June 1977. ICICI, estab- about 13%/' to the Gross Domestic Product and fished in 19.55 w-ith the B3ank'Is advice and assist- provides employment for about 410,000 people ance, helps promote large and mnedium-scale or about 11% of total employment. Tourism enerrses, primarily in the non-traditional has been growing rapidly since the mid-1960s. sectors of industry. ~TRINIDAD AND TOBAGO: Bank-$5 million. INDONESA: Bank$50 million. Thistid Ts Bank loan to the Trinidad and Tobago De- loanto te Stte-oneddeveopetfncevlopment Fiance Company (TTDFC) will compan, Ban Pembngunan Indonesa wil hl iac h foreign exchange costs of the be ued ainl tofinnce the importato o cmpany's lending operations through mid- mahnry and equipment for the indutil 17.The loan will assist the TTDFC in promot- sector. ing ~~~~~~~~manuifacturing industries and will thuis help ISAL: Bank-$35 milion. Most of the loan's the Government's industrial diversification and prces wvill b,e made ailbetthe Indus- emlyeteforts. tra eelopment Ban ofIreoassist pri- TUKY ak-$65 million. This loan will vat setorproect whch re ithr Xport-oni- hepteTrie Sinai Kalkinma Bankasi meet entedor ar locted i the ess-eveloped profteoein exchange re-quirements for region of te counry.Fve milondllars will ivsmnsnpratidutrial projects, large- be llcaedto ndstia rseachan dvelp- lyinthdevelopevlpd eins of the country. ment forseii cmeial-rntdprj ects to hlIsalmkefetvusofis Edcto technoloy thsi h is akassac f BAI:Bn 23.5 millioni. Educational de- its kind toamme onr.velomn negtlow-income states in northern KOREA, EPUBLICOF: Bank-$60 million, and Notesrzil will be aided by this proj- The ounry' larestinsituton rovding me- ect which, whncmpleted in 1979, 'will pro- dium andlongter captal o bth pblicand vide 71,500 ne tdent places in both basic privte idusty, wll se te prceed of his and secondar schools, increasing present en- loanprinipaly fr pojecs i thepriate an- roliment at telatter level by 25%. The project uctrin setr letso hvntiuin(o ill help correc regional 'imbalances in edu- rean Devlpet ak ccutfr about cainloprunities, particularly at the 40% ofKoreas eprsomauctedgoods. secnaylvl nd will help) ease the short- LIEI:Bank$ milo.Ti eod Bank agsftcncas and skilled labor in the eight latote Libera BnfoDelpmnt and sats Ttlcs:$58. milion. ne tmen(LBDI) will heppri htistitu- CMROON: IDA--$1.2 million. A supple- tint over its requireetstrug k96. mntoan education project assisted by an the LBDI th nyisiuinlsuce of long- ID rdtfr$0.5 million in September 1969. termfinnce or ibera'sprivte ectr, invests DHMYIA-4mlin. A non-formal most ofits mony in smll andmedium rayohtingpgamIIIlbehel.ped with projects. this IDA credit. The programencourages the MOROCO: Bak-$30millin. Ths seventh etbihntoruayuhclubs for teaching loan to Morcc' BnuNainepore redn,wiigadaitmiC, improved agri- DC,velopenn cnmqe(NE,te clua ehius n etrnutrition, health, countrysmi oreo ogtr iac o n yin ais h rjc ilhl in- industra deeomn,wl epfnnete poetesxya-l rga yetbihng importcmoetoinetetbinutil amrefetvadiitaiesrcr. A entepie."klsugaig terert tanup to 2,200 i n- PAKSTA: IA-$0 mllin. artof he or- dusria an comerialworersannuall willn PHIgnIexchNgES:Bn 3 reur mentsiof The aionl alob consruced,dhe onDPfsoroviding lont h 'iaeDevelopmentFiac Corporation (NF fo a7000ohepfnngceurthe poroet Touthsalncst f-the years ip975-7 will bemttroughe thrisn ced- $5. million.jet lsamsa asisane neddto Govanernmentownedfo induecstra Mor thana00rRuallComunit Learnin entherpriseds ofindPakstr,an.Cetesopovdngatlustrfiig,our yearsofnbasic tourismi, and transportation. euaincricul tagrtepoiOn f en- SRIL LAK:IA$.5 million. The credit willi oldstdns andetbihantoa scheme~ suppl foregn exhangeto thDelomn fr voaioa trIng in industrial, construc- 58 tion, and service industries. The project was ing programs will be undertaken. Total cost: prepared with the assistance of Unesco. Total $8.7 million. cost: $13.5 million. IVORY COAST: Bank-$2.2 million. A supple- ECUADOR: Bank-S4 million. A major con- ment to an 511 million loan for education straint to Ecuador's economic development- approved in April 1970. the lack of qualified middle-level manpower- JORDAN: IDA-$6 million. This second edu- will be redressed as aresultof this projectwhich cation project seeks to expand and reinforce will improve and expand vocational education. vocational and technical skilis in mining, in- Total cost: S7.9 million. dustry, agriculture, food processing, and tour- * ETHIOPIA: IDA-$23 million. Rural primary ism; to support integrated rural development and secondary schools, with about 116,000 new projects through a pilot scheme of non-formal student places, will be built as part of a program basic education; and to improve, rationalize, of basic and specialized education emphasizing and make more economical elementary, pre- the expansion and improvement of educational paratory, and secondary education by providing opportunities in remote rural areas. One hun- schools with adequate workshops and other dred Community Skill Training Centers, 24 Dis- teacher training facilities. Total cost: $17.45 trict Rural Development Centers, and 2 Agri- million. cultural Training Centers will also be construct- KOREA, REPUBLIC OF: Bank-S22.5 million. ed. Total cost: $34.7 million. This third education loan to Korea will help GABON: Bank-$5 million. One hundred meet manpower needs at the skilled worker technicians and 130 skilled workers a year will and technician levels for specific economic be trained as a result of this project which will and geographic sectors and lay a sound basis help finance the expansion and diversification for a flexible, employment-oriented system of of technical education in Gabon. This second non-tormal vocational training. A new tech- Bank-supported education project in Gabon nical high school will be built and equipped also includes the introduction of a basic tech- and threeagricultural juniorcoliegesexpanded. nology course at two lower secondary schools, Four fisheries training facilities and a merchant and additional dormitory and classroom space marine junior college will be expanded and for the national Commerce and Forestry Schools. equipped, and seven vocational training insti- Total cost: $8.1 million. tutions established. Total cost: $39.1 million. GREECE: Bank-$45 million. This third Bank LESOTHO: IDA-$4 million. Vocational, tech- education operation aims at expanding techni- nical, and commercial education will be ex- cian and industrial craft training to support panded and improved under this project. A the needs of industry for skilled manpower. The number of smaller projects within the Govern- project will also help improve the relevance ment's education plan will be integrated into and quality of general secondary education and one coordinated program. Total cost: $8.14 teacher training. The annual output of the edu- million. cation system will be increased by 2,400 crafts MAURITIUS: Bank-$3.5 million; IDA-$3.5 graduates and 1,500 technicians, thus meeting million. Schools emphasizing practical scientific 10% and 15% respectively of the projected man- and agricultural subjects will be built and power needs at those levels projected for 1978. equipped. In about 10 years' time, half the total Total cost: $106 million. institutional number of craftsmen and skilled GUYANA: Bank-$8 million; IDA-$4 million. workers, and some three-fourths of all second- Buildings, equipment, and facilities needed to ary school graduates with backgrounds in sci- help make Guyana's education system more re- ence will have been educated in these schools. sponsive to its development needs, and to Total cost: $11.6 million. support the Government's education develop- RWANDA: IDA-$8 million. The quality of ment strategy will be provided. The project is primary education will be improved and the designed to increase the practical content of productivity of new entrants into rural occupa- secondary curricula, to improve opportunities tions will be increased through appropriate fornon-formal education,and toalleviateshort- training. One hundred fifty workshops (6,000 ages of skilled manpower in agricuiture and student places) will be built, and a print shop, other productive sectors. A Caribbean Regional capable of publishing more than 4 million text- Center will be established to train technicians books and student guides, will be constructed. from all Commonwealth Caribbean countries Total cost: $9 million. in animal health. Total cost: $18.9 million. SENEGAL: IDA-$15 million. This second IVORY COAST: Bank-$5 million. This second education project will reinforce and expand the Bank loan foreducation in lvory Coast will con- scope of the first-meeting modern sector re- solidate the progress achieved under the first quirements through the introduction of more loan which included support of primary teacher practical and scientific programs in lower sec- training and an instructional television produc- ondary education, vocational training, and tion center, and expansion of technical, agri- planning and management of the education cultural, and vocational education and training. system; it also includes an experimental scheme Two primary teacher training colleges will be of 30 village education centers offering prac- built, and studies in rural education and train- tical training in agricultural and related occu- 59 pations, and the elements of literacy and arith- Muara Karang power plant in Jakarta, thus in- metic to children leaving primary school and creasing the public power capacity in the youths and adults who have never gone to Jakarta vicinity by more than 10%. In addition, school. Total cost: 519 million. the project includes a program for technical SOMALIA: IDA-$8 million. This project is training, an overseas fellowship program, and a the Bank Group's first education operation de- team of management advisers. Total cost: $69.5 signed to support the development of a na- million. tional language. A training scheme for nomads JORDAN: IDA-$5 million. A third 33-MW will also be inaugurated and Somalia's formal steam electric unit will be installed at Zarqa, a school system will be expanded. Almost 4,000 diesel-electric power station at Marqa will be new student places will be constructed. Total reconditioned,and a power development study cost: $10.1 million. for southern Jordan undertaken. Total cost: SUDAN: IDA-$10 million. Designed to meet $22 million. the most critical requirements of the country's MALAYSIA: Bank-$45 million. Malaysia's educational system (especially in southern Sudan) growing (about 13% a year on average) power and to make the system more responsive to de- needs will be aided through this project which velopmental needs, the project will provide will help transmit the output of a major training facilities for out-of-school youths and hydroelectric power scheme to the major load adults, for primary and junior secondary centersof the National Electricity Board's (NEB) schools, will strengthen teacher education and interconnected network. This is the sixth Bank curriculum development, expand the training loan to the NEB. Total cost: $68.5 million. of skilled workers, and will assist a nationwide PHILIPPINES: Bank-$61 million. On the is- education sector review. Total cost: $18.9 land of Luzon, 70 towns now without electricity million. will be hooked up to the Luzon grid as a result S'NAZILAND: IDA-$5 million. Swaziland's of this project.Thetransmission linesassociated annual output of technicians and artisans will with this project will connect a total of 130 be doubled, and its teacher training facilities towns and municipalities and about 60 large incrased by 50% as a result of this project, de- consumers, including 27 pumped irrigation signed to help the country meet its manpower projects. The loan will also help finance the in- needs through the expansion and improvement stallation of a 100-MW hydroelectric power of vocational, technical, and commercial edu- plant at Pantabangan. Total cost: $92 million. cation facilities, and of a teacher training col- ROMANIA: Bank-$60 million. A large, lig- lege. Total cost: $7.1 million. nite-fueled power plant will be built, 600 ki- YEMEN, PEOPLE'S DEMOCRATIC REPUBLIC lometers of transmission lines constructed, and OF: IDA-$5.4 million. New curricula will be road and rail links provided under this project. developed and education opportunities pro- Total cost: $353.5 million. vided in specialized fields through this project. SUDAN: IDA-$23 million. The project will The credit will help finance the construction provide additional generating capacity and of two primary teacher training schools, three transmission facilities necessary to help meet preparatory schools, two secondary preparatory the country's increased demand in major in- schools, two vocational training centers, and dustrial and agricultural areas up to 1980 and two rural development centers. More than will support a variety of managerial and techni- four-fifths of the project's resources will be di- cal services to the Public Electricity and Water rected to rural dwellers. Total cost: S6 million. Corporation. Total cost: S40 million. Electric Power SYRIAN ARAB REPUBLIC: Bank-$72 million. This second Bank loan for power in the country COSTA RICA: Bank-$41 million. The project, will further help finance the Etablissement which includes extension of two hydroelectric Public de l'Electricite's (EPE) $704 million devel- power plants, the construction ofadiesel plant, opment program for 1974-80. EPE's organiza- the provision of new transmission lines, and the tional structure will be aided, a second stage of extension of others, will help the country to a 150-MW steam-electric power station wili be meet growing demands for electricity while constructed, and eight substations either built helping it to reduce its dependence on im- or expanded. Total cost: $89.4 million. ported petroleum. Total cost: $70.4 million. SYRIAN ARAB REPUBLIC: Bank-$8.6 million. HONDURAS: Bank-S35 million. Electricity A supplement to the $25 million loan of May service will be provided to some 300,000 ad- 1974 to the Etablissement Public de I'Electricite. ditional Hondurans through this project. The YUGOSLAVIA: Bank-$70 million. A 450-MW loan includes provisions for four dams, hydro- hydroelectric power plant will be constructed electric generating facilities, distribution sys- to help Yugoslavia meet its forecast demand for tems improvements, and repairs to hurricane- electricity and develop its domestic energy re- damaged equipment. Total cost of this sixth sources. Total cost: $242.5 million, Bank-supported power project in Honduras: ZAMBIA: Bank-$42.1 million. A supplemen- $60 million. tal loan to help finance the completion of INDONESIA: Bank-$41 million. The project the Kariba North Project, for which a $40 mil- will provideathird100-MWthermal unitforthe lion loan was made in July 1970. 60 Industry MEXICO: Bank-$50 million. Two new urea plants will be constructed and an existing in- BANGLADESH: IDA-$33 million, Plans call secticide plant expanded. The project should for seven different agencies, including IDA, to enable Mexico to become independent of im- help finance the construction of a fertilizer ported urea fertilizer in the medium term, and plant 60 kilometers northeast of Dacca. The it is estimated that gross foreign exchange sav- plant, whose principal raw material will be local ings after five years of operations will total natural gas, could, when completed in -1978, almost S100 million annually. Total cost: $133.5 save the country about $74 million yearly in million. foreign exchange. Total cost: $250 million. PHILIPPINES: Bank-$30 million. Proceeds of BRAZIL: Bank-$95 million. An expansion of the loan will be re-lent to three agencies which, the Companhia Siderurgica Nacional's (CSN) in turn, will make loans to help meet two pri- steel plant at Volta Redonda and its iron ore ority needs of the Philippines' small and mines at Casa de Pedra will be undertaken. The medium-scale industries, which account for company is the largest steel producer in Latin over 80% of the total number of firms employ- America; the overall expansion of its produc- ing 20 or more workers. These needs relate to tion facilities will require financing estimated increased access to institutional sources of at over S2,000 million. The Inter-American De- credit, and technical assistance aimed directly velopment Bank is helping finance the project, at solving problems. At full operation, indus- and 13 countries have indicated an interest in tries to be assisted are expected to create more participating in the financing as well. Total cost: than 12,000 jobs, mostly in rural areas. S2,115 million. ROMANIA: Bank-$70 miliion. A cold rolling EGYPT, ARAB REPUBLIC OF: Bank-$40 mil- mill complex with an annual capacity of about lion. Financial help for the expansion of the 30,000 tons of stainless steel sheetand strip, and cement production capacity of the Tourah a rod and bar rolling mill complex producing Cement Company will be provided by this loan. 120,000 tons of alloy steel rod and bar products Net foreign exchange savings are projected to will beconstructed underthisproject, designed be over $11 million yearly, thus offsetting the to continue Romania's development emphasis project's estimated foreign exchange costs in on heavy industry. Total cost: $185.3 million. about five years. The Arab Fund for Economic TANZANIA: Bank-$15million.1nconjunction and Social Development has made a loan equiv- with a $15 million loan by the Kuwait Fund for alent to $23.5 million towards the prolect. Total Arab Economic Development, the Bank loan cost: $93 million. will help expand production at the Mwanza INDIA: Bank-$109 million. This loan will help Textiles Limited plant. An additional 1,200 finance the construction of a fertilizer plant people will be employed, and with minor ex- in Uttar Pradesh State. Scheduled to start com- pansion to other textile plants, the project will mercial production in 1978, the plant is planned almost eliminate the country's need for cotton to add 230,000 tons of nitrogen to India's fer- fabric imports by1980. Total cost: $44.3 million. tilizer production capacity each year. Annual TUNISIA: Bank-$23.3 million. As much as foreign exchange savings could amount to $59 1.6 million tons of marketable phosphate rock million. Total cost: $220.5 million, will be mined in southern Tunisia, near Gafsa. INDIA: IDA-$91 million. This fifth IDA credit The project,which includes mining equipment, for fertilizer production in India will help fi- water and power supply, offices, service and nance the modernization and expansion of a repair shops, and even the construction of fertilizer plant in the state of Bihar. When com- minor roads, will help modernize and expand pleted in 1978, the project will increase the out- the country's phosphate mining industry. Net put of nitrogen by 136,000 tons a year, and will foreign exchange earnings by 1980 may reach help India save $68 million a year in foreign ex- $40 million. Total cost: $64.74 million. change. Total cost: S188.8 million. TURKEY: Bank-$18 million. An amendment INDONESIA: Bank-$115 million. This second to a $24 million loan to help finance expanded Bank Group operation in support of a Govern- fertilizer capacity, made to the Istanbul Gubre ment-owned fertilizer company will expand Sanayii Anonim Sirketi in June 1972. its South Sumatran facilities so that production ZAIRE: Bank-S100 million. Increasing copper can be increased by more than a half million and cobalt production is the object of this loan, metric tons of urea yearly by 1977. An increase the first by the Bank to Zaire since its indepen- in foodgrain production resulting from larger dence and the first direct involvement by the supplies of fertilizer may total 2 million tons a Bank in the country's industrial sector. (Pre- year. Total cost: $192 million. vious Bank activities were financed through JORDAN: IDA-SI million. Potash will be pro- IDAcredits.) The Libyan Arab Republic,through duced from Dead Sea brine through solar evap- the Libyan Arab Foreign Bank ($100.7 million) oration in this pilot project. The credit will and the European Investment Bank ($20 mil- help finance the foreign exchange cost of engi- lion) are also helping finance this project neering and other technical services required which will assist Gecamines (Union Miniere to prepare and develop the final project. Total du Haut-Katanga's successor company) imple- cost: $10 million. ment its expansion scheme. About 2,000 new 61 jobs will be created, and the proj'ect will pro- national family planning program in the coun- v ide the country with annual foreign exchange try. The Government will integrate family plan- earnings of about $160 mi'llion. Total cost: $435 ning education and motivation with other de- million. velopment programs; six different ministries will become involved in an effort to reduce the Non-Project population growth rate from its present 3%. BANGLADESH: IDA--$50 million. This credit Ttlcs:$6mlin PHILIPPINES: Bank-$25 million. More than 20 will help finance imports of raw materials and million births may be averted by the year 2000 compnent neeed t maitainor epandpro- as a result of this project under which 205 rural duction in the country's industrial and agricul- hat nt n 1tann etr r ob BANGLADsH: DA$ mlinAnaed built. Total cost: $50 millon. men toan mpots redit of $50 milin p provd inOctoer 174. Telecommunications lion IDA$35millon. hisfirs nonproect URMA ID-$21 million. Telephone con- loaneve mae toa cunty i theEMEA nctios wll e icreaed,sericeimproved, regin, s aied t reievng Eypts dminat wrn-ot euipmnt eplaed,thecountry's consrait o devlopentlackot oregn x- tunknetork xpadedandupgraded, and a chane whch lads o lo caacit utiizaton ntioal tlex ervie inrodced. Total cost:, the poceed is bing sed t impot rawma- OLOMBA: Bak-$l5illin. Longdistance teil,intermediat god,adsaeprstIqimn n ee qimn swl scl- spot producton iinutyadarclue ofietlpoefclteinualraswl be awelas to relieveprsueothpoto intlebyteEpeaNcnadTecm- Alxnria. The proceeds will alofnacpln niainswtthhepotison.Iad- InDI:D-lmmgin.buB eim a -at ftecoprtonsntonlepn sclIND lresaeidsra nepie il so rjc.Ttlcs:$21mlin bysotages of raw material an omoets. eernesa elasohrtlcmuia IDA: IDA-SIOO millon Anaedet to toseupetlnswl epoie ohl th nustrial Imports credto 10mllo, me ato h ail-nraigdmn o apoed in February 1975tephn andtlxsrie ind th fecutry. KEY:Bank-S30 millio.Telawilhl Wonotecageqpm taddfciv finance the import of essential raw maeil eehn alswl erpaed. The Saudi and capital and intermediate, goods tomi- Aain eeomn u d adbilateral lend- tain a reasonable level of developmnwhl erae als cnrbtgtohis project. Total long-term changes aremdtotesrcuef cs: $13. million. ele growth in the KenyaneooyETIPAID-1milo.hsfitte- KOREA, REPUBLIC OF ak$0 ilo, commuiain poeti he country Will Urgently-needed foreig exhnewl epo otiuet mrvdln istance telecom-l vided t.o help pay for esniliprsmil muitissrvc,exndservices to 100 capital and intermedit gosfreprin neruaaes,ndrvdenternational com- dustrie-s-by the country' prvt etr uiain oeitn n new destinations SRI LANKA: IDA-$15 million Hligtale thohanarhseltettion. Total cost: viate the country's foreign exhnecstat, $06mli. the credit will finance import ofrwmtras HN:Bn-2 ilo.This first Bank components, and spare parts required orte Guplato Ghn sne 99to be financed expansion of industrial and agricultural out- une ovninltrswl elp finance the put, and for improvement of selected services,. ntlaino 830lnso automatic tele- TANZANIA: Bank-$30 million.jhis loan, pro- phnrxhnerqimn,improve and ex- viding foreign exchange for imports of capital tend long distac fclte,ad will expand and intermnediate goods and raw materials, will the telex system.Ttlcs:S95mlin help the country implement its 1974-75 eco- GUATEMALA Bak$6mlin qiment nomic development; program. and fatcilities neee ohlpGaeaaover come unsatisfie deadfrtelephones, and Population better telephon sriewllbe provided by this second Bankasstdtlcommunications BANGLADESH: IDA-$15 million. Six sources project in the country. Tota cot $4. Illion. of assistance will join wvith IDA to help finance PAKISTAN: IDA-$36 millin Thscrdt Will this project, designedi basically to provide the help finance a project whichicue new human and organizational underpinnings for a works to b completed during fiscal 1975-77 62 and help in completing two on-going projects the 8ank and IDA ($19 million total) in March, financed by two previous IDA credits. Micro- 1970 for a highway project. wave, open wire, and VHF radio routes will be EGYPT, ARAB REPUBLIC OF: Bank-$50 mil- provided and 75,000 lines of local telephone ex- lion. Navigation in the Suez Canal will be re- change equipment and cable distribution net- stored to the pre-1967 level as a result of this works installed. Total cost: $67.5 million. project. Navigation, communications, and ZAMBIA: Bank-$32 million. Exchange equip- safety systems will be provided, and damaged ment will be installed in 60 towns, including 32 or destroyed infrastructure and buildings will that now have no facilities, and the capital, be rehabilitated. Technical assistance will also Lusaka, will be linked by microwave commu- be extended to the Suez Canal Authority. The nications with main provincial centers, includ- Kuwait Fund and the Saudi Arabian Develop- ing towns bordering neighboring countries. ment Fund, and the Governments of Abu Dhabi Total cost: $78 million. and the State of Qatar are contributing funds for the project. Total cost: $288 million. Tourism EGYPT, ARAB REPUBLIC OF: Bank-$37 mil- lion. This second railway project is designed to DOMINICAN REPUBLIC: Bank-$21 million, rehabilitate, modernize, and increase further Infrastructure for two resort sites, and a terminal the capacity of the country's railways. The pro- building and other facilities for an international ject will contribute to building up the infra- airport will be provided in order to develop structure of Egypt's economy, and is designed tourism in the North Coast region. By 1986. the to meet traffic demands in the immediate project is expected to generate some $19 future. The project also includes a detailed na- million yearly in additional net foreign ex- tional transport survey covering all modes of change, and provide both direct and indirect transportation. Eastern and Western European employment to about 8,000 people. Total cost: countries, Canada, the United States, and the $36 million. Saudi Arabian Development Fund are helping IVORY COAST: Bank-$9.7 million. All but finance the project. Total cost: $299 million. $700,000 will be re-lent to the Credit de la Cbte ETHIOPIA: IDA-$32 million. This sixth high- d'lvoire (CCI) to provide long-term financing way project in Ethiopia aims at continuing the for the construction of about 1,200 hotel rooms, development and maintenance of the country's needed to meet the demand of about 150,000 road network in order to integrate further the international visitors yearly by 1980. The re- agricultural sector into the national economy. mainder of the loan will finance the foreign Roads will be constructed in the south, south- exchange costs of technical assistance to the west, and north-central regions of Ethiopia, CCi and the Ministry of Tourism. and will pass through areas of considerable Transportation agricultural potential where the Government is establishing agricultural extension programs. BOLIVIA: Bank-$32 million. This second rail- Total cost: $54.7 million. way project aims at the technical and financial HAITI: lDA-$20 million. Reconstruction of rehabilitation of the national railway system the 250-kilometer Northern Road linking Port- and its development in such a way that the au-Prince with the country's second city, Cap future transport needs of the economy can be Haitien on the north coast, will be compJeted. met efficiently. Total cost: $41 million. Total cost: $26.3 million. BRAZIL: Bank-$175 million. This loan to the JAMAICA:Bank-$13.5million.ThisthirdBank country's Federal Railways System will help project aiding Jamaica's road maintenance and finance high priority investments of the System construction program, includes construction aimed at accommodating substantial increases and reconstruction of about 32 kilometers of in the demand for rail transportation. A large roadsontheprincipal east-westand north-south * part of this expansion is related to growing pro- road links, both of which are in urgent need of duction in the agriculture and industry sectors. improvement. Total cost: $23.6 million. * By 1980, more than a half million new passen- JAMAICA: Bank-$12.5 million. The island's , gers-largelylow-incomeworkers-in the Riode two international airports, serving Kingston and Janeiro and Sao Paulo areas will be served by Montego Bay (Jamaica's main business and theimprovedSystem.Totalcost:$2,974.3million. tourist centers), will be both expanded and BRAZIL: Bank-$110 million. Parts of five high- improved. The project will enable the airports ways totaling 612 kilometers, and linking major to meet forecast traffic until 1980. Total cost: cities or important industrial or agricultural $19.6 million. areas in five states will be constructed and up- KENYA: Bank-$20 million. A 452-kilometer graded. Programs for decentralization and im- pipeline for refined oil products will be con- proved efficiency of maintenance of federal structed from Mombasa to Nairobi, When the and state highways in Minas Gerais and Rio pipeline goes into operation in 1977, it will Grande do Sul are also included. Total cost: save transportation costs and release capacity $276.3 million. on the railroad. The loan will finance the foreign CAMEROON: Bank-$-l million; IDA-$1 mil- exchange costs of the line pipe and related pipe lion.Asupplementtothefinancingprovided by materials. Total cost: $82.9 million. 63 KOREA, REPUBLIC OF: Bank-$100 million. TANZANIA: IDA-S10.2 million. More than This fifth Bank loan in support of the Korean 3,000 kilometers of primary roads in half of National Railroad will assist it in handling rising Tanzania's 20 regions will be maintained under volumes, particularly of freight traffic. Total this project which also provides for assistance cost: $292 million. in strengthening the organization and opera- MALAWI: IDA-$10 million. Help in financing tion of the roads division of Tanzania's Ministry the improvement and paving of a 118-kilometer of Communications and Works. Total cost: road link between Liiongwe and Kasungu will $12.5 million. be provided. The project will serve about UPPERVOLTA:IDA-$7.5million.Thisproject 500,000 smallholder farmers who grow and provides for the improvement and subsequent market corn, groundnuts, and tobacco, as well maintenance of about 1,200 kilometers of rural as the Kasungu Game Reserve, an important roads and the maintenance of about 2,100 kil- tourist attraction in the project area. Total cost: ometers of existing rural roads. Technical as- $11.8 million. sistance to the Department of Rural Roads will MALI: IDA-S8.3 million. A supplement to also be provided. In addition, the project in- the Second Highway Project to which IDA com- cludes funds for consultant services for an eval- mitted $9.5 miilion in May 1973. uation study of the impact and effectiveness of MAURITANIA: IDA-S3 million. This third road components included in agricultural and highwvay project, jointly financed with the Ca- rural development projects financed by IDA nadian International DevelopmentAgency($4.5 overthe pastfive years. Total cost:S10.2 million. million) and the Kuwait Fund forArab Economic Development ($3.8 million), is designed to con- WESTERN SAMOA: IDA-$4.4 million. This solidate the work done (road construction and first Bank Group operation in the country will maintenance) during the two earlier projects, help reconstruct about 42 kilometers of roads and to expand maintenance efforts. Total cost: in the relatively less-advanced eastern and $11.3 million. southern parts of Upolu island. Rural dwellers PAKISTAN: Bank-$60 million. The gas trans- will have better access to markets, and tourism mission capacity of the Sui Northern Gas Pipe- benefits will be spread more evenly. A total of lines Limited will be expanded so that the de- 11 bridges will also either be repaired or re- mand for gas for fertilizer production at Multan, placed. Total cost: $8 million. Lahore, and in the North West Frontier Prov- YEMEN ARAB REPUBLIC: IDA-$9 million. ince can be met. Gas supplies will also be The construction of Taiz-Km 64 road will com- expanded to a variety of industrial, commercial, plete the paved highway from Taiz to Hodeida, and domestic consumers. Total cost: $103.2 and provide an improved road link to Mocha. million. Transport costs will be lowered, principally be- PANAMA: Bank-$24 million. A new fishing tween Sana'a and Hodeida, Taiz and Hodeida, port on the Pacific side of the isthmus will pro- and Taiz and Mocha. Technical assistance to the vide modern facilities for Panama's shrimp and Highway Authority is also provided. The Kuwait inshore fishing fleet, and for servicing interna- Fund for Arab Economic Development is ex- tional tuna fleets. The project will help increase pected to provide $5 million toward the financ- foreign exchange earnings for the fishing in- ing. Total cost: $15.7 million. dustry. Total cost: $34 million. YEMEN, PEOPLE'S DEMOCRATIC REPUBLIC OF: PARAGUAY: Bank-S14.5 million. About 100 IDA-$15.5 million. A 358-kilometer road con- kilometers of high priority roads will be con- necting two regions with major potential for structed and improved, highway maintenance agriculture and fisheries development (they are equipment purchased, and technical assistance now inadequately served by tracks only) will furnished. Total cost: $20 million. be constructed, technical assistance provided, PHILIPPINES: Bank-$20 million. New ships and road maintenance equipment and spares will be bought and old ones repaired with the furnished. Export prospects for agricultural aid of this project, designed to improve the products will increase, and a new and sizeable standards of the country's inter-island shipping market for the coastal fishing industry will be fleet. Improved inter-island shipping is essen- opened. The Kuwait Fund for Arab Economic tial to the country's development; by 1980, Development is expected to provide $15.3 mil- more than 5 million tons of freight and 6 mil- lion toward the financing. Total cost: $31.8 lion passengers will be serviced by such ships. million. Total cost: $34.1 million. YUGOSLAVIA: Bank-$93 million. This fourth SIERRA LEONE: Bank-$2.3 million. A supple- loan fora railway projectwill help complete the ment to a $3.7 million loan for a road project task, started in 1964, of modernizing Yugosla- approved in October 1970. via's railway lines. Money from the loan will be SWAZILAND: Bank-$7 million. Sections of used to electrify some remaining sections of two roads, totaling82 kilometers in length, will the netwvork, to buy signaling and tele- be improved, thus contributing to the country's communications facilities, to make invest- principal transport aim of building up a national ments in track rehabilitation, and for staff train- network of all-weather roads. Total cost: $9.9 ing and consultants' services. Total cost: $1,139 million. million. 64 YUGOSLAVIA: Bank-$44 million. This Bank- of the three, and a city market will be construct- assisted project for port development will, by ed in a fourth city with the help of this loan. 1980, quadruple the traffic handling capacity All four cities are located in the Gwangju re- of the port of Bar, located on the southern gion, one of Korea's least-developed areas. Adriatic coast. As many as 800 jobs will be Total cost: S25 million. created. Total cost: $78 million. TANZANIA: IDA-$8.5 million. More than ZAIRE: IDA-$26 million. Routine mainte- 10,000 newly-serviced housing plots will be nance on almost 3,200 kilometers of roads will built and about9,000 existingdwellings in squat- .be carried out, 600 kilometers of highways re- ter settlements will be improved under this habilitated, two pilot highway maintenance project, the first in a series of proposed "sites schemes organized, technical assistance pro- and services" projects for the country. This vided the Bureau of Roads, feasibility studies particular project will affect residents of Dar affecting about 1,500 kilometers of roads un- es Salaam, Mwanza, and Mbeya. Total cost: dertaken, and a highway traffic survey scheme $16.7 million. started. Total cost: 540.3 million. ZAMBIA: Bank-$20 million. The social en- ZAIRE: IDA-$26 million. Zaire's Voie Natio- vironment and the public health conditions of nale, its river and rail transport system, will be most of the low-income squatter population in improved and expanded. The credit will fi- the capital city of Lusaka should be improved nance a major part of the 1975-77 investment as a result of this project; urban infrastructure needs for river transport equipment and rail- will be provided to more than 29,000 dwellings road improvements.Technical assistancewill be and residential plots. Schools, community provided, and port and railway studies will be centers, health clinics, and markets will also be made. Total cost: $52 million. built to service the upgraded areas. Total cost: $41.2 million. Urbanization EL SALVADOR: Bank-$2.5 million; IDA-S6 Water Supply and Sewerage million. The first Bank Group "sites and ser- AFGHANISTAN: IDA-$9 million. The project vices" project involving a private (but non- will increase the available supply of water from profit) firm as executing agency will help fi- 10,000 m3/day to 70,000 m3/day and introduce nance the costs of infrastructure for 7,000 self- a reliable water supply system that will serve help housing lots in the country's five major about 330,000 inhabitants of Kabul, compared cities. About half the lots will be located in the with 167,000 now. The sanitation component metropolitan area of San Salvador. Total cost: aims to improve sanitary conditions in the old $15.5 million. city where the poorest part of Kabul's popula- INDONESIA: Bank-$25 million. This project, tion is living and the need is greatest. Another which contributes to the establishment of a important benefit of the project will be the national Urban Development Corporation and strengthening of the implementing agency a national Mortgage Bank, is the first undertak- as an institution capable of improving and ing to improve the physical facilities in Jakarta's extending water supply and sewerage services poorest and most crowded neighborhoods and throughout the country. Total cost: S10.8 to preparea new neighborhood with aminimum million. level of infrastructure and core housing for pur- COLOMBIA: Bank-$27 million. This project chase on a mortgage basis by lov-income will help finance a second multi-city water and families. Some 20% of lakarta's population, sewerage project (to be implemented between about 1 million people, is expected to bene- 1975 and 1979) in eight cities of the country. fit from the increased job opportunities, addi- Groundwater supply will also be provided for . tional health and elementary school services, some 30 small communities. Total cost: $52.9 an improved water supply, paved footpaths, million. drainage canals, and commercial sanitary facil- INDONESIA: Bank-$14.5 million. By 1981, ities. Total cost: S51 million. 48% of the population (590,000 persons) of five KENYA: Bank-S8 million; IDA-$8 million. Six cities (three in lava, one each in Sumatra and thousand lots near downtown Nairobi will be Kalimantan) will be supplied with potable prepared and serviced, and loans for materials water as a result of this project. Today, only will be provided the poor beneficiaries so that 16% (160,000 people) has access to good water theymightbuild self-helpdwellingsonthelots. supply. Total cost: $24.5 million. The sewerage components of the project-part IVORY COAST: Bank-$9 million. This proj- of the services provided-are an important part ect marks the first phase of a 10-year program of the first-stage sewerage program to serve for improving and extending the sewerage other areas in Nairobi. Total cost: S29.5 million. and storm water drainage system serving the KOREA, REPUBLIC OF: Bank-$15 million. Greater Abidjan area. Total cost: $16.7 million. Housing "sites and services," including roads, JAMAICA: Bank-$15 million. This project water supply, and drainage, will be provided in will help to satisfy water demand in the King- three cities, a fishery harbor complex with an ston metropolitan area during 1976-80 while industrial processing center will be built in one long-term sources of water are being studied 65 Sand developed. Construction work will also sewerage authority as an effective operating :begin on the first phase of the Kingston mastermagency and to improve sewerage facilities in nsewer plan. The project will further improves the reater Tunis area, will be aided by this thef organization and Management of th Water Bank loan. Nearby beaches will be protected Commissi on, 0Kingfston, the project imp ement- and public health in the area should be im- 0ing agency. 0Thfifs second Bank loan sforwater proved. Totast: $86 million. suply n Jmaia i th fist itha ewerg YEE RBREPUBLC: IDA-$8.1 million. comuponent. Total aco s;t: $29.9 m:iwion. The water supEply component will provide t;00;SI0lNGAPRE: tEBtank-5 mlion. An inciSnera- 00 water through house connections to 75% of thehe tor and absou Xt 200 refuse collection vehicles population by1985 ,and a safe, reliable supply r t>0000 0 to f g0the island0 coutryfor residential andfffff inus population inthe S yea 2000, fo thSeaS\ collection 000 f00;:XSSandA taerf use ad will; also0S00 be00 desgne fS0St00:;SSffitoS29 nia assistance to0: th Ntinl atran Sw h :C:000 a ndle0 ::ff ;f oil? an d other X industria w t:es Tot:::: ;al igerSfage A ut hority, and funds for the preparation cos0 t$; Wf at:d iDd 00; Wl?C00 Wf $55 milion of 0 ES S t00E; 0 D ;0 ft C :0t an urban development plan for Hodd a CS :WAZI LAND : W:Bank :S350 m ion. :: About a : also Wincluded.V:: Thef Arab Fund: for Economic and quarterS;ffE000 o: :00::Di:00:t0;ft;2:ff0i:00f0:s::ff theconty' uranpoult::::ionuS:SS;S: will0; A S ocj: i a Devlomet s xpctd o roid benfi diecl fro nw wae an seer $2. milio toar th poetfncigT- Technical Assistance and Other Activities Technical Assistance finance institutions in Chile, Indonesia, and the Republic of Korea, agriculture in Paraguay and Most of the Bank's technical assistance is Uruguay, and tourism in the Philippines and Se- provided in the course of its project, sector, or negal, among others. economic work, and the cost is therefore not A novel project undertaken by the Bank with easily identified. To an increasing extent, how- UNDP financing is a three-year, $2 million re- ever, a separate technical assistance compo- search study in Brazil to consider inter- nent-consultant services, for example-is relationships between highway construction, being incorporated in loans and credits. In fis- maintenance, and utilization. It is expected that cal 1975,139 lending operations made specific the results of the study will be applicable to provision for technical assistance, compared other countries as well. Another project will fi- with 112 in the preceding year. The amount nance a program under which the Bank will available-$160 million-exceeded $100 million help the Government of Burma to formulate for the first time. and carry out investment projects in agriculture, Technical assistance provided to regions and power, transport, industry (fertilizer, and iron countries within regions is discussed in greater and steel), and tourism. detail in the regional sections of theAnnual Re- Studies completed or under way have led to port. Technical assistance is also provided to a an estimated $356.8 million of Bank and IDA few oil exporting countries which do not bor- project financing as of December 31, 1974. row from the Bank. Technical assistance to oil exporting countries will continue, but virtually all of the future assistance to countries which Economic Development Institute can afford to pay for it is planned to be on a cash reimbursement basis, and on arrange- In response to the review of its policies con- ments to be worked out with each recipient ducted by the Executive Directors in the country. previous fiscal year, the Economic Develop- Only rarely does the Bank provide its techni- ment Institute (EDI) has extended further its cal assistance on a grant basis. It encourages program for the provision of training for senior member governments seeking grant financing officials in developing member countries who to apply elsewhere. However, the Bank fre- are concerned with development programs and quently serves as Executing Agency for pre-in- projects. The emphasis on overseas courses vestment projects financed by the United Na- continued during fiscal 1975, with 17 courses tions Development Programme (UNDP) which, (involving 452 participants) held in member within the United Nations system, is the princi- countries, compared with 11 courses (with a to- pal source of grant funds. In fiscal 1975, the tal of 265 participants) in Washington. This pre- Bank agreed to serve as Executing Agency for15 ponderance of overseas courses reflects the new projects, for which the UNDP committed fact that the Institute cannot alone meet the $5.4 million. Under these arrangements, assist- constantly growing demand for the training it ance in development planning is growing in provides; it is, therefore, anxious to maximize importance. As Executing Agency for this type its scarce resources by building up training ca- of project, the Bank helps to determine the ex- pabilities in member countries themselves, ei- pertise required, puts together a planning team, ther by working wvith and through existing insti- and monitors the team's work. During the year, tutions or by organizing courses which can the Bank had planning projects under way in form the basis of indigenous training programs. Ethiopia, Indonesia, Jordan, Liberia, Sudan, and To this end, it has also adopted the policy of Zaire, and took on three new projects, in the 'training trainers"-i.e., including in its courses Philippines, the Republic of Korea, and Les- an increasing number of officials responsible otho. Projects are in prospect in Somalia and for training in their own countries, who, after Swaziland. Other new projects for which the participating in EDI courses, will themselves be Bank agreed to serve as Executing Agency dur- able to organize training programs. Overseas ing the year were concerned with development courses also save travel expenses and are con- 67 ducted in the directlv relevant environment of Of the year's 17 overseas courses, seven were the participants' own region or country. regional courses open to nationals of a number Since its foundation in 1955, about 4,000 par- of countries. As in previous years, EDI joined ticipants have attended EDI courses in Wash- with the African Development Bank (AfDB), ington and overseas, and though the number of the Economic Commission for Africa (ECA), applicants has increased steadily, their creden- and the African Institute for Economic Devel- tials have not become any less impressive. In re- opment and Planning (IDEP) in sponsoring re- cent years, the number and variety of courses gional courses in Ivory Coast for French-speak- have expanded sharply. The move towards ing African participants. Two courses were courses concerned with project analysis in spe- held, on agriculture and highway projects. The cific sectors (as opposed to general projects ongoing program of regional courses in Span- courses or national economic management ish, held in Brazil under the co-sponsorship of courses) continued in fiscal 1975; of the 28 EDI and the Center for Development Planning courses held, 21 were of the former kind and of the Brazilian Planning Ministry (CENDEC), only seven were of the latter. The project analy- continued, with courses on education projects, sis courses covered a wide range, including ag- education project management, and agricul- riculture and rural development, agro-industry, ture projects. The remaining two regional development banking, education, industry, courses were held in Japan and Kuwait: the for- transportation, urban development, and water mer, on development economics, was spon- supply and waste disposal. Most of these topics sored by the Industrial Development Center of had been dealt with in previous years, but two, Japan (IDCJ); the latter was a general projects both in English, on rural development projects course under the co-sponsorship of the Arab and agro-industrial projects, vvere new. In addi- Planning Institute. tion, one national economic management The remaining 10 fiscal 1975 overseas courses course for Arab countries was held in were national courses, each for participants Washington. from a single country. A general projects course Since 1955 about 4,000 participants have attended EDI courses in Washington and overseas I iere, partir:ipants in a Project Evaluatioo Course in Spanish viit the site oi a Bank assisted poooer p'olect in Venr7ezuela |5 All ~~~~~~~'~~~"~~~""" ~ ~ ~ was conducted in Iran in collaboration with the other bilateral or multilateral agencies. Co- Industrial Mining and Development Bank of financing with the United Nations Development Iran and the Agricultural Development Bank of Programme (UNDP), the United Nations Fund Iran. The Government of Algeria co-sponsored for Population Activities (UNFPA), and various an EDI course on industrial projects for Alge- regional financing institutions, as well as with rian nationals. During the regional course on aid agencies in Belgium, Canada, France, Ger- agriculture in Ivory Coast, a seminar on agricul- many, Japan, Kuwait, Norway, Sweden, the ture projects was held in Abidjan under the co- United Kingdom, the United States, and the Eu- sponsorship of the National Bank for Agricul- ropean Economic Community, followed well- tural Development. EDI presented its first established patterns. In addition, projects were course in Saudi Arabia, a general projects financed together with several bilateral and course, in cooperation with the Saudi Arabian multilateral sources, such as Iran, Qatar, Saudi Institute of Public Administration. In India, EDI Arabia, the Abu Dhabi Fund, the Arab Fund for helped the Bankers' Training College of the Re- Economic and Social Development (AFESD), serve Bank of India present a course on devel- the Kuwait Fund for Arab Economic Develop- opment banking. Two courses were held in In- ment (KFAED), and the Libyan Arab Foreign donesia, both co-sponsored bv the National Bank. And, for the first time, assistance in proj- Planning Institute-a general projects course ect financing was extended by the United Na- and a rural development projects course. The tions Capital Development Fund. Bangladesh Institute of Development Studies On a regional basis, the Bank was active in again collaborated with EDI in presenting an the program for the control of riverblindness agriculture projects course. The first EDI course (onchocerciasis) in West Africa. (Forfurther de- to be given in Romania, on industrial projects, tails, refer to the "Western Africa" section in was held under the auspices of the Romanian this Annual Report.) In addition, the prepara- Management Training Center. Two courses tion of 11 projects in the Mekong Committee's were held in Sudan, on transportation projects program of pioneer agricultural projects was and agriculture and rural development proj- substantially completed with the help of funds ects, under special programs sponsored by the provided by the UNDP (Regional Project 253) United Nations Development Programme and the Governments of Japan, the Nether- (UNDP). lands, the United Kingdom, and the United The trend toward the provision of courses in States. The World Bank is Executing Agency for French and Spanish continued in fiscal 1975. the UNDP project in association with the AsDB Four courses were given in Spanish (three in and the Food and Agriculture Organization of Brazil and one in Washington), and three in the United Nations (FAO). French (two in Ivory Coast and one in Duringtheyear,theBankandIDAconcluded Washington). a cooperation agreement with Germany which sets out the general scope, and terms and con- ditions for future co-financing with the Federal Aid Coordination Republic. Consultations were held during the At the request of both donor and recipient year regarding the respective lending programs governments, the Bank has continued to take of Japanese agencies (the Overseas Economic the lead in organizing various aid coordination Cooperation Fund and the Export-import Bank mechanisms for a number of developing coun- of Japan); with the Abu Dhabi Fund, the AFESD, tries that receive assistance from several bilat- and the KFAED to determine possibilities for eral and multilateral sources. cooperation on specific projects; with the During the year, formal meetings of 10 of the Commonwealth Development Corporation to aid coordinating groups chaired by the Bank review questions of common interest and to were held. These were the groups for Bangla- discuss country and project matters; with the desh, Colombia, India, Pakistan, Peru, the Phil- African Development Bank, the European De- ippines, Sri Lanka, Tanzania, Tunisia, and Zaire. velopment Fund, and the European Investment In addition, the Bank co-sponsored, with the Bank (also to determine possibilities for coop- * Asian Development Bank (AsDB), a meeting on eration on specific projects); and with the In- Laos, and provided staff support for a meeting ter-American Development Bank. of the Inter-Governmental Group for Indo- nesia, of which the Government of the Nether- Inter-Agency Cooperation lands serves as chairman. In Latin America, ac- tive participation by the Bank continued in the One of the resolutions adopted by the World country reviews sponsored by the Permanent Food Conference at its meeting in Rome in No- Executive Committee of the Inter-American vember 1974 has brought the Bank into a new Economic and Social Council (CEPCIES-for- cooperative undertaking with the Food and Ag- merly CIAP). riculture Organization of the United Nations One indication of closer cooperation among (FAO) and the United Nations Development various development assistance agencies is the Programme (UNDP). The resolution requested large number of projects which the Bank and the three organizations to organize a Consulta- IDA helped finance jointly or in parallel with tive Group on Food Production and Investment 69 (CGFPI) to increase, coordinate, and improve ments of Bank projects; and with UNICEF in the efficiency of financial and technical assist- various areas of common interest, including ur- ance for food production in developing coun- ban improvement schemes, education, popu- tries, from both bilateral and multilateral lation, nutrition, rural development, and water sources. supply, with particular consideration of ways of The CGFPI has its headquarters at the Bank. increasing contacts in the field. Its Chairman, nominated by the three sponsor- The four cooperative programs in each of ing agencies, is Edwin M. Martin, former Chair- which the Bank and a United Nations agency man of the Development Assistance Com- are partners continued to assist governments to mittee of the Organisation for Economic Co- identify and prepare projects forWorld Bank fi- operation and Development (OECD). Moise nancing, and to provide support for Bank eco- Mensah, FAO Regional Representative for Af- nomic sector studies and Bank economic, proj- rica, has been appointed Vice-Chairman and ect appraisal, and project supervision missions. Executive Secretary. The CGFPI's budget will be The programs with FAO and the United Nations shared by the sponsoring agencies in equal pro- Educational, Scientific and Cultural Organiza- portions. The participants in the CGFPI will be tion (Unesco) are now in their tenth year. Staff governments and international bodies which of the FAO/Bank Cooperative Program helped have, or intend to have, significant programs of to prepare about one-third of the agricultural assistance to the food systems of developing projects financed by the Bank, and carried out countries, drawn from traditional bilateral do- 143 missions in 50 countries. The Unesco/Bank nors, multilateral aid agencies, developing Cooperative Program participated in or carried countries, and "new donors," i.e., members of out 56 missions, largely on pre-appraisal activi- the Organization of the Petroleum Exporting ty. The cooperative program contributed to the Countries (OPEC) and aid agencies of states identification or preparation of 13 education which are members of the Organization of Arab projects approved by the Executive Directors. Petroleum Exporting Countries (OAPEC). The The cooperative program between the Bank CGFPI is to hold its first meeting in July 1975. and WHO in the field of water supply and The agenda for the first meeting includes a re- wastes disposal continued to emphasize work view of recent and proposed investment for on sector studies, paying increasing attention food production in developing countries, an to the problems of the rural sector. Nine recon- analysis of the world fertilizer situation, and naissance missions and nine sector studies identification of priority topics for future work were carried out by the cooperative program by the CGFPI. during the year, and three countries received In another inter-agency initiative, the Bank, project preparation or other project-related the World Health Organization (WHO), the assistance. United Nations Children's Fund (UNICEF), the The cooperative program between the Bank UNDP, the UN Environment Programme and the United Nations Industrial Develop- (UNEP), the OECD, and the International De- ment Organization (UNIDO) helped to prepare velopment Research Centre of Canada three industrial projects financed by the Bank, launched an exercise to design an international and participated in 11 project identification, system and program to expand significantly preparation, or appraisal missions, three sector assistance to rural communities in the develop- missions, one project supervision mission, and ing countries in potable water supply and sew- one technical assistance mission. age disposal. It is expected that the program The Bank was involved in preparatory work will include strengthening existing inter- on several international conferences during the national, regional, and national research cen- year. These included the World Food Confer- ters, the dissemination of information, and the ence and the World Population Conference. provision of training and technical services, as The Bank was represented at the former meet- well as support for related national efforts. ing, which considered the establishment of an During the year, the Bank's Executive Direc- International Fund for Agricultural Develop- tors approved certain health policy proposals. ment, and assisted the Secretariat of the World The Bank and WHO, which for several years Food Council in the preparation of a draft char- have been coordinating their activities in the ter for the proposed fund. It was represented at fields of water supply and wastes disposal and the sessions of the Law of the Sea Conference of population, began consideration of modes held in Caracas in the summer of 1974 and in and scope of collaboration in the health sector. Geneva in the spring of 1975, the Second Gen- They held the first of what are to be regular pe- eral Conference of UNIDO, held in Lima in riodic reviews of operations of mutual interest. March 1975, and the World Conference of the The Bank continued the reviews of current International Women's Year held in Mexico planned operations in the population sector City in June 1975. It prepared contributions for with the United Nations Fund for Population the UN Conference on Human Settlements to Activities (UNFPA) and with WHO; with the In- be held in 1976. ternational Labour Office (ILO) in connection The year's lending included a number of joint with training, employment, income distribu- financing operations with UN agencies. UNFPA tion, rural development, and manpower ele- is financing elements of a population project in 70 Bangladesh (which six bilateral donors are also Information System for the Agricultural Sci- helping to finance) and worked with the Bank ences and Technology (CARIS-AGRIS), ad- in preparing and appraising the project. The UN ministered by FAO: $75,000; Capital Development Fund joined with the -and for a preparatory fund looking toward Bank for the first time, providing a grant for wa- the establishment of an International Cen- ter supply and health components of a rural de- ter for Agricultural Research in Dry Areas velopment project in Tanzania. It later made (ICARDA), directed particularly to the grant funds available for the third phase of a needs of North Africa and the Near East: land development program in Malawi. UNEP is $25,000. helping to support a research project being car- ried out by the Bank on the implementation by The CGIAR is now in its fifth year. Since it was Singapore of a scheme for regulating urban founded in 1971, the amount of funds available, traffic. starting with $15 million for program activities in 1972, has more than tripled. The number of research programs supported by the Group has grown from four to 12, including, in addition to International Agricultural Research those already named, programs supported by the International Crops Research Institute for The Bank continued to serve as Chairman the Semi-Arid Tropics (ICRISAT) in India, the In- and, with the Food and Agriculture Organiza- ternational Livestock Center forAfrica (ILCA) in tion of the United Nations (FAO) and the Ethiopia, the International Board for Plant Ge- United Nations Development Programme netic Resources, whose secretariat is in Rome, (UNDP), as co-sponsor of the Consultative and the field trials system of the West African Group on International Agricultural Research Rice Development Association (WARDA), (CGIAR). The serious shortages in world food whose secretariat is in Liberia. supply which have developed recently have fo- The newest project being developed by the cused greater attention on the activities of the Group is ICARDA. This center will devote its re- CGIAR. The work of the Group was favorably search to some cereals (e.g., barley), some grain noted at the World Food Conference, and the legumes (e.g., lentils), and to farming systems Conference specifically recommended that the centered on sheep and goats, with particular at- resources of the CGIAR be substantially en- tention to the problems of areas with low and larged to enable it to expand its activities. New irregular rainfall. When the Center is estab- Zealand, Nigeria, Saudi Arabia, and the United lished and begins its work, probably in 1976, the Nations Environment Programme joined the Consultative Group system of research pro- Group as donor members during the year, rais- grams will embrace the major food crops and ing total membership to 33 governments, inter- animals, and all of the ecological zones, to be national organizations, and private founda- found in the developing world. tions. Twenty-three members made grants to support research and training programs in ca- lendar year 1975. The total of funds available Audit and Evaluation was $49 million, compared with $34 million a year earlier. Helping enable the Bank Group to give assur- included in the total was an amount of up to ances to its creditors and stockholders that the $4.8 million from IDA. Out of this amount, IDA resources supplied by them are both protected made a first tranche of grants, totaling $2.94 and are achieving the desired results are the In- million, as follows: ternal Auditing Department and Operations -to the International Center of Tropical Agri- Evaluation Department. Both Departments culture (CIAT), based in Colombia: have been organized independently of units $110,000; directly responsible for financial, adminis- -to the International Maize and Wheat In- trative, lending, and other activities, and both provement Center (CIMMYT), in Mexico: are under a Vice President with no other direct $1p1 0(00T ioperational responsibilities. The Bank Group's activities are also reviewed -to the International Potato Center (CIP), in by an international firm of accountants which Peru: S100,000; annually examines the financial statements of -to the International Institute of Tropical Ag- the Bank and its affiliates, and reports on the fi- riculture (IITA), in Nigeria: $485,000; nancial position and result of operations of -to the International Rice Research Institute each. (IRRI), in the Philippines: $1,780,000; The emphasis of the Internal Auditing De- partment is on internal controls and related sys- -to the International Laboratory for Research tems and procedures used in conducting and on Animal Diseases (ILRAD), in Kenya: managing operations. In its work, the Depart- $255,000; ment assists all levels of management in the ef- -to the Computerized Agricultural Research fective discharge of their responsibilities by Information System and the International furnishing them with independent and objec- 71 tive audits and appraisals of financial, account- Joint Audit Committee ing, administrative, and other activities. In car- rying out these audits, the Department takes The Joint Audit Committee was established into account several objectives which include: in 1970. It consists of six Executive Directors, ap- (1) determining the soundness, adequacy, and pointed annually in November by the Board of application of internal controls, and promoting Executive Directors. In 1974-75, C. M. Isbister effective control at reasonable cost; (2) deter- served a second term as Chairman of the Com- mining the extent of compliance with various mittee. governing agreements or instruments and re- Following an amendment to the Committee's lated decisions, policies, regulations, or proce- terms of reference in November 1973, to in- dures of the Board of Governors, Executive Di- clude in its responsibility the duty to satisfy it- rectors, and Bank Group management; (3) self that the Bank Group's internal audit and determining the extent to which Bank Group operations evaluation are adequate and ef- assets are accounted for and safeguarded from ficient, the Committee gave high priority dur- losses of all kinds, including, where applicable, ing the current year to this aspect of its work. It the effective utilization of these resources; (4) established a framework for its relationship determining the reliability and validity of sig- with the Internal Auditing and Operations Eval- nificant accounting, financial, and other data uation Departments, and also reviewed the De- used by management; and (5) recommending partments' work programs, work in progress, improvements in order to strengthen internal desirable standards and procedures of report- controls, to improve administrative efficiency, ing, and samples of reports produced. and to eliminate the wasteful use of resources. The Committee's responsibilities under its The emphasis of the Operations Evaluation terms of reference, besides those for the Bank Department is on the economic impact of op- Group's internal audit and operations eval- erations and their contribution to develop- uation activities, are to nominate a firm of pri- ment. In addition to seeking to improve per- vate, independent, internationally-established formance by identifying possible means of accountants to conduct the Bank Group's an- improving the efficiency and effectiveness of nual audits, to discuss with them the scope of operations and of use of resources, much em- their examinations, to review with them the an- phasis is also given by the Department to analy- nual audited financial statements and the opin- sis of borrowers' suggestions for strengthening ions thereon, and to report to the Executive Di- Bank Group performance. rectors. Thus, the Committee serves as a focus A system for the preparation of "performance for consideration of the Bank Group's financial audit reports" on all projects assisted by the control and operations evaluation procedures. Bank and IDA about a year after completion of Through its discussions with the relevant offi- loan/credit disbursement has been brought cers and with the independent accountants, it into full operation. The performance audit, helps to provide assurance to the Executive Di- which is carried out as much as possible on the rectors that the Bank Group's financial affairs basis of final project reports prepared by the are properly conducted. It provides a contin- borrower and/or the Bank Group operating uing channel bywhich the internal and external staff, focuses on actual project accom- auditors may communicate with the Executive plishments compared with plans, reassessment Directors, should the need arise. of the project's economics, and appraisal of the Of continuing concern to the Committee is usefulness and efficiency of the Bank Group's the adequacy of the flow of financial informa- involvement in the project. The system applies tion to the Executive Directors, in order for the to all loans and credits closed after July 1,1972. Board to discharge properly its responsibilities These brief performance audits, as well as with respect to the financial policies of the giving a simple systematic check on the Bank Bank Group. In this respect, following the Group's loan and credit operations, provide a Committee's recommendation, the system for comprehensive background for selection and providing financial information to the Board execution of the other more elaborate studies has been improved, and will continue to be pe- undertaken by the Operations Evaluation De- riodically reviewed by the Joint Audit Com- partment to provide more fundamental reas- mittee. sessments of policies and procedures in par- ticular areas. The Operations Evaluation Department also Economic Research and Studies follows up actively with the Bank's operating departments, and particularly with the Central The Executive Directors conducted their sec- Projects Staff, the recommendations made in its ond annual review of the Bank's Research Pro- evaluations and reviews. Written responses are gram. While endorsing the broad thrust of the obtained from the relevant departments to the program, they agreed that there should be a specific recommendations made, and reviews continuing effort to ensure the operational of the overall pattern of actual Bank Group ac- relevance of the program; to improve the dis- tion in relation to the recommendations are un- semination of research results, both within the dertaken a year or two later. Bank and in developing countries; to further 72 collaboration with institutions in developing information on the workings of the urban labor countries; and to favor research for which the market is not altogether adequate, so that sev- Bank has a comparative advantage and avoid eral projects have been undertaken to examine duplication. the characteristics of those employed in the The present program may, for practical pur- modern and so-called informal sectors in great- poses, be considered as having started in fiscal er depth. As with income distribution, there are 1972. It now consists of over 100 projects. Their also studies concerned with the effects of dif- status is as follows: ferent policy measures on the future growth of employment. In one of them, the Bank is coop- Projects ended 29 erating with the Council of Asian Manpower Projects reaching completion 12 Studies (CAMS). Another project surveys the Projectscontinued from fiscal 1974 40 characteristics of public works programs in 15 Projects started in fiscal 1975 24 countries in order to draw conclusions from ex- 105 perience on the most promising arrangements for such programs. Emphasis continues to be placed on such The subjects of yet another study are the subjects as income distribution and employ- technical and economic aspects of the substi- ment, population, and rural and urban develop- tution of labor for equipment in road and other ment with particular reference to the lower- civil works construction. Earlier phases of the income groups. In the past fiscal year, these study have concluded that labor-intensive subjects absorbed more than half the total ex- methods, as they are traditionally practiced, are penditure of the program. The remainder con- not competitive with modern equipment sisted, on the one hand, of studies in specific methods for most conceivable sets of factor sectors such as education, public utilities, in- prices. Determining economically optimal in- dustry, and transportation, including in the lat- termediate technologies is the subject of the ter case, a major study of capital-labor substitu- current phase of this research. The influence of tion in civil construction in general; and on the health and nutrition on labor productivity is other hand, of more general studies, such as being investigated in a number of related those with a focus on international compara- studies. tive analysis, for example, on the comparison of A number of research projects are intended economic aggregates without relying on ex- specifically to help in the improvement of the change rates, and analysis of structural changes design of future rural development projects. in industrial production, trade, and employ- The findings of the study of rural development ment. Some of the specific sectoral studies are projects in Africa referred to in the previousAn- themselves relevant to the problems of rural or nual Report are being published. A more recent urban development-a study of village electrifi- project, which has already yielded useful infor- cation, for example. mation, is under way in Northeast Brazil. The A serious obstacle to any investigation of in- first phase involved the collection of detailed come distribution has been the absence of a data on farm size, organization, tenurial sys- sound data base. Consequently, several re- tems, technology, and cost; these will be search projects have been concerned with im- analyzed in the second phase. Another project provement of the data base in order to identify with similar objectives is based on comparative more precisely the characteristics of poverty anthropological studies in eight villages in four groups. These studies have been undertaken in countries. A project initiated during the year collaboration with two United Nations organi- will attempt to collect information on rural zations, ECLA (Economic Commission for Latin communities from a variety of sources, includ- America) and ESCAP (Economic and Social ing a survey conducted in the course of a Bank- Commission for Asia and the Pacific) and also assisted project, in order to analyze the effects with ECIEL (Estudios Conjuntos sobre Integra- on rural communities of different policies. A cion Econ6mica Latinoamericana), a group of more specific study has also been initiated in research institutions in Latin America. Another conjunction with the Food and Agriculture Or- group of projects aims to achieve a better un- ganization of the United Nations (FAO) on the derstanding of the relationship between potential growth in the productivity of small growth and equity. A variety of approaches farmers in Tanzania; this may be regarded as a characterizes these projects at what may be pilot study, which, if successful, may be re- considered an experimental stage of the work. peated in other countries. An earlier project on It would be premature now to predict which is the agricultural sector, which has been the sub- likely to be the most useful. Another related ject of continuous and close collaboration be- project is concerned with the distributive im- tween the Bank and the Government of Mexico, pact of public expenditures, in order to identify has, as one of its products, a book entitled the actual beneficiaries of major government Multi-Level Planning: Case Studies in Mexico, services, and to explore how these services are edited by Louis Goreux and Alan Manne; this distributed. book shared the 1973 Lanchester Prize, which Closely allied to the projects on income dis- is awarded by the Operations Research Society tribution are those on employment. Here again, of America. 73 In general, analysis of pricing and investment International Centre for Settlement policies has been the major focus of research in of Investment Disputes public utilities, and the findings have been ap- plied in recent operations. Several current re- By June 30, 1975, 66 States had ratified the search projects are designed to advance the Convention on the Settlement of Investment Bank's understanding of the benefits of public Disputes between States and Nationals of Oth- utilities and of appropriate investment criteria er States, and are thus members of the Inter- in rural areas. At the same time, in urban areas, national Centre for Settlement of Investment standards of public utility service, which are of- Disputes (ICSID). Five additional governments ten established on the basis of demand in de- had signed but not yet ratified the Convention. veloped countries, are being investigated in or- The Centre's own Annual Report provides de- der to develop more appropriate criteria for tails of its membership and affairs. Bank projects. A similar study on the standards for "sites and services" housing projects is also being undertaken. Bank and IDA Membership To facilitate wider dissemination, the results of the Bank's research work are often published Barbados became the 125th member of the as 'Staff Working Papers," or journal articles Bank on September 12,1974, and New Zealand, and sometimes as monographs or as books. A having signed the Articles of Agreement of IDA complete list of publications is available in the on October 1, 1974, became its 114th member "World Bank Catalog," which is issued an- on January 17, 1975, the effective date of the nually. More detailed information on the cur- Fourth Replenishment. rent research program may be found in the At the end of the year, action was pending on "Abstracts of Current Studies," which is also membership in the Bank and IDA for Papua published annually. New Guinea and Grenada. 74 Borrowings and Finance Income and Expenditure: Bank Other Financial Operations: Bank Net income of the Bank was a record $275 Loans held by the Bank on June 30, 1975, ag- million in fiscal 1975, up $59 million, or about gregated $22,322 million, including loans not 27% over net income in the previous fiscal year. yet effective, and $1,590 million of exchange For the first time, the Bank's gross revenue adjustments arising principally from changes in passed the $1,000 million mark. At $1,157 mil- currency valuations over the last three fiscal lion, gross revenues were $228 million higher years. Effective loans held by the Bank totaled than in fiscal 1974. $19,420 million after excluding $443 million of Income from investments rose $116 million effective and outstanding loans to IFC, of to $383 million. While the average investments which $268 million had been disbursed. held during fiscal year 1975 were S696 million Disbursements of loans in fiscal 1975 reached higher than during the previous year, the major a record of $2,096 million,(l) a gain of $487 mil- part of the increase in income resulted from lion over the preceding year. Aggregate dis- higher return on investments: average realized bursements in the four fiscal years 1972-75 were investment earnings in fiscal 1975, including $6,116 million, or more than 88% higher than net capital gains, were at 8.4%, up from 6.9% in disbursements in the four previous years 1968- the year before. This incremental return on in- 71. Though the exact reasons are not yet vestments was in part caused by unusually high known, the cumulative effect of the greatly ex- interest rates in the first half of fiscal 1975 panded program of Bank lending, inaugurated which, in turn, were mainly a result of record in fiscal 1969, inflation, and the joint effort by high inflation rates in the United States and the Bank and its borrowers to facilitate dis- most other countries. During the latter half of bursements may have contributed to the sharp fiscal 1975, however, interest rates were seen to rise in the level of disbursements. The undis- decline substantially from their earlier peaks. bursed portion of effective and non-effective Income on loans amounted to $766 million, a loans in member countries stood at $9,959 mil- gain of $112 million. Average rate earned on lion at year's end. loans outstanding during the year increased to Repayments by the Bank's borrowers 6.4%, up from 6.2% the year before. Other in- amounted to $648 million in the year: $569 mil- come at $9 million, was up $1 million over the lion to the Bank, and $79 million to investors preceding year. who had purchased portions of loans. Cumula- The Bank's expenditures aggregated $882 tive repayments to June 30, 1975, aggregated million, a rise of $168 million, or 24%. Included $6,564 million: $4,340 million to the Bank, and in the total was interest on the Bank's borrow- $2,224 million to purchasers of loans. ings and issuance expenses of $773 million, or Sales of participations in new loans and of $150 million higher. maturities from the Bank's loan portfolio, de- Administrative expenses of the Bank were up spite the generally unfavorable conditions pre- $19 million to $110 million after deducting $48 vailing in the world financial markets, amount- 0 million received as a management fee charged ed to S15 million. After cancellations and to IDA, and $1.455 million paid to the Bank by adjustments for changes in the values of non- IFC as a service and support fee. The impact of dollar currencies, the cumulative total of loan additional personnel in the previous fiscal year sales was $2,521 million on June 30,1975. and continuing inflationary increases in busi- Liquid resources available to the Bank on ness costs contributed to the rise in adminis- June 30, 1975 amounted to $5,169 million, an trative expenses in fiscal 1975. increase of $1,326 million during the year. In October 1974, the Bank's Board of Gover- nors approved a transfer of $100 million from The Bank's Borrowings-Fiscal 1975 net income for fiscal 1974 as a grant to IDA. The remaining $116 million of the fiscal 1974 in- A new record volume of borrowings was come was allocated to the Bank's Supplemental reached by the World Bank in fiscal 1975. Reserve Against Losses on Loans and from Cur- rency Devaluations. () Including disbursements on loans to IFC. 75 Twenty-six issues, amounting to the equivalent States with a public offering of $500 million of of $3,510 million were sold, a gain of $1,657 mil- obligations: $300 million of 8% Five-Year Notes, lion, or nearly 89% over placements in the and $200 million of 8.1 5% 10-Year Notes. A pub- previous year. lic offering of the Bank's bonds was also made The yearwas marked by a continuation in the in the Federal Republic of Germany: DM250 shift of Bank borrowings toward placements million of 81/4% Eight-Year Bonds. The Deutsche with governments and governmental agencies, Bank A.G. arranged for placement of DM150 and by a further sharp rise in participations by million of World Bank 81/4% Seven-Year Notes petroleum exporting countries in the financing with investors outside Germany, and the Bank of the Bank. placed a further DM150 million of 81/4% Notes Purchases of World Bank issues by central with the Deutsche Genossenschaftskasse. banks, governments, and governmental The Bank also arranged a placement in the agencies in fiscal 1975 aggregated $2,654 million market in Switzerland through a group of Swiss equivalent, equal to 76% of total borrowings in banks. The issue consisted of SwF300 million the period. Borrowings of S1,984 million from of 81/4% Seven-Year Notes maturing in 1982. petroleum exporting countries were up $1,419 Further borrowings in the Federal Republic million over fiscal 1974, and accounted for of Germany consisted of the refunding of ma- about 57% of the year's marketings, compared turing note issues held by the Deutsche Bun- with 31% and 13% respectively, in fiscal years desbank. The five new note issues have matu- 1974 and 1973. rities of four and five years and all bear interest Long-term borrowings from petroleum ex- at 8'/2% and they aggregated DM678 million. porting countries amounted to $1,816 million in fiscal 1975. Included was the largest single bor- rowing to date by the Bank: S750 million of 10- Year U.S. dollar bonds sold to the Saudi Arabian Monetary Agency in December 1974. The Agency also purchased Saudi Arabian riyals 500 World Bank: Gross Borrowings, 1964-75 million ($140.8 million equivalent) of 10-Year Bonds earlier in the fiscal year. Arrangements (US$ millions. Fiscal years.) for the riyal issue were made in the previous fis- cal year, but settlement was scheduled for after the beginning of fiscal 1975, and the issue is in- cluded in borrowings for that period. 3,510 35V0 The Fondo de Inversiones de Venezuela, an agency of the Venezuelan Government, lent the Bank the equivalent of $500 million in fiscal 1975: one loan in bolivares amounted to Bs430 3.000: million, the other in U.S. dollars amounted to S400 million. Both loans bear an interest rate of 8%, and have a final maturity of 15 years. Iran and Nigeria were also major long-term 2v500- lenders to the Bank in the year. Iran made an 8% loan amounting to $150 million to the Bank, which matures in 1986/87, bringing to $350 mil- lion the total of loans granted to the Bank by 2,000- the Government of Iran in the last two fiscal 1,: 3 years. The Government of Nigeria lent the Bank $240 million at a rate of 8% with a final maturity of 15 years. This was the Bank's first long-term t500 borrowing from a sub-Saharan African country. 1,359 Other long-term borrowings by the Bank in pe- troleum exporting countries in the period in- cluded $30 million from Oman and S5 million ooo- from Trinidad and Tobago. A further $168 million of the Bank's Two-Year U.S. dollar bonds were placed with central _ banks and governmental agencies in 15 petro- 500 leum exporting countries. Altogether, in the two fiscal years 1974 and 1975, petroleum ex- porting countries purchased the equivalent of $2,549 million of World Bank obligations. 1964-68 1969-73 1973 1974 1975 A total of $856 million equivalent of the AnnualAverages Bank's obligations were sold in the investment market in the year. After a hiatus of three years, the Bank returned to the market in the United . 76 All borrowings in Japan were limited to the placed, and refunded two maturing issues in an refunding of serial obligations held by The equal amount. Bankof Japan. Twoof the five newserial obliga- Sales of Bank obligations in fiscal 1975 in- tions bear interest at 8.19% and the remaining cluded 52,671 million equivalent of issues sold three at 8.64%. The total involved was *35,900 to raise new funds, and $839 million equivalent million. of refunding obligations. In fiscal 1974, new In May1975, The Bank of Japan and the World borrowings amounted to $1,237 million, and re- Bank entered into a loan agreement by which fundings to $616 million. The Bank of Japan offered to lend an amount of Outstanding borrowings of the Bank were up to Y42,600 million as a refunding loan. It further increased in the period by the delivery would replace six serial obligations held by The of $291 million equivalent of obligations sold in Bank of lapan that mature between June 1975 previous years on a delayed delivery basis. and January -1976. By the end of fiscal 1975, the An aggregate of $959 million of debt matured World Bank drew down *2,300 million at an in- during the year, with the bulk of the maturities terest rate of 8.64%. being central bank bond issues, notes held by The Bank placed Two-Year dollar bond issues the Deutsche Bundesbank and serial obliga- with central banks, governments, govern- tions held by The Bank of Japan. In addition, mental agencies, and international organiza- there matured $25 million of 33/8% 23-Year tions. Two issues totaling $440 million were Bonds sold on the U.S. market in 1952 in an World Bank Borrowings-Fiscal Year 1975 (In mil ions) Currency of US dollar(' Issue Issue Equivalents Public Offerings Germany, Federal Republic of 8'A% Eight-Year Bonds, due 1983 DM250.0 106.8 United States 8% Five-Year Notes, due 1980 $300.0 300.0 8.15% 10-Year Notes, due 1985 $200.0 200.0 Total Public Offerings 606.8 Placements With Central Banks and Governments Germany, Federal Republic of 8'2 % Note, due1978 DM76.5 30.0 8V'/% Note, due 1979 DM250.0 98.2 8M'% Note, due1979 DM50.5 19.8 81",% Note, due 1979 DM199.5 85.6 8Vt2%Note,due1980 DM101.8 43.7 Iran 8% Loan,due1986/87 $150.0 150.0 lapan 8.19% Serial Obligations, due 1980/81 Y7,200.0 25.3 8.19% Serial Obligations, due 1980/81 Yf7,200.0 24.1 8.64% Serial Obligations, due 1981/82 Y12,000.0 39.9 8.64% Serial Obiigations, due 1981 /82 Y7,200.0 23.9 8.64% Serial Obligations,due 1981/82 Y2,300.0 7.8 Nigeria 8% Loan, due 1980/89 5240.0 240.0 Oman 8% Loan, due 1989/90 $30.0 30.0 Saudi Arabia 8% 10-Year Bonds, due 1984 SRIs500.0 140.8 8.5% 10-Year Bonds, due 1984 S750.0 750.0 Trinidad and Tobago 8% Loan, due 1979 $5.0 5.0 Venezuela 8% 15-Year Loan, due 1979/89 Bs430.0 100.0 8% 15-Year Loan, due 1979/89 $400.0 400.0 International(21) 9% Two-Year Bonds, due -1976 $200.0 200.0 6.4% Two-Year Bonds, due 1977 S240.0 240.0 Total Placements with Central Banks and Governments 2,654.1 Other Germany, Federal Republic of 8th% Seven-Year Notes, due 1982 DN150.0 63.8 81/4% 10-Year Notes, due 1979/85 DM150.0 64.3 Switzerland 81%4 Seven-Year Notes, due 1982 SwF300.0 120.6 Total of Other Placements 248.7 Total Borrowings FY1975 3,509.6 (1) Based on official rates at tirne of borrowcing. (2) These Tswo-Year Bond issues were placed with central banks, governmental agencies, and ws'uth international organizations 77 original amount of $50 million and£2,253,000 of Finances: IDA 31/2% 20-Year Stock sold on the London market The operations of IDA were at a new peak in in 1954 in an original amount of £5 million. A The with of Amount a new pedin further $68 million equivalent of debt was re- fiscal 1975, with record amounts of new credits tired in fiscal 1975 by means of sinking fund and and of disbursements. New credits amounted purchase fund operations. to $1,576 million, an increase of nearly 45% over The Bank's borrowing costs in the year, credits in the previous year. Aggregate commit- weighted by amount and maturity, averaged ments on June 30, 1975, were $8,435 million 8.21% compared with 7.51% in fiscal 1974. As of equivalent, excluding $176 million of reac- June 30, 1975, the average cost of all funds, in- tivated credits to Bangladesh and $485 million cluding paid-in capital and accumulated earn- of exchange adjustments. Effective credits held ings which are cost-free, was about 5%, com- by IDA on that date amounted to $8,009 million, pared with 4.6% at the end of the previous fiscal including undisbursed portions of credits year. amounting to $3,081 million. Credits approved The Bank's lending rate was increased twice but not yet effective as of June 30, 1975, were during the year-from 71/4% to 8% in August $786 million 1974, and to 8½/2% in January 1975. Disbursements for the first time passed $1,000 million, reaching $1,026 million for the year. This amount was $315 million higher than Distribution of Bank Debt disbursements in fiscal 1974. Aggregate dis- Outstanding borrowings of the Bank in- bursements on June 30, 1975, were $4,953 mil- creased $2,637 million in the fiscal year to a to- lion, including$485 million of exchange adjust- tal of $12,287 million on June 30,1975. The esti- ments arising from devaluations of the U.S. mated distribution of holdings of the Bank's dollar in 1972 and 1973. obligations by countries on that date showed The resources available to IDA for further about 24% held by investors in Germany, 22% in commitment increased materially in January the United States, 12% in Japan, 8% in Saudi 1975,on receiptof official notification from the Arabia,6% in Switzerland, and 5% in Venezuela. United States of its participation in the Fourth The remaining 23% was held by investment in- Replenishment. By this action, the agreement stitutions, including central banks and govern- authorizing the replenishment became ment agencies in about 70 countries effective. The total involved under the agreement is about $4,500 million. To date, notifications of Increase in Capital participation have been received from 20 of the The Bank's subscribed capitalM )was increased 21 Part I countries and from Israel, Spain, and by $323.3 million in fiscal 1975. Included was Yugoslavia, the Part II countries participating in the original subscription of Barbados, $11.1 the replenishment. Subscriptions and contribu- million, which became a member during the tions undertaken by these countries amount to year. The remaining $312.2 million represented the equivalent of $4,254 million, of which $806 increases in the capital subscriptions of five million had been pledged in advance of the ef- member countries: Algeria by $30.9 million to fective date of the agreement by13 Part I coun- $110.9 million; Australia by $34.1 million to tries. Of the advance contributions, the equiva- $567.1 million; Chile by $1 million to $94.3 mil- lent of $164 million was pledged by Canada and lion; Italy by $186.5 million to $852.5 million; Kuwait in fiscal 1974, and $642 million from the South Africa by $59.7 million to $273 million. 11 other Part I countries in fiscal 1975. Re- The increases were received by the Bank sources received from members in fiscal 1975, under a resolution adopted by the Board of expressed at current market rates, totaled Governors in December 1970, which enables $4,037 million equivalent, including $8.6 mil- the Bank to accept special increases in the lion from releases bv Part II members. capital stock of 75 member countries. Sixty- On approval by the Board of Governors in two had been accepted by the end of fiscal October 1974, the Bank made a grant of $100 1975 for a total of $1,887.5 million. This in- million to IDA from net income earned in fiscal cluded increases bv 57 members in the preced- 1974. From this sum, IDA is authorized to make ing four fiscal years. Total subscriptions to the grants of up to S5.55 million for agricultural re- Bank's capital on June 30, 1975 amounted to search and for the control of onchocerciasis. $25,548.9 million. Four members have advised Norway made $12 million available to IDA the Bank that they will not subscribe to the during fiscal 1975 by purchasing, on a grant additional shares authorized for them. Other basis, participations in IDA credits to Pakistan members eligible for special increases are ex- and Tanzania. These participations were taken pected to take up additional stock. Authorized under the terms of the aid cooperation agree- capital of the Bank remained unchanged dur- ment between the Kingdom of Norway and the ing the year at $27,000 million. Bank and IDA. Other funds that became available in fiscal 1975 aggregated $38.8 million from cancella- t) Figures in ihis subsection are based on the United States dollar tions, repayments, and net income. Altogether, 78 of ihe we[ght and fineness in effeci on July 1. 1944. a total of $4,183 million was added to IDA's re- countries as a major source of borrowed funds, sources in the period. In addition, largely as a especially for development purposes through result of the advance pledges on Fourth Re- the World Bank. plenishment subscriptions by Canada and Ku- Altogether, this group of countries provided wait, the Association had approximately $170 to the foreign and international markets at least million equivalent of uncommitted funds at the equivalent of $3,246 million in 1974, almost the start of fiscal 1975. equal to 27% of those transactions in the year. Included were purchases of foreign obligations Foreign and International Bond Markets amounting to $2,572 million and publicized in- - -Calendar 1974 ternational bond purchases of $674 million.(2) Development lending by the petroleum ex- Led by a sharp rise in sales of foreign issues, porting countries, through the medium of the borrowings on the foreign and international foreign and international bond markets, bond markets(l) reached a new peak of $12,253 amounted to $2,451 million in 1974, of which million in1974.Thisvwasagainof$2,339million, the equivalent of $2,251 million was lent to the or 24% over the 1973 level. World Bank. The most significant development of the year Issuers in the industrialized countries bor- was the emergence of the petroleum exporting rowed the equivalent of $795 million in the pe- troleum exporting countries. Among the publi- 0) The terms "foreign" and "International" in this context refer to cized bond issues, Saudi Arabia lent $200 issues sold outside the countryof the borrower foreign if sold million to the Credit National of France, and in one national market, international if in more than one simul- taneously. Non-dollar securities sold in calendar 1974 are ex- the United Arab Emirates about $51 miulion to pressed in US dollar equivalents based on the exchange rate vis-a-vis the dollar at the time the securities were offered 121 Final purchasers of most international bonds are unknown. This or placed. figure, theretore, is undoubtedly higher Obligations Issued by International Development Institutions and Developing Countries in the Petroleum Exporting Countries-Calendar 1974 lin mill ons) Currencv of US do,larii Issue Issue Equivalents By International Institutions World Bank InAbu Dhabi 8% Bonds, due1980/89 UAEDhs300.0 76.0 In Iran 8% Loan,due 1986 $200.0 200.0 In Iran 8% Loan, due-1986/87 $150.0 150.0 In Nigeria 8% Loan, due1980/89 $240.0 240.0 In Oman 8% Loan, due1989/90 $30.0 30.0 In Saudi Arabia 8% Bonds, due1984 SRIs500.0 140.8 In Saudi Arabia 8Vr% Bonds, due 1984 $750.0 750.0 In Trinidad and Tobago 8% Loan, due 1979 $5.0 5.0 In Venezuela 7% Bonds, due1977/87 BsIO0.0 23.3 In Venezuela 8% Loan, due 1979/89 Bs430.0 100.0 In Venezuela 8% Loan, due1979/89 $400.0 400.0 Central Bank IssueS(2) Two-Year Bonds, due1976 $130.0 135.5 Total World Bank 2,250.6 Asian Development Bank In Kuwait 71.'% Bonds, due 1984 KD5.0 17.2 Inter-American Development Bank In Trinidad and Tobago 8% Loan, due 1984 $5.0 5.0 In Trinidad and Tobago 8% Loan, due1984 TT$10.0 4.9 * In Venezuela 7% Bonds, due 1977/87 Bs1O0.0 23.3 Total Inter-American Development Bank 33.2 Total International Development Institutions 2,301.0 By Developing Countries Algeria in Kuwait 7% Bonds, due 1990 KD18.0 59.7 Yugoslavia in Kuwait 8% Bonds, due 1984 KD15.0 51.5 Korea in United Arab Emirates 81V2% Bonds, due 1989 UAEDhs75.0 19.0 Spain in United Arab Emirates 8i% Bonds,due1989 UAEDhs100.0 25.4 Total Obligations Issued by International Development 155.6 Institutions and Developing Countries in Petroleum Exporting Countries 2,456.6 (1) Based on end-of-month LMF spot rates at the month of borrow ng. i2) These Two-Year bond issues of the World Bank were placed with central banks and agencies of governments of petroleum exporting countries 79 the Austrian Kontrollbank and Finland. A fur- roughly 45% in the previous year. ther $544 million was borrowed internationally Issues in Germany in 1974 aggregated the by Canadian power authorities, three French is- equivalent of $262 million, a decline of $319 suers, the Austrian Kontrollbank, and the Euro- million from the preceding year. Issues in Bel- pean Investment Bank. gium were off $112 million to $103 million; is- Issuers in the industrialized countries bor- sues in Italy were off $102 million to S16 mil- rowed $5,816 million in all foreign and inter- lion; and issues in Luxembourg were off $8 national markets in 1974, an amount equal to million to $29 million. 47% of the year's transactions, and an increase of $245 million over 1973. Borrowings by issuers Foreign Bonds: the United States in the industrialized countries of Europe were down $78 million to $2,746 million. Borrowings The increase in foreign bond sales in the U.S. by other industrialized countries, on the other is shown by a steep rise of $2,089 million to a to- hand, were up $323 million to $3,070 million. tal of $3,577 million for the period. Canadian is- Multilateral European institutions borrowed suers, Israel, and the World Bank accounted for $1,807 million in 1974, a gain of $841 million. nearly 84% of these sales in the United States. More than $1,000 million of this sum was bor- Aggregate borrowings in the U.S. by Cana- rowed by the European Investment Bank, prin- dian issuers increased by more than $1,000 mil- cipally through sales of obligations on the in- lion in 1974 to $1,933 million: $1,150 million of ternational market. public offerings and $783 million of private The developing countries that had borrowed placements. Provincial governments, power au- in excess of $1,000 million in each of the thorities, and other government entities bor- previous two years, reduced their borrowings rowed $1,318 million. The remaining $615 mil- on the foreign and international markets to lion was borrowed by a broad spectrum of $967 million equivalent in 1974. This was a de- Canadian corporations, the bulk of it by private cline of 27% from the previous year's total. placements. Other borrowings in the U.S. by issuers in the Foreign Bonds industrialized countries totaled $498 million: F$135 million by a British concern, $100 million Sales of foreign bonds on all markets in- by the European Coal and Steel Community, creased $2,462 million to $7,776 million in 1974. $92 million by public agencies in France, $50 Included were sales of $6,370 million on the million by a Swedish corporation, and the re- North American and other markets outside Eu- maining $121 million by Government or private rope, a gain of 140%, and $1,406 million on Euro- issuers in Finland, Iceland, Japan, and the Neth- pean markets, a 47% decline. erlands, and by Eurofima, and Scandinavian Airlines. Foreign Bonds: Europe Borrowings for development in the United Foreign States amounted to $1,146 million in 1974, up For the first time in a decade, Europe was not $618 million from the previous year. The World the principal supplier of long-term funds to ex- Bank borrowed $500 million as previously ternal borrowers, being outstripped by the North noted; Israel borrowed S560 million in the year; American and other markets, primarily the pe- and a total of $86 million was borrowed by the troleum exporting countries and the United Republic of China, Pemex of Mexico, public en- States. Foreign issues sold on national Europe- terprises in Nicaragua, Panama, and a private fi- an markets amounted to the equivalent of nancial entity in Venezuela. $1,406 million, a decrease of $1,254 million, or 47% below sales in 1973. Although the amount of funds raised in Swit- Foreign Bonds: Japan zerland was substantially lower than that raised All yen borrowings in 1974 were limited to is- in 1973, the Swiss market continued to be the sues by the World Bank, the Asian Develop- most active of the European foreign bond mar- ment Bank, and the Inter-American Develop- kets. Swiss franc issues totaled the equivalent ment Bank. The Inter-American Development of S986 million, down $560 million from 1973. Bank and the Asian Development Bank each ar- Of this amount, S625 million was raised in the ranged to borrow Y7,500 million, equal to $27 form of private placements and $361 million by million. public offerings. Austrian issuers, principally Government entities, were the largest borrow- International Bonds ers in Switzerland with a total of $213 million equivalent. Next were private German corpora- International bond sales were off again for tions with a total of $136 million. Papua New the second consecutive year, though not as Guinea, with a $17 million issue, was the only sharply as in 1973. The 1974 total of $4,477 mil- developing country to borrow in Switzerland lion was $123 million lowerthan in the previous last year. United States and United Kingdom is- year. Of special note is the dwindling in the vol- suers accounted for less than 10% of the total ume of sales by U.S. corporations on the inter- Swiss franc borrowings in 1974, compared with national market to atotal of only $105 million in 80 1974. This compares with a volume of more sales of international bonds quickened to a lev- than $800 million in 1973 and $2,000 million in el 29% above the average for the first three 1972. quarters. This development reflected the de- Theimpactofbothrecessionandinterestdif- clining short-term rates that increased the ferentialsonthismarketwasalsohighlighted in attractiveness of yields available on the tra- 1974 by the precipitous drop in borrowings by ditional long-term Eurobond market. The issuers in the United Kingdom. International improvement in the international bond market bonds by private and public entities in Britain continued into 1975, with transactions in the in the year amounted to the equivalent of $109 first quarter being more than double the vol- .million, off $879 million from similar borrow- ume reported for the last quarter of 1974. ings in 1973. The principal borrowers on the international Eurocurrency Credits ,market in 1974 were issuers in Austria ($251 mil- Volume on the Eurocurrency credit market lion), the Netherlands ($350 million), France increased in 1974, but at a much more modest ($333 million), and Canada ($440 million). pace than in the previous year when a 157% Borrowings by the developing countries on gain was reported. Total publicized Eurocredits the international market dwindled to $149 mil- in 1974 were up $6,601 million, or 30%, to lion in 1974, $405 million below the total in $28,624 million. Volume was up sharply in the 1973. Brazil borrowed $25 million, the National first half, and about 70% of the year's transac- Bank of Hungary $40 million, a private issuer in tions were reported in that period. In the last Hong Kong $50 million, the Philippines KD5 half, volume declined rapidly as a result of a million ($17.2 million equivalent), and Portu- disruption of the market which occurred in gal's highway authority borrowed EUA 15 mil- mid-1974. The decline in Eurocredits continued lion ($17.2 million equivalent). on into 1975 with first quarter transactions run- In terms of currencies, the U.S. dollar contin- ning 18% below the figure reported for the ued to be the one most frequently used as a last quarter of 1974. Second quarter estimates denomination for international issues. Bonds show transactions almost double those of the denominated in dollars were $3,045 million, an first quarter. increase of 5% from the $2,892 million issued in 1973. Deutsche mark issues in 1974 were $644 External Public Debt million, a decline of $353 million from the pre- Continuing analysis of the external debt of ceding year. 86 developing countries( indicates an appreci- Issues denominated in Netherlands guilders able increase in 1973, the latest year for which increased the equivalent of $191 million in 1974 figures are available. During the year, the total to a total of $383 million. All were sold as pri- outstanding increased from $99,994 million to vate placements. Of this sum, $322 million was outstanding The $18,899 million increase issued by private Dutch corporations. There $18 million. her $1,9 mli increase in were no issues denominated in French francs i n 19/72 of $13,862 million. In percentage terms, the the year; but there were several issues denomi- rise of 18.9% was greater than the 16.1% in 1972. nated in currencies not frequently used on the Of the increase, $12,838 million was accounted market. These included the Austrian schilling for by oil exporters ($5,124 million) and higher- ($15 million), Canadian dollar ($60 million), income developing countries ($7,714 million). and Kuwaiti dinar ($58 million). These categories of borrowers accounted for Therewereninepublicofferingsof securities These categies of broe acounted for denominated in European Units of Account in 67.9% of the increase in 1973 (compared with 1974. The total EUA 139 million, equal to $168 71% in 1972). The share in the increase of the million, was $69 million higher than in 1973. Is- mdl andilowecome developing nations suers included public and private enterprises in was appreciably higher than in 1972: $6,062 mil- France and Governments or agencies of Den- lion or 321%, compared with $4,022 million, mark, Iceland, Ireland, Norway, and Portugal. or 29%. The European Investment Bank sold the only is- At the end of 1973, outstanding debt of oil 'sue denominated in European Composite exporting nations ($23,134 million) and higher- Units: EURCO 60 million, equal to $68 million, income developing countries (S53,267 million) .(For the first time, a borrowing of Arab Cur- was 64.3% of total debt outstanding, or almost ,(Fo th fist ime a orr\,vng f Aab ur- the same percentage as at the end of 1972. Of rency Related Units appeared on the foreign the combined amount ($76,401 million) owed bond markets when a private Swedish concern the biners $31401 million owed borrowed ARCRU 12 million, equal to $12 by these borrowers, $31,443 million, or 41.2% million.) was owed to private lenders. This amount was Sales of international bonds were sluggish in larger than in 1972 ($25,124 million), but was a the first half of 1974, as unsettled economic and smaller percentage, 39.5, of their 1972 debt. markt cnditons alog wth hghe comet- Of the lenders, the category whose debt in- market conditions, along with higher compet- creased at the highest rate was private banks ing short-term rates on the Eurocurrency credit which were owed $17,824 million,orlS% of total market reinforced investor reluctance to tie up w funds in long-term, fixed rate securities. () FordetaiJs,seeAnnexTab[es4through10andtheGeneral Notes In the last quarter of the year, the pace of to Statistical Annexes. 81 debt outstanding at the end of 1973. pliersincreasedverylittleduringl973asin1972. At the end of 1972, it had been $11,487 mil- The debt of middle- and lower-income coun- lion and11.5%; at the end of1971,$8,062 million tries was $42,493 million, or 35.7% of the total. and 9.4%. The increase in debt owed private It increased by $6,062 million during the year, banks in 1973 over 1972 was $6,337 million. This compared with $4,022 million in 1972. Their amount was 33.5% of the total increase in debt share of the total increase in debt was 32.1% in outstanding. Total debt owed to private banks 1973, up slightly from 29% in 1972. Of the in- was heavily concentrated in oil exporters ($4,105 creased borrowing by middle- and lower- million, or 23%) and higher-income developing income countries, $4,712 million, or 77.7%, was countries ($11,554 million or 64.8%). The debt borrowed from official bilateral and multi- to private banks of all categories of developing lateral lenders. This was a slightly larger amount countries increased in 1973, but the amounts than in 1972 when their borrowing from these owed by middle- and lower-income develop- sources increased by $3,642 million. The share ing countries remained modest (12.2%). of official bilateral and multilateral lenders in Bycomparison, debt owed to official bilateral the increase was lower than in 1972, when it creditors increased $6,876 million over-1972 and was 90.6%. This lower share is explained by a was 36.4% of the total increase. In 1972, the in- modest absolute amount of new borrowing by crease had been almost as great ($6,013 million), middle- and lower-income countries from pri- and was a much higher percentage of the total, vate banks ($930 million) which, given the 43.4%. Debt owed multilateral creditors rose amount by which their total borrowing in- by $4,357 million in 1973, as compared with creased ($6,062 million), brought about the de- $3,302 million in 1972. These amounts were cdine in the percentage of the increase borrow- 23.1% of the total increase in debt in 1973, as ed from official bilateral and multilateral compared with 23.8% in 1972. Debt owed sup- lenders. Executive Directors In fiscal 1975, the Executive Directors met 65 cation, health, housing, urban transport, opera- times in formal session to review Bank and IDA tions evaluation work in the Bank Group, policies and projects. They reviewed and ap- internal and external development research proved 122 loans and 68 IDA credits to member programs, local cost financing, and the use of countries, totaling $5,896 million, a transfer of contingency allowances in projects. $100 million from the Bank to IDA, a Bank loan The Executive Directorsdiscussed a staff-pre- of $50 million to IFC, an IDA grant of $2.94 mil- pared paDer on the capital requirements of de- lion for international agricultural research, and veloping countries which suggested ways to borrowings totaling the equivalent of $3,510 maintain economic growth through the re- million. They also approved the Bank Group's mainderof the decade and, in conjunction with administrative budgets. the Executive Directors of the International The Executive Directors discussed the draft Monetary Fund, the creation of a "special trust Resolution on the establishment of the Devel- fund" that would provide, forthe period imme- opment Committee, which the Bank and Fund diately ahead, additional highly concessional Boards of Governors adopted at their 1974 resources to meet the requirements of the Annual Meetings, approved administrative and "most seriously affected" countries. They re- budgetary arrangements for the Committee, viewed Bank operations in the population sec- and participated in its meetings in Washington tor in the light of the deliberations of the World and Paris. Population Conference, held in Bucharest, and The effects of increased prices of petroleum received reports of the \Norld Food Conference and other commodities continued to be kept which took place in Rome. under close review. The framework of the A list of all Executive Directors and Alternate Bank's financial policies was redefined in the Executive Directors, showing their voting pow- light of the proposed program of Bank and IDA er and the countries they represent in the Bank operations through fiscal 1980, and operational and IDA, with notations of changes since the policies were developed for rural development, last regular election of Executive Directors, ap- environmental aspects of Bank operations, edu- pears on the following page. 82 Executive Directors and Alternates of the Bank and IDA June 30, 1975 Total votes Executive Director Alternate Casting votes of Bank IDA Appointed Charles A. Cooper .... .. ...... Hal F. Reynolds ........ .... . United States ....... . ..... ... .... ...... 64,980 626,654 Anthony K. Rawlinson ... . ... ... R. A. Browning .. . ....... .... United Kingdom .... ..... .... ... ..... 26,250 213,176 Hans Janssen ... ..... .. ..Claus Knetschke .. . .... . .. Germany (Federal Republic of). .... . 13,903 174,725 Jacques Henri Wahl .......... Jean-Claude H. Faure(t) ....t . .... France ................... ......... ... 13,042 112,817 Taro Hori ... Toshihiro Kiribuchi .......... Japan . ............. ...... .. . 10,480 136,039 Elected .Giorgio Rota ..... ........... German Calvillo ........ .... Italy, Portugal,(2) Spain .......... . ......... 13,446 50,985 (Italy) (Spain) Claude M. Isbister(3) . . ....... D. R. Clarke . .... Bahamas,(2) Barbados,(2) Canada, Guyana, (Canada) (Jamaica) Ireland, Jamaica(2) tt . .... ... ..... 12,849 115,674 S. R. Sen ... . .............. . Md. Matiul Islam . ..... Bangladesh, India, Sri Lanka ....... . ......... 11,644 122,627 * (India) (Bangladesh) Peter C. Witte ........ ....... Gavra D. Popovic . ..... .... ... Cyprus, Israel, Netherlands, Romania,(2) (Netherlands) (Yugoslavia) Yugoslavia ......... ................. ... 11.302 79,927 Jacques de Groote ... . ....... . Friedrich T. Krieger . .... . ..... Austria, Belgium, Luxembourg, Turkey .. . ....... 10,335 73,550 (Belgium) (Austria) Choi Siew Hong ....... ....... Heng Kim-Y . . ............. Burma, Cambodia, Fiji, Indonesia, Korea, (Malaysia) (Cambodia) Laos, Malaysia, Nepal, Singapore,(2) Thailand, Viet-Nam .10,269 96,620 Muhammad Al-Atrash ... . .. . . Fahad Saad Aldoasary(4) ......... Bahrain,(2) Egypt (Arab Republic of), Iraq, (Syrian Arab Republic) (Saudi Arabia) Jordan, Kuwait, Lebanon, Pakistan, Qatar,(2) Saudi Arabia, Syrian Arab Republic, United Arab Emirates,(2) Yemen Arab Republic ..... 10,102 87,684 Jon Sigurdsson. . . ... .... Jon Aase ....... . ........ Denmark, Finland, Iceland, Norway, Sweden .... . 10,087 141,577 (Iceland) (Norway) Ismael El Misbah Mekki ....... . Timothy T. Thahane ............ Botswana, Burundi, Equatorial Guinea, Ethiopia, (Sudan) (Lesotho) The Gambia, Guinea, Kenya, Lesotho, Liberia, Malawi, Nigeria, Sierra Leone, Sudan, Swaziland, Tanzania, Trinidad and Tobago, Uganda, Zambia ........ ......... ..... 9,651 64,185 Yahia Khelif . ........ Kwaku Gyasi-Twum ...... ... Afghanistan, Algeria, Ghana, Greece, Iran, (Algeria) (Ghana) Libyan Arab Republic, Morocco, Oman, Tunisia, Yemen (People's Democratic Republic of) . 8,800 68,230 V. Amado Gavidia H ...... ... Carlos Santistevan .Costa Rica, El Salvador, Guatemala, Haiti, (El Salvador) (Peru) Honduras, Mexico, Nicaragua, Panama, Peru, Venezuela(2) .8,338 32,813 Armand Razafindrabe ..... . ..... Stanislas Y. Kpognon .... . .... Cameroon, Central African Republic, Chad, (Malagasy Republic) (Dahomey) Congo (People's Republic of the), Dahomey, Gabon, Ivory Coast, Malagasy Republic, Mali, Mauritania, Mauritius, Niger, Rwanda, Senegal, Somalia, Togo, Upper Volta, Zaire ......8 ....... 8,208 57,599 W. A. E. Green ... . ... .... .... Bruce M. Cheek ........... ... Australia, New Zealand, Western Samoa ....... .. 8,154 50,772 (New Zealand) (Australia) Ernesto Franco Holguin .Rodrigo M. Espinosa ... . ... ... Brazil, Colombia, Dominican Republic, Ecuador, (Colombia) (Ecuador) Philippines ....... ................ .... 7,562 85,081 Luis Barrios Tassano .......... Alberto A. Sojit ....... .... Argentina, Bolivia, Chile, Paraguay, Uruguay(2) . . 6,607 20,307 (Uruguay) (Argentina) In addition to the Executive Directors and Alternates shown in the foregoing list, the following also served after October 31, 1974: Executive Director End of period of service: Alternate Director End of period of service: 'Charles 0. Sethness February 28, 1975 Placido L. Mapa, Jr. November 10, 1974 ' (United States) (Philippines) S. A. McLeod March 31, 1975 Edmund M. W. Visbord January 3,1975 (New Zealand) (Australia) Annikki Saarela February 28, 1975 (Finland) Branko Mijovic March 31, 1975 (Yugoslavia) Hiroyuki Yasuda June 23, 1975 (Japan) Note: China (7,750 votes in IBRD and 71,247 votes in IDA) and South Africa (2,980 votes in IBRD and 10,725 votes in IDA) did not participate in the 1974 Regular Election of Executive Directors (1) Has resigned effective July 31, 1975; to be succeeded by Ren-Paul Rigaud as of September 1,1975 (2o Member of the Bank only. rt) Has resigned effective August 1,1975; to be succeeded by Earl G. Drake (Canada). (4) Appointment eftective July 14, 1975. 83 Statistical Annex Table Page General Notes to Annex Tables ....................................... ...... . 85 1 Selected Economic Indicators for Developing and Industrialized Countries-Regional Summary ............. .............................. 86 2 World Exports by Origin and Destination, 1963-1974 ................ ........ ........ 88 3 The Flow of Financial Resources from DAC Countries to Developing Countries and Multilateral Institutions, 1970-1974 .. ........ 90 4 86 Developing Countries-External Public Debt Outstanding, by Region, 1967-1973 ... . ... .. .. ...... 91 5 External Public Debt Outstanding of 86 Developing Countries, by Country and Type of Creditor, December 31, 1973. ......... . ... 92 6 Service Payments on External Public Debt as Percentage of Exports of Goods and Non-factor Services, 1967-1973 .. . .... . . ... ... 94 7 Projected Debt Service on External Public Debt Outstanding, by Region and Type of Creditor, as of December 31, 1973 ........... . . .. 95 8 External Resource Flows and Service Payments on External Public Debt, by Region, 1967-1973 .............. . 97 9 Average Terms of Loan Commitments and Grant Element of Loans and Grants, by Region, 1967-1973 ..................... ............ 98 10 Foreign and International Bond Issues by Market and Country of Borrower Entity, 1972-1974, First Half 1975. .. 99 11 Average Issue Yield of New Publicly Offered Foreign and International Bonds, 1972-1974, First Half 1975 ....... .......... ..... ........ 102 84 General Notes to Annex Tables The tables of this Annex present data on selected economic indica- Except where otherwise noted, export data used in the computa- tors, world trade, the flow of financial resources, external public debt, tion of debt-service ratios in Table 6 include exports of goods and non- and international capital markets. As in past Reports, most of the ta- factor services. The debt-service figures used in the present table are bles are organized along geographic lines. those for actual debt service paid (as compiled from country reports) The data on the flow of financial resources shown in Table 3 have during the year. If a country did not pay the entire amount of contrac- been provided by the Development Assistance Committee (DAC) of tual debt service due during a year, this may be reflected in a some- the Organisation for Economic Co-operation and Development what lower debt-service ratio than would have been the case if con- (OECD). The figures for 1974 are drawn from the first public state- tractual debt service instead of actual service paid had been used in ment concerning development assistance flows for all DAC member computing the ratio. Likewise, the prepayment of debt service may countries in that year; the figures are, therefore, subject to revision. result in a higher debt-service ratio. Data for earlier years incorporate revisions of figures previously pub- lished for those years. The debt-service ratio is recognized as an incomplete indicator of a The principal source of data on external debt shown in Tables 4 country's debt position, and international comparisons of these ratios through 9 is information received bythe Bank from its member coun- have only limited meaning. In assessing debt situations many other tries. These data are checked with and supplemented by information factors, both internal and external, must be considered. The most im- from several other sources, primarily reporting by creditor countries portant is that the capacity to service debt must be seen in the con- on their lending. text of a country's access to imports as compared to its essential im- The 86 countries included in the tables are those whose reporting port needs. Further, external public debt constitutes only a part of the is sufficient for a reliable presentation of debt outstanding and future total indebtedness of a number of countries, and thus considerably service payments. The list of countries is slightly different from that in understates the burden of indebtedness some cases. The debt- the 1974 Report; Portugal has been added and the People's Democrat- service ratio is only ant indicatlforeign exchange situation rapid ic Republic of Yemen has been deleted from the list. Portugal was not incr esesveie t hout othe comeinsatnge factior canig previously classified as a developing country. Not all of the 86 coun- pnreases over a me without other compensadng factors, can signal tries have been reporting for the full historical period, 1967-1973, problems ahead. covered by the tables. Where individual country reports are lacking for The Bank continues to work in cooperation with its member coun- certain years, estimates have been made by Bank staff in order to tries toward the improvement of debtss mefort cun present a consistent series of data. many cases in a broadening of the coverage of the data for both cur- For the purpose of these tables, external public debt is defined as rent and past periods. Therefore, a comparison with debt tables in the debt repayable to external creditors in foreign currency, goods or serv- 1974 Report will show changes in data given for past years. The cur- ices, with an original or extended maturity of more than one year, rent Report should be regarded as the more reliable. Users of Table 5 which is a direct obligation of, or has repayment guaranteed by, a in the 1974 and 1975 Reports should be particularly careful in making public body in the borrowing country. Most military debts are not comparisons as apparent increases or decreases in debt outstanding reported, although a few countries have included such obligations are, in many cases, merely the result of improvements in knowledge. in their data. Grants shown in Tables 8 and 9 consist of grant and grant-like DAC information on capital flows is converted to US dollars by the (loans repayable in local currency) contributions. The grants included Secretariat of the OECD. Data on debt outstanding and service pay- in these tables comprise: (1) contributions by countries which are ments for the years 1967-1971 were converted to US dollars at the members of DAC; (2) grants by multilateral agencies as compiled by rates in effect during those years. The rates used for 1971 and sub- OECD; (3) disbursements by the Inter-American Development Bank sequent years are current market rates, or, if valid, IMF par values (IDB) on loans repayable in local currencies. Included in the first and or central exchange rates. For the years 1971, 1972, and 1973, capi- second are grants for technical assistance. Data for grants do not in- tal flows and service payments were converted to US dollars at an clude grants from bilateral donors other than DAC countries. However, average rate for the year. Projected debt service was converted to US debt data include obligations to creditors of all nationalities. Grant dollars as follows: 1974 service at average 1974 rates, 1975 and sub- element (Table 9) is the face value of loan commitments less the dis- sequent years at end-1974 rates. Debt outstanding was converted at counted present value of the future flow of repayments of principal the rate in effect as of the date of the outstanding. However, debts and interest expressed as a percentage of face value. The discount repayable in multiple currencies, goods or services, and debt which rate used is 10%, the conventional rate used by OECD in assessing has a provision for maintenance of value of the currency of repayment, terms. are shown at their book values. 15 Selected Economic Indicators for Developing and Industrialized Countries- Regional Summary Average annual real gro.eih and shares in GNP 1961 965, 1966 1970, 1971, 1972, 19730 and r974 (percentages) Region 1061-05 1066 70 19 71 1072 19 73 1914(P1 Developing countries Real rate of growth: Total GDP . .... ..... 5.4 5.8 5.8 5.6 7.5 6.1 Agricultural production . ....... 2.8 3.8 2.0 0.4 2.7 5.5 Manufacturing production .. ...... 8.6 7.9 8.0 9.7 1 1.3 - Population. .. ...... .... 2.5 2.5 2.5 2.4 2.5 2.3 GDP per capita ... ... 2.9 3.3 3.3 3.2 4.9 3.7 Gross investment .1..... ... .5 6.9 7.4 7.7 10.2 - Share in GNP: Gross investment .... .... 19.1 19,4 20.5 20.8 21.1 - Gross national saving.....17.0 17.03 18.1 19.1 20.8 Africa Real rate of growth: Total GDP ......... 4.8 5.0 4.6 5.5 4.0 5.9 Agricultural production ....... . 2.5 2.7 3.0 0.6 -2.9 7.4 Manufacturing production....... 11.2 6.2 8.6 1 4 6.9 - Population .. .... .. ..... 2.5 2,6 2.4 2.6 2.7 2.5 GDP per capita ..... ... 2.3 2.3 2.1 2,9 1.3 3.3 Gross investmenlt.. ... .... 5.5 6.5 8.6 -0.6 9.0 - Share in GNP: Gross investment....... 17.4 18.5 21.0 19.9 21.0 - Gross national saving . ..... .. 13.5 15.3 15.9 16.7 20.8 - Southern Europe Real rate of growth: Tutal GOP . .. 7.2 6.3 6.2 7.9 7.7 4,8 Agricultural production .. .... ... 2.5 4.2 5.1 1.9 1.5 9.1 Manufacturing production. .. .. . 11.7 9.5 6.9 12.1 11.8 18.3 Population............. 1.5 1.4 1.5 1.5 1.5 1.5 GOP per capita .. 5.6 4.8 4.6 6.4 6.1 3.3 Gross investment .. .. ..... 12.0 6.4 2,2 12.6 12.9 Share in GNP: Gross investment . ......... 24.9 24.8 24.0 23.9 23.8 - Gross national saving .. ....... 21.8 21.5 21.9 22.4 22.4 - East Asia Real rate of growth: Total GOP .... ....5.5 7.2 7.3 6.0 10.1 6.5 Agricultural production .. ....... 4.8 3.8 2.8 -0.2 10.4 2.6 Manufacturing production .. ...... 9.5 13.3 13.3 11.9 19.6 - Population. ...2.5 2.4 2.8 2.5 2.4 2.5 GOP per capita .. .. ........ 2.9 4.7 4.5 3.5 7.5 4.1 Gross investment........ 10.8 14.0 8.0 -0.4 15.3 - Share in GNP: Gross investment .... ...... 15.6 19.6 21.8 21.3 22.0 - Gross national saving .. ....... 11.8 14.8 17.9 18.1 20.3 - Middle East Real rate of growth: Total GOP ...... ... .. ... 8.2 7.6 12.5 9.9 12.7 11.3 Agricultural production). ~., . .... 6.1 2.7 -1.3 18.0 -6.2 1 1.6 Manufacturing production... .. 10.9 9.8 13.7 10.7 14.4 - Population. ........ 3.0 3.0 3.0 3.2 3.0 3.1 GOP per capita .... .. ..... 5.1 4.5 9.2 6.4 9.4 8.2 Gross investment .. . ..... 9.0 7.8 16.6 9.9 15.5 - Share in GNP: Gross investment.......... 19.1 20.8 20.8 21.0 20.7 - Gross national saving .. ...21.0 21.2 24.6 26.0 33.4 - 86 Table I Region 1961-65 1966E70 1971 1972 1973 1974(P) South Asia Real rate of growth: Total GDP . ...... ... ...... 3,8 4.4 0.9 -1.6 5.5 2.2 Agricultural production ....... 0.8 4.4 0.5 -4.0 10.1 - Manufacturing production .... . ...... . 9.1 3.1 3.2 6.6 9.6 - Population ......... ............ 2.5 2.4 2.4 2.2 2.4 2.4 GDP per capita ....... ........ .. 1.3 2.0 -1.4 -3.7 3.1 -0.2 Gross investment ...... . 8.0 2.1 1.6 2.7 7.8 Share in GNP: Gross investment ...... ...... 16.4 14.4 15.8 16.2 15.9 - Gross national saving ......... ..... 13.3 11.8 14.0 15.1 14.1 - Western Hemisphere Real rate of growth: Total GDP ........ ............. 5.3 5.8 6.5 6.9 7.5 7.4 Agricultural production ... . ... 4.0 2.7 2.1 3.1 1.7 5.1 Manufacturing production . . . 6.2 7.4 7.9 9.3 9.7 8.7 Population ............ ... . 2.9 2.8 2.8 2.8 2.9 2.9 GDP per capita ...... ... .... .... 2.4 2.9 3.6 4.0 4.5 4.2 Gross investment ...... ........ 4.5 7.3 10.1 11.6 7.2 - Share in GNP: Gross investment ........ . 19.6 19.4 20.6 21.3 21.6 - Gross national saving .... 18.8 17.8 17.7 18.6 19.7 - Industrialized countries Real rate of growth: Total GDP . .... ... 5.2 4.7 3.5 5.4 5.9 -0.1 Agricultural production . ..... ..... 2.0 2.0 4.1 -0.0 1.5 0.8 Manufacturing production . . 6.3 5.4 1.4 6.5 9.5 0.2 Population ....... ........... 1.2 1.0 0.9 0.9 0.9 0.9 GDP per capita . .. ... .... ... ..... 3.9 3.6 2.6 4.4 5.0 -1.0 Gross investment ............. 6.8 5.5 2.3 5.1 9.4 - Share in GNP: Gross investment ..... .......... 21.6 22.1 22.4 22.4 23.3 - Gross national saving ... ...... 22.2 22.7 23.1 23.0 23.9 - Note: All the countries listed below have been included for the estimates of the real rates of gronwth o' GDP and pcpulation. For other tndicators. soeme countries have been omeitted due to fack of date. Industrialized countries-Australia, Ausnria, Belgium, Canada, Denmark, Finland France, Germany (Federal Republic of), Icelafnd. Ire land, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, South Af.ica. Sweden, Switzerland, United Kingdom, UnUited States. Dteveloping countries-Those listed In the note of Tatle 4 and those below: Africa-Guinea, Libyan Arab Republic East Asia-Cambodia. Laos Papua New Guinea Middle East- Kuwait, Lebanon, Saudi Arabia Yetnen Arab Republic South Asia-Nepal. Western Hemisphere-Barbados, Haiti. (P) Preliminary. Source World Banh. 87, World Exports by Origin and Destination, 1963-1974 Table 2 Exports to Developed Centrally planned World rotal noirket economics Developing market economies ecunonrmen Westerni Middle Other Total Total Heamisphere Atrica Cast Asia Total Annual Annual Annual Annual Exports trom US$ mnill ions Percentagoe growth rota Percentage growth rate Prrcentage growth rate Percentage Percentage Percentage Percentage. Percentage growth rate, World(') (2) 1963-68 annual average . .... 194,965 100.0 8.7 68.0 9.7 19.8 7.3 6.1 4.0 2.4 6.8 11.2 6.9 1969. , .. .... .. ..272,760 100.0 14.3 70.3 15.7 18.8 10.9 5.9 3.6 2. 6.3 10.4 10.0 1970. ........... ..313,200 100.0 14.1 70.6 15.4 18.5 12.7 5.9 3.8 2.3 6.0 10.2 13.2 1971. ...... .... ...350,100 100.0 11.8 70.8 12.0 18. 12.3 5.8 3.8 2.4 6.0 9.9 7.7 1 972.......... ... 416,790 100.0 19.0 71.2 19.7 18.0 15.3 5.6 3.5 2.5 9.8 10.2 22.7 1973 ............. 571,520 100.0 37.1 71.2 37.1 18.1 38.0 5.2 3.5 2.6 6.1 9.9 34.2 1974(P) ..... ....864,240 100.0 51.2 71.2 51.2 19.6 64.2 5.7 3.4 3.0 7.0 8.6 31. 1969-74 annual average. . ...464,768 100.0 24.8 71.0 25.1 18.7 25.2 5.7 3.6 2.6 6.3 9.6 21.3 Developed market econornies(3) t4W 1963-68 annual average. . 134,927 100.0 9.6 74.3 10.4 20.5 7.7 6.6 4.5 2.4 6.6 4.1 11.3 1969...... . . . ....193,990 100.0 15.5 76.6 16.9 19.1 109 6.2 4.0 2.5 6.2 3.9 12.3 1970.......... .. . ,224,840 100.0 15.9 76.7 16.0 18.6 13,2 6.2 4.1 2.2 6.0 4.0 17.9 1971 ........ .... ..251,430 100.0 11.8 76.8 11.9 18.8 12.5 5.9 4.2 2.4 5.9 3.8 7.2 1972 .. -... ... 298,630 100.0 18.8 77.2 19.5 17.9 13.4 5.8 3.9 2.6 5.4 4.3 26.9 1973 .. .. ....... 405,320 100.0 35.7 76.4 34.3 18.1 37.2 5.5 4.0 2.7 5.7 4.8 52.2 1974(P) . .. ... ..... 567,530 100.0 40.0 74.2 36.0 20.4 57.5 6.2 4.2 3.3 6.5 5.0 449 1969-74 annual average . .... .323,623 100.0 23.2 76.0 22.6 19.0 23.9 6.0 4.1 2.7 6.0 4.5 29.7 Developing market econorniestt('1 16tI 1963-68 annual average. . .... 37,120 100.0 6.3 73.1 6.7 20.5 5.0 6.4 2.8 2.6 8.3 5.8 5.6 1969 ~.~... . .. ... 48,640 100.0 12.2 73.7 11.8 19.8 10.3 6.4 2.8 2.5 8.0 5.4 14.,8 1970.......... ... 55,010 100.0 13.1 73.9 13.4 19.5 11.0 6.2 2.9 2.4 7.7 5.7 19. 1971 ............. 62,240 100.0 13.1 73.5 12.5 20.1 16.5 6.9 2.6 2.5 7.8 4. -2.9 1972.. -..... 75,010 100. 20.5 73.8 21.1 20.5 23.0 7.0 2.3 2.5 8.6 4.6 14. 1973 ......... .. .. 108,480 100.0 44.6 74.5 45.9 19.5 38.0 9.8 2.2 2.5 8.7 4.6 45.2 1974(P) . ,~..~.... ...225,810 100.0 108.2 76.5 113.6 19.2 105.0 5.6 1.7 2.6 9.1 3.3 47.4 1969.74 annual average ...... 95,865 100.0 32.7 75.0 33.4 19.6 32.3 6.1 2.2 2.5 8.6 4.3 21.3 Western Hemisphere 1963-68 annual average ...... 12,728 100.0 3.9 75.2 3.4 18.4 6.2 16.4 0.9 0.3 0.8 6.0 5.2 1969, ........ ..... 15,180 100.0 9.5 75.4 10.7 19.4 8.1 17.5 0.5 0.2 1.1 4.9 0.0 1970 ............ .. 17,190 100.0 13.2 75.1 12.8 18.2 6.5 16.3 0.7 0.2 1.0 6.3 47.3 1971........ . . ... . 17,660 100,0 2.7 73.7 0.8 20.0 13.1 18.2 0.6 0.3 0.8 4.6 -25.7 1972 .......- . ..... 20,570 100.0 16.5 73.6 16.3 20.1 16.7 18.1 0.7 0.4 0.9 4.5 14.8 1973 .....- . ......29,080 100.0 41.4 75.8 45.6 17.3 21.8 14.0 0.9 0.8 1.5 5.5 71.0 1974(P) ....50,200 100.0 72.6 77.5 76.7 17.3 72.6 14.7 0.8 0.6 1.2 4.1 28.3 1969-74 annual average, 24,980 100.0 24.6 75.7 25.2 18.3 22.1 15.9 0.8 0.5 1.1 4.8 19.9 Africa(6) 1963-68 annual average ......... 7,557 100.0 8.0 83.4 7.8 9.4 7.9 0.8 4.8 1.4 2.4 6.8 7.7 1969 ......... .. ...... 10,980 100.0 17.4 83.0 16.8 9.7 23.0 1.5 5.1 1.1 2.0 6.7 23.3 1970 .................. 12,310 100.0 12.1 81.7 10.4 10.1 15.9 1.9 5.3 0.9 1.9 7.3 21.6 1971 ............ ....... 12,840 100.0 4.3 78.4 0.1 12.7 31.0 3.4 6.0 1.1 2.2 7.7 10.0 1972 ........ ....... . 14,720 100.0 14.6 79.3 16.0 11.8 6.5 3.3 5.2 1.2 2.1 7.8 16.2 1973 ... . ........... 20,280 100.0 37.8 81.0 40.7 10.5 22.5 3.0 4.8 1.0 1.7 7.4 31.3 1974(P) ...... ....... 38,190 100.0 88.3 88.5 105.6 6.7 20.3 1.9 3.1 0.6 1.1 4.2 7.3 1969-74 annual average ......... 18,220 100.0 25.2 83.0 26.3 9.5 18.7 2.4 4.5 0.9 1.7 6.3 17.4 Middle East 1963.68 annual average .... .... 6,950 100.0 10.1 75.0 11.6 19.9 7.9 1.5 3.4 8.2 6.1 2.8 7.2 1969 .................... 9,220 100.0 6.8 76.5 6.5 18.2 -4.5 1.5 3.4 7.9 5.4 2.8 18.2 1970 ....... ...... I... . 10,590 100.0 14.9 76.5 14.9 19.5 22.6 1.9 3.4 7.6 6.2 2.5 0.0 1971 . .................. 15,260 100.0 44.1 76.0 43.1 19.5 44.2 3.1 2.9 6.2 7.3 2.2 28.8 1972 ................. 19,020 100.0 24.6 73.3 20.4 20.2 29.3 4.1 1.6 5.9 8.4 2.5 41.8 1973 ..... .. I..... .. 27,000 100.0 42.0 74.7 44.7 21.1 48.2 4.8 2.2 5.8 8.2 2.5 41.1 1974(P) ....... ... ..... 82,990 100.0 207.4 74.9 208.0 21.5 213.2 4.8 2.1 4.8 9.4 2.3 179.1 1969-74 annual average .... . 27,347 100.0 49.2 75.0 48.4 20.8 54.0 4.2 2.3 5.6 8.4 2.4 45.2 Other Asia 1963.68 annual average . . ..... 9,590 100.0 5.3 60.2 6.9 32.3 3.2 1.4 3.0 2.6 24.9 7.2 3.5 1969 ................... 12,750 100.0 14.6 61.9 12.7 30.9 16.2 1.3 3.1 2.6 23.6 7.0 20.3 1970 . ................. 14,440 100.0 13.3 63.8 16.7 29.6 8.4 1.2 3.4 2.5 22.0 6.1 -1.1 1971, . 16,020 100.0 10.9 65.4 13.7 28.2 5.9 1.2 3.1 2.5 21.0 5.5 0.0 1972 ................... 20,060 100.0 25.2 67.0 28.5 28.1 24.8 1.2 2.6 2.3 21.6 4.5 3.4 1973 .. . .......... 31,160 100.0 55.3 68.7 59.2 26.2 44.9 1.2 2.0 1.9 20.8 4.0 38.5 1974(P) ............. 52,700 100.0 69.1 66.2 63.0 29.9 92.7 1.8 2.0 2.1 23.6 2.9 21.4 1969-74 annual average ..... . 24,522 100.0 31.7 66.1 33.9 28.7 29.7 1.4 2.5 2.2 22.3 4.3 11.5 Centrally planned economies(') (81) 1963.68 annual average . . 22,905 100.0 7.4 22.9 11.8 15.0 8.7 3.5 2.9 1.9 5.2 61.8 5.5 1969 ... . ........ 30,130 100.0 10.3 23.8 11.3 15.4 12.1 3.4 2.8 2.8 4.4 59.9 8.5 1970 .. ..... 33,360 100.0 10.7 24.1 12.1 15.5 11.9 3.1 3.6 2.7 3.8 59.7 10.4 1971 .. 36,420 100.0 9.2 24.7 12.1 14.6 2.5 2.9 3.3 2.7 3.7 59.9 9.6 1972. ... . 43,350 100.0 19.0 24.7 18.6 14.0 13.9 2.6 3.1 2.4 3.4 60.3 19.7 1973... .. 57,720 100.0 33.1 28.3 52.8 15.1 44.3 2.4 2.7 2.4 3.9 56.1 23.8 1974(P) .. ..... 73,140 100.0 26.7 32.6 45.8 14.0 17.1 2.2 2.4 2.2 3.8 53.4 20.8 1969-74 annual average, 45,687 100.0 19.6 27.4 26.8 14.6 17.5 2.6 2.9 2.5 3.8 57.4 17.0 1' The figures for total exports include certain exports which, because their regions of destination could not be determined, are not incoided etsewhere in this table. (i) Excludes the intertrade of the centrally planned economies of Asia and the exports of Southern Rhodesia. (31 This classification is intended for statistical convenience and does not necessarily express a judgment about the stage reached by a particular couatry in the development process. (4) Includes Israel, excludes Turkey. iSI Includes Turkey, excludes Israel. (6} Excludes exports of Southern Rtiodesia. (01 Exports ot the USSR, tor which country of destination could not be attributed, are included in total exports to developing market economies. (r) Exciudes the intertrade of the centrally planned economies of Asia. (P) Preliminary. Source. United Nations. The Flow of Financial Resources from DAC Countries0') to Table 3 Developing Countries and Multilateral Institutions, 1970-1974 (Amounts in US $000 millions) 1970 1971 1972 1973 1974(P) Net disbursements Total, official and private)2) 14.85 17.03 18.70 22.92 25.51 Total official ..... ...... .............. 7.96 8.95 10.08 11.84 13.42 Official Development Assistance,3 . 6.81 7.69 8.54 9.38 11.30 Grants(4) 3.32 3.63 4.36 4.46 5.29 Multilateral contributions .. ....... 1.13 1.35 1.92 2.27 3.05 Bilateral loans ............ ... ...... ... 2.36 2.71 2.27 2.65 2.97 Other Official Flows(5) 1.15 1.26 1.54 2.46 2.12 Total private)2) 6.89 8.08 8.62 11.08 12.08 Direct investment ........... ... ...... 3.54 3.73 4.43 6.70 7.15 Bilateral portfolio investment . . . ........... 0.72 0.73 2.07 2.95 2.48 Multilateral portfolio investment . .... 0.47 0.77 0.67 0.23 -0.04 Private export credits ......... ........... 2.16 2.85 1.45 1.20 2.49 Volume indicators (net disbursements) Total flow as share of GNP (%)(2) . . _ 0.78 0.81 0.77 0.78 0.78 Official Development Assistance as share of GNP (%). 0.34 0.35 0.33 0.30 0.33 Private and Other Official Flows as share of NP()(2) 0.44 0.46 0.44 0.48 0.45 Terms indicators Grants as share of ODA net disbursements(6) ... ... 0.49 0.47 0.51 0.48 0.47 Weighted average maturity of ODA loans (years)(7). 30.20 29.10 29.50 31.50 (Not Weighted average grace period of ODA avail loans (years)(7). 7.30 7.00 7.80 7.60 f abl Weighted average interest rate of ODA for loans (%) 2.80 2.80 2.70 2.40 1974) Grant element of total ODA commitments (%)(8) . . . I - 84.10 82.60 84.10 87.80 86.80 Note: Items may not add to totals due to rounding. Al data at current prices and exchange rates. Australia, Austria, Belgium, Canada, Denmark, Fialand, France, Germany (Federal Republic of), Italy, Japan. Netherlands, New Zealand, Norway, Sweden, Switzer- land, United Kingdom, and United States. r2) Excluding grants by private voluntary agencies. From all DAC countries these totaled an estimated $860 million in 1970, $913 million in 1971, $1S036 million n 1972, $1,364 million in 1973, and $1.189 million in 1974. In each year, these figures represented acout 0.04% of GNP. t3) Offic al DeveIopment Assistance (ODA) is defined as all f ows tj less deveioped cauntri es and mu tilateral institutiens provided bv offi cl agencies, including state and local governments, or by their executive agencies which meet the fonlowing tests: (a) They are adm nistered with the promotion oa the economic development and welfare of developgno cauntries as their main objective. (h) Tneir financial terms are iatended to be concessinena in character. ta) ncluding "grant-like" flows denominated in recipients' currencies. t) "Other Official Flows" inc ude, in particular: (a) Official bilateral transactions which are not concessional or which, even though they have concessional elements, are primarily export-facilitating n purpose. (b) The net acquisition by governments and central monetary institut ons of securities issued by m ultilateral develop'ment banks at market terms. Rediscouiting af trade instruments bh central monetary authoritie s not included. (a) Including multilaterai conaributions. (a) Commitments. a9) Discounted at 10%. (P)Preliminary, Source: OECD. 90 86 Developing Countries-External Public Debt Table 4 Outstanding, by Region, 1967-1973 (uS$ millions) East Middle South Southern Western Africa Asile) EastiZi Asia Europe(' Hemisphere Total Total debt outstanding end of year 1967 .... 9,223.6 5,315.7 3,762.9 11705.8 5.677.8 15,061.6 50,747.4 1968 .10,154.0 6,361.6 4,587.3 13070.3 6,269.5 16,782.6 57,225.4 1969. . ..... 11,061.4 7,823.5 5,512.7 14,082.8 7,206.7 18,454.0 64,141.1 1970 . 12,905.0 9,254.3 7,474.1 15,416.6 7,832.3 20,856.2 73,738.6 1971 .14,811.7 11,394.6 9,330.2 16,746.8 9,290.6 24,557.7 86,131.5 1972 ........ 16,660.3 13985.4 11,243.9 18,260.5 10,311.4 29,532.5 99,993.9 1973 21,774.7 16,851.7 13,308.4 20,379.4 11174.5 35,404.1 118,892.7 Debt outstanding by type of creditor December 31 1967 Bilateral official . . 5,835.1 2,832.4 1,884.5 7,858.3 3,237.8 5,800.4 27,448.4 Multilateral 1,051.7 710.8 320.9 2,298.3 966.5 3.297.8 8,646.2 Private Suppliers . .. .. 1,465.1 1,263.9 406.5 783.5 710.3 2,573.7 7,202.9 Banks .......... ... 313.3 146.1 429.8 111.5 402.4 1,378.2 2,781.4 Other. ... ....... 558.4 362.4 721.1 654.2 360.8 2,011.5 4,668.4 Total. . .... . 9,223.6 5,315.7 3,762.9 11,705.8 5,677.8 15,061.6 50,747.4 December 31, 1968 Bilateral official ....... . 6,312.6 3,455.5 2,346.8 9,499.2 3,341.8 6,284.8 31,240.9 Multilateral . . 1,233.0 825.6 344.6 2,485.2 1,097.3 3,849.6 9,835.2 Private Suppliers . . 1,628.2 1,602.6 594.8 930.9 736.8 2,928.9 8,422.2 Banks ...... .. 419.4 137.9 482.6 139.0 670.5 1,617.1 3,466.6 Other ..560.8 340.0 818.5 16.0 423.1 2,102.2 4,260.6 Total ..10,154.0 6,361.6 4,587.3 13,070.3 6,269.5 16,782.6 57,225.4 December 31, 1969 Bilateral official . .. . 6,673.0 4.114.5 2,582.8 10,187.2 3,738.0 6,601.6 33,897.0 Multilateral . . 1,612.7 1,179.9 388.7 2.734,7 1,225.2 4,279.9 11,421.2 Private Suppliers ... . 1,747.6 1,849.1 912.4 1,016.1 907.6 3,156.6 9,589.3 Banks 495.8 261.4 720.3 132.0 899.9 2,090.2 4,599.6 Other . .532.3 418.6 908.6 12.8 436.0 2,325.8 4,634.1 Total . ..... 11,061.4 7,823.5 5,512.7 14,082.8 7,206.7 18,454.0 64,141.1 December 31, 1970 Bilateral official ....... . 7,435.3 4,969.6 3,635.9 11,361.9 3,997.7 6,737.4 38,137.8 Multilatera . . 1,968.5 1,653.8 636.6 3,027.7 1,438.7 5,027.5 13,752.9 Private Suppliers .... . 2,138.6 1,709.2 1,241.0 868.4 882.6 3,938.1 10,778.0 Banks . ... 513.3 481.6 863.1 146.6 1,087.3 2,460.1 5,552.0 Other . .849.3 440 1 1,097.4 12.1 426.0 2,693.1 5,518.0 Total 1......... 2,905.0 9,254.3 7,474.1 15,416.6 7,832.3 20,856.2 73,738.6 December 31, 1971 Bilateral official ....... . 8 ,366.4 6,236.3 4,813.5 12,278.6 4,527.1 7,228.7 43,450.7 Multilateral . . 2,334.0 2,179.1 745.6 3,431.5 1,757.0 5,979.1 16,426.4 Private Suppliers . . 2.425.7 1,978.0 1,310.3 881.1 925.9 4.401.3 11,922.3 Banks .. . . 780.2 542.9 1,121.9 143.6 1,624.9 3,848.1 8,061.6 Other. . ... ... .... 905.3 458.3 1,338.8 11.9 455.7 3,100.5 6,270.5 Total . . ....... 14,811.7 11,394.6 9,330.2 16,746.8 9,290.6 24,557.7 86,131.5 December 31,1972 Bilateral official .. ...... 9,024.8 7,776.8 6,299.3 13,153.5 4,852.9 8,357.0 49,464.2 Multilateral . . ..... 2,968.5 2,724.6 840.5 3,999.2 1,967.4 7,227.7 19,727.8 Private Suppliers . ... 2,554.4 1,925.7 1,341.5 979.6 977.8 4,542.6 12,321.6 Banks ... ... 1,227.5 927.2 1,235.6 118.1 2,015.4 5,963.7 11,487.4 Other .. . ............ 885.1 631.1 1,527.1 10.2 497.9 3,441.5 6,992.9 Total . .... . 16660.3 13,985.4 11.243.9 18,260.5 10,311.4 29,532.5 99,993.9 December 31, 1973 Bilateral official .... .. 10,603.8 9,483.1 7,558.0 14,136.2 5,197.5 9,361.5 56,340.0 Multilateral . .4,007.4 3,434.4 1,064.7 4 815.2 2,369.1 8,393.7 24,084.5 Private i Suppliers . .. ..... . 2,788.3 2,055.0 1,213.4 997.4 1,007.0 4,707.7 12,768.9 Banks ...... 3,649.6 1,255.6 1,558.6 121.5 2,070.6 9,167.4 17,823.2 Other... . .... . 725.6 623.5 1,913.7 309.1 530.4 3,773.9 7,876.1 Total 21,774.7 16,851.7 13,308.4 20,379.4 11,174.5 35,404.1 118,892.7 Note: Items may not add to totals due to rounding. Includes the countries listed below: Africa-Algeria, Bolswana, Buu,ndi, Cameroonr Ceptral Afncan Republic. Chad, Congo (Peopleas Republic of the), Dahomey, Egypt (Anrab Republic DP, Ethiopia. Gabon, Gambia (The)t Ghana, svory Coast, Kfenya, Lesoths, Libera, Malagasy Republic, Maoiro, Mal, Mauritania, Mauritus, Morocco, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Somal a, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda. Upper Vtlta. Zaire Zambia, plus East African Community. East Psia -China (Republic of), Ftij. Indonesia. Korea (Republic of), Malaysia, Philippiaes Sngapore, Tha,iland, Viet-Nam Middle East-Iran, Iraq, Israel, Jordan, Syrian Arab Republic. South As,a-Afghaniooan, Bangladesh, Burma, India, Pakistar, Sri Lanka. Southern Europe-Cyprus, Greece. Malta, Portugal, Spain, Turhey, Yugos aula. Western Htemisphere-Argentina, Bolriia, Brazil, Chile, Colombia, Costa Rica, Dominican RepuOlic, Ecuadof, El Salvador. Guatemala, Guana, Honduras. Iamaica Mexico, Nica. ragua, Panama, Paraguay, Peru, Trinidad and Tobago, Uruguay, Venezuela " Does not Include publicly guaranteed private debt of the Ph lippines estimated at $3u3.7 mdlion as of tne end f t973t. Doot rot ncioude the und,smursed portion of the debt ot Israel for the years 1967-1970 1 c uoes ret include the nonguaranteed debt of the social sector" of Yugoslavia contracted aftern Marn 31,196t Seurce: World Bank. 91 External Public Debt Outstanding of 86 Developing Countries, by Country and Type of Creditor, December 31, 1973 (US0 millionls) Irncluding undisbursed Region D sbursed Bilateral Multi- Country only Tota I official lateral Su ppl ers Banks Other Africa-Total 14466 21,774.7 10,603.8 4,007.4 2,788.3 3,649.6 725.6 Algeriar.. ........ ... .3,1 09.5 4,788.9 1,44 0.6 -39.2 1,34-6.8 1,7 88.6 173.7 Botswana ................. I111.1 162.4 1 14.4 45.0 0.3 - 2.7 Burundi . .~~........ 7.2 8.6 1.9 5.2 1.3 - 0.2 Cameroon...... ... 240.2 418.0 206.1 1 84.4 12.1 15.3 0.1 Central African Republic .... 53.5 7 1.9 43.3 14.6 7.5 2.5 4.0 Chad .........33.8 55.3 21.5 1 5.2 9.4 6.8 2.4 Congo, People's Republic of theMl 241.0 355.5 156.8 52.9 140.7 - 5.1 Dahomey ...... .. 52.9 137.5 87.1 30.3 7.5 12.5 0.1 East African Community ..... 195.3 305.1 50.8 205.1 - - 49.2 Egypt, Arab Republic of ..... 1,746.1 2,325.4 1,909.9 136.6 79.5 44.7 154.7 Ethiopia........... . 256.5 437.6 175.4 223.9 1.3 37.0 - Gabon...... 374.5 393.1 64.9 40.5 105.6 130.2 51.9 Gambia, The ...... . . . 10.0 12.7 9.3 3.4 - - - Gbana. ... ....... 615.4 666.8 344.6 107.3 214.9 - - Ivory Coast .......... 566.3 882.9 253.6 173.6 182.0 205.3 68.4 KenIIya........... 401.4 596.1 300.2 227.0 13.5 20.9 34.5 Lesotno . 7.6 12.8 1.3 10.5 - 0.5 0.5 Liberia ~... .. . ..... 158.1 196.0 134.6 40.6 14.7 4.9 1.2 Malagasy Republic ...... 115.8 198.9 94.1 92.6 3.3 5.4 3.5 Malawi........ . . 189.0 267.0 165.5 76.3 5.9 6.3 13.0 Mali .. ... ..... . 282.9 399.3 331.1 54.5 12.9 0.8 - Mauritania .. ....... 49.9 92.0 69.7 21.3 1.0 1 21 Mauritius ..I 29.3 99.5 76.3 21.6 - - 1.6 Morocco .... 977.5 1,244.9 741.2 322.9 89.6 57.2 34.0 Niger .... . .... 71.4 116.7 76.2 20.5 16.2 3.8 121 Nigeria ........707.0 1,101.2 482.7 568.2 27.9 18.7 3.7 Rwanda. .. ........ 8.3 43.1 24.0 16.3 2.0 - 0.8 Senegal . ........ 201.6 347.2 148.3 86.8 8.4 74.9 28.8 Sierra Leone ........ 89.3 122.7 43.8 27.5 45.3 2.4 3.7 Somalia . . ........ 144.2 267.7 222.8 39.3 - .- 5.6 Sudan ........... 334.6 550.1 275.3 177.9 12.2 84.7 Swaziland .......... 34.4 34.7 22.7 8.5 3.5 - - Tanzania. ..... 424.6 793.9 588.9 160.9 0.2 18.6 25.3 Togo ...... ... 53.8 163.2 104.5 14.7 14.5 29.5 (21 Tunisia .... . .... 818.9 1,265.8 793.8 231.9 88.6 139.0 12.5 Uganda 131 .... . 172.3 235.2 153.5 58.2 .- 2.8 20.7 Upper Volta ......... 29.8 119.5 83.0 3 5.3 1,2 - 121 Zaire 141 . .1,016.7 1,519.1 382.2 103.5 303.4 724.7 5.3 Zambia......... . . 534.9 966.9 407.9 313.6 15.3 211.6 18.5 East Asia-Total 11,549,6 16,851.7 9,483.1 3,434.4 2,055.0 1,255.6 623.5 China, Republic of . 933 1832 1,042.4 31.9 292.1 80.1 16.7 Fiji .. .......32.1 64.7 21.6 24.9 - - 18.2 Indonesia.4,952.7 6,616.4 5,008.3 626.9 405,9 310.3 265.0 Korea, Republic of ....... 3,140.7 4,413.1 1,974.0 736.8 1.213,7 360.2 128.4 Malaysia (1).... 654.3 1,119.6 301.0 498.7 30,1 202.5 87.3 Philippines eni......... 892.2 1,376.2 616.3 478.9 19.8 244.1 17.1 Singapore........... 398.1 525.7 167.6 224.0 32.5 34.1 67.5 Thailand (1)..._ .... 450.6 750.0 226.5 438.4 60.8 24.3 - Viet-Namn...... .. 65.5 172.8 125.4 24.0 - - 23.4 Middle East-Total 9,760.7 13,308.4 7,558.0 1,7064.7 1,213.4 1,558.6 1,9 13.7 Iran . .......... 4,387.5 7,047.0 4, 26-3.2 6_8 7.6 8-71.4 T1,122.0 102.8 Iraq ...... .. ..... 450.4 736,8 573.9 136.8 26.1 - - lsrael Il .......... 4,519.5 4,766.1 2,181.0 160.5 185.3 428.5 1,810.8 Jordan ........I 1 222.7 323.0 273.7 41.2 - 8,1 - Syrian Arab Republic ..... 180.6 435.5 266.2 38.7 130.6 - - South Asia-Total 16,285,5 20,379.4 14,136.2 4,815.2 997.4 121.5 309.1 Afghanistan ...... .. 727.0 973.5 903.3 60.9 9.3 - - Bangladesh ..... , 357.9 835.5 347.7 259.1 207.1 21.6- Burma .... ........ 208.1 417.4 311.7 41.6 62.3 1.8 - India ............ 10,180.8 12,365.8 8,535.0 3,387.3 398.3 42.9 2.3 Pakistan . ...... 4,334.3 5,151,2 3,594.9 947.6 251.2 54.9 302.6 Sri Lanka........... 477.5 636.1 443.6 1 18.7 69.3 0.3 4.2 Note: Items may nst add to totals due to rounding. Oc De to an incomylete debt report on "suyyliers' credits'' ouring 1073 troam this country, creditor scurces were used tar commitm eats in that yaeo. (0, Loss tlhan $50.000. .0) Dones not include indebtedness an "supyliers' credits.' (1l Debot data ane yoesennly uoder roeale. 92 Is Dones rot include publicly guaranteed private debt estimated at 0363.7 million. Table 5 Including undosbursed Region Disbursed Bilateral Multi- Country only Total official lateral Suppliers Banks Other Southern Europe-Total 8,527.5 11,174.5 5,197.5 2,369.1 1,007.0 2,070.6 530.4 Cyprus ... ............. 57.4 79.1 14.4 51.3 10.0 3.4 - Greece ... ........... 1,520.6 2,250.1 381.1 221.2 251.5 1,220.6 175.7 Malta ......... ...... 22.5 22.5 16.6 3.5 - 2.5 - Portugal . ................. 590.7 621.4 168.3 45.2 274.9 82.2 50.8 Spain . ..... . 1,624.4 1,980.3 819.1 428.1 114.1 357.0 262.0 Turkey . .......... 2,800.3 3,778.1 2,593.7 943.8 181.8 40.1 18.7 Yugoslavia (6) ...... 1,911.6 2,443.0 1,204.3 676.0 174.7 364.8 23.2 Western Hemisphere-Total 25,897.2 35,404.1 9.361.5 8,393.7 4,707.7 9,167.4 3,773.9 Argentina. 2,863.8 3,599.1 528.2 821.3 891.5 785.2 572.9 Bolivia .......... .... 639.0 770.5 382.7 100.2 68.5 40.9 178.2 Brazil ................. . 6,424.6 9,296.7 2,494.6 2,132.0 1,600.9 2,531.7 537.4 Chile .................. 2,799.0 3,327.0 1,676.6 216.3 390.8 563.4 480.0 Colombia .. ......... . 1,938.0 2,721.8 993.2 1,112.5 195.5 323.9 96.7 Costa Rica .... ........... 248.2 340.9 83.2 154.6 28.4 65.4 9.3 Dominican Republic . . 282.0 430.4 271.8 49.0 44.9 59.4 5.3 Ecuador . ... ....... 332.0 549.0 148.4 177.8 108.5 82.5 31.8 El Salvador ... ........... 112.6 193.6 60.3 121.2 - 9.2 2.9 Guatemala . . 118.4 192.3 68.6 90.6 6.7 24.5 1.9 Guyana . ........... 157.5 228.7 121.2 28.9 - 18.2 60.4 Honduras ...... . ...... 132.4 207.2 45.4 150.8 8.3 2.7 - Jamaica . ........ ... . 298.9 458.9 126.9 73.2 26.7 173.5 58.6 Mexico . ... .... ... 5,277.6 7,031.1 911.6 1,867.2 346.6 2,636.3 1,269.4 Nicaragua . . 319.1 487.1 120.6 188.8 5.3 104.8 67.6 Panama .... ........ . 442.5 669.3 130.8 180.8 48.5 252.5 56.7 Paraguay . ..... ..... 124.7 212.3 134,9 51.6 22.9 1.8 1.1 Peru . ............. 1,491.0 2,151.2 616.1 240.9 396.3 677.7 220.2 Trinidad and Tobago . . ... 145.0 182.7 30.4 66.5 7.0 68.5 10.3 Uruguay . . 369.6 453.3 128.4 127.9 89.7 92.4 14.9 Venezuela (X) . .... ...... ... 1,380.2 1,901.2 287.6 441.8 420.4 653.0 98.4 GRAND TOTAL . . 86,487.1 118,892.7 56,340.0 24,084.5 12,768.9 17,823.2 7,876.1 01) Does not include nonguaranteed debt of the "social sector contracted after March 31,1966. Source: World Bank. 93 Service Payments on External Public Debt as Percentage of Exports of Goods and Non-factor Services,11) 1967-1973 Table 6 Co mr/ry . 196/ 1968 1969 19 70 197 I 19/12 19 73 Country 1967 1968 1969 1970 19/71 1972 19 73 Africa South Asia)7) Algeria ........... 6.0 5.8 6.2 7.4 9.7 10.9 11.3 Afghanistan(6) .......12.6 14.9 19.3 20.1 19.2 26.0 19.9/5) Botswana(2) . . . 6.0 4.8 3.1 2.1 1.4 2.0 2.5 Burma)6) . ......6.4 9.2 21.0 16.1 14.2 17.5 18.6 Burundi.. .... .. ...2.6 3.2 3.3 1.9 2.2 7.0 3.0 Irdia6 . .....24.9 25.1 26.5 21.0 25.9 24.5 20.1 Cameroon...... ..... 2.3 3.0 3,4 4.6 4.9 1.7 5.4 Pakistan)0) .........16.7 19.5 22.4 24.3 19.4 23.4 16.1 Central African Republic . ... n.a. 2.2 4.1 3.2 2.1 1.5 4.0 Sri Lanka .......3.5 2.0 8.6 9.7 1 0.8 14.2 12.6 Chad . ..... ...... 4.4 4.2 5.4 3.2 8.1 1.7 un. a.Southern Europe Congo, People's Republic of the , 5.0 6.4 5.2 7.8 8.0 8.3 10.7 Cyprus ..... ....2.3 2.1 2.1 2.5 2.9 2.2 2.0 Dahomey . ..... ... 2.8 5.1 2.6 2.9 4.4 3.1 .n. a.Greece .. ........5.7 5.7 7.3 8.4 10.2 9.1 9.7 Egypt, Arab Republic of . ... 19.5 19.4 24.5 26.2 19.4 31.5 34.6 Malta . .......1.4 1.4 1.7 2.0 12.591 0.7 0.6 Ethiopian .. .... . 9.7 9.4 11.0 1 1.6 10.6 8.7 6.4 Portugal . .. .....6.7 1.5 6.0 5.6 4.9 3.8 nl.a. Gabonn ...... .....4.7 6.0 5.2 5.2 7.1 7.0 1.3 Spain . ..........1.8 2.4 3.1 4.0 5.2 3.5 3.6 Gambia, The /.... 3/ /3/ /9/ 19) /0/ // /3/ Turkey .. .... .....16.4 20.0 19.2 22.5 19.0 18.8 10.4 Ghana ............ 7.2 10.6 9.8 5.0 7.1 3.0 2.3 YugoslaviaO,)......... 12.7 13.9 10.0 9.6 6.5 6.4 6.9 naory Coast .... ... .. 6.5 5.7 4. 6.0 6.8 7.2 6.3 W senH m s h r Kenya(4) .6.8 7.5 5.9 5.3 5.8 5.7 5.2 Wresterna ...e....misphere. 2. 1. 2. 1 Lesotho(2) 5,8 3.4 4.4 8.5 7.1 5.1 3.2 Argeninia 2. 83 2. 101.031. Liberiat5).5.9 6.3..4..0 71.6..6..Bol.ia5.9 6.5 6.8 10.9 12.2 17.9 14.8 5.9 6.3 7.4 8.0 7.1 0 6.3Brazil .......16.0 15.6 16.6 15.3 15.8 14.3 13.9 Malagasy Republic....... 4.9 5.1 4.0 3.6 4.4 3.9 5.0 Chile ... . .....12.6 19.8 15.9 18.3 21.0 11.6/11/ 11.0/'') Malawi ........... 6.9 7.6 6.4 8.7 8.8 8.9 9.0 Colombia . ........14.2 13.1 11.8 11.9 14.8 12.6 13.0 Mali ..... ....10.9 8.9 8.6 1.8 0.7 1.2 1.6 Costa Rica.....12.0 11,9 10.1 9.7 10.1 10.0 10.2 Mauritania ....... 1.3 1.3 2.2 3.1 3.0 5.5 2.1 Dominican Republic . ...7.3 7.1 8.6 5.1 6.7 4.1 4.5 Mauritius ..... I ... 3.6 6.8 3.2 3.7 5.1 2.1 1.7 Ecuador...........6.7 8.8 10.0 9.1 12.2 10.6 7.5 Moroccoa......... 7.3 7.9 8.5 8.3 11.6 10.7 9.7 El Salvador. .. . ...... 2.6 2.6 2.8 3.1 5.8 3.1 5.3 Niger .............2.5 3.7 4.5 3.9 3.1 2.9 un. a.Guatemala . . ...... 7.4 7.8 8.0 7.7 8.2 1 0.6 3.8 Nigeria ........... 5.0 6.0 5.6 4.0 2.8 2.4 2.1 Rwanda .. . ...6.3 2.6 34 12 .8 .4 .3Guyana ........5.2 6.1 3.5 4.0 2.8 4.9 5.4 Senegal 1.9~~~~~~~~~~~~~~~~~~~. 1.9 2.3 2.34. . 8.1 Honduiras. . . , ...... 2.1 1.7 2.3 7.8 3.2 3.4 3.9 Sinerral. Leune .. 8.3 5.7 7.2 9.0 8.5 8.6 8.4 Jamaica . .. ..... ..2.2 3.2 3.0 3.2 3.9 5.2 5.0 Somalia 2en .... ... .1 1.9 1.5 2.1 2.5 3.0 3.6 Mexico . . .......23.8 26.3 23.3 25.2 24.1 23.5 25.2 Somalan .......... 5.6 6.8 8.0 9.2 12.1 12.3 11.1 Nicaragua.. .........6.4 7.6 10.0 10.6 13.4 10.3 17.8 Suazdand......, , . na.6 4. .8 4. .7 521 1.3 9,)) 10.5 Panamar2)2.9 3.2 3.7 7.8 9.3 10.8 16.4 Swanziania)3)...............4.6 7..3 7.6 47. 8.4 11.6( 6.75 Paraguay . ... ...7.4 10.3 9.4 11.0 13.1 13.2 9.5 Tago..n.a(2. 4. 0 . 2.0 3.2 2.9 49. 4.7 Peru ........... 11.1 14.6 12.0 13.7 20.0 19.3 32,59)) Tunisi 20.8 24.0 21.2 19.5 16.9 16. 13.8 Trintidad anod Tobago... . 3.0 3.0 3.7 3.7 3.3 3.0 4.1 Tugnisa.........52.4 840 2.2 9.6 9.6 16.2 16.0 53.6 Uruguay........... 17.0 18.9 18.5 18.4 22.2 34.0 30.1 Uganda(4) ... 5.4 8. 9.6 4.6 6.2 6.0 5.6Venezuela .. ........1.8 1.8 1.7 2.6 3.3 4.4 4.2 Upper Volta ......... 1.8 4.5 5.1 5.9 5.9 5.1 8.3 _________ _________ ___________________ Zaire ..... . ....... 2.4 2.9 3.9 4.0 4.6 7.5 7.0 Note: Debt service notion are nosed on debt setvice actually porid as roported by (he countries and nor on contractua[ debt service dot. If 0 coutoty, Zambia...... .... 2.4 2.7 1.9 5.1 10.0 10.7 28.0 3d no) 709/ ethre "luehdet sero/On t)re ditting a0ye0r, thSis a 009 ho ieto)no in A lowen dehaei inn0) 0tooa wouldf/90 ha e ben /he noon IT cootractua) debt netvice hao beeo toed ini competing (he rtio/it The deotfOeivice ratio is, by i/se/f, on inadequate ottd isicooiplete tn//co/or of a East Asia counrty's debt n/fuatct/i. Many otherfactors moot a)ls o becoosidered, noch tsn/he stability and diversification of the country's export structure, the China, Republic of.... .... 3.3 3.4 4.2 4.63 4.5 4.0 3.5 pluspects fot fit/tire grow/h, the exteoit to er/i/c/i imports can bo reduced w/i/liout adoersely of/not tg curoren productiot, tilie) t mepr 7fi/e ofl/he Eiji.0.7 0.6 0.7 0.9 0.7 0.9 0.8 couorryn dob) ootntotdire, /ho tire rf focounty'sndebtougreendng,ithe rizeerffnraind-ooIai/nh/oescrve and avalablercopensatofocinait/On,aci dcs thendthe debtsecvicececrrdof Fiji ..................... 0.7 0.6 0.7 0.9 0.7 0.9 0.8 ~~~~~~~~~~~~~~~~~the country. Pot thene teaoisor, iitiernttional comparisons of debt-service rto//n havot only limited trearitiig. Indonesia . .. _ . ... 5.3 5.6 5.7 6.6 7.6 6.7 7.1 Mt Excepit whore o/herw/ne iodicated), m rinc al ud o od/ 00s tnd nor-fan/or sero/ceo. Oatt o/r some countries are partially entimated. Korea, Repouhiic of . .....8.2 9.4 12.1 23.4 21.7 18.8 13.9 /tt Because. of special monetary aroragemenotn pecoliar to countrins such as thin, thn. debt/service ratio rooust be regotded wi/h mote thani oual4 Mallaysia .. .....2.1 2.2 2.2 3.0 2.7 2.7 2.3 co/tiori it considerinig the contrry's extersal firrancial n/tutiot/O. Philippines . ...7.2 5.3 4.6 7.5 7.0 9.9 6.3 ttThe deb/-semice no/it/s Insto hanO .1. 0.1 0.3 0.3 0.4 0.4 0.9 0.4 t~~~~~~~~~~~~Ot Ore third) of /he ncorace paymentsf o/tne East Aft/con Commitnity hon heen add)ed to I/re sets/co datto of Krnya, Tanzarria, arid Uganda. Singapore ..t......nt . . A . . . 1 Enport do/a /st espor/nn/i goods sory. Thailand ..... ... 3.6 3.8 3.8 3.6 3.4 2.9 2.6 let Data are for//isnot years. Viet-Nam . ~. ...... 1.9 2.1 0.9 0,8 0.9 2.2 2.7 (7t PExclidnosEBargladesh. Middle East (tt Datt ton for Pakistan, whict t/itough 107/ irn/litdd Post Pakistan. T3/ra t/itt for /97/ 1977, ard /9/3 reflect debt ret/ef. Iran/') ........ 4.9 7.2 9.3 11.5 11.5 17.1 10.6 tOt Seroice payments for thin pear reflect Prepayinents. For Peru, the ratio withotit prepaymensf woo/d/be about 23%. Iraq 0.9 1.4 2.2 2.1 1.9 2.7 3.0 it5i Pr/errol puh/tn borrowing t)nclino/ tot)rnl wan rep/aced b re0ne y06 Wa eplpithby in borrow/rigowingbegrnngng1362. Iraq .............. .. .... 0.9 1.4 2.2 2.1 1.9 2.7 3.0 (I~~~~~~~~~~~~~~~i i Service pt/tint/n for lbis year dec//tied dun to drb/ rneoorganiaion. Israel . . _ ..... 15.7 16.9 11.2 18.6 13.4 17.7 20.8 Sotrcon: World aflk. Jordan. ..._ _ _ 1.8 1.7 1.7 3.6 3.8 4.7 3.7 Syrian Arab Repoblic 11.6~ 6.9 7.7 9.2 8.9 8.1 7.3 Projected Debt Service'on Eiternal Public Debt Outstanding, by Region and Type of Creditor, as of December 31, 1973 Table 7 (US$ inillions) Debt out- standing Projected (including Region undisbursed) Type of creditor Dec. 31, 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 Africa Bilateral official ................. ....... 10,603.9 746.5 782.2 809.0 805.9 788.4 754.1 711.9 674.5 6134 601.5 Multilateral .......... ..................... 4,007.4 157.5 179.4 201.8 221.7 235.9 243.6 244.6 245.6 244.5 248.0 Private Suppliers ... ............... 2,788.3 541.9 555.7 520.1 466.8 370.3 292.8 228.5 177.2 112.9 51.9 Banks .............................. 3,649.6 391.1 462.6 543.2 614.8 591.1 561.2 508.7 478.6 462.3 370.6 Other .............................. 725.6 164.7 126.8 104.5 94.7 102.5 60.6 54.2 49.7 46.1 46.0 Total . ......... 2 1 7 7 4 . 21,774.7 2,001.8 2,106.6 2,178.7 2,203.8 2,088.2 1,912.3 1,747.9 1,625.6 1,479.3 1,318.1 East Asia Bilateral official .. ........ ..... 9,483.1 394.4 443.4 501.9 505.9 558.9 591.3 604.0 605.4 596.3 683.4 Multilateral .. ............. ............... 3,434.4 151.3 189.5 224.6 254.9 275.2 288.8 290.3 287.8 281.2 267.1 Private Suppliers ............. ....... ... 2,055.0 521.2 442.0 390.3 335.1 251.7 173.9 122.7 107.3 75.2 56.0 Banks ...... .. ...... .... 1,255.6 225.5 294.8 298.3 251.8 166.8 123.6 97.4 68.0 40.6 23.0 Other ................... 623.5 124.4 79.7 73.9 65.7 59.9 54.0 50.4 44.5 52.4 26.8 Total ...... ...................... 16,851.7 1,416.9 1,449.4 1,488.9 1,413.4 1,312.5 1,231.7 1,164.8 1,113.1 1,045.7 1,056.3 Middle East Bilateral official ................. 7,558.0 1,023.4 1,007.1 969.9 895.4 838.1 752,3 669.1 569.6 517.5 436.0 Multilateral ........ .................... 1,064.7 63.7 76.2 85.0 90.7 93.7 96.0 98.5 98.4 97.2 97.1 Private Suppliers ............... ........ 1,213.4 311.2 282.1 256.1 220.3 153.5 102.9 71.8 49.8 29.6 10.0 Banks . ............. .................... . 1,558.6 505.7 218.5 226.5 190.9 261.6 223.4 125.9 85.1 67.6 57.9 Other .. ............................ 1,913.7 100.7 79.5 110.0 117.2 133.1 160.3 119.3 133.1 193.7 107.0 Total .. 13,308.4 2,004.7 1,663.5 1,647.6 1,514.5 1,480.0 1,334.9 1,084.6 936.0 905.7 _ 708.1 South Asia Bilateral official ........................... 14,136.2 746.9 858.8 871.1 871.4 856.7 836.9 829.3 811.5 771.2 733.6 Multilateral ........................... 4,815.2 159.2 157.9 161.5 178.3 174.4 161.8 153.8 135.0 135.6 141.1 Private Suppliers ......... ............. 997.4 146.3 165.2 153.5 126.0 99.4 78.0 53.7 43.2 36.3 25.4 Banks ............... ................ 121.5 35.0 23.5 20.9 19.0 16.2 10.0 6.1 4.0 2.3 1.7 Other ................................ 309.1 42.0 95.2 99.1 82.2 18.2 0.3 0.3 0.2 0.2 1.3 Total ...... ........... ............. 20,379.4 1,129.4 1,300.6 1,306.0 1,276.8 1,164.8 1,086.9 1,043.1 993.9 945.7 903.0 (conti nued) Projected Debt Service on External Public Debt Outstanding, by Region and Type of Creditor, as of December 31, 1973 (coiitinued) Table 7 (US$ mnihions) Debt out- standing Projected Regionfer undisbursred) Type f crditor Dec. 31, 1913 1 974 19715 19 76 19 77 19 78 19 79 1980 19891 1982 1983 Southern Europe Bilateral official . ....................5, 197.5 602.4 552.5 541.7 513.2 5 12. 1 486.2 422.3 388.6 360.0 300.8 Multilateral ................... ......... 2,369.1 127.7 152.9 1 76.2 198.8 2 13.3 2 19.6 2 18.3 2 24.8 220.4 2 10.6 Private Suppliers ............. .... 1,007.1 17 5.5 192.3 162.1 152.7 133.9 1 17.0 84.5 59.9 50.4 38.5 Banks , ... ....... 2,070.5 320.6 430.7 4 07.6 342.0 223.0 239.7 207.8 17 2.6 157.3 1 17.9 Otter .. ......... .,.. .. 530.4 50.4 51.2 48.3 53.3 59.7 60.8 58.5 57.1 86.0 50.5 Total 1..... .. ........ I1,1 74.5 1,2 76.7 1,379.6 1,335.8 1,2 60.0 1, 142.1 1, 123.3 99 1.5 903.0 874.0 1 18.3 Western Hemisphere!) Bilateral ofticial ,. ,, ........... 9,361.5 672.4 947.4 968.9 955.5 909.1 8449 388.6 697.4 649.1 607.3 Multilateral .. ........... 8,393.7 562.1 667.8 731.0 789.6 829.7 830.0 824.4 812.7 788.9 764.5 Private Suppliers .. . ......... . .... 4,70 7.7 960.5 963.5 866.8 707.9 586.9 461.4 358.8 269.3 210.7 165.3 Banks ........ ... 9,167.4 1,693.1 1,626.9 1,804.3 1,445.1 1,387.4 1,211.4 1,005.2 829.2 706.9 619.2 Other ..... ...... ..3,773.9 744.8 682.3 583.2 558.8 499.4 433.3 371.6 275.5 2 51.5 189.6 Total ......... ..... .. 35,404.1 4,632.9 4,887.9 4,954.6 4,456.9 4,212.5 3,780.9 3,348.6 2,884.2 2,607.1 2,345.8 86 developing countries Bilateral official .. .... ......... 56,340.0 4,186.1 4,59 1.4 4,662.5 4,547.2 4,463.3 4,265.7 4,025.2 3,747.0 3,507.65 3,362.7 Multilateral .... .. ... ...... 24,084.5 1,221.5 1,423.6 1,580.1 1,733.9 1,822.3 1,839.7 1,829,9 1,804.4 1,7 67.8 1,7 28.4 Private Suppliers ...... ....... 12,768.9 2,656.6 2,600.9 2,348.8 2,008.7 1,595.6 1,225.9 920.1 706.6 515.2 347.1 Banks . .......... ... .. 17,823.2 3,171.0 3,057.0 3,301.2 2,863.6 2,646.0 2,369.3 1,951.1 1,637.5 1,437.0 1,190.3 Other ........ ..... 7,876.1 1,227.3 1,1 14,7 1,019.0 97 1.7 87 2.8 769.3 654.3 560.2 629.9 421.2 Total.... .. ..... ...... .... 118,892.7 12,462.3 12,787.6 17,911.6 12,125.2 11,400.0 10,469.9 9,380. 8,455.8 7,857.5 7,049.6 Note: Ircliides the srnme countries as [able. 4. Projected serv co paymonts exclude looni for wh.ch r epayroerti termnr are rot available. itemns rnoy not add to totals due to Toundinig. Noers for specific cosorrive irmTotl 9h n ppl no Ibis fabe. (1i Doe to incomplete inforirriaton on the debt reorga iilaton c for Crile, service paymeiits slhowr fcr "~Private-Other ' iii 174 inclode ar airrount of about $108 initlicon appropriate to the "Bilalerrl official" category. Souirce: World Banko. External Resource Flows and Service Payments Table 8 on External Public Debt, by Region, 1967-1973 (US$ millions) Drsbursements Debt service Regron Grants and Amorri- Net Net Year Loans grant.liket l Total zation Interest Total tloo(0 transferl31 Africa 1967... 1,072.2 812.8 1,885.0 398.0 169.6 567.6 1,486.9 1,317.3 1968 1,061.3 842.6 1,903.9 457.9 191.6 649.4 1,446.0 1,254.4 1969 1,114.1 1.005.1 2,119.2 553.1 225.4 778.5 1,566.1 1,340.7 1970... 1,705.5 1,001.3 2,706.8 639.9 261.2 901.1 2,066.9 1,805.7 1971 ... 1,879.3 1,102.4 2,981.8 699.1 299.2 998.3 2,282.7 1,983.5 1972 ... 2,222.2 1,441.7 3,663.9 941.1 345.9 1,287.0 2,722.8 2,376.9 1973 ... 4,448.2 1,455.1 5,903.3 1,477.9 524.5 2,002.3 4,425.4 3,901.0 East Asia(4) 1967 . 782.1 859.0 1,641.1 209.7 56.5 266.2 1,431.5 1,374.9 1968 917.4 885.3 1,802.8 212.5 81.6 294.1 1,590.3 1,508.7 1969 1,302.5 855.7 2,158.2 282.9 114.9 397.8 1,875.3 1,760.4 1970 1,240.5 818.8 2,059.3 450.2 175.1 625.3 1,609.1 1,434.0 1971 - 1,428.1 806.2 2,234.3 499.8 235.5 735.3 1,734.5 1,499.0 1972 . . 2,303.3 907.6 3,210.8 556.5 289.4 845.8 2,654.4 2,365.0 1973 . . 2,122.8 771.7 2,894.5 776.0 361.4 1,137.4 2,118.5 1,757.1 Middle East 1967 . 663.3 82.8 746.1 195.6 63.7 259.3 550.5 486.8 1968 1,078.9 73.3 1,152.2 285.7 86.0 371.7 866.5 780.5 1969 . . ......882.9 76.6 959.5 380.7 108.7 489.3 578.8 470.2 1970 . . 1,492.5 90.5 1,583.0 491.5 139.1 630.6 1,091.5 952.4 1971 1,895.9 99.4 1,995.3 581.4 223.6 805.0 1,413.9 1,190.3 1972 2,331.5 156.5 2,488.0 1,037.1 280.8 1,317.8 1,450.9 1,170.1 1973 2,955.8 220.4 3,176.2 1,185.4 406.1 1,591.5 1,990.8 1,584.7 South Asia 1967 1,741.1 786.4 2,527.5 379.6 225.8 605.4 2,147.9 1.922.1 1968 1,714.0 532.8 2,246.8 396.6 238.0 634.6 1,850.2 1,612.2 1969 1,576.5 377.9 1,954.4 474.3 274.7 749.0 1,480.1 1,205.4 1970 . . 1,471.4 371.9 1,843.3 480.1 291.8 771.8 1,363.2 1,071.5 1971 . .. 1,783.1 494.1 2,277.2 485.1 302.4 787.5 1,792.0 1,489.7 1972 . 1,328.0 562.5 1,890.4 577.9 349.5 927.4 1,312.5 963.0 1973 . . 1,939.3 606.4 2,545.7 581.0 357.7 938.7 1.964.7 1,607.0 Southern Europe(5i 1967 . 908.2 56.6 964.8 391.3 134.8 526.2 573.5 438.6 1968 1,016.6 64.8 1,081.3 426.0 166.3 592.4 655.3 489.0 196 S . 1,130.8 85.4 1,216.2 420.5 206.8 627.3 795.7 588.9 1970 959.2 99.3 1,058.5 547.6 259.7 807.2 511.0 251.3 1971 . . 1,191.1 98.6 1,289.7 641.0 269.4 910.4 648.7 379.3 1972 1,499.5 82.4 1,581.9 662.5 297.2 959.6 919.4 622.3 1973 1,659.1 83.1 1,742.2 823.2 392.4 1,215.6 919.0 526.7 Western Hemisphere 1967 2,718.4 370.4 3,088.7 1,343.1 453.9 1,797.0 1,745.6 1,291.8 1968 2,863.1 395.5 3,258.6 1,603.3 528.3 2,131.5 1,655.4 1,127.1 1969 . . 3,122.3 476.4 3,598.7 1,617.3 609.3 2,226.6 1,981.5 1,372.2 1970 . . 3,798.3 449.1 4,247.5 1,739.1 751.7 2,490.9 2,508.3 1,756.6 1971 . 3,647.3 471.2 4,118.5 1,862.7 838.4 2,701.1 2,255.8 1,417.5 1972 . 2. 5,503.4 466.3 5,969.7 2,100.8 950.1 3,050.9 3,868.8 2,918.7 1973 . 7,039.2 438.3 7,477.6 2,841.8 1,274.6 4,116.4 4,635.7 3,361.2 86 developing countries 1967 7,885.3 2,967.8 10,853.1 2,917.3 1,104.3 4,021.6 7,935.8 6,831.5 * 1968 . 8,651.3 2,794.2 11,445.6 3,381.9 1,291.8 4,673.7 8,063.7 6,771.9 1969 .9,129.1 2,877.2 12,006.3 3,728.7 1,539.7 5,268.4 8,277.5 6,737.8 1970 .10,667.5 2,830.9 13,498.4 4,348.4 1,878.5 6,226.9 9,150.0 7,271.5 1971 .11,824.8 3,071.9 14,896.7 4,769.1 2,168.5 6,937.6 10,127.6 7,959.1 1972 15,187.9 3,616.9 18,804.8 5,875.9 2,512.8 8,388.8 12,928.8 10,416.0 1973 20,164.5 3,575.1 23,739.6 7,685.4 3,316.6 11,002.0 16,054.2 12,737.6 Note lncludesthesamecountriesasTable4. items may not add nototals due toroanding. in) Grants consist of grant and grant-like contributions by DAC countries and grants by multilaterai agencies as compiled by OECD, as well vs disbursements by the Inter-American Development Bank (IDB) on loans repayable in the recipients' currencies (2) Drstarsemeits or loans, grants, and grant-like loans minus amortization on loans. (3) N et l Isow mirnos I nterest o n Ibasas. i0} Does not include publicly guaranteed private debt of the Philippines. 5)es not nnclude grants for Portugal and the nonguaranteed debt of the social sector' of Yugoslavia contracted after March 3. .1966, Source: World Bank and OECD. 97 Average Terms of Loan Commitments and Grant Element of Table 9 Loans and Grants, by Region, 1967-1973 (Amounts in USS millions) Loan com mitments Grant element Amount of GOnnon' of loans oats used Maturity Grace Interes elenment G-ants() and grntso. hnr terms Reg on Year AmDunt (years) (years) (%) (3 ) (amount) (%) calculat on0() Africa(4). 1967 1,188.3 18.3 4.2 3.4 43 701.8 G5 1,157.4 1968 1,253.8 20.7 4.7 3.5 45 725.1 65 1,237.1 1969 1.284.3 21.6 5.7 3.7 45 887.7 68 1,282.7 1970 2,214.1 24.0 6.0 3.7 47 898.8 63 2,202.0 1971 1,696.3 20.1 5.4 4.0 42 1,013.4 64 1,691.1 1972 2,398.2 21.5 5.8 3.8 45 1,332.0 64 2,388.8 1973 3,931.8 22.6 5.8 4.5 40 1,342.7 55 3,919.4 East Asiat5) .. . . . ... 1967 1,101.6 14.4 3.9 4.4 33 859.0 62 1,101.6 1968 1,284.3 19.7 5.5 3.6 44 885.3 67 1,284.1 1969 1,766.8 20.2 5.4 4.4 39 855.7 59 1,736.4 1970 1,712.0 21.8 5.6 4.7 38 818.8 58 1,712.0 1971 2,267.1 21.4 5.9 4.5 39 806.2 55 2,267.1 1972 3,227.5 20.3 5.7 4.9 36 907.6 50 3,227.5 1973 3,112.0 23.2 6.1 5.1 36 771.7 49 3,112.0 Middle East(6) . ..... 1967 661.9 11.5 2.6 4.4 27 64.5 34 661.9 1968 654.4 13.1 2.2 4.2 30 57.6 35 654.4 1969 1,075.4 10.6 2.2 5.5 20 59.4 25 1,075.4 1970 1,387.6 1 1.2 2.7 5.6 22 64.3 25 1,387.6 1971 1,259.8 10.4 3.1 5.0 24 78.8 29 1,259.8 1972 1,641.4 11.4 2.6 4.8 25 108.1 30 1,621.4 1973 2,296.9 13.2 2.9 5.2 26 92.2 28 2,296.9 South Asia ............. 1967 1,617.4 26.2 6.5 2.3 59 786.4 73 1,497.7 1968 1,870.6 29.6 7.2 2.8 58 532.8 68 1,746.0 1969 1,604.8 30.4 7.3 2.6 60 377.9 69 1,415.6 1970 2,087.4 33.0 9.8 2.3 65 371.9 71 1,931.1 1971 1,556.9 34.3 7.9 2.3 66 494.1 73 1,513.0 1972 1,866.5 33.3 7.9 1.8 69 562.5 77 1,687.5 1973 2,751.1 31.8 7.3 2.2 64 606.4 71 2,575.0 Southern Europe(7) 1967 1,372.2 17.4 3.9 4.1 37 56.6 40 1,372.4 1968 1,032.2 14.3 4.2 4.9 30 64.8 34 1,031.9 1969 1,354.7 15.5 3.8 4.6 32 85.4 36 1,354.7 1970 1,172.6 14.7 4.5 5.0 30 99.3 36 1,172.6 1971 1,784.9 14.1 3.8 5.6 25 98.6 29 1.784.9 1972 1,754.5 14.2 4.2 5.6 26 82.4 29 1,729.3 1973 1,488.1 16.3 4.7 6.3 23 83.1 27 1,482.6 Western Hemisphere . 1967 3,457.8 13.8 4.3 5.6 26 370.4 33 3,447.0 1968 3,431.7 15.4 3.5 5.7 25 395.5 33 3,415.6 1969 3,329.9 13.8 3.6 6.4 21 476.4 3 1 3,307.9 1970 4,171.9 14.7 3.4 6.6 20 449.1 28 4,156.7 1971 4,977.9 13.4 3.5 6.5 19 471.2 26 4,939.8 1972 7,152.9 13.8 3.5 6.5 19 466.2 24 7,023.7 1973 8492.2 13.8 4.2 8.2 10 438.3 15 8,476.6 Total 1967 9,399.2 16.8 4.4 4.3 36 2,838.7 51 9,237.9 1968 9,527.0 19.0 4.6 4.4 37 2,661.1 51 9,369.1 1969 10,415.9 18.1 4.6 4.8 34 2,742.5 48 10,172.7 1970 12,745.6 19.7 5.2 4.9 35 2,702.2 47 12,562.0 * 1971 13,542.9 17.8 4.6 5.1 32 2,962.3 44 13,455.7 1972 18,041.0 17.6 4.6 5.2 32 3,458.8 43 17,678.2 1973 22,072.1 18.9 5.0 5.9 28 3,334.4 38 21,862.5 i) The grant elnment isthe face valuee ot san commitments ens the discounted presentha ue of thef utre flow of repayments of principal and nterest. using the customary rte of 10% and expressed au a percentage of face vauue. )2 Dats for grants are taken from OEOD (DAC) and IDB sources. Included are grant-like flows (foans repayable n local currencie-), bilaterau grunts, and UNa gency grants Figures for grants are on a disbursed basis sile figures for loans are on a cormmtment basis. The grant element of a grant is 130%. (1) This co umn shows the amount of loans ftr which repayment terms are known. (4] Excludes Algeris, East African Community, and The Gambia. (5) Does not include publ cly guaranteed private debt of the Phil ppines. 07) Excludes Israel and the Syrian Arab Republic. :7) Does not include nonguaranteed debt of the "socia sector" of Yugos avia contracted after March 31, 1966. Source: World Bank and OECD. 98 Foreign and International Bond Issues by Market and Country of Borrower Entity, 1972-1974, First Half 19751 U Table 10 (UJS$ millions) Years and markets 1972 1973 19 74 First half 1975 (P) North Nnorth North North American American American American and Inter- and Inter- and Inter. arnd Inter- othres Eu%arn is national other Earnopenan national other Fuompns national other European national Borrowing coantries markets markets markets-_Total markets markets markets Total markets marknts m arkets Total markets markets markets Total Industrialized countries Europe Austria ......... 82.8 - 82.8 -~ 89.4 87.3 176.7 12.7 232.6 250.5 495.8 - 144.5 494.3 638.8 Belgim ..... ....-........- - 39.4 15.0 114.4 - 25,6 - 25.6 - -. - - Denm ark...... 208 295.6 316.4 - 61.0 99.2 160.2 - 47.2 77.8 125.0 - 34.0 48.8 82.8 Finland . .... ..-...65.3 233.6 298.9 35.0 30.2 82.7 147.9 57.8 8.1 15.0 809 - 29.9 155.5 185.4 France....... .-.....73.3 168.9 242.2 - .- 103.0 103.0 291.8 48.8 333.4 674.0 235.0 117.3 801.3 1,153.6 Germany, Federal Republic of - ,73.0 50.5 123.5 - 31.2 25.0 56.2 - 136.3 - 136.3 - 20.9 86.9 107.8 Iceland....... ....... 6.6 25.0 31.6 - 5.0 14.5 19.5 9.0 - 14.5 23.5 - - Ireland ...... ........- 30.0 30.0 -. 107.9 29.8 137.7 - 56.1 77.0 133.7 - - 27.5 27.5 Italy ..... . .......- 65.0 65.0 - - 25.3 25.3 - - 50.0 50.0 43.5 17.0 60.5 Liechtenstein.. .. .....- - - - - - - - 9.8 - 9.8 - -. - - Luxembourg.......... .- 15.5 - 15.5 - 65.4 65.4 - Netherlands. ... .. .....11.4 133.8 145.2 - - 159.6 159.6 30.0 97.7 350.4 478.1 - 155.7 366.5 522.2 Norway ... .. .-. ....18.2 92.3 110.5 - 52.0 53.4 105.4 - 34.3 49.2 83.5 - 20.0 332.1 352.1 Sweden .. . 54.9 170.3 225.2 - 55.5 89.3 144.8 50.0 37.7 37.0 124.7 40.0 184.4 444.1 668.5 Switzerland ... .....- - - -. - - - ... - 11.6 11.6 - .- 78.8 78.8 United Kingdom . ..... 20.4 75.5 787.7 883.6 - 325.0 988.0 1,313.0 155.2 7.0 108.9 271.1 125.0 - 50.0 175.0 Multinational corporationstot. - - 229.6 229.6 - 60.3 34.5 94.8 22.0 - - 22.0 - 16.7 32.7 49.4 Subtotal ..... ....... 20.4 491.3 2,282.3 2,800.0 35.0 856.9 1,932.0 2,823.9 628.5 741.8 1,375.3 2,745.6 400.0 766.9 2,935.5 4,102.4 Others Australia ... ...... 32.5 - 250.0 282.5 - - - - - 16.8 130.4 147.2 185.0 23.7 268.6 477.3 Canada .. . .. ..... 1,018.8 119.8 366.7 1,505.3 924.7 82.7 202.5 1,209.9 1,933.4 29.2 439.5 2,402.1 1,302.5 20.0 198.6 1,521.1 Japan.~.... ...... - - 31.0 31.0 - 13.8 35.0 48.8 30.0 65.0 153.5 248.5 100.0 141.6 548.4 790.0 New Zealand .. . .......- 64.2 64.2 - - - - - 33.2 - 33.2 - 24.0 138.8 162.8 South Africa. .. . ....... - 26.4 254.8 281.2 -. 32.6 138.0 170.6 - - 50.0 50.0 - 12.0 147.4 159.4 United States . ... ...... 35.1 209.0 2,028.5 2,272.6 45.4 452.9 819.6 1,317.9 - 84.5 105.0 189.5 - 23.5 140.3 163.8 Subtotal .. ..... . 1,086.4 355.2 2,995.2 4,436.8 970.1 582.0 1,195.1 2,747.2 1,963.4 228.7 878.4 3,070.5 1,587.5 244.8 1, 442.1 3,274.4 Total .. ....... ... j 1,06.8 852.5 5,2-77.5 7,236.8 1,005.1 1,438.9 3,17. 5, 571.1 2,591.9 970.5 2,53.7 5816.1 1987.5 ,1. ,7. 7,376.8 Multilateral European ___ ___ ___ __ __ institutions Council of Europe. ..~...... - 10.6 30.3 40.9 - 25.7 -. 25.7 - 8.3 - 8.3 - - 28.8 28.8 Eurofima(l)...... ...... - 42.5 46.3 88.8 - 56.7 29.9 86.6 10.0 29.5 37.1 76.6 50.0 34.1 73.3 157.4 European Coal and Steel Community. - 168.6 71.0 239.6 - 161.4 83.1 244.5 100.0 33.4 568.2 701.6 150.0 42.5 176.4 3689 European Investment Bank ..... - 237.3 264.6 501.9 - 286.7 321.7 608.4 - 49.3 970.7 1,020.0 - 144.2 156.1 300.3 Interfrigol4t ~... . ....- 25.9 25.9 - - - - - - - - - - - Total....... ....... - 484.9 412.2 897.1 - 530.5 434.7 965.2 110.0 120.5 1,576.0 1,806.5 200.0 220.8 434.6 855.4 ti ncludes both public offerings and private placements. a3 Socutt Earoodenne roar ln Financenment do Mlat6riel Ferrovaiore. (continued) nclues he ollwin coportios: Cmpas Imane SA.,GenralShopping S.A , Intermosetle Finiance S.A., Inoe.tag S~ ociWt Ferroviaire Internationale do Transports Frigoritiques. Finance S.A., Scanldinavian Airlines Systeio, Shell International Finance N.V., 5nciAt Einaoci6re FuropAenne, SociAtA rlmnr Internationale poor In Transport par Transcontainers, Trans-Austria Gaslrne Finance Go., Ltd., Trans-Earopean Natuals Gas Pipeline Finance Co,, Ltd. Foreign and International Bond Issues by Market and Country of Borrower Entity, 1972-1974, First Half 1975( (continued) Table 10 (US$ millions) Years and morkets 1 912 19 73' 19 74 First half 1975 (P) North North North North Americor American American Arrierican and Inter- ariid I ntet r and Inter- and Initer- Borrowing ceotritries otirer Etropsan notiosol other Esnrsosean national other European nationaol othe Esropas nationat morkets markets marketl Total markets markets 01arketst Total markets roarkets markets Total markets markets markets Total International development institutions Asian Development Bank ..... 32,5 26.1 - 58.6 - 10.5 20.0 30.5 44.0 - - 44.0 191.7 - 70.0 261.7 Inter-American Development Bank - 108.8 32.4 141.2 11.3 58.8 53.4 123.5 60.0 5.7 40.2 105.9 225.0 12.0 55.6 292.6 International Bank for Reconstruction and Developtnetit 859.6 514.6 490.9 1,925.1 908.1 584.0 410.0 1,902.1 2,762.9 292.7 451.7 3,513.3 146.2 365.5 240.0 751.7 Total. ........... 892.1 709.5 523.3 2,124.9 919.4 653.3 483.4 2,056,1 2,866.9 298.4 497.9 3,663.2 562.9 317.5 365.6 1,306.0 Developing countries 35050 Algeria ..............25.0 25.0 50.7 70.0 70.7 59.7 -- 59.7 - 50 3. Argentina ........ ....... - - - - - 16,0-- 16.0 Brazil ...............121.0 121.0 35.7 - 25.0 60.7 -- 25.0 25.0 - -- Chile ......--- -- 53.4 -53.4 China,Republic ot . ....... - -- - 20.0 -- 20.0 - - Colombia...... ........... 45.0 45.0 - - Egypt, Arab Republic of .......... 53.0 53.0 - --. Greece...... .-......45.0 45.0 -- 15.0 15.0 - ----- Guinea - ........30.0 30.0 - 30,0 30.0 -- Hong Kong .............- 26.5 50.0 76.5 - 50.0 50.0 - - 24. 24.5 Hungary ............ 50.0 50.0 - - - - - 40.0 40.0 - - - India . .... .. .. .. ... ..- 2.5 2.5 .- - ltan .................20.0 20.0 -- 20.7 20.7 - - Israel....... ... .... 222.3 20.0 242.3 468.2 - - 468.2 559.7 - 559,7 64.0- 2.5 66.5 Ivory Coast.. ........ - - - - - 8.7 -- 8.7 - - Jamaica . . ........10.0 10.0 - 14. 14.0 - - Korea, Republic of........ . . - 19.0- 19.0 -- Malaysia . ~.- ....... ..- 24.8 24.8 17.1 17.1 - - Mexico. ........ ... 96.5 - 80.0 176.5 116.4 - 61.0 177,4 50.0 - 50.0 112.5 - 62.5 175.0 Nicaragua ........... 10.0 10,0 5.0 - 5.0 - - - Oman ......... ....- - - - - 25.0 25.0 - - Panama ...... . ... 20.0 - 20.0 40.0 - - - 9.0 .- - 9.0 Papua New Guinea. ......- - ~ . 17.9 -. 17.2 35.1 16.7 - 16.7 - - 25.0 25.0 Philippines .... . ......50.0 50.0 - - - -. 17.2 17.2 - - Portugal ..............-.......- - 17.2 17.2 - -.- - Romania........-............. .- - - - 60.0 60.0 Singapore............ 51.0 51.0 - - 30.0 30.0-- - - - 12.0 12.0 Spain...... 128.0 128.0 16.6 - 71.0 87.6 25.4 - 25.4 -- 67.1 67.1 Sudan . - .............. 23.7 - 23.7 - --- 8.6 8.6 Venezuela .......-..39.8 39.8 - - 7.5 7,5 1.9 L 19 - - Yugoslavia .......-.....- - - - 30.0 30.0 51.5 -- 51.5-- Zaire . ....... ........- - - - 13.0 13.0 - - Total ...... ..... 338.8 ____ 714.6 1,053.4 729.2 37.7 554.5 1,321.4 801.2 16.7 149.4 967,3 245.9 - 297.2 543.1 Recapitulation Industrialized countries . 1,106.8 852.5 5,277.5 7,236.8 1,005.1 1,438.9 3,127.1 5,571.1 2,591.9 970.5 2,253.7 5,816.1 1,987.5 1,011.7 4,377.6 7,376.8 Multilateral European institutions ... - 484.9 412.2 897.1 - 530.5 434.7 965.2 110.0 120.5 1,576.0 1,806.5 200.0 220.8 434.6 855.4 Total .1,106,8 1,337.4 5,689.7 8,133.9 1,005.1 1,969.4 3,561.8 6,536.3 2,701.9 1,091.0 3,829.7 7,622.6 2,187.5 1,232.5 4,812.2 8,232.2 International development institutions . 892.1 709.5 523.3 2,124.9 919.4 653.3 483.4 2,056.1 2,866.9 298.4 497.9 3,663.2 562.9 377.5 365.6 1,306.0 Developing countries. 338.8 - 714.6 1,053.4 729.2 37.7 554.5 1,321.4 801.2 16.7 149.4 967.3 245.9 - 297.2 543.1 Total .1,230.9 709.5 1,237.9 3,178.3 1,648.6 691.0 1,037.9 3,377.5 3,668.1 315.1 647.3 4,630.5 808.8 377.5 662.8 1,849.1 GRAND TOTAL. 2,337.7 2,046.9 6,927.6 11,312.2 2,653.7 2,660.4 4,599.7 9,913.8 6,370.0 1,406.1 4,477.0 12,253.1 2,996.3 1,610.0 5,475.0 10,081.3 ( Includes both public offerings and private placements. (P) Preliminary. Source: World Bank. G Average Issue Yield of New Publicly Offered Foreign and International Bonds, 1972-1974, First Half 1975 Table 11 (Percentages) Isstled in North American and other markets by Issued n European markets by Issued in iri)ernatienal marhets by Otlher inter- Other inter- Other Other inter- Other national national indus- Devel national indus Deve- World development World development U.S. trialized oping World development U.S. trialized oping Bank institutions Canada Others Bank institutions corporations countries countries Bank institutions corporations countries countries ,1) 12! 531 Pr t3) t2) 1 ts (2) 1972 First quarter .... .. .... 6.56 - 7.86 6.37 - 5.81 6.38 - - 6.38 7.42 8.30 Second quarter ............... 6.78 7.30 7.78 _ 6.57 6.75 5.58 5.72 - 7.28 6.75 5.58 7.24 7.17 Third quarter .......... ... 7.02 - - 6.94 6.78 - 5.50 6.37 - - - 5.40 6.81 8.20 Fourth quarter ................ 7.00 - 7.48 8.22 - 6.94 - 6.36 - - - 6.25 7.45 7.92 1973 First quarter ...... .77.1 0..... ..10 - - - 6.89 - 6.73 6.44 - - - 5.57 6.96 7.67 Second quarter . ........ - - 7.90 - 6.28 6.00 6.00 6.14 - - 8.18 7.54 7.30 Third quarter ......... ..... 7.56 8.44 7.93 - - 5.99 6.46 - - 7.24 8.20 7.75 Fourth quarter . ........ ..... 7.25 - 8.23 8.32 7.25 - 6.50 7.37 8.00 - - 6.77 8.62 7.63 1974 First quarter .. .......... 7.36 7.36 8.67 - 7.00 - - 7.38 7.47 - - 9.38 8.68 6.50 Second quarter ................ - 7.50 9.23 - - - 7.75 8.24 - - - 9.55 9.08 - Third quarter. - 10.69 - - - 8.04 - - - 11.60 9.69 Fourth quarter .............. 8.02 - 10.04 9.17 - - 8.47 8.76 - - - - 10.15 1975 (P) First quarter . ....... ... - 8.25 9.71 9.00 - - 8.55 - - - - 9.26 9.68 Second quarter ........ - 8.75 9.47 8.75 8.25 - 7.75 8.23 - - - 9.88 9.12 9.13 (" Issues by the Asiaie Development Bank and the Inter-American Development Bank. (21) Issues by governments, public, and private corporations. (I) Issues by governmenits, public, and private corporations, and multilateral European institutions. (P) Prelhlolillary. Source: Woold Bank. 52 Bank Appendices Page A Balance Sheet . ... . . .. . . 104 B Statement of Income and Expenses . . . . .. . 106 Statement of Accumulated Net Income and Allocation of Net Income of Previous Fiscal Year . . ..... ... 106 Statement of Changes in Supplemental Reserve against Losses on Loans and from Currency Devaluations . . 106 C Statement of Changes in Financial Position . .. . 107 D Summary Statement of Loans . . 108 E Summary Statement of Borrowings. . ... 111 F Statement of Subscriptions to Capital Stock and Voting Power . . . 112 G Notes to Financial Statements. ..114 REPORT OF INDEPENDENT ACCOUNTANTS .... .... 116 H Statement of Loans Approved during the Fiscal Year 1974/75 . ... ..... 117 103 Balance Sheet June 30 1S75 and june 30. 1974 Eqpress2d n Jnited States -urrerc, (in thousands)-see Notes -o Financial Statements Akmend aG Assets 179 s974 DUE FROM BANKS AND OTHER DEPOSITORIES Unrestricted currencies (including interest-bearing, demand deposits $17,369-1975, $62,984-1974) - . S 85,423 $ 84.760 Currencies subject to restrictions-Note B . . 67,783 69,281 $ 153,206 154,041 INVESTMENTS-None C Obligations of governments and their instrumentalities (at cost or amortized cost; face amount $2,231.013-1975, $2,110,904-1974) .$2,197,938 2,088,968 Time deposits (at cost or amortized cost: face amount $2,592,572-1975, $ 1,609,336-1974).... . . ... 2,592,674 1,609,561 Accrued interest .. 75,738 77,389 - 366,350 3,775.918 RECEIVABLE ON ACCOUNT OF SUBSCRIBED CAPITAL (subject to restrictions)-Note B Non-negotiable, non-interest-bearing, demand obligations . . ... $ 382,626 398,939 Amounts required to maintain value of currency holdings . 10.847 16,276 393,473 415,215 LOANS (see Appendix D) . . $22.322,491 18,4671450 Less-loans approved but not yet effective . . . 2,459,208 1.835,081 Effective loans (including undisbursed balance $7,674.979- 1975, $6,142,871 -1974). . . 19,863,283 16.632.369 ACCRUED INCOME ON LOANS . . 211,336 178,534 RECEIVABLE FROM SALES OF INVESTMENT SECURITIES . 6,401 121,733 RECEIVABLE FROM PURCHASERS ON ACCOUNT OF EFFECTIVE LOANS AGREED TO BE SOLD (including undisbursed balance $24,215-1975, $45,545-1974) . . ..32,011 77,558 OTHER ASSETS Land and bui dings-less accumu ated depreciation ($8,416-1975, $7,269-1974). . . . . $ 57,644 58,602 Unamortized issuance costs of borrowings ... . 45,729 45,773 Exchange adjustments on capital subscriptions-Note B . . 87,775 99,212 Miscellaneous .. . . . 16,080 13,160 207,228 216,747 SPECIAL RESERVE FUND ASSETS-Note D Investment securities-obligations of United States Government and its Instrumentalities (at cost or amortized cost; face amount $288,107-1975, $294,685- 1974) ... . . . $ 292,538 292,515 Accrued loan commissions ... . . - 14 292,538 292,529 TOTALS . . . $26,025,826 $21,864,644 . 0)4 Appendix A International Bank for Reconstruction and Development Liabilities, Reserves and Capital 1975 1974 LIABILITIES Accrued charges on borrowings ......$. ...... ... ... ... 293,697 $ 235,918 Amounts required to maintain value of currency holdings-Note B 20,149 26,708 Accounts payable and other liabilities . . . 23.413 15,820 Payable for investment securities purchased, and sold under agreements to repurchase-Note C. .... .. 774 354,267 Due to International Development Association-Note E. . . 454,433 357,983 Undisbursed balance of effective loans (see Appendix D) Held by Bank . $ 7,674,979 6,142,871 Agreed to be sold .. . .24,215 45,545 7,699,194 6,188,416 BORROWINGS (see Appendix E) Principal amounts . .. .... .. .... ... .... .... ... $12,542,831 9,940,710 Less-amounts receivable under contracts 255,868 290,705 Principal amounts outstanding . . . . . .. $12,286,963 9.650,005 Less-net amounts of unamortized discounts and premiums . . . .. . 11,942 14,059 12,275,021 9.635.946 RESERVES Special reserve-Note D . . $ 292,538 292,529 Supplemental reserve against losses on loans and from currency devaluations (see Appendix B)-Note F ... ... ... 1,609,324 1,479,650 1,901,862 1,772,179 CAPITAL Capital stock (see Appendix F)-Note B Authorized capital ($27,000,000-United States dollars of 1944) Subscribed capital (United States dollars of 1944 $25,548.900-1975, $25,225,600-1974) ... ... ... $30,820,879 30,430.867 Less-uncalled portion of subscriptions (United States dollars of 1944 $22.994,010-1975, $22,703,040-1974). .. . . 27,738,791 27,387,780 3,082,088 3,043,087 Payments on account of pending subscriptions (see Appendix F) ... 224 18,555 Accumulated net income (see Appendix B)-Note F . 274,971 215,765 TOTALS.. .. $26,025,826 $21,864,644 105 Statement of Income and Expenses Appendix B International Bank for Reconstruction and Development ,or the fisc years ended -e 30. 1975 -d June H 1974 Expressed in b- ed States corrncy un t-ouacs,--see Notes Id Finnc S atemen.s. Appe-di G y !-* .,e 3n 1974 /75 19,7- 4 Income Income from investments'! . .. $ 382,712 S 267,387 Income from loans: Interest and commissions. 709,749 610,483 Commitment charges ... . .. . 55,913 43,851 Other income(2) . . . . 9,093 7,622 TOTAL INCOME $1157,467 $ 929,343 Less-amount equivalent to commissions appropriated to Special Reserve-Note C 9 53 Total Income Less Reserve Deduction . . $1,157,458 $ 929,290 Expenses AdFninistrative expenses3 .. $ 109,937 $ 91,020 Interest on borrowings ... . 764,988 614,710 Bond issuance and other financial expenses. . . 7,562 7,795 TOTAL EXPENSES . . . .. $ 882,487 $ 713,525 Net Income. . $ 274,971 $ 215,765 nc Icudes net capital ga ns of $5. 194,00nn etcapita I rsse s23.181,01 970 ) res t ng from sa es of invest-ents Th aeturn inc id ngne- cpita ga ns. earned on tre average amount of investments heid dning the year as 8.4% ' 9 - 97'. nciudes net ca p tal ga ns of $ .9.953 000 (s7 4 200-I - 17 4) resuti ng f o repuchases of obIga i tis of th e s an ursua- tc -he t erms of t he respet we bcrrcwing agreen ents 31 All administuat ve expenses of 'he Bark and the r-ernat onra Develonmee Assoc atiom and a portin n ' the expenses of the Internatin-al F nance Corcoratir are pa c by the Bden. A -aaaeannl ffee' s crarged nh tIe Assoc at on and a serv ce ond support fee tc the Corpaorpion represent ng .he ,resaecarve shares of the cos.s. -he adm n strative expenses shcwn are net of -he management fe" ($4702 SoCoo 1975 $43 18C 000 1974 and service and supoort -e (1- 45s oc- 1975r Sl 534 ooc- 1974r Statement of Accumulated Net Income and Allocation of Net Income of Previous Fiscal Year For the isc2 years eoded June 30. 975 a c June 39 1974 Expressed in UL ted States cu-recy (in thcusands)-s-e Notes to oinancia Statemerts. Append x a July une 3c 1974/75 1973174 Net income of previous fiscal year. . . . $ 215,765 $ 185,609 Net income of current fiscal year. . 274,971 215,765 Transfer to Supplemental Reserve against Losses on Loans and from Currency Deva uations . . (115,765) ( 75,609) Transfer to International Development Association . (100,000) )110,000) Accumulated net income . .. .. ..$ 274,971 $ 215,765 Statement of Changes in Supplemental Reserve against Losses on Loans and from Currency Devaluations Eor the fisca years ended Cune 30. 1975 nd June o. 1974 cepresscd i C -no State 0 c r an ahossa c CoteC t Firmc o'atenne 9Pm - aS uty -trne 30 1974 75 1973, 14 Balance at beginning of fiscal year ..$1,479,650 $1,457,817 Add-allocation of net income of previous fiscal year . .. . 115,765 75,609 Adjustment as a result of currency devaluations and revaluations during the fiscal year- Note F .. .. ...... ... 13,909 (53.776) Balance at end of fiscal year . . . . . . $1,609,324 $1,479,650 Statement of Changes in Financial Position Appendix C International Bank for Reconstruction and Development For the fisca years eded une 30. 1975 a LJune30 '174 EKpressed In Un ted States currercy mI thousrnds) see Notes to Financia Statements Appenr K G 1974475 173 7r4 Funds Provided Operations: Net incorne (see Appendix B) $ 274.971 $ 215,765 items not requiring or providing cash: Accruals of income on loans and investments (31.151) (17.547) Accruals of charges on borrowings and administrative expenses 59,007 25.104 Depreciation 1,379 1,379 Amortization ot discounts, premiums and bond issuance expenses 7,935 7,659 Cash provided by operations $ 312,141 $ 232,360 Borrowings . 3,387,192 1,908,485 Capital subscriptions and maintenance of value adjustments 55,682 58,649 Repayments of loans to the Bank 568,659 486,746 Sales of loans 47,734 27.245 Decrease (increase) in amounts receivable for nvestment securities traded 115,332 (121,733) Adjustment of borrowings as a result of currency devaluations and revaluations .. . 276,449 (276,805) Exchange adjustments as a result of currency devaluations and revaluations-Notes A and F 13,909 (53.776) Other 8,294 36.658 TOTALS $4,785,392 $2,297 829 Funds Used Disbursements on loans $2,096,260 $1,608,496 Retirement of borrowings 1,026,683 863,431 Payments on transfers to International Deve opment Association 3,549 93,893 Adjustment of loans outstanding as a resu t of currency devaluations and revaluations 194,723 (266.687) Decrease (increase) in amounts payable for investment securities traded 353,493 (354.267) Other 17,938 11.362 TOTALS $3,692,646 $1,956,228 Increase in Unrestricted Currency and Investments-Note C $1,092,746 $ 341,601 107 Summary Statement of Loans tune 30 1975 and june IC 1974 Es:essea an UnilEd Sates crrency ( n thousanrs) see Notes to -irancia Sta-ments. Appendii G JuLe 30 1975 Effctive oans acid -t Barn Lcans appr ond Dinsbure oUnd sbkrsed o atn nt ye! Me-ntatc linlh I a borrower or gi arantor(l) poat nc port or(11 ta e .,cct 0e04 Algeria .. $ 22.727 $ 163 390 $ 186,117 48,000 Argentina . 393.062 64,007 457,069 Australia ....... 119.995 16.502 136 497 - Austria 43.668 - 43, 668 Bangladesh . .... 55,529 - 55 529 - Belgiumr 3 022 - 3,022 Bolivia(5) ... 21300 - 21,300 32,000 Botswanao 35,454 86743 44,197 - Brazil 1,069,160 914489 1983,649 116,740 Burma . 5,3 56 - 5,3 56 Cameroon . 45,415 54.817 100,232 1,000 Chile ... 48,593 17 715 166,308 20,000 China . 260,453 19.462 279 915 Colombia 695,757 264,611 960,368 43,500 Congo, People's Republic of 33.028 - 33,028 Costa Rica .....88,540 42,528 131.068 41,000 Cyprus . . 41,382 9,401 50,783 14,000 Denmark . . 18,949 18.949 - Domin can Republic 23 ,493 - 23.493 29,000 Ecuador 46,408 36,441 82 849 4,000 Egypt, Arab Republic of.. . - 123,600 123.600 37,000 El Salvador 39,845 40,763 80608 - Ethiopia 84.507 8, 57 92 664 Fiji . . . . . 12,815 5,553 18.368 Finland . . 114,703 8.693 123 396 20,000 France . . 417 - 417 Gabon . 21,769 6,355 28.124 5,002 Ghana. . 45.416 - 45,416 23.000 Greece . 73,434 49,659 123,093 97 874 Guatemala 42,332 9,227 51,599 26,000 Guinea . 87,926 - 87,926 Guyana 13 569 18,400 31,969 8.000 Honduras . . 57,548 60,407 117,955 Ice and . 331 75 11,149 44,924 India . . .519.296 201 801 721,097 100,000 lndonesia 10,433 306,959 317,352 62 500 Iran .509,10 456,761 965,901 Iraq 31.834 108,916 140,750 Ireland . 64.278 59,588 123,866 - Israe . .. 114.579 72,080 186,659 35,000 Italy .. 95558 - 95,558 Ivory Coast 63.133 92.364 155.497 46,300 Jamaica 49,099 67 913 117,012 14,868 Japan . .... 527 080 - 527,080 Kenya 81141 54 953 136,894 75,500 Kenya, Tanzania and Uganda(') 146,019 62.568 208.587 Korea 286 168 393 587 679.755 115,000 Lebanon 11 228 36 549 47,777 I1(8 Appendix D International Bank for Reconstruction and Development Jume SO, 1970 Effective Ioans held by Bank Disbursed Undisbursed but not yet Members hable as borrower or guarae torul portjon:' porbi,n 5 Tota effectie,,, Liberia . ... ..... . $ 24,266 $ 7,099 $ 31,365 $ - Malagasy Republic 12,911 15,000 27,911 6.750 Malaysia 297,952 279,930 577,882 28,475 Mauritius - 18,500 18,500 Mexico 1.168,556 507,618 1,676,174 306,497 Morocco . .. . 224,026 185,710 409,736 18,500 New Zealand ... .... 67,528 - 67,528 - Nicaragua ... 47,526 37,611 85,137 Nigeria . ...... ... 351,274 189,793 541,067 193,000 Norway ..... 55,848 55,848 - Oman . . - 8,138 8,138 - Pakistan 332,780 74,167 406,947 60,000 Panama . . 51,145 53,855 105,000 24,000 Paraguay 19,226 24,150 43,376 Peru . . . . . 158,538 85,926 244,464 - Philippines . .. 203,222 328,266 531,988 55,000 Portugal 54,396 - 54,396 Romania 508 289,492 290,000 - Senegal 7,951 14,452 22,403 7,000 Sierra Leone . 13,573 499 14,072 5,000 Singapore . . . 96,437 33,327 129,764 24,586 South Africa ... 2,087 - 2,087 - Spain ... 287,134 68,679 355,813 32,450 Sri Lanka . 37,405 14,838 52,243 - Sudan . 85,120 - 85,120 - Swaazlland . . .... 3,500 3,500 7,000 Syrian Arab Republic - 88,000 88,000 79,453 Tanzania 83,041 29.394 112,435 15,000 Thailand . . . ... 284,379 205,212 489,591 - Trinidad and Tobago 33,342 41,724 75,066 - Tunisia . . . . 110,161 94,080 204,241 45,800 Turkey . . . .. 272,077 302,758 574,835 280,415 United Kingdom 4. 9,569 - 49,569 - Uruguay .. . 82,745 5,306 88,051 Venezuela .....e ... .. .. 258,711 33,782 292,493 Yugoslavia. 552,628 412,205 964,833 126,000 Zaire - - - 100,000 Zambia 150,981 177,848 328,829 32,000 Sub totals members() .... $11,785,376 $7,499,467 $19,284,843 $2,459,208 International Finance Corporation . . 267,879 175,512 443 391 Net amounts that will be due from member countries for maintenance of value of currencies on loan-Note B . . . 135,049 - 135,049 _ Totals June 30. 1975 ..... ........ . . .. . $12,188,304 $7,674,979 $19,863,283 $2,459,208 Totals June 30, 1974 . $10,489,498 $6,142,871 $16,632,369 $1,835,081 cont nued) 109 Summary Statement of Loans(-cntite: Appendix D J I 1 aFd una e H 1 97 4 Internationa Bank for FEp 'ed n ndited States cu--enscy (in thouseds) see Ntes- F unmia St3temerts Apseldix Reconstruction and Development Summary of Currencies Repayable on with the guarantee of 2 membero in territories which at the time were Effective Loans included in that memoer's membership but which subsequently be - A snOn o-mcame indeperdent and members of thr Bank n their own right (ex- Tar,2niss 97s 197' cept 'vialta which a though independent is Pot a member of the Bakh. in a I these instances (except in the case of a loan to the Pub- Argentite pesols . . ..$ 31 $ 1 89 U. Ii es Bcard of S ngapore guaranteed by Ma ays0a) these terri- Australnorcdollargs 1185.191 125417 tries lave assumed I abo ity as a borrower or guarantor. In order to Aosfrian sllings . . 55.640 47.04 avo d tounle coin: ng sabilities for these oans are shown under the Be ga n ftcs ros. . 227.227 206.002 name of the crig nal men-ber (whose guarantee coot nues unaf Brazil an cruze too 28,387 34.300 'otd.Tese soans ore noowo below togetner no~ lb 05 inoication cf Burmese hoats . 1.408 11 55 the member under whose name tohe are isledc Canadian dc lars . 336,632 3o11.00 Danish kroner . 39,132 30 490 A'OL n!S Deutsche maro 2,929,445 2.697.941 GAiAANTORS 19705 : 9 Finnish martkaa 29,125 27.043 E5 se,es istho sascsh Frech frarcs .. . . 214,967 176.560 Ghanaian cedis . . . . ..3,034 3,140 BELGIUM Greek drachmas 2,718 1,102 "Buarond and Rwanda $ 68 $ 87 Indian rupees . 44,894 44 787 Zaire 2,954 7.187 Iranian ria s 27,582 17,639 FRANCE Iraqi dtnars 2,948 2,778 Algeria 43 117 Irish Dtounds 12,251 12,532 MaLuitan a 374 1.427 Italia r lire . 131,253 125,200 'ALAYSIA Japanese yen . 1,591,426 1750,945 Singapore (Pulioc Uti 'ties Board) . 5,230 57144 Kuwaiti dinars.. 447,179 418 997 UNITED KINGDOM Lebanese pounds 35,155 27,299 6 Knya 1,788 2 033 Libyan dinars 140,936 131,723 'henya. Tanzania and Uganda . - 13 Luxemboburg francs 5,378 3 4 Ma ta . . 21 22 oalaysian dollars 29,342 2 6,503 Mauritius .1,969 2,019 Mexican pesos. . 40,914 37,084 N gena. 7,448 10354 Netherlands guilders 236,559 223,415 "Soutoerr Rondesia and Zambia . 19,683 20,542 Nosregian kroter 45,555 39,104 Singapore 9,989 10,899 Portuguese escudos 13,011 11,937 Swazland . 4,308 4 520 Pouods sterling 218,891 234,323 Tr niJad and Tobago 725 1347 Rials Oman 651 - Lgarda - 34 41 Saudi Arabian riyals 150,616 Zambia 918 1793 Singapore do] ats . . . . . . 4,912 4,389 "a ilio i o ntentfterrtoris istEd IS-ulhern RhoesE a sIrc udd in Cee South African rand 54,069 47.048 be5ship o -he un -ed Kilg-Ki Spankoh peset5s 58,220 53259 Six loass have aso been made to the International Finance 5r Lanco ropees ~~~~ ~~19 8 2 17 Croai Sudanese pounds 2,786 2.713 2 Ie princpal amounts of 13ans are repayaHe in amounts and Swedish kroror . . . . 106,734 93.707 tepicglaonso asaerp3hei mut n Swiss francs 7212,094 5981,678 currencies charged to the loan accounts at the time such amounts are Now Taiwan dol ars d19a786 10582 wiodroon. These amounts are translated into Un ted States dol ars as UntdAabwa m dote tirhs 19780670 29,222 described nr Note A. United Statb Emrates dts 3.2280,709 7,8 is. T-hese amounts do rot include $14,122,000 ($31,545,000- Veniedzuaes sol sores 122,762 22,613765 19741oDf effective loans oh oh the Bane nas agreed~ to sel I nd Venezuelan be ivares 127,7 62 2 2,6Q0 6 $10 od3,!)O ($1 1,001,000' 1974) grant participation. O the undis- Disbursed portion of effective cars hursed balance. the Banh Las entered ote irrevocab - commitments held by Bank. . $12,053,255 $10,344,540 to disburse $36,485D330 $' $9,924,000 1974). Add-net amtunts ,oat wi I be doe 14) Agreements prov d ng for these loans have beer approved by from member countries for main the Bank, but toe loans do not become effective and disbursements tenance of soue of currencies on thereurder do not start unti the loans and related agreemerts have oan Note B 135,049 144.958 been signed and the borrowers and guarantors, it any, take certain ____-__'__' acticn and turn sh certain dccuments to the Bank. Tn s amount is net $12,188,304 $10 499,498 of $9,742,Q00 ($1,219,009Q 974) oans not yet effective which Add uod stursed porticn ot effec the Bank has agreed to se I. The otoal of effective and non effective oive cans oeld by Bane 7,674,979 6,142,871 loans sold or agreed ho be scld is the equivalent of $2,5i0,871,000 Effective loans seld by Bank.. $19,863,283 $16 632,369 ($2,499,254.000-1974) and grant participation $101093,0Q0 ___________ ~~($11,0CLO.OOL 974). Loans are made (a) to toe mrember or (b' to a po.itical subedivi i5) 3ne loan equivalent to S23,250,000 is shoen under Bolivia sion or a public or a poivate enterprise in the territories of the membe - (Guarntor) but is also gua-anteed by Argentina with the members guarantee. In some instances loans were made. (1) Members jointly and severally oable. l, Summary Statement of Borrowings Appendix E International Bank for Reconstructioni and Development Juose 30, 1975 ond June 37 1974 Expressed n Jnited States rur,enry i shosands,i-see Notes ton F -ancial StatEnients, Appedrmi V.iagnted average effertive interos-, rases( Duea dates F' nc pals cutstandfinosa as of 1 9 7 17974 aune 30, Ocurone 1975 1975cons ~1974 Belgian francs .... . 7.1 4 7. 14 197741986 $ 80,85 1 $ 75,069 Canadian dollars ... .... .... 6.63 6.63 197 6-1993 145,289 154,922 Deutsche mark 7.32 7.20 19 75-1988 2,858,678(3) 2,450,370 French francs ... ..7.16 7.1 6 19 7 7 1987 37,129 3 1,1050 Italian lire . 6.67 6.67 19 76.1988 9 5,174 9 2,7 60 Japanese yen . . .7.37 7.2 3 1975-1988 1,63 6,9 16 14) 1,7 50,559 Kuwaiti dinars .. .... 7.10 7.1 1 1975 -1992 422,733 434,208 Lebaoese pounds .6.76 6.7 6 19 78 33,685 3 2,524 Libyan dinars.... 7.72 7.72 197 5 19 83 135,1513 1 35,45 1 Netherlands guilders .6.94 6.87 197 5-1988 195,883 184.426 Po un ds sterl In g 7.00 6.55 1976.1982 34,879 44,628 Saudi Arabian riyals....... . . 8.00 8.00 1984 143,267 142,500 Swvedish kronor.6.58 6.58 1979-1992 38,076 34,050 Swiss francs . . 6.23 5.88 19 75-1 991 792,987 (4) 566,000 United Arab Emirates dirhams . . 8.00 8.00 1980-1989 75,999 7 5,9 50 United States dollars. . 7.09 6.27 1975-1996 5,692,48505) 3,7 12,9 87 Venezuelan bolivares. .. . 7.91 7.49 1977.1989 123,687 23,256 Principal amounts at face value .. .. $12,542,831 $9,940.71 0 Less-amounts receivable under contracts ......255,86814) 29 0,70 5 Principal amounts outstanding at race naive $12,286,963 $9,650,005 Less-net amounts of unamortized discounts and premiums.. 11,942 14,0 59 TOTALS .. . .. . . . . .. $12,275,021 $9,63 5,546 ( The eftersVe sntaresL aetes v-n cosm put ed at tie daoes atfissue, and oc nude intenest vond discounts or pro mo my For covos stncny, announ eftetociv intorest oates haen been coavrteod itoo sum -nomnmia oquova eats The discounts on poem vms naye be og emoro and ov'er toe fe nf too assues by 'hoha bonds 5ousoanding mnoinod 11 F-v to [ov'ing-ralbin shonwstshe aggregvte prino pai amounto matmuur t ns, s nking find roquirements afnd o the csae ofsentain Cvanadidn 'vanes nansc mL etlve purohnss finn re, remnents. neaon yean for the finn yeers to isasng tne dune of th s state meat AMOUns.s 197 5 1 9714 Pe-iads (in thousnads) July 1, 1974 to Jute 30, 1975 . .$ - $ 985,49 7 July 1, 1975 to June 30. 1976 . 1,252,063 1,268,901 July 1, 1976 to June 30. 1977 ..... . ... 1,316,890 83 6,898 July 1, 19 7 7to June 30, 1978..... ... . 600,440 57 0,2 76 July 1, 19 78 to June 30, 1979 .. . 849,427 687,943 July 1, 19 79 to June 30, 1980 ........ .. 1,293,507 TDTALS . . . .. $5,312,327 $4,349.515 (3) The Bnkash sarer'angd to refinansoe a-. mafurity, August 9 175, totalslniing DM 030 miiiion (US equiaeinnt 012774 mil oaf hy ssuing new notes fa the same aggreeate amonts maturing as filnoass DM 140.7 mil] on 75S equivalent $02.9 mr ion) on FebrLany 1,10080, and DV 151.0 m liar (U5 equivaeier s00.5 miliion) on August I 1000. in: The amaousos snares nciude she fno swing conotracts In barrow ior sara nment on ahe sates sdicated oeic'.s Issues Amounts Soot omens oat en (in tohu sands) Japanese yen: Serial Obligations of 1975 (-Y4,300 million). ... $135,988r' Various - Swiss francs: 8¾o% Notes of 1975. doe 1982 (SwF 300 million) 119,880 July 1, 197 5 TOTAL ... .$255,868 -hne Bank bus entnrod inos an agrnemos wits Tore On'So Jateper to borroan upI tc 420600 m on (US equ[valer' '0143.7 m ron so ho d'nm.n do'sn f-am Imess lime at she optotn of ton Benk, fo rnp noesnix Sane.J Oblionnians matunino orinegtoe pe-mod fnrom lune 11, 1975 to Januaren 14 190 tan fers rareton on determ ned atonhe time of nach withdrnno~al. Tlhe Os nk made its tinst withdra,'nl aty 2,300 mll iaon (US equoaa ann $7.8 m Iliar) an u 0e 11, 1915, af an nterest nate at 0 54'i pe, annum. On Ju y 14, 17~ here Bank mrade its sass's t. hdrawa sf3. 12 000 mi son (LS equ van one $40 S mil on) as an lateness raneon sf 940 pea arsnum On intenrest safe af 8,6bO, has seer used ton determi ne toe e0fective lateness rante of toe undrawne par[ an 'a) Oar n0 Ja , 1975, -.he OarK has borrnaned on toa UJnited Sln)tno ano nagregajs mount sf5500 m ison through ore isusanne at 0300 million Five-Year Notes as an mnerest rateosf5 fC'O pea anrum ton meatre on July 15 1000 and $233 millioan Ten-Year N sons no en interEss rate at 0 dOSS per annum to mauetnon au -' 1 5, 190 5. 0 = 50. cc-- ~ ~ ~ ~ ~~~~~.-CC0 ,-~~~~~~25-~~E- = 2 2L C 5 a,o. CD >~~~~~~~. 5 0 = 0. DC _ -0~~~~~~~~ ~0 0 O 0 .sil 0~~~~~0 = Cr a, a, - - C~~~~~, r0 5 0 5~~~~ 4Ž. 0.F- * 2 o< D 0S 2 - - - -> - - -> -0 > > c-C - 0C'>0 - - - - --aNDC -0 C - , ~-C0 - i - - 0-.-.- - >-- .C O --c C, ,-C o- .o- --.- - >0-D-C - -4 - -o--,-. o c- -oo~ - c- - - - l 0 00 000 0a-- C -0 0 C 0000 -C-C 00 00 ->0 - - 00 0- 0 0 0 0 C--- 0-00 0 0 0- 0 0 C - 0 0 0 ->- -- -00 a -. . 00 - - O- -0 .0 0C.)-C 0 CC--CCCC--C0C-CC.>0-0-0-C,-.Co CO-0CO -,C- -.-C0- ---4 -CC. 0-Da.-C. - - -- - ---0--00-0 -OC - 00-44-OC.C-O- CC - - - - - - - - - - - --~~00- 0 00 *-. -0-C- - -- -- - a- > )> a CC - >CC-C oCC C 00 040 >~0 C >0- - -->D- -.> C D .--0-- - -Ž- - - - - - -- - -- - - ----- --0-. Ž>>0> D 0 0 1 -0 -C a)- Appendix F International Bank for Reconstruction and Development A-ttunts Pa,cd in Amounts sujc of eon It Subsroiptionsin (Note B) (Note B) Vot ng power Amounts expressed io Expressed in Expressed in Uitred States Untood States Expressed Unt ed States Expressed do ars ot the dtllars o' or-e in te. ars of the in so got and ,eelnht end ter,ent ,e gh anot current fineness n fieneess in doted tn eness ` Un ted Percent effect ton effect en States eef, e n States Number Perceno N embtots Snares of total to o t, f944 Juty 1, 1944 dollaens Ju e t. 1944 do[ ens of votes ot totaf Liberia 2 13 .08 $ 21,300 $ 2,13 0 $ 2,5 70 $ 1 9 ,1 70 $ 2 3,126 463 .1 6 Libyan Arab Republic . 200 .0 8 2 0,000 2,0 00 2,413 1 8,'000 2 1,7 14 450 . 16 Luxembourg. . . 2 00 .0 8 20,000 2,0 00 2,4 13 18,000 2 1,7 14 450 .1 6 Malagasy Republic 2 19 .0 9 2 1,9 00 2,190 2,642 1 9,7 10 2 3,7 77 469 .16 Marawvi 1 50 .0 6 1 5,0 00 0,500 1,8 10 1 3,5 00 1 6,2 86 40 0 .14 Malaysia I 1.5 87 .62 158,7 00 1 5,870 1 9, 14 5 142,830 1 72,303 1,83 7 .64 M ali ...1 73 .07 17,3 00 1,7 30 2,087 1 5,57 0 18,7 83 423 1 5 Mauritania . ...100 .04 10,0 00 1,000 1,20 6 9,0 00 1 0,8 57 350 .12 Mauritius .......1 88 .07 18,800 1,8 80 2,268 1 6,9 20 2 0,4 11 438 .15 Mexico ....... 2,280 .8 9 2 28,0 00 2 2.800 2 7,5 05 20 5,200 247,543 2,530 .88 Morocco. .. .. 960 .3 8 9 6,0 00 9.60 0 1 1,58 1 8 6.4 00 104.228 1,2 10 .42 Nepal ........1 12 .04 1 1,200 1.120 1,3 51 10.080 12.160 362 .13 Netberlands... ...... 5,923 2.32 59 2,3 00 59.230 7 1,452 533.070 643.08 6, 173 2.1 5 New Zealand . , ..... 1,7 16 .67 1 71,600 17.1160 70,701 154,440 186,308 1,9 66 .69 Nicaragua . .. ..91 .04 9,10 0 910 1,0 98 8.190 9,880 341 .12 Niger .... 100 .04 10.000 1,000 1.20 6 9,000 10.857 350 .12 Nigeria . .1,1 52 .45 1 15,200 1 1,570 13,89 7 103,680 125,0 74 1,402 .49 Norway ......... ..... 2,048 .80 204,8 00 20,480 24,7 06 184,320 222,3 54 2,298 .80 Oman . . 60 .02 6,000 600 724 5,400 6,5 14 310 .11 Pakistan. 2,000 .78 200,0 00 20,000 24.12 7 180,000 217,143 2,2 50 .18 Panamaf(' 176 .07 17,600 1,760 2,123 1 5,840 19,108 426 .15 Paraguay . 60 .02 6.000 600 724 5,400 6,514 310 .11 Peru ... .. . ...735 .29 73,500 7,3 50 8,867 66,150 79,800 985 .34 Philippines 1,3 22 .52 132,200 13,220 15,948 I118,980 143,531 1,572 .55 Portugal. 800 .3 1 80,000 8,000 9,6 51 72,000 86,857 1,050 .3 7 Qatar. 171 .07 17,100 1,7 10 2,063 15,390 18,566 421 .15 Rumania 1,652 1 .63 162,100 1 6,2 10 19,555 145,890 175,994 1,871 .65 Rwanda .....150 .06 15,000 1,500 1,8 10 1 3,500 1 6,286 400 .14 Saudi Arabia . 1,143 .45 1 14,300 1 1,43 0 1 3,789 102,870 124,097 1,3 93 .49 Senegal ...333 .13 33,300 3,3 30 4,017 29,9 70 36,154 583 .20 Sierra Leone . 150 .0 6 15,000 1,500 1,810 13,500 1 6,286 400 .14 Singapore . 320 .13 3 2,000 3,20 0 3,860 28,800 34,743 570 .2 0 Somalia . . . .. 150 .06 1 5,000 1,500 1,8010 13,500 16,286 400 .14 South Africa ..... 2,730 1.0 7 2 73,000 2 7,3 00 3 2,9 33 24 5,700 29 6,400 2.9 80 1.04 Spain.. 3,3 71 1.3 2 3 37,10 0 33,7 10 40,666 303,390 3 65,994 3.621 1.2 6 Sri Larka . . . . . 827 .3 2 82,7 00 8.27 0 9,9 76 74,430 89,789 1.0 77 .3 8 Sudan .. 600 .23 60,0 00 6.000 7,2 38 54,0 00 6 5,143 850 .3 0 Swaziland . .. ..68 .03 6,800 680 820 6,120 7,383 318 .11 Swedenl.... . 2,7 73 1.09 2 77,3 00 2 7,730 33,452 249.570 301.068 3,023 1.0 5 Syrian Arab Repbitif .400 .16 40,000 4,000 4.82 5 36,000 43,429 650 .23 Tanzania ...350 .14 35,000 3,500 4,222 31.500 38,000 600 .2 1 Thailand . 1,143 .45 1 14,3 00 11.430 13,7 89 102.870 124.097 1,393 .49 Togo.n.. 150 .06 1 5.000 1.500 1.8 10 13.500 16,286 400 .14 Trinidad and Tobago . ..535 .2 1 53,500 5,350 6,4 54 48,150 58,086 785 .27 Tunisia. 373 .15 37.3 00 3,730 4.50 0 33,570 40,497 623 .22 Turkey .... ..1,2 86 .50 128,600 12,860 15,5 14 1 15,740 139,623 1,536 .54 Uganda . .. ,,. 333 .13 33.300 3,330 4.017 29,970 36,154 583 .20 United Arab Er ...128 .05 12,800 1,280 1,544 11,520 13,897 378 .13 United Kingodm 2 6,000 10.18 2,600,000 260.000 3 13,6 51 2,340,000 2,822,8 56 26,250 9.15 United States. .64,73 0 25.34 6,473,000 647,300 780,869 5,825,700 7,027,825 64,980 22.66 Upper Volta . 100 .04 10,000 1,000 1,206 9,000 10,857 350 .12 Uruguay. 411 .16 41,100 4,1 10 4,958 3 6,990 44,623 661 .23 .Venezuela . 1,9 72 .77 197,200 19,720 23,789 177,480 214,103 2,222 .77I Viet-Nam 543 .2 1 54,300 5,43 0 6,5 50 48,870 58,954 793 .28 Western Samoa . 17 .0 1 1,700 170 205 1,53 0 1,846 267 .09 Yemeni Arab Republic . 85 .03 8.500 850 1.02 5 7.6 50 9.229 335 .12 Yemen, People's Dew, Rep. of ... 248 .10 24,800 2.480 2,99 2 22,3 20 2 6,9 26 498 .17 Yugoslavia ....1.17 8 .46 117,800 11,7 80 14,21 1 106,020 127,897 1,428 .50 Zaire . .960 .38 9 6,000 9.600 11,581 86,400 104,228 1.2 10 42 ZarrbiaMi 533 .2 1 53,3 00 5,3 30 6,43 0 4 7,9 70 57,869 783 .27 TOTALS 2 55.489 10 0.00 $25,548,900 $2,554,890 $ 3.082,088 $22,994,010 $27,738,791 286,739 100.00 i1 he equivalnt of S224,:S0 n torennt United States dciiers too boon reoce oed fete metbers ton accoint of ncreases in subscnipti2mns wnich ate in prooess ol comp etolt: Panama $60,t00. Syrian Arab Repubi o $25 5D5 and Zambia $1m9,c00 ~1 13 Notes to Financial Statements June 33, 1?75 a2d June 33 1974 Note A-Translation of Currencies balances and demand obligations. With respect to restricted cur- The financial statements are expressed in terms of the current United rencies out an loan, these obligations become effective only as and States do lar. Accounts in currencies other than United States dollars when such currencies are recovered by the Bank, except that in are translated into dollars at market rates of exchange prevailing at several cases the Bank and the members concerned have agreed to the fisca year-end with the following exceptions: buildings (and re- make provisional settlements of such obligations by means ot one or lated depreciation) and deferred charges accounts are translated at wrore paymentsover periods not exceedingfiveyears.The amounts thus historical exchange rates in effect when the buildings were acquired receivable $1,246,000 ($1,485,000-1974) or payab e $20,137,000 or the charges were incurred; accounts for income and expenses, oth- ($26,619,000-1974) by the Bank are included in Amounts Required er than depreciation and amortized deferred charges, are translated at to Maintain Value of Currency Ho dings under the headings Receivable an average of the market rates of exchange in effect during each fiscal on Account of Subscribed Capital and under Liabilities, respectively. year. The capital stock, which is expressed in terms of United States dollars of the weight and fineness in effect on July 1, 1944, is trans- Where market rates of exchange are not related to par values or cen- lated into current dollars on the basis of $1.20635 per 1944 dollar. tral rates as in the cases of a majority of members, and where there Translation adjustments, other than those relating to capital stock are differences between market rates of exchange and the rates at (see Note B). have been reflected as adjustments to the Supplemental which capital subscriptions of members have been paid or are pay- Reserve Against Losses on Loans and from Currency Devaluations. able, such differences are shown as Exchange Adjustments on Capital Subscriptions under the heading Other Assets. The amount thus es- No representation is made that any currency held by the Bank is con- tablished, $87,775,000 (S99,212,000-1974), which consists of no- vertib e into any other currency at any rate or rates. tional receivables $179,354,000 ($134,465,000-1974) and payables $91,579,000 ($35,253,000-1974),will become maintenance of value Note B-Capital Stock, Restricted Currencies and voligations if and when the provisions of Article 11, Section 9 of the Maintenance of Value Articles of Agreement or the resolution of the Executive Directors de- In tne Articles at Agreement at the Bank, the capital stack at the Bank scribed above become applicable. Under the present system of float- Is teAprtessdi tfgrermsetnite Sftates dB a rs,th captalsoko the 'wigt andkie in g exchange rates and the absence at establishment at, ar changes ns expressed an termsoflUnyit4d4,Santd lclaprises 270,000h aethorined in, the par values or central rates by most member countries, the tim- shares of the par value of $100,000 each, of which 255,489 shares g ato the estabhshment and settlement at maintenance at value obh have been subscribed (252,256-1974). Ten percent of the capital gutians tar these conares IS Lncerta n. subscriptions has been ca led and paid in: the remaining ninety per- Note C-Investments cent is subject to tall by the Bank only when required to meet the Tie market vane at investment secrities s 54,768,233,000 cam- obligations of the Bank created by borrowing or by guaranteeing oans. As to $24,656,703,000 ($24,344,693,000-1974) the restr cia n ano pared with a book va ue of $4,790,612,000 ($3,587,586,000 com callsis imased y th Artiles a Agrementand, s ne pared wiith a beak vn ie of $3,698,529.000-1974), including invest- $3,082.0883000 ($3,043,087,000-1974) by resolutions of the Board mentS net traded intne market which a e nee a tnest at at Governors. $1047909.000 ($1,703,230.00-1974). The itam Investments in- c udes securities purchased under agreements to resell amounting The portion of capital subscriptions paid in to the Bank is dividend inte to $600,000,000 ($15,000000-1974). At June 30, 1974. the item two parts: (1) S308,209,000 ($304,309,000-1974) initial y paid in Investments aiso includes $205,460,000 representing securities sold gold or United States dollars, and (2) $2,773879,000 uvder agreements to repurchase. ($2,738,778,000-1974) paid in the currencies of the respective Note D-Special Reserve members. Of this latter portion an amount of $121527.000 ($112,969,000-1974) was subsequently converted by members into Amounts of voan commissions have been se' aside pursuant to Article United States dollars, subject to the right of the Bank or the members IV, Section 6 of the Articles of Agreement as a Specia Reserve to be to reverse the transactions. The amounts initial y paid in gold or held in liqu d form and to be used on y for the purpose of meeting United States do] ars or subsequently converted by members into liabilities of the Bank on its borrowings and guarantees. The market United States dollars are freely usable by the Bank in any of its oper- value of nvestment securities set aside for this purpose is ations; however, the remaining amounts paid in the currencies of the 5301,091,000 ($280.514,000-1974). members, hereinafter cal ed restricted currencies, are usable by the Note E-Contributions to International Bank in its lending operations only with the consent of the respective Development Association members. At June 30, 1975 the equivalent of $1,968,486 000 ($1,923,347,000-1974) had been used with suic consent. Article 11 a ne Bank has authorized transfers by way of grants to the Inter- Section 9 of the Articles of Agreement arovides for maintenance, as of national Development Association totalling $915,000.000 from net in- the time of subscription, of the value of such restricted currenc es some for the fiscal years ended June 30, 1964 through June 30, 1974 requ ring (1) the member to make additional payments to the Bank ($815,000,000 through 1973). Of this amount $454,433,000 is pay- in the event that the par value of its currency is reduced or the able as of June 30, 1975 ($357.983 000-1974). fore gn exchange value of its currency has, in the apia an aftke Note F-Net Income and Bank. depreciated to a significant extent in its territories, and (2) Splemet Reserve the Bank to reimburse the member in the event that the par value 'upplemental Reserve of its currency is increased. On March 16, 1973, the Executive Direc- Of the $274,97',000 net income earned in the fiscal year ended June tors resolved that, for a I members that established centra raues for 33 1975, in Ju y 1975 the President of the Bank proposed to the their respective currencies, pending estab ishment of new par values, Executive Directors that they approve the a location of $164,971,000 maintenance of value obligations be settled on the basis of those to the Supplemental Reserve Against Losses on Loans and from central rates. These obligations of the members and the Bank become Currency Devaluations and that they recommend to the Board of effective immediately upon the happen ng of those events with re- Governors that she ca ance of $1 10i 00,0,0 be transferred by way of spect to hoidings of restricted currencies represented by currency grant to the International Development Assoc at on. I -14 Appendix G International Banh for Reconstruction and Development Of the $215,765,000 net income earned in the fiscal year ended June by the Bank separately from the assets of the Bank and the Corpora- 30. 1974, the Bank in October 1974 allocated $115,765,000 to the tion and can be used onlv for the benefit of the participants in the Supplemental Reserve Against Losses on Loans and from Currency De- Plan and their beneficiaries. The funding of the Plan is based upon a valuations and authorized the transfer of the balance of $100,000,000 percentage of salaries paid. The Bank and the Corporation contribute by way of grant to the International Development Association. that part of the cost and expenses of the Plan not provided by the contributions of the participants. Certain improvements in the benefit Consistent with past practice, the Supplemental Reserve Against Loss- provisions of the Plan became effective in 1974 and certain changes es on Loans and from Currency Devaluations has been credited during in the funding arrangements were made in the current fiscal year. the current fiscal year with $13,909,000 (charged with $53,776,000- 1974) representing net translation adjustments as a result of currency For the fiscal year ended June 30, 1975, the total cost of the Plan to devaluations and revaluations. the Bank amounted to $16,670,000 ($11.316,000-1974) which in- cluded amortization of unfunded liabilities over a period of 40 years. Note G-Staff Retirement Plan As a result of the changes in the benefit provisions and in the funding The Bank has a contributory retirement plan for its staff which also arrangements the net cost to the Bank for the year increased by ap- covers the staff of the International Finance Corporation. All contribu- proximately $4,304,000. tions to the Plan and all other assets and income of the Plan are held 115 Report of Financial Statements Independent Accountants Covered by the Foregoing Report 1801 K STREET, N.W. WASHINGTON. D.C. 20006 July 25, 1975 To INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT WASHINGTON, D.C. In our opinion, the accompanying financial statements (Appendices A Balance Sheet Appendix A (page 104) through G) present fairly, in terms of United States currency, the fi- S nancial position of International Bank for Reconstruction and Develop- Statement of Income and Expenses Appendix B (page 1D6) ment at June 30, 1975 and 1974, the results of its operations and the Statement of Accumulated Net Income changes in financial position for the years then ended, in conformity and Allocation of Net Income of with generally accepted accounting principles consistently applied. Previous Fiscal Year .Appendix B (page 106) Our examinations of these statements were made in accordance with generallv accepted auditing standards and accordingly included such Statement of Changes in Supplemental tests of the accounting records and such other auditing procedures as Reserve against Losses on Loans and we considered necessary in the circumstances. from Currency Devaluations . . . Appendix B (page 106) Statement of Changes in Financial Position Appendix C (page 107) Summary Statement of Loans .Appendix D (page 108) PRICE WATERHOUSE & CO. Summary Statement of Borrowings .Appendix E (page 111) Statement of Subscriptions to Capital Stock and Voting Power Appendix F (page 112) Notes to Financial Statements Appendix G (page 114) 116 Statement of Loans Approved Appendix H International Bank for Reconstruction during the Fiscal Year 1974/75anDelomt (US dollars) GUARANTOR Dase of Interes': Pr nc'pal Purpose a ndboorrmer approva Matur t es rats amsount Algeria Rural development ...... ...........June 26, 1 9 75 1978/1985 8'.2% $ 8,000,000 Algeria (Guarantor) Development tinance company-Banque Alg6riennie de D6veloppement Jone 26, 19 75 1976/1990 8½%& 40,000,000 Bolivia (Guarantor) Railways Il-Empresa Nacional de Ferrocarriles June 3, 197 5 1980/2000 8'/2% 32,000.000 Brazil Roads ... . .. January 14, 1975 1980/ 1994 8% 110,000,000 Education . .. . November 12, 1974 1985/2004 8 % 23,500,000 Agriculture . ..June 9, 1975 1980/2000 8(oJ% 23,000,000 Brazil (Guarantor) Railiways-Rede Ferroviaria Federal, S.A. (RFFSA) . January 14. 1975 1980/ 1999 8 % 17 5,000,000 Industry-Companhia Siderurgica Nacional (CSN) . June 9, 1975 1979/1990 814% 9 5,000,000 Cameroon Agriculture. .. ... September 5, 197 4 1980/ 1994 8 % 6,500,000 Roads (supplement) June 19, 19 75 1980/2000 KV2% 1,000,000 Chile Agriculture. ..May 8, 1975 1979/ 1995 81'ei% 20,000,000 Colombia Industry ... January 14, 19 75 1978/1986 8% 5,500,000 Land colonizatiofl.....May 22, 19 75 1979/1995 8'i~% 19,500,000 Agriculture..June 26. 1975 1981/2005 8;14% 21,000,000 Colombia (Guarantor) Communications-Empresa Nacional delTelecomunicaciones (TELECOM) January 14, 1975 1980/ 1994 8% 15,000,000 Water supply-Instituto Nacional de Fomento Municipal (INSFOPAL) . January 14, 1975 1980 /1999 8% 27,000,000 Costa Rica (Guarantor) Power-Instituto Costarricense de Electricidad (ICE)... Junle 9, 1975 1979/2000 81/4% 41,000,000 Dominican Republic Education 11. April 29, 1975 1985/2005 8 142% 8,000,000 Dominican Republic (Guarantor) Tourism-Banco Central de la Rep6blica Dominicana . .. . .October 29, 1974 1985/2004 8% 21,000,000 Ecuador Education......... May 22, 197 5 1980/2000 8'42% 4,000,000 Egypt, Arab Republic of Industry. ... .... . January 28, 1975 1980/1994 8% 40,000,000 Imports . .. .. ........ December 3, 1974 1980/1999 8% 35,000,000 Egypt, Arab Republic of (Guarantor) Transport-Suez Canal Authority .. December 3, 1974 1979/1994 8% 50.000,000 Railways-Egyptian Railways Organization (ER) ..March 20, 197 5 1979/1999 8)2% 37,000,000 El Salvador Sites and services.......October 29, 1974 1981/2004 8% 2,500,000 Finland (Guarantor) Development finance company-environmental control -Mortgage Bank of Finland Dy May 6, 1975 1977/1990 81/2% 20,000,000 Gabon Education .....December 3, 1974 19 79/1989 8% 5,000,000 Ghana (Guarantor) Telecommunications-Ghana Posts and Telecommunications Corporation (GPT) .. . .... .. June 9, 1975 1980/2000 81/2% 23,000,000 Greece Education June 3, 1975 1981/1990 8a/2 % 45,000,000 Greece (Guarantor) Development finance company-National Investment Bank for Industrial Development S.A.. ....June 5, 1975 19 77/1987 8'/2% 25,000,000 Guatemala (Guarantor) Telecommunications-Empresa Guatemalteca de Telecomunicaciones (Guatel) .... . ...April 15, 1975 1979/1995 81/2 % 26,000,000 Guyana Education II . .... .. ... April 15, 1975 1985/2004 81/2 % 8,000,000 Honduras (Guarantor) Power-Empresa Nacional de Energia Elketrica (ENEE) . January 7,5197 5 1979/ 1999 8% 35,000,000 India (Guarantor) Industry-Indian Farmers Fertilizer Cooperative Limited (IFFCO)........... January 7, 1975 1980/1990 8% 109,000,000 Industry-Industrial Credit and Investment Corporation of India, Limited (ICICI). April 1, 19 75 1978/1992 81/2 % 100,000,000 (continued) 1-17 Statement of Loans Approved during the Fiscal Year 1974/75(rn a (US do ars) GUARANTOR Dore of Ie iers Prncipao j;rpose and borrower aporoval Maturit.es rate amounot Indonesia Jakarta urban development . ... .. . . ... .... .... September 17, 1974 1979/1994 8% $ 25,000,000 Water supply .... .... .. ...... October 15, 1974 1981/2004 8% 14,500,000 Development tinance company . . ....... .... November 12, 1974 19 78/19952 8% 50,000,000 Industry ............ .... ... ..February 25, 1975 19 78/ 19 90 8o111 115,000,000 Irrigation . .....April 1, 1975 1981/2004 8'o2o% 65,000,000 Agricu tural research .... .... .. ..... May 13, 1975 1982/2000 8o 21,500,000 Power .. . ... . ... .... .. une 9, 1975 1982/2000 81% 41,000,000 Iran Fisheries . ....... ..... ..September 10, 1974 19 79/1988 8% 12,500,000 Iran (Guarantor) Agriculture-Agricultural Development Back ot Iran (ADBI) .. . .. Auguso 13, 1974 19 79/1989 8% 40.000,000 Israel Development finance company . . ...... .... . May 22, 1975 1978/1990 8Vo~% 35.000,000 Ivory Coast Education (supplement) .. ........ ...January 14, 1975 1979/ 1999 8% 2,200,000 Agriculture.... ........ ...... December 10, 09 74 1980/1994 8% 20,000,000 Sewerage and drainage .... ......... January 14, 1975 1978/1999 8% 9,000,000 Rural developmnento.... . .. January 14. 19 75 1981/1994 8% 31,000,000 Education .... . .... .......... May 13. 1975 1980/2000 8';)% 5,000,000 Tourism . ...... .. . .. ......... May 27, 1975 1980/1995 8)'t% 9,700,000 Jamaica Roads ............... .......... ...July 5, 1974 1978/1999 7io4% 13,500,000 Airports .. ........... .... .... .. Septemnber 5, 1974 1979/1999 8% 12,500,000 Jamaica (Guarantor) Water supply-The WVater Commnission, Kingston . ....... June 26, 1975 1979/2000 80.o 15,000,000 Kenya Agriculture. ................ ... .. March 11, 1975 1980/2000 8~.'o% 7,500,000 Sites and services . ............ .. .....April 29, 1975 1979/2000 8'/o% 8,000,000 Program loan..... .............. .. . . May 27, 1975 1982/1999 8 ~rb% 30.000,000 Forestry II ................. . ......June 19, 1975 1985/2000 8t/o% 10,000,00 Kenya (Guarantor) Oil pipelines-Kenya Pipeline Company Limited ........ ..... June 19, 1975 1985/2000 8 to~% 20,000,000 Korea, Republic of U rb a nizat i on........ ..... . ........ January 7, 1975 1982/1999 8% 15,000,000 Program loan ,~. . . .. .... ......... March 25, 1975 1980/1994 8½~% 100,000,000 Education . ................... ..... March 25. 1975 1982/2000 81'% 22,500,000 Railways .. .................. .. .... April 8, 19 75 1980/1999 8;.5% 100,000,000 Korea, Republic of (Guarantor) Development finance company-Korea Development Bank .. ..... March 20, 1975 1978/1992 8 '5~% 90,000,000 Liberia (Guarantor) Development finance company-Liberian Bank tar Development and Investment (LBDI)............. December 3, 1974 1976/1990 8% 4,000,000 Malagasy Republic Forestry .................... December 17, 1974 1985/1999 8% 6,750,000 Malaysia Land settlement .... ...... . ........ September 19, 1974 1982/199 7 8% 36,000,000 Agriculture ............ ..... .. ...... .. May 13, 1975 1982/2000 8 ti% 28,500,000 Malaysia (Guarantor) Power-National Electricity Board ............ ...... July 5, 1974 1979/1994 7¾1% 45,000,000 Mau ritius Education .... ........... July 23, 1974 1984/1999 7 "U% 3.~5 00, 000 Mexico (Guarantor) Integrated rural development-Nacional Financiera, S.A.D.October 29, 1974 1980/1999 8%x 50,000,000 Integrated rural development-Nacional Financiera, S.A. ......May 8,0197 5 1980/2000 8%% IO 110,000,000 Irrigation-Nacional Financiera, S.A .. ...... ......... May 8, 19 75 1982/2000 8',5% 150,000,000 lndustry-Financiera and Guanos y Feroilizantes de Mexico, S.A. (Guanomex) ..... ..... . ..... May 22. 19 75 1979/1989 8;.5% 50,000,000 Morocco Irrigation .M...... ... ....ay 6, 19 75 1980/1995 8;Vn% 18,500,000 Morocco (Guarantor) Development finance company-Banque Nationale pour le D6veloppement Economique (BNDE) .. ... ... December 19, 1974 1977/1990 8 % 30,000,000 Nigeria Agriculture ........ .... ...December 19, 1974 1980/1994 8% 21,000,000 Livestock. . . .... ... ... ... ...December 19, 1974 1981/1994 8% 21.000,000 Agriculture. .................... ..... December 19, 1974 1980/1994 8 % 29,000,000 Agriculture.. ....... ..... .... ....... December 19, 1974 1980/1994 8% 17.500,000 Agriculture ....... ........ .... December 19, 1974 1980/1994 8% 19,000,000 Agriculture. ................. . ..,. June 17. 1975 1980/199 5 8 V2% 17.000,000 Agriculture. . ... . ...............June 17, 1975 1980/1995 8Vn% 19,000.000 Agriculture. . ........-..... ..June 17, 1975 1980/1995 8F52% 29,500.00 Pakistan (Guarantor) Pipeline-Sul Northern Gas Pipelines Limited (SNGPL).........May 8, 19 75 1980/1997 8 (52% 60,000,00 Appendix H International Bank for Reconstruction and Development GUARANTOR Date of Interest Pr rcipa Purpose and horrower approva[ Matur ties rate amount Panama (Guarantor) Port-Autoridad Portuaria Nacional (APN) April 22, 1975 1979/1995 8½% $ 24,000,000 Paraguay Roads ... ....... . December 10, 1974 1980/1999 8%T/ 14,500,000 Agr ic uIt u re.. .. ... ... . . August 6, 1974 1979/1999 8% 10,000,000 Philippines Population . ..... July 2, 1974 1980/1999 7¾,% 25,000,000 Shipping . . . I . . ....I..... October 15, 1974 1978/1992 8% 20.000,000 Irrigation . ......December 17, 1974 1982/1999 8% 17,000,000 Rural developmelnt. . ...... April 8, 1975 1982/1999 8'/2 % 25,000,000 Industry ........ ........May 27, 197 5 1979/1991 8'A/~% 30,000,000 Philippines (Guarantor) Power-National Power Corporation (NPC).............. Ju ly 2, 1974 1978/1999 71/4 % 61,000,000 Development finance company-Philippine National Bank .November 5, 1974 1977/1991 8% 30,000,000 Romania (Guarantor) Steel-Banka de Investitlii...............July 5, 1974 1979/1989 7 ¼% 70,000,000 Power-Banka de Investitii . . July 5, 1974 1980/1999 7'/4 % 60,000,000 Irrigation-Bank for Agriculture and Food Industry (BPASlA) . .January 28, 1975 1980/1999 8% 70,000,000 Agriculture-Bank for Agriculture and Food Industry (BPASIA) . January 28, 19 75 1980/1994 8% 30,000,000 Senegal Agriculture .....May 20, 197 5 1980/1995 8 ½2% 7,000,000 Sierra Leone Roads (supplement) . .. ........ .. .... January 14, 1975 1976/1992 8% 2,300,000 Agriculture. . .... ...April 29, 1975 1980/2000 8~'~% 5,000,000 Singapore Environmental control ........I... . .. June 19, 1975 1979/1994 8V2% 25,000,000 Spain Livestock ..... ....... .. April 15. 19 75 1980/1990 8 ½2% 33,000,000 Swaziland WVater supply and sewerage ... ......November 26, 19 74 1979/1999 8% 3,500,000 Roads ... .....April 22, 19 75 1978/1997 8 /A% 7,000,000 Syrian Arab Republic (Guarantor) Power (supplement)-Etablissement Public de l'Electricitk . May 6, 1975 1978/1999 8 'A~% 8,600,000 Power-Etablissement Public de l'Electricit6 ....June 17. 19 75 1978/2000 8;ji% 72,000,000 Tanzania Agriculture ....................September 5, 1974 1979/ 1999 8% 9,000,000 Program loan .......December 17, 1974 1985/2004 8% 30,000,000 Industry..... ...... June 3, 1975 1980/1997 8 Ph2% 15,000,000 Trinidad and Tobago (Guarantor) Development finance company-Trinidad and Tobago Development Finance Company Limited (TTDFC) .December 3, 1974 1977/1988 8% 5,000,000 Tunisia Irrigation .. .. . .... .December 19, 1974 1982/1999 8% 12,200,000 Sewerage. .......January 28, 1975 1979/1999 8%T 28,000,000 Tunisia (Guarantor) Phosphate-Compagnie des Phosphates .. .... July 25, 1974 1978/1989 7 ¾4% 23,300,000 Turkey Agriculture . .. ....June 17, 1975 1981/2000 81/2 % 7 5,000,000 Turkey (Guarantor) Development finance company-Turkiye Sinai Kalkinma Bankasi, A.S, (TSKB) . .. .. ''''''''':January 7, 1975 197 7/1989 8% 65,000,000 Industry (supplement)-Istanbul Gubre SanayliiAnonim Sirketi (IGSAS). April 15, 1975 1977/1987 8 Vs~% 18,000.000 Yugoslavia (Guarantor) Railways-Zajednica Jugoslovenskih Zeleznica (CYR).....JuLly 2, 1974 1977/1999 7VG4% 93,000,000 Ports-Preduze0e "Luka Bar" Bar...November 26, 1974 1978/1999 8% 44.000,000 Water supply and sewerage-Vodovod Dubrovnik.... . December 19, 1974 1979 /1998 8% 6,000,000 Power-Elektroprivreda Bosne I Hercegovine-Sarajevo ..June 5, 1975 1980/2000 81/a% 70,000,000 Agricultural credit-Vojvodjanska Banka (VB)........ June 5, 1975 1979/1990 8 16 % 50,000,000 Zaire (Guarantor) Mining-Gecamines...January 16, 1975 1979/1989 8% 100,000,000 Zambia Urbanization . .. ......July 5, 1974 1979/1999 7C/4 % 20,000,000 Zambia (Guarantor) Power (supplement)-Kariba North Bank Company Limited (KNBC). July 5, 1974 197 7/1996 7V/4% 42,100,000 Telecomnmunications-Posts and Telecommunications Corporation (PTC) . ... ......May 27, 1975 1979/199 5 81/2 % 32,000,000 TOTAL of loans to or guaranteed by members . .. $4,3 19,650,000 International Finance Corporation . . February 11, 1975 1978/1995 8~/4% 50,000,000 TOTALM ........ . $4,369,650,000 Dones rot rciude Bangiadeshs consoiidation loan ot $54,85v5633 wvhicr replaced loans oslo raill' made to Pakistan and uch incrlcuded exchange nare sodjustmeros. IDA Appendices Page A Statement of Condition ....................... 122 B Statement of Income and Expenses ........................ 124 Statement of Transfers from International Bank for Reconstruction and Development ..... ......... .... .... 124 C Statement of Changes in Resources Available for Commitment ... . ... 125 D Summary Statement of Development Credits . ... . ........ 126 E Statement of Voting Power, and Subscriptions and Supplementary Resources. 127 F Notes to Financial Statements .................. . 129 REPORT OF INDEPENDENT ACCOUNTANTS ....... .. . .. .... 131 G Statement of Development Credits Approved during the Fiscal Year 1974/75 ...... .. ... .. 132 121 Statement of Condition June 30, 1975 and June 30, 1974 Expressed in United States currency (in thousands)-see Notes to Financial Statennents, Appendix F Assets 197' 1974 DUE FROM BANKS AND OTHER DEPOSITORIES Unrestricted currencies (including interest-bearing, demand deposits $44,192-1975, $42,753-1974) . ..... 314,567 $ 120,711 Currencies subject to restrictions-Note B ......................... 61,461 61,143 $ 376,028 181,854 INVESTMENTS-Note C Obligations of governments and their instrumentalities (at cost or amortized cost; face amount $144,157-1975, $332,744-1974) ............................ ........... $ 143,978 325,579 Time deposits (at cost or amortized cost; face amount $128,305-1975, $138,501-1974) .................... .......... ..... 128,305 138,501 Accrued interest ........................ ..... 4,118 9,789 276,401 473,869 RECEIVABLE ON ACCOUNT OF SUBSCRIPTIONS AND SUPPLEMENTARY RESOURCES-Note B Non-negotiable, non-interest-bearing, demand obligations Unrestricted ..... .................................. $2,193,742 1,900,839 Subject to restrictions .... ............................ . . 164,831 176,658 Amounts due on additional subscriptions and supplementary resources ....... 44,123 401,534 Amounts required to maintain value of currency holdings-Note D ... . ...... 16,752 39,713 2,419.448 2,518,744 RECEIVABLES-OTHER International Bank for Reconstruction and Development ........... ... $ 454,433 357,983 Non-member ................. ... - 1,450 Purchasers, on account of effective development credits agreed to be sold .... 5,200 459,633 359,433 DEVELOPMENT CREDITS (see Appendix D)-Note F .. $8,794,739 7,249,759 Less-development credits approved but not yet effective . ........... 785,950 520,300 Effective development credits (including undisbursed balance $3,081,171-1975, $2,816,330-1974) . . .......... ........... 8,008.789 6,729,459 ACCRUED SERVICE CHARGES ON DEVELOPMENT CREDITS-Note F .......... 10,471 8,239 OTHER ASSETS Exchange adjustments on subscriptions and supplementary resources-Notes B and D .................... ........... $ 49,112 73,680 Miscellaneous 6,050 154 55,162 73,834 TOTALS $11,605,932 $10,345,432 122 Appendix A International Development Association Liabilities, Subscriptions, Supplementary Resources, 1975 1974 Transfers and Accumulated Net Income LIABILITIES Amounts required to maintain value of currency holdings-Note D ...$ 9,273 $ 5,850 Accounts payable and other liabilities ............................. .. 269 90 Undisbursed balance of effective development credits (see Appendix D) Held by Association .... . ............ .................... $3,081,171 2,816,330 Agreed to be sold . ... .............. ............. 10,979 _ 3,092,150 2,816,330 Borrowings from Swiss Confederation-Note E ......... .... 72,727 60,667 SUBSCRIPTIONS AND SUPPLEMENTARY RESOURCES (see Appendix E)-Note G ........... ............. .. ........ 7,434,182 6,562,579 Payments on account of pending subscriptions ........................ - 65 TRANSFERS FROM INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT(see Appendix B) ... ...... ....... 907,530 810,820 CONTRIBUTION FROM NON-MEMBER ..... . ........................... - 7,250 ACCUMULATED NET INCOME At beginning of fiscal year-July 1 ................. ........ $ 81,781 69,939 Fiscal year (see Appendix B) ...... ... ................ ... ...... 8,020 11,842 89,801 81,781 TOTALS ....... ... ... ........ .... .... ................ . $11,605,932 $10,345,432 123 Statement of Income and Expenses Appendix B For the fiscal years ended June 30, 1975 and June 30, 1974 International Development Expressed in United States currency (in thousands)-see Notes to Financial Statements, Appendix F Association July I-June 30 S974/75 1973/74 Income Income from investments ........ ....... ....... $ 34,800 $ 30,982 Income from development credits ............... .. 33125 26,539 Exchange adjustments. . . ......... .... 309 (2,930) TOTAL INCOME ....... .................. $ 68,234 $ 54,591 Expenses Management fee to International Bank for Reconstruction and Development .......... . ......... S 47,602 $ 43,180 Net Operating Income $ 20,632 $ 11,411 Translation adjustments as a result of currency devaluations and revaluations . .(12,612) 431 Net Income . $ 8,020 $ 11,842 Statement of Transfers from International Bank for Reconstruction and Development For 'he fiscal years ended June 30, 1975 and June 30, 1974 Expressed in United States currency (in thousands)-see Notes to Financial Statements, Append x F July 1-June 30 1974/75 1S73/74 Balances at beginning of fiscal year, consisting of: Available for general purposes of the Association .......... $809,020 $702,000 Available for grants for agricultural research .............. ... 1,800 1,265 $810,820 $703,265 Transfers from the Bank during fiscal year: For general purposes of the Association ................... 94 450 106,800 For research grants for agricultural research and for control of onchocerciasis . ....................5. 550 3,200 Disbursed to approved grant recipients ........... .......... (3.290) (2,445) Balances at end of fiscal year, consisting of:(1) Available for general purposes of the Association ...... . $904,295 $809,020 Available for grants for agricultural research and for control of onchocerciasis . .......... .......... 3,235 1,800 TOTALS ................ . $907530 $810,820 (') The total accumulated transfers by way of grants from the International Bank for Reconstruction and Development aggregate $915,003000 ($&15,000,000-1974) of which an aggregate amount of $10.705,000 ($5,980,000-1074) may be used by the Association or has been disbursed for research grants. During the periods covered by this state ment 5825,000 ($220,000-1974) previnusly allocated for grants for agricultural research have reverted to the Association for its general purposes. 124 Statement of Changes in Resources Appendix C Available for Commitment International Development For the fiscal years ended June 30, 1975 and iune 30, 1974 Association Expressed in United States currency (in thousands)-see Notes to Financial Statements. Appendix F July 1-June 30 1974/75 1973/74 Resources Provided Net income (see Appendix B) ...........................$ 8,020 $ 11,842 Add (Less)-certain translation adjustments as a result of currency devaluations and revaluations . . 11,762 (992) Resources provided by operations $ 19,782 $ 10,850 From Members: Subscriptions, unrestricted . . 36,235 4,926 Supplementary resources . . 4,007,860 115,148 Adjustment of resources provided in prior fiscal year as a result of currency devaluations and revaluations ................................. (7,177) 168,892 Resources provided by members ...................... $4,036.918 $ 288,966 Transfers from International Bank for Reconstruction and Development ........ .......... 95,275 107,020 Cancellations and refundings ........... ............., 8,329 36,527 Grant participations in development credits ..... ........... 12,200 - Repayments of development credits .......... ...... . 10,641 6,707 TOTALS............................ $... 4,183,145 $ 450,070 Resources Used Development credit agreements approved ............. .... $1,576,150 $1,095,200 Net Increase (Decrease) in Resources Available for Commitment . .................... $2,606,995 $ (645,130) Resources Available for Commitment Beginning of fiscal year ................. . ........ . 169,896 815,026 End of fiscal year .... ....... ...... $2,776,891 $ 169,896 Composition of Resources Available for Commitment Unrestricted currencies. ........... $ 314,567 $ 120,711 Investments .................................. 276,401 473,869 Unrestricted receivables on account of subscriptions and supplementary resources . . 2.252,292 2,336,780 Receivables-other .................... ........... 456,398 357,633 Receivable from accrued service charges and other assets --- 28,273 53,487 Subscriptions and supplementary resources not yet due. ...... 3,336,594 169,897 Less-undisbursed development credits (including development credits not yet effective) and accounts payable ....... . ... ..... ... (3,887,634) (3,342,481) TOTALS .......................... ... $2,776,891 $ 169,896 125 Summary Statement of Development Credits Appendix D June S0O 1975 and June 30, 1974 International Development Expresoed in Unined Stateo currencv (in thousands)-sen Notes to Financial Statements~ Appendix FAsoito June 30. 1975 Effective deelonpment credits held by Assonciat on Dnevenpment Members in whorn crndito ap~proved teTritories doeveopment D1s bursed Undisbursed but noct yet credits have been madeM port ont2) pnrtinor0. Total e'ffctineM0 Afghanistan ...... ..... .... 10,516 $ 30,318 $ 40,834 $ 22,000 Australia: Papua New Guinea....... .. ...... 19,163 7,690 26,853 - Bangladesh .... . ..... ..... . 255,299 153,050 408,349 75,000 Bolivia...... ..... .. ..... 43,3 65 14,044 57,409 7,500 Botswana . .. .. ...... .. ... 1 1,555 4,463 16,018 - Burma. . . .... , ..... .. 6,275 67,725 74,000 21,000 Burundi . ... ... .. ...... ... 3.459 4,835 8,294 - Cameroon ....... ....... -. 43,764 26,248 70,012 18,200 Cenltral African Republic.... ........ . 9.648 3,729 13,377 - Chad_ .... ......... 9,894 14,793 24,687 - Chile. ..~...... ....... 22,024 22,024- China ......... .... ..... 15,266 -15.266 - Colombia ........ ...... ,- 22.603 - 22.603 Congo, People's Republic of .... .. ..... 11,424 10,470 21.894 - Costa Rica .................. 5,274 - 5,274 Dahomey...... .......17,655 9,852 27.507 4,000 Dominican Republic.... ... .....6,704 15,378 22,082 - Ecuador ............23,836 14,745 38.581- Egypt, Arab Republic of......... 53,511 132,425 185,936 30,000 El Salvador .. ... ....- 16,063 5,647 21,710 - Equatorial Guinea ........ . .... - 2,000 2,000 - Ethiopia..... ...... ........ 65,024 129,799 194,823 71,000 Gambia, The ...... ... ... 4,305 1,608 5,913 - Ghana. . ~ .. ... .... .... 38,939 36,915 75,854 13,600 Guinea ..... ......--- 7.000 Guyana ....... ..... . ...... 4,463 5,182 9,645 4,000 Haiti ... ...... .... ..4,658 5.7 52 10,410 20,000 Honduras ., ....... ....... 27,491 8,203 35,694 - India ...... ... ....... .. 2,439,102 1,058.966 3,498,068 177,100 Inldonesia . ............... 255,864 317,658 573,522 Ivory Coast .. ...... 547 6,953 7,500 Jordan ... ...... ........ 25,776 30,217 55,993 6,000 Kenya... .............. .. 77,671 50,483 128,154 25,500 Korea .. ..... ........ 84,928 30,372 115,300 - Lesotho......... . ........ 7,051 7,495 14,546- Liberia . 3,715 7,285 11,000 - Malagasy Repubilc ........... 49,87 0 29,915 79,785 6,750 Malawi ........ ...... ... 56,355 26,367 82,722 8,500 Mali . .... .......... 3 5,395 26,432 61,827 24,200 Mauritania . . .... ....... .. 13,225 9,838 23,063 3,000 Mauritius ...... ..... ... .. 6,828 13,591 20,419 - Morocco ..... ....... . 30,435 9,024 39,459 14,000 Nepal . ........... .... 4,336 28,458 3 2,7 94 - Nicaragua ........... 11,092 12,415 23,50 7- Niger ................. .. 17,226 6,580 23,806- Nigeria . . ~ . , ..... ..... 36,018 3,634 39,652 - Pakistan .. ............ .... 471,475 93,376 564,851 30.000 Paraguay ............ .. .. 25,434 16,045 41,479 - Philippines .... ....... , ..... 15,267 16,949 32,216 - Rwanda. .... ........... 11,118 11,451 22,569 8,000 Senegal. ... .... ..... 36.334 40.454 76,788 8.000 Sierra Leone. .. .. . .... ..... 8,919 2,115 1 1,034 5,000 Somalia.. ............ , .. 25,721 28,503 54,224 - Sri Lanka ...... .. .. 36,744 14,302 51,046 4,500 Sudan ........... 25,198 96,611 121,809 53,000 Swaziland.. ... ..... 3,261 5.000 8,261 - Syrian Arab Repablic..... ...... . 10,134 38,404 48,538 - Tanzania ...... ... ....71,833 98,348 170,181 - Thailand . ...... 2,489 29.511 32,000 - Togo . ... ..4,670 14,345 19,01.5 - Tunisia . ....49,538 21.156 70,694 - Turkey ...... .......... .. 135,263 60,401 195,664 - Uganda.. ... . ....... .... 37,9112 10.666 48,578 - Upper Volta... ..............8,319 14,586 22,905 24,500 Western Samoa ........ ..... . 724 3,676 4,400 Yemen Arab Republic ...... .. ..... 5,240 32,910 38,150 27,100 Yemen, People's Democratic Republic otf.-.. . 2,733 9.983 12,716 15,500 Zaire. ........__...31,680 -41,825 73,505 52,000 TOTALS June 30. 1975 .......$4,927,610 $3,081,171 $810087 89 $785,950 TOTALS June 30, 1974.............$3,913,129 $2,816,330 $6,729,459 $520,300 0)AHI develepmert credits have been made to member govern ments or to the gosernment nfba territory et a memobet. 0 )The disbursed portions at June 301, 1075 include adjustments to ref lect the devaluations of the Unites Slates dollor Im 1972 anrd in 1073. sOIThease amounts do nor include 101,079,000 1n0l-1974) grant participations. Of toe undishursed balance at Sore 30, 1975, the Association has entered into Irrevocable co mmitments to disburse S90117,000 ($7,804,000-1074). ('iAs at June 30, 1075, agreements in the amount ot 993.700,000 prosiding tor these deoelopment credits have been approved but rot signed. to addition, agreements tee deveopmepnet credits ifl the amount ot $602,253 000 bane beet siuned, but the deselopment credits do net becnme effectise sod disbursements thereunder do not nstrt 126 until the borrower takes certain octien one furnishes certain documents to the Association. Statement of Voting Power, Appendix E and Subscriptions International Development and Supplementary Resources June 30, 1975 Expressed in thousands of units of currency-see Notes to Financial Statements, Appendix F Amnonrts of subsuriptions and supplementary Amounts of subsoriptesus ,nd resources under supplemootary renoruos througi toe faurth Total subscriptions and Voting power the third replenishment i replenistrent12) supplementary resourcea) Expressed in Expressed Expressed Expressed United States a in In dollars of the current cerrent current weigt and fine- United United United Number Percent ress in effect on States States States Percent Membersi I of votes of total January 1, tUtU dollars dollars dollarst51 of total Australia .-................ . 40,550 1.63 $ 111,980 $ 135,087 $ 80,623 $ 215,710 2.00 Austria ... -.-.-. .16,842 .68 34,560 41,691 32,913 74,604 .69 Belgium .-.-.-.-.-.-.-. .32,052 1.29 77,700 93,733 80,406 174,139 1.62 Canada ..... ..-.-.-......... 105,286 4.22 304,530 367,369 268,201 635,570 5.90 Denmarh ............ . ... . 27,257 1.09 70,840 85,458 56,337 141,795 1.32 Finland ..........-.-.-.-.- . 13,701 .55 22,448 27,080 26,138 53,218 .49 France .-..............-.. 112,817 4.53 362,032 436,737 264,917 701,654 6.51 Germany, Federal Republic of .... 174,725 7.01 476,560 574,897 527,392 1,102,289 10.23 Iceland ... -.-.... ..- . . 5,931 .24 550 664 733 1,397 .01 Ireland .8.......... . 8,080 .32 7,030 8,480 6,823 15,303 .14 Italy .-.......-.-.-.... . 21,239 .85 193,240 233,115 - 233,115 2.16 Japan .......... 136,039 5.46 285,320 344,196 444,029 788,225 7.32 Kuwait .-......- .. 14,031 .56 22,920 27,650 27,486 55,136 .51 Luxembourg6 ............... , 6427 .26 2,550 3,076 2,365 5,441 .05 Netherlands ...........- .... 52,693 2.11 141,080 170,192 137,892 308,084 2.86 New Zealand ..... -........ 8,410 .34 - - 17,089 17,089 .16 Norway ................... 22,463 .90 49,320 59,497 55,325 114,822 1.07 South Africa . ..... . 10,725 . 43 20,080 24,223 8,485 32,708 .30 Sweden ...-... - -72,225 2.90 206,225 248.779 192,060 440.839 4.09 United Kingdom . . -...... . 213,176 8.55 694,300 837,568 454,957 1,292.525 12.00 United States ........ 626,654 25.14 2,072,290 2,499,904 1,500,000 3,999,904 37.13 TOTALS PART I MEMBERS .... 1,721,323 69.05 $5,155,555 $6,219,396 $4,184,171 $10,403,567 96.56 Afghanistan .... -,.-7,771 .31 $ 1,049 $ 1,265 $ 39 $ 1,304 .01 Algeria ............- ...- .. 14,335 .58 4,186 5,050 145 5,195 .05 Argentina .. -............... 14,677 .59 19,720 23,789 - 23,789 .22 Bangladesh .........-.-17,274 .69 5,589 6,742 115 6,857 .06 Bolivia ...........- . 2,473 , 10 1,101 1,328 - 1,328 .01 Botswana .........-...- ... 1,859 .07 166 200 - 200 (4) Brazil ........ -....... 46,526 1.87 19,720 23,789 769 24,558 .23 Burma- .......... 3,138 .13 2,099 2,532 - 2,532 .02 Burundi .............- ..- .. 2,273 .09 790 953 - 953 .01 Cambodia ............... 7,826 .31 1,060 1,279 5 1,284 .01 Cameroon ....... -...-...- .. 702 .03 1,010 1,218 - 1,218 .01 Central African Republic .. .... 600 .02 500 603 - 603 .01 Chad ......2........ 2,093 .08 519 627 - 627 .01 Chile ....... -....... ... 1,206 .05 3,530 4.258 - 4,258 .04 China 71,247 2.86 31,436 37,923 1,122 39,045 .36 Colombia .............- ... 13,289 .53 3,717 4,483 181 4,664 .04 Congo, People's Republic of .... 600 .02 500 603 - 603 .01 Costa Rica 6,023 .24 208 251 7 258 (4) Cyprus ...... -......- ... 2,273 .09 790 953 - 953 .01 Dahomey- ............- , 600 .02 500 603 - 603 .01 Dominican Republic ......-... 6,483 .26 435 525 60 585 .01 Ecuador .........-.- ..... 2,200 .09 676 815 - 815 .01 Egypt, Arab Republic of .--,.. 16,620 .67 5.277 6,366 192 6,558 .06 El Salvador ...............- .. 6,244 .25 331 399 11 410 (4) Equatorial Guinea .... 1,- 1,967 .08 332 401 - 401 (4) Ethiopia 6,687 .27 539 650 19 669 .01 Fiji- 2,130 .09 581 701 . 701 .01 Gabon- 2,093 .08 519 627 - 627 .01 Gambia, The ... . -.......1,93 1 .08 277 334 - 334 (4) Ghana- 3,372 .14 2,452 2,958 - 2,958 .03 Greece 3,480 .14 2,618 3,158 - 3,158 .03 Guatemala 6,474 .26 415 501 15 516 l4) Guinea 2,437 .10 1,049 1,265 - 1,265 .01 Guyana 2, 3 0 8 ..-2,308 .09 842 1,015 - 1,015 .01 Haiti 2,273 .09 790 953 - 953 .01 Honduras .... .......-1,951 .08 311 376 - 376 (4) India 93,187 3.74 41,919 50,569 1,357 51,926 .48 Indonesia ...... .-...29,692 1.19 11,531 13,911 412 14,323 .13 Iran .-.......... 15,455 .62 4,717 5,690 172 5,862 .05 Iraq ...........-.-... 7,246 .29 790 953 28 981 .01 (continued 127 Statement of Voting Power, Appendix E and Subscriptions International Devlomet0 and Supplementary Resources (,t,,d June 305,19 75 Expressed in thousands of units of currency-see Notes to Financial Statements, Appendix F Amnounts a! subscriptins and supplxoe nn"ary Amounts of'subscr ptions and resounces under Supplementary ressu-oes through the fourtr Total Subscriptions and Vcting power the snird reiqlenishmrioti"n rep enishme ntra Supplementary nusourcesa) Expressed in Expressed Expressed Expressed United States isn in dollars of the currntr crrent curront weight en'd fine- Jnired Unite Os ited iNnumer Peruent nsus in effect en drates States Status Percert N.enmhersr of vores ef tonal January 0, O960 00 la-s dollars dollans 0) ot tenal Israel. ................ 9,386 .38 $ 1,145 $ 2,106 $ 68 7 $ 2,793 .03 Ivory Coast ..... .......... 7,711 .3 1 1,049 1,265 39 1,304 .01I Jordan ...... ......... 6,242 .2 5 3 11 3 76 1 1 387 (4) Kenya. ....... ....... 2,904 .1 2 1,745 2,106 - 2,106 .0 2 Korea . . ... .. 8,350 .33 1,309 1,579 39 1,618 .02 Laos ..... . .. 6,68 5 .27 519 6 27 15 642 .01 Lebanon....s... 590 .02 450 543 - 543 .01 Lesotho ,. ... ..... 5,9 50 .24 166 200 6 206 (4) Liberia ... ...... 2,273 .09 790 9 53 - 953 .01 Libyan Arab Republic . . .. 2.437 .10 1,049 1.265 -1,2 65 .01I Malagasy Republic . ..... 702 .03 1,0 10 1.218 - 1,218 .01 Malawi ....... ... 2,246 .29 790 953 28 981 .01 Malaysia .... .... 11,0359 .44 2,618 3,158 93 3,251 .03 Mali ..:.... .. . .. 2,346 .09 904 1,090 1,090 .01 Mauritania . .. ..... 2.093 .08 519 627 - 627 .01 Mauritius . .... 1,480 .30 924 1,1 14 29 1,143 .01I Mexico ... .... ... 2.248 .09 8,740 10.543 - 10,543 .10 Morocco . ..... .... 4.168 .17 3,667 4,424 - 4,424 .04 Nepal . ...... .. 6.685 .27 519 627 18 645 .01 Nicaragua .... ........ 6,242 .25 311 376 11 387 141 Niger .... ,, .... . 600 .02 500 603 - 603 .0 1 Nigeria .. ..... 4.057 .16 3,49 1 4,211 - 4,2 11 .04 Omnan . ......... 6,244 .25 331 399 11 410 141 Pakistan .... .... 27,53 1 1.10 10,582 12.76 5 376 13,141 .12 Panama ..... ...504 .02 20 24 - 24 141 Paraguay......1,9 51 .08 311 376 376 141 Peru.. .... ..854 .03 1,7 70 2.135 - 2,13 5 .02 Philippines.... .... .. 16,583 .67 5,296 6,388 289 6.67 7 .06 Rwanda ........... 652 .03 760 911 - 917 .01I Saudi Arabia. ... , 1,240 .05 3,7 00 4,463 - 4,463 .04 Senegal . ..... 9,240 .3 7 1,745 2,106 65 2,17 1 .02 Sierra Leone ..... 7,246 .29 790 953 26 979 .01I Somalia ..... ... 7,246 .29 790 953 28 981 .01I Spain ......... 29,746 1.19 12,59 0 15,188 13,497 28,68 5 .27 Sri Lanka ._ .... 12,166 .49 3.148 3,797 102 3,899 .04 Sadan... ...... 7,77 1 .3 1 1,049 1,265 33 1.298 .01I Swaziland ......... 1,9 68 .08 332 401 - 401 141 Syrian Arab Republic ..... 7,65 1 .31 987 1,19 0 36 1,226 .01 Tanzania ......2,904 .12 1.745 2,106 - 2.106 .02 Thailand ....12,166 .49 3,148 3,797 112 3,909 .04 Toga .. a_d ......2,273 .09 790 953 - 953 .01I Trinidad adTobago .. .... 770 .03 1,350 1,629 -1,629 .02 Tunisia . ....... 2,793 .11 1,569 1,893 - 1,893 .02 Turkey . ........ 18,229 .7 3 6.086 7,341 335 7,676 .07 Uganda .. ...... 2,904 .12 1.745 2.106 - 2,106 .02 Upper Volta ... _ .... 6,685 .27 519 627 19 646 .01I Viet-Nam ....... ... 8,889 .3 6 1.569 1,893 38 1,93 1 .02 Western Samoa. .~.. ... 1,812 .07 94 113 - 113 141 Yemen Arab Republic .. .... 6,53 3 .26 446 539 16 555 .01I Yemen, People's Dem, Rep. atf 8,17 5 .33 1,226 1,47 9 44 1,523 .01 Yugoslavia ... .., 15,57 5 .62 8.080 9,747 4,405 14.152 .13 Zaire. .... ..3,823 .15 3,138 3,785 - 3.785 .04 Zambia..._.....1,038 .04 2.690 3.24 5 -3.24 5 .03 TOTALS PART II MEMBERS . .. 771,69 1 3095 $ 286,113 $ 3 45,15 3 $ 2 5.0 57 $ 370,210 3.44 GRAND TOTALS .. .... 2,49-3,014 1-00.0-0 55,4 4 1.6 68 $6,5 64,5 49 $420 9,2 28 $1_0,77-3,7 77 100.00 V See Note B. Appendix F, fer an explanation of the too categories of members. (2: See Note A, Appendix F for details negarding translation info curreno Uitred States dellars rf subscriptions end so pplementary resources provideo by moembers. (ol Incledes amounts aggregating $S.1383718,000 equivalent in current United States dollars mreivable from members, of whmch $44.t23.l00 ecissivaent '.as past oue at dene 3D. 0975 and the balance, $3,339.595,00C equivalnot. wos nor per doe, rer Les than .035 percent. 1 28 Notes to Financial Statements Appendix F International Development Association june 30, 1975 and June 30, 1974 Note A-Translation of Currencies in the event that the par value of its currency is increased or the for- The financial statements are expressed in terms of the current United eign exchange value of its currency has, in the opinion of the Associ- States dollar. Asset and liability accounts in currencies other than ation, appreciated to a significant extent in its territories. United States dollars are translated into dollars at market rates of ex- The provisions of Article IV, Section 2 have by agreement beenl extend- change prevailing at the fiscal year-end. Subscriptions and supple- edtcoradionlsbrpinsndupemtryeoresf mentary resources provided by initial subscriptions and by the first e Association through tsb third it pnenishment but are not appuc - three replenishments, which are expressed in terms of the United thelAssociation througth replenishment b States dollar of the weight and fineness in effect on January 1, 1960, cabe to those of the fourth replenshment. are translated into current dollars on the basis of $1.20635 per 1960 On June 19, 1972, the Executive Directors resolved that for all mem- dollar. Subscriptions and supplementary resources provided by the bers that established central rates for their respective currencies, fourth replenishment, which are expressed and payable in the mem- pending establishment of new par values for their currencies, main- bers' currencies, are translated (1) at the market rates of exchange tenance of value obligations be settled on the basis of those central prevailing at the fiscal year-end for amounts receivable and for rates. The Executive Directors further decided that with respect to any amounts received and not yet disbursed and (2) at the market rates of member currency functioning under a system under which the market exchange prevailing on the dates of disbursements for those amounts rate is not confined within the announced limits, maintenance of val- which have been disbursed (see Note G). Accounts for income and ue obligations for currencies disbursed would be determined on the expenses are translated at an average of the market rates of exchange basis of market rates in effect on the respective dates of in effect during each fiscal year. Translation adjustments, other than disbursement. those relating to subscriptions and supplementary resources (see Note D), have been reflected in the Statement of Income and Where market rates of exchange are not related to par values or cen- Expenses. tral rates as in the cases of a majority of the members, and there are differences between market rates of exchange and the rates at which No representation is made that any currency held by the Association subscriptions and supplementary resources of members through the is convertible into any other currency at any rate or rates. third replenishment of the Association's resources have been paid or are payable, such differences are shown as Exchange Adjustments on Note B-Restricted Currencies Subscriptions and Supplementary Resources under the heading Other The membership of the Association is divided into two categories: (1) Assets. The amount thus established, $49,112,000 ($73,680,000- Part I members, which pay all subscriptions and supplementary re- 1974), which consists of notional receivables $96,085,000 sources provided to the Association in convertible currencies which ($88,565,000-1974) and payables $46,973,000 ($14,885,000- may be freely used or exchanged by the Association in its operations; 1974), will become maintenance of value obligations if and when the (2) Part 11 members, which pay the ten percent portion of their initial provisions of Article IV, Section 2 of the Articles of Agreement or the subscriptions in freely convertible currencies and the remaining nine- resolution of the Executive Directors described above become appli- ty percent of initial subscriptions and all additional subscriptions and cable. Under the present system of floating exchange rates and the any supplementary resources provided to the Association in the mem- absence of establishment of, or changes in, the par values or central bers' own currencies. The Articles of Agreement of the Association and rates by most member countries, the timing of the establishment and subsequent replenishment agreements provide that the currency of settlement of maintenance of value obligations for those countries is any Part 11 member paid in by it may not be used by the Association uncertain, except that, as mentioned above, maintenance of value ob- for projects financed by the Association and located outside the terri- ligations for applicable currencies disbursed are being established at tories of the member except by agreement between the member and the time of disbursement. the Association. The amounts of $61,461,000 ($61,143,000-1974) under the heading Due from Banks and Other Depositories, Note $167,155,000 ($181,964,000-1974) included under the heading Re- E-Borrowings from Swiss Confederation ceivable on Account of Subscriptions and Supplementary Resources The Association has entered into agreements to borrow a total of SwF and $37,352,000 ($28,432,000-1974) included in Exchange Adjust- 182 million (US equivalent $72.727,000) from the Swiss Confedera- ments on Subscriptions and Supplementary Resources under the tion. The first loan for SwF 52 million was made in fiscal year 1967 and heading Other Assets are subject to such restrictions. the second loan for SwF 130 million was made in fiscal year 1973. The loans carry no interest and are each repayable in forty annual instal- Note C-Investments ments commencing July 1, 1979, in the case of the first loan, and The market value of investment securities is $272,330,000 com- November 1983 insthe illcabse ofthe respect ve principal amounts pared with a book value of $272,283,000 ($462,941,000 com- and the remaining thirty instalments will be 3% of such principal pared with a book value of $464,080,000-1974) including amounts. investments not traded in the market which are valued at their cost of $120,542,000 ($163,020,000-1974). The item Invest- ments includes securities purchased under agreements to resell Note F-Development Credits amounting to $102,000,000 ($12,000,000-1974). The principal amounts disbursed and outstanding on development credits and the accrued service charges are denominated in United Note D-Maintenance of Value States dollars of the weight and fineness in effect on January 1, 1960. Article IV, Section 2 provides for the maintenance, as of the time of The equivalent is payable by the borrowers in currencies which the subscription, of the value of the Association's currency holdings or de- Association determines to be freely convertible or freely exchangeable mand obligations substituted therefor representing ninety percent of by the Association for currencies of other members of the Association, each member's initial subscription, to the extent that such currency except that such amount would be reduced if (1) there is a uniform has not been initially disbursed or exchanged for the currency of an- proportionate reduction in the par values of the currencies of all mem- other member. This Section requires: (1) the member to make addi- bers of the International Monetary Fund or (2) the Association so de- tional payments to the Association in the event that the par value of cides because of a substantial reduction in the value of one or more its currency is reduced or the foreign exchange value of its currency major currencies of members. The foregoing does not apply to a devel- has. in the opinion of the Association, depreciated to a significant ex- opment credit of $9,000,000 which is expressed and is repayable in tent in its territories and (2) the Association to reimburse the member legal tender dollars. (continued) 129 Notes to Financial Statements cvntnsed Appendix F International Development Association June 30.1975 and June 30. 1974 Note G-Subscriptions and Supplementary Resources The method of translating the accounts relating to subscriptions and supplementary resources has been set forth in Note A. As at June 30 these accounts are as follows: 1071 1974 (uS currency-in thousands) Initial Subscriptions and First Three Replenishments: Subscriptions (United States dollars of 1960 $1,063,664-1975, $1.063,502-1974) .................................... .... $1.283,150 $1,282,955 Supplementary resources (United States dollars of 1960 $4,378,004-1975, $4.377,394-1974) ......5........ ............. 5,281,399 5,280,665 $6,564,549 6,563,620 Less-portion for which payment is not yet due ................... --- 526 1,041 $6,564.023 $6,562,579 Fourth Replenishment: Subscriptions ..... .................. . ...................... $ 33,435 Supplementary resources ..... . 4,175,793 Advance contributions ...... ............. .................. - 168,892 $4,209,228 168,892 Less-portion for which payment is not yet due. . 3,339,069 168,892 870,159 _ TOTALS. 7,434,182 $6,562,579 The aggregate amount of $3,339,595,000 not yet due, will be due as follows: Fiscal years Amounts (in thousands) 1976 ...... ............................ $1,254,332 1977 ........ . .. ... .... 1,261,468 1978 ........... ................................. .......... 448,658 1979 ...... ........ ........ .................... 375,137 TOTAL .... ..... ...... .... ... ........... $3,339,595 130 Report of Financial Statements Independent Accountants Covered by the Foregoing Report 1801 K STREET, N.W. WASHINGTON, D.C. 20006 July 25, 1975 To INTERNATIONAL DEVELOPMENT ASSOCIATION WASHINGTON, D.C. In our opinion, the accompanying financial statements (Appendices A Statement of Condition ... . ............. Appendix A (page 122) through F) present fairly, in terms of United States currency, the fi- Statement of Income and Expenses Appendix B (page 124) nancial position of International Development Association at June 30, StemnofIc eadExns,.. Apnix (ge14 1975 and 1974, the results of its operations and the changes in finan- Statement of Transfers cial position for the years then ended, in conformity with generally from International Bank for accepted accounting principles consistently applied. Our exam- Reconstruction and Development ...... . Appendix B (page 124) inations of these statements were made in accordance with generally accepted auditing standards and accordingly included such tests of Statement of Changes in Resources the accounting records and such other auditing procedures as we con- Available for Commitment ......... Appendix C (page 125) sidered necessary in the circumstances. Summary Statement of Development Credits. . . Appendix D (page 126) Statement of Voting Power, PRICE WATERHOUSE & CO. and Subscriptions and Supplementary Resources . . Appendix E (page 127) Notes to Financial Statements . . ... Appendix F (page 129) 131 Statement of Development Credits Approved during the Fiscal Year 1974/75 US do, a ) Date of Senoc'e Principal Purpose and borrower approval Maturities charge amount Afghanistan Second agricultural credit ...... .. ..... ...... April 15, 1975 1985/2024 a14 $ 13,000,000 WVater supply and sanitation .......... .... ...June 5. 1915 1985/2024 %4% 9,000,000 Bangladesh(') Third import program ..... .. ...... .... October 8, 1914 1985/2024 ¾~~% 50,000,000 Third import program (amendment) ................ February 2], 1975 1985/2024 '14 % 25,000,000 Fedtilizer .......... .... ........... January 28, 1975 1985/2024 5'4% 33,000,000 Population. .. . ................ .... February 25, 1975 1985/2024 ¾/~% 15,000,000 Barisal irrigation ....... .... ..... April 22, 1915 1985/2024 0% % 27,000,000 Bolivia Agricultural credit .... ... ........ ... June 19, 1975 1985/2025 a/4% 7,500,000 Burma Forestry ..................... .July 11, 1974 1984/2024 d4% 24,000,000 Telecommunications ........ ..... ..... May 27, 197 5 1985/2025 3/4%0 21,000,000 Cameroon Rubber estate ......... .. ....june 3, 1975 1985/2025 s51% 16,000,000 Education (supplement) ...............June 19, 1975 1979/2019 5%1,200.000 Roads (supplement) ........ .. .... .....June 19. 1975 1980/2019 51/% 1,000,000 Dahomey Education ....... .... .... ..... ..... June 19, 19 75 1985/2025 3/4% 4,000,000 Egypt, Arab Republic of Industry.. ...-.... ................. December 3, 1974 1985/2024 514% 35,000,000 Telecommunications ........ ... .... .....May 8, 1975 1985/2025 51% 30,000,000 El Salvador Sites and services .. .....-...... ......... October 29. 1974 1985/2024 514% 6,000,000 Ethiopia Lower Adiabo agricultural development . ..............September 17, 1974 1984/2024 51 % 9,500,000 Highways ......... ........... ..I.I April 29, 19175 1985/2025 3/4 5 32,000,000 Telecommunications ...... ....... ...... ... May 6, 1975 1985/2025 51% 16,000,000 Education .... .......... .... May 27, 197 5 1985/2025 a/4% 23,000,000 Ghana 0il palm .. ................ .... February 18, 1975 1985/2024 51%T/ 13,600,000 Guinea Irrigation and pineapple development ... ......... .. June 26, 1975 1985/2025 31% 7,000,000 Guyana Education ......... ..... .....April 15, 1975 1985/2024 ¾/4% 4,000,000 Haiti Highways...... .................. June 5. 1915 1985/2024 51% 20,000.000 India Rajasthan Canal Command Areu development............. July 16, 1914 1985/2024 51/% 83,000,000 Sindri fertilizer .. ............ ..... ... November 26, 1974 1985/2024 0/4 % 91,000,000 Rajasthan dairy development .... ........ , ... December 5, 1974 1985/2024 51%T 27,700,000 Madhya Pradesh dairy development .. . ....December 5, 1974 1985/2024 5%16,400,000 Drought prone areas . . . ... ........ ... December 5, 1974 1985/2024 5%35,000,000 Industrial imports .............. ......... February 11, 1975 1985/2024 51/% 100,000,000 Godavari barrage ........ .... .. ..... February 11, 1975 1985/2024 a4/% 45,000,000 Agricultural Refinance Corporation (ARC......... April 15, 1975 1985/2024 514% 75,000,000 West Bengal agricultural development ........... .. April 22, 1975 1985/2024 51% 34,000,000 Industrial imports (amendment) . ........... February 27, 1975 1985/2024 ¾ % 100,000,000 Chambal Command Area development . .......... ... June 17, 197 5 1985/2025 N/ % 24,000,000 Jordan Rural development and irrigation .... .... ......Judly 2, 1974 1984/2024 0/4 % 7,500,000 Education .. ......... . ... ..... .. March 4, 1975 1985/2024 51% 6,000,000 Industry-potash engineering . ............ June 19, 1975 1980/1985 a4% 1,000,000 Power ....... .... .... June 9, 197 5 1985/2025 514% 5,000,000 Kenya Group farm rehabilitation ....... ............ March 11, 1975 1985/2025 s51% 7,500,000 Sites and services ... .... .. .......April 29, 1915 1985/2025 N % 8,000.000 Agriculture-forestry ... .......... June 19, 1975 1985/2025 51/% 10000,000 Lesotho Education .... .......... .... .... July 11, 1974 1984/2024 514% 4,000,000 Malagasy Republic Livestock and rural development . .. .... .... ... July 16, 1974 1984/2024 51/% 9,600,000 Agri culIt ure- fo restry ...... ... ....... ... December 17, 1974 1984/2024 ~ 44 % 6,750,000 Does not ifolclde Dangladesh consolidation credit at $31,044.965, wahich rep aced credits original y mode to Pakistan. 132 Appendix G International Development Association Date of Service Principal Purpose and borrower approval Maturities charge amount Malawi Highways.....................December 3, 1974 1985/2024 3/% $ 10,000,000 Agricultural development ....... ......... ... March 20, 197 5 1985/2025 s/4 % 8,500,000 Mali Livestock ............... .... .... February 11, 1975 1985/2025 ¾/~% 13,300,000 Agriculture (supplement) .......... ....February 11, 1975 1982/2021 '/4 % 2,600,000 Highways (supplement) ..... ........... .. June 3, 1975 1983/2022 3/4% 8,300,000 Mauritania Highways, ............. . ... November 12, 1974 1985/2024 a/4 % 3,000,000 Mauritius Education . .......... . .....July 23, 1974 1984/2024 0/4 % 3,500,000 Morocco AgriculIt ure. ................... . . June 5, 1975 1985/2025 /4 % 14,000,000 Pakistan Telecommunications ...... ......... September 5, 1974 1985/2024 0/4 % 36,000,000 Development finance company . ................. May 6, 1975 1985/2025 314% 30,000,000 Paraguay Small farm credit and rural development ..I.....August 6, 1974 1985/2024 0/4 % 11,000,000 Rwanda Education ..... .. ... ..... .....June 9, 1975 1985/2025 /4 % 8,000,000 Senegal Education ..... ..... ....... .... January 28, 1975 1985/2024 /4 % 15,000,000 Irrigation .-......... .. ... .... .. . .. April 29, 1975 1977/1985 /4 % 1,000,000 Agricultural development ........ ............ May 20, 1975 1985/2025 /4 % 7,000,000 Sierra Leone Rural development ........ .. ...... April 29, 1975 1985/2025 04~% 5,000,000 Somalia Education ............ .... August 6, 1974 1984/2024 5/4 % 8,000,000 Sri Lanka Dairy development ...... .. ..........July 11, 1974 1984 /2024 0/4 % 9,000,000 Program credit ..................September 17, 1974 1984/2024 0/4 % 15,000,000 Development finance company . ............ June 26, 1975 1985/2025 0/4 % 4,500,000 Sudan Education ... ........... .... April 29, 1975 1985/2025 3/4%0 10,000,000 Power ..... ..... ...... ..... . ... .. May 22, 1975 1985/2024 3/4% 23,000,000 irrigation (supplement).. ...... ........... June 26, 1975 1983/2023 ¾14% 20,000,000 Swaziland Education ............. .. ..... .... November 26, 1974 1985/2024 /4 % 5,000,000 Tanzania Sites and services ... ...... ...July 2, 1974 1984/2024 %4% 8,500,000 Highways ......- . . ......... ..... August 6, 1974 1984/2024 3/4% 10,200,000 Rural development ..... ..... ... ........August 6, 1974 1984/2024 /4 % 10,000,000 Kilombero sugar development .. ....September 5, 1974 1984/2024 /4 % 9,000,000 Togo Cocoa and coffee development . ..... ......... July 23. 1974 1984/2024 0/4% 6,000,000 Upper Volta Livestock ......... .... May 27, 1975 1985/2025 /4 % 9,000,000 Rural roads . ........ ...... ...... June 26, 1975 1985/2025 Ye4% 7,500,000 Western Samoa Highways ........ . .. March 4, 1975 1985/2025 ¾/4% 4,400,000 Yemen Arab Republic Agricultural development ..... .....May 6, 1975 1985/2025 /4 % 10,000,000 Highways ... .... June 17, 1975 1985/2025 /4 % 9,000,000 Water supply and sewerage ......... . .. .. .. June 17, 1975 1985/2025 45% 8,100,000 Yemen, People's Democratic Republic of Fisheries (supplement) . .... ....... January 28, 1975 1983/2022 0/4% 1,600,000 Education . ....... .. .... . . July 11, 1974 1984/2024 /4 % 5,400,000 Highways .... ..... .. .... ..... .... May 22, 1975 1985/2025 /4 % 15,500,000 Zaire Highways. r.......I.. ...... . ... . ... February 11, 1975 1985/2024 /4 % 26,000,000 Rail and river transportation .. .. .......... . June 3, 1975 1985/2025 /4 % 26,000,000 TOTAL ...... -......... . . ................. $1,576,150,000 133 Bank/IDA Appendices Page 1 Bank and IDA Lending Operations by Major Purpose and Region .. . 136 2 Approved Bank and IDA Lending Operations by Country . ... . 138 3 Administrative Budgets of the Bank and IDA 140 4 Governors and Alternates of the Bank and IDA .... .... .... ... 141 5 Officers and Department Directors of the Bank and IDA ... . . . 143 World Bank Offices . . . . 144 135 Bank and IDA Lending Operations by Major Purpose and Region Cumno ulae trotaJ nofeas ne- cedis aprg ed June t 95~ (LOS m 025s) 3see loses co current cororosro b? region Luope Mido de Eost East. _ar< As I Eassernc V/otrne A ortq America, sod Scnt Purpese0') Afric a Africa Aica Caribbeanr Pa citec As sTeen AGRICULTURE, FORESTRY AND FISHING Agricultural credit.S - $ 3.5 $ 234.5 $ 128.9 $ 39.5 $ - $ 456.4 Area development .27.9 88.0 9 2.7 246.6 198.0 52.2 205.2 Eoon and non-food crops .. . . .. 52.4 252.4 550.0 32.0 - - 281.8 Irrigation, flood control aod drainage . 3 5.0 12.5 43 6.2 431.3 3 33.5 149.0 1,452.5 Forestry and fishing ... .... ... 24.2 - 317.5 8.7 42.3 1 13.2 Crop processing and storage. - 34.9 84.8 34.3 - 154.0 Livestock ., , . . . . . 5.3 3 2.6 83.0 50 3.0 2.5 63 1.4 Agricultoral research ... . . - - 1 2.7 - 50.5 - 62.2 Other .... 5.6 -2.3 2 2.2 - 26.3 5 6.9 Subtotal ... .... .... .... 5 1 55.9 $ 344.0 $ 9 43.8 $ 1,4398.0 5 20 5.1 5 222.3 $ 3,8 14.1 EDUCATION .. . .. .... $ 64.0 $ 96.3 $ 233. 1 $ 208.4 S 1 54.2 $ - 5 2156.0 IN DUSTRY Iron and steel . .. .. .. ..- $ - $I15.1 $ 409.0 $ - $ 1 89.0 $ 283.1 Pulp and paper ..... .. ..- 40.0 20.0 - 4.2 64.2 Fertilizer and other chemicals . .. - 112.0 50.0 1 15.0 126.0 443.0 Mining, nther entraction...... . . 1327.5 1 31.0 723.3 96.8 - 54.5 493.1 Small industry and industrial estates. - - 40.0 - 3 0.0 2 70.0 Development finance companies ..... 26.0 24.0 1,1427.2 263.0 42 5.5 6 56.2 2,54 1.9 Other........ ... .... . 15.0 0.6 209.4 22.5 - - 247.5 Subtotal........ . $ 7 18.5 $ 1 55.6 S1,797.0 $ 8 61.3 $ 520.5 11,079.9 $ 4,642.8 NON-PROJECT..... $ 130.0 $ 80.0 $ 168.0 $ 60.0 $ 100.0 $ - $ 53 8.0 POPULATION ..... . .... - $ - $ 16.5 $ 5.0 $ 30.05$ - $ 5 1.5 POWER ... ....., . . .. $ 397.1 $ 278.2 $1133.6 $3,202.0 $ 879.8 $ 292.7 $ 6,183.4 TECH N ICAL ASS ISTAN CE ,. . . .. $ - $ - $ 2.8 $ 13.2 $ - $ - $ 16.0 TELECOMMUNICATIONS ... ,, .. $ 10 1.6 $ 54.3 $ 1 58.0 $ 255.7 $ 1 10.3 $ 27.5 $ 707.4 TOURISM ,..... .... $ - $9.7 $ 49.6 $ 43.0 $ 25.0 $ - $ 127.3 TRANSPORTATION Aviation . .. .... . $ 29.0 $ 3.0 $ - $ 74.5 $ - $ 5.6 $ 1 12.1 Highways ..186.7 18 1.03 612.5 1,3 75. 1 369.1 39.9 2,7 69.3 Pipelines.... .. ... . ... ... 20.0 - 148.9 2 3.3 I116.2 308.4 Ports, waterways and shipping ..8 1.3 15 1.3 475.3 1 51.1 16 6.0 109.8 1,13 4.8 Railways.. ..... .... . . 197.9 63.2 594.5 646.5 3 79.2 520.2 2,402.0 Other .. . .......28.0 2 5.0 - - - 53.0 Subtotal .... ..... . $ 542.9 $ 423.5 $1,83 6.2 $2,270.5 $ 914.8 $ 79 1.7 $ 61779.6 URBANIZATION.. ..... $ 28.0 $ - $ 53.0 $ 22.9 $ 56.0 $ - $ 1 59.9 WVATER SUPPLY AND SEWERAGE. ... . $ 2 2.6 $ 23.5 $ 23 7.4 $ 393.0 $ 156.6 $ - $ 833.1 TOTAL .... ..$1,620.6 $ 1,465.1 $6,629.0 $81773.0 $3,102.3 $2,4 19.1 $24,609.0 Po Ecept toe ehe teeni shoawe in fnooenote 4, non acoente is taen ofncatnacenJt ors ace refuned.ngs suboequjent to origina commitement~ amounes of cancellat ens are refu.d no gs are shown b0v ccutery anrd purpose to eke Sentemenes of noans anrd of Deoelepment Credits we eh are 000ailab e on renquest. Sore lanrs of TAP0 millimeon toIFPC are excludea. One entorouning, torn s may nonL agree with ehooe grown it Appetdix 2. [2 Operat ons rare been cooss fired op tee waoir purpose theey finance. Mane' proj;ects nclude aceiv ty ir mare ehan ete seefer or subsector. (1 Inelodes 0497 m lien n Eufopean reconsotruction ocats moon betore 1952. Caneellatiofls, term nationo, are refundings eotal St 059 m. lioe. This tiguren includes $A6 mu.JInn of loans and $17 PP n ion nf eredits mane to Pakistan in earlier ynars toe development proijects in ifs form or easeern wing, rare nangladesh. The tooans andf eredies were reaceivated, in revised form, an cemmlemenes eo Bnogladesh. -136- Appendix 1 IDA cred ts by reg on Europye M ddle East Tota Bank Bank East, Latin As a and IDA to loans to Eastern Western North America, and South current past Total Africa Africa Africa Caribbean Pacif c Asia Iota borrowers borrowers Bank and IDA $ 14.6 $17.0 $ 47.0 $18.5 $15.5 $ 465.2 $ 577.8 $ 984.2 $ - $ 984.2 141.7 69.1 20.0 - 14.0 119.0 363.8 1,069.0 12.2 1,081.2 48.1 64.8 15.0 - 121.8 - 249.7 531.5 - 531.5 118.9 28.5 175.4 18.5 121.2 398.0 860.5 2,263.0 59.8 2,322.8 16.8 1.3 7.1 - 10.0 24.0 59.2 172.4 7.0 179.4 16.3 - - - - 101.2 117.5 271.5 40.0 311.5 90.9 36.3 29.5 53.5 10.6 83.1 303.9 935.3 - 935.3 - - - - - - - 62.7 - 62.7 10.0 14.0 - - - - 24.0 80.9 - 80.9 $ 457.3 $231.0 $294.0 $ 90.5 $293.1 $1,190.5 $2,556.4 $ 6,370.5 $ 119.0 $ 6,489.5 $ 166.4 $ 95.9 $ 68.8 $ 24.1 $ 91.4 $ 49.5 $ 496.1 $ 1,252.1 $ 12.9 $ 1,265.0 $ - $ - $ - $ - $ - $ - $ - $ 783.1 $ 156.2 $ 939.3 2.0 - - - - - 2.0 66.2 - 66.2 - - 21.4 - 35.0 262.0 318.4 761.4 - 761.4 2.5 - - - - - 2.5 495.6 - 495.6 4.0 - 2.3 - 16.5 9.5 32.3 102.3 - 102.3 49.5 - 52.0 6.2 25.0 79.5 212.2 2,754.1 32.8 2,786.9 - - 18.7 - - - 18.7 266.2 184.1 450.3 $ 58.0 $ - $94.4 $ 6.2 $ 76.5 $ 351.0 $ 586.1 $5,228.9 $ 373.1 $ 5,602.0 $ - $ - $35.0 $ - $ - $1,525.0 $1,560.0 $2,098.0 $1,115.1(3) $ 3,213.1 $ 12.0 $ - $9.8 $ - $ 13.2 $ 36.2 $ 71.2 $ 122.7 $ - $ 122.7 $ 35.8 $17.1 $ 40.9 $50.3 $111.0 $ 268.0 $ 523.1 $6,706.5 $ 796.7 $ 7,503.2 $ - $ - $ - $ - $ 15.0 $ 6.0 $ 21.0 $ 37.0 $ - $ 37.0 $ 37.4 $ 8.9 $30.0 $ - $ 12.8 $ 375.7 $ 464.8 $1,172.2 $ 27.8 $ 1,200.0 $ - $ - $10.0 $ - $ 16.0 $ 4.2 $ 30.2 $ 157.5 $ - $ 157.5 $ - $ 5.0 $2.5 $ - $ - $ - $ 7.5 $ 119.6 $ 16.2 $ 135.8 358.2 202.5 86.5 113.3 88.4 110.4 959.3 3,728.6 457.1 4,185.7 - - - - - - - 308.4 - 308.4 58.0 6.0 - - 19.9 163.7 247.6 1,382.4 49.8 1,432.2 30.0 34.9 38.5 8.0 40.0 459.2 610.6 3,012.6 295.3 3,307.9 _ - - - - - - - 53.0 - 53.0 $ 446.2 $248.4 $127.5 $121.3 $148.3 $ 733.3 $1,825.0 $ 8,604.6 $ 818.4 $ 9,423.0 $ 19.5 $ 8.0 $9.3 $ 26.0 $ - $ 35.0 $ 97.8 $ 257.7 $ - $ 257.7 $ 4.1 $ 13.9 $ 63.1 $ 3.0 $ 4.4 $ 114.6 $ 203.1 $ 1,036.2 $ 2.0 $ 1,038.2 $1,236.7 $623.2 $782.8 $321.4 $781.7 $4,689.0 $8.434.8 $33,043.9 $3,265.0 $36,308.94) 137 Approved Bank and IDA Lending Operations by Country Curqulnuive -otal. Jun- 30, 1n75 ~LS dolla~s) Bank loans IDA cred ts TOTAL Nunnbe-') 4rcunr NVrnerr, Am%snt Num-sEol A,m5lt Afghanistan . - $10 $ 65.500.000 10 $ 65.500,000 Algeria . 10 310,500,000 - - 10 3 10,500, 000 Argentina .9 53 2,300,000 --9 532~300,000 Australia . . . .. ... ...... . 7 417,7 30,000 -- 7 417,730,000 Austria .., ...9 106,33 6,429 - 9 106,336.429 BangIadesh~~~~~~~~~51. . ~~~1 46,19,500 30 467,994,965 31 514,184,465 Belgium .., 4 76,000,000 - - 4 7 6,000,000 Bolivia .. . .. . .....2 5 5,2 50,00 0 10 60,300,000 12 1 15,5 50,00 0 Botswana .. ....... ... . 3 41,500,000 6 1 5,7 50,00 0 9 57,250,000 - Brazil ... 54 2,3 16,690,000 - 54 2,3 16,690,000 Burmna . .. . .. 3 3373 50,000 5 95,00,000 8 128,350,000 Burundi .......1 4.900,000 4 8.280,000 5 13,080,000 Cameroon. . .. ...... . .. 10 917,900.000 6 85,450,000 16 183,350,000 CentraJ African Republic .. --3 12,400.000 3 1 2,400,000 Chad(8) . -,.. .. ..6 24,200.000 6 24,200,000 Chile . .. 20 266,200,000 - 19,00,000 20 297,200,000 China, Republic of . . .. .... .. 14 329,400,000 4 15,300,000 18 344,700,000 Colombia..... ....... . . 61 1,216,280,000 - 15,500,000 61 1,235,780,000 Congo, People's Republic of the . . 1 30,000,000 6 22,130,000 7 52,130.000 Costa Rica ..... ...... . . 18 190,100,000 - 5,500,000 18 19 5,600,000 Cyprus. .....10 77,100,000 - - 10 7 7,1000,000 Dahomey .- 5 30,600,000 5 30,600,000 Denmark .. . .. .....3 85,000,000 - - 3 85,000,000 Dominican Republic.......... . 3 54,000,000 3 22,000,000 6 76,000,000 East African Common Services Autnhority3l 9 229.800,000 - - 9 229,800,000 Ecuadur ... .. . . ,... 13 120,100,000 5 36,900,000 18 157,000,000 Egypt, Arab Republic of. 5 218,500,000 1.0 216.075,000 15 434,575,000 El Salvador. .... ....... 13 114.985.000 2 1 9.6 00,000 15 13 4,58 5,00 0 Equatorial Guinea.. ..... ..... - - 1 2,000000 1 2,000,000 Enhiopia. ~.. . .. . .. . 12 108,600.000 20 260,100,000 32 368,700,000 Fiji ... ..... .. ....... 3 18,200,000 - 3 18,200.000 Finland. . .... ... 19 316,779,464 - - 18 316,779,464 France ... .. .. ..1 250,000,000 - 2 50,000,000 Gabon .. ..... .. .. .... 614) 69,300,000 - - 6 69,300,000 Gambia, The. ........... . .. . . - 3 5,800,000 3 5,800,00 Ghana ........ . . . .. 3 76,000,000 11 86,500,000 14 162,500,000 Greece .... .. .. ..... 10 i 234,800,000 - 10 234,800,000 Guatemala .. . ..7 92,500,000 - 7 92,500,000 Guinea . . . .. . 3 75,200,000 1 7,000,000 4 82,200,000 Guyana. . ...... ...7 41,450.000 2 13,500,000 9 54,950,000 Haiti. . . . ... .... 1 2,600,000 3 30.350,000 4 32,950,000 Honduras ..14 127,40003 34.200,000 17 161,650,000 Iceland. .. .. . .. 10 47,014,000 - - 10 47,014,000 India .. . ... .. ... 44 1,53 6,610,000 71 3,441,700,000 115 4,978,310,000 Indonesia. ... . . ... 8 380,000,000 38 561,800,000 46 941,800,000 Iran . . .. . .,. . 33 1,210,700,000 - - 33 1,210,700,000 Iraq....... . . 6 156,200,000 - 6 156,200,000 Ireland ....... .. . . ... 7 122,500,000 - -7 122,500,000 Israel ... ......11 284,500,000 11 284,500,000 Italy........8 399,628,000 - 8 399,628,000 lvoony Coast151 .. ..... . . .. 16 206,800,000 5 7,500,000 17 214,300,000 Jamaica ... .... .... ... 14 143,200,000 - - 14 143,200,000 Japan.. ....... .. .. .,- 31 862,900,000 - - 31 862,900,000 Jordan . .... .......- 12 61,300,000 12 61,300,000 Kenya ....... 15 220,300,000 15 148,300,000 30 368,600,000 Korea, Republic of ..... ..20 800,000,000 6 110,00,000 26 910,800,000 Lebanon ........ .. .. ..3 66,600,000 - - 3 66,600,000 Lesotho .. . .....3 13,700,000 3 13,700,000 Liberia ... ...... .. ... 9 30,850,000 2 1 1,000,00 11 41,850,000 Luxembourg. ............. 1 12,000,000 - -1 12,000,000 138 Appendix 2 Bank oans DA credits TOTAL Nujmlher! Amont~e B umbrn c l) Aronojt N urnbec ' Amontn Malagasy Republic. 5 $ 32,850,000 6 $ 83,550,000 1 1 $ 116,400,000 Malawi - -... ..13 8 5,590,000 13 85,590,000 Malaysia ..............29 630,100,000 - - 29 630,100,000 Mali15) (8) ~ . ...... - - 9 83,200,000 9 83,200,000 Malta . .... ..1 7,500,000 - - 1 7,5007000 Mauritania18) ..1 66,000,000 6 24,250~000 7 90,250,000 Mauritius . ..... ..4 25,500,000 4 20,200,000 8 45,700,000 Menico. . ... 41 2,220,100,000 - - 41 2.220,100,000 Morocco ..... .. 20 483.800,000 3 50,800,000 23 534,600,000 Nepal . ..... . .. .. - - 7 33.7700,000 7 33,700,000 Netherlands ........8 244,000,000 - 8 244,000,000 New Zealand .. .. 6 126,800,000 - - 6 126,800,000 Nicaragua .. .. ...19 1 12,750,000 2 23,000,000 21 135,750,000 Nigeri)0 ..-....... 5 22,104,000 5 22,104,000 Nigeria. .... ..... 27 760,400,000 2 3 5,500,000 29 79 5,900,000 Norway .. ...6 145,000,000 - - 6 145,000,000 Oman ..2 8,450,000 - - 2 8,450,000 Pakistarl6 ..... 33 708,860,500 25 592,113,03 5 58 1,300 ,973,535 Panama . 11 142,690,000 - - 11 042,690,000 Papua New Go-inea. ..... 5 55,500,000 4 2 5,200,000 9 80,700,000 Paragoay .8 46,850,000 5 3 7,500.000 13 84,350,000 Peru.,. .... .27 339,025,000 - 27 339,025,000 Philippines . 30 648,900,000 1 32,200,000 31 681,100,000 Portugal . 5 57,500,000 - - 5 57,500,000 Rumania ....5 290,000.000 - -5 290,000,000 Rwanda - -5 30,400.000 5 30,400,000 Senegal05 (8) 8 33,750,000 12 82,050,000 20 105,800,000 Sierra Leone. . .. .. ..4 18,700,000 2 15,800,000 6 34,500,000 Singapore. .14 181,300,000 - 14 181,300,000 Somalia .....--8 52,900,000 8 52,900,000 South Africa .. .. .. 11 241,800,000 - - 11 241,800,000 Southern Rhodesia .. .. ..5i7) 86,9 50,000 --5 86,950,000 Spain .. .. ....... . ..11 460,700,000 - - 11 460,700,000 Sri Lanha. 8 93,910,000 6 58,400,000 14 152,310,000 Sudan . ... .. ... . ... 6 134,000,000 10 173,450,000 16 307,450,000 Swaziland .4 17,450,000 2 7,800,000 6 25,250,000 Syrian Arab Republic. . . .3 168,600,000 3 417,300,000 6 215,900,000 Tanzania . . .8 122,200,000 19 168,000,000 26 290,200,000 Thailand . ..30 658,900,000 3 32,000,000 33 690,900,000 Togo . 3 08,400,000 3 18,400,000 Trinidad and Tobago 11 9 7,800,000 - - 11 97,800,000 Tunisia ...... 22 266,450,000 5 69,800,000 27 33 6,250,000 Turkey . .. 28 909,400,000 10 178,500,000 38 1,087,900,000 Uganda ...8,400,000 7 44,300,000 8 52,700,000 Upper Volta5 (0) .-....9 47,200,000 9 47,200,000 Uruguay .. ... ... ..11 155,200,000 - - 11 155,200,000 Venezuela 13 383,300,000 - 13 383,300,000 Wlestern Samoa . 1 4,400,000 1 4,400.000 Yemen Arab Republic. . . 8 65,2 50,000 8 65,250,000 Yemen, People's Democratic Republic ot - 5 28,160,000 5 28,160,000 Yugoslavia .33 1,142,100,000 - -- 33 1,142,100,000 Zaire .6 220,000,000 10 124,000,000 16 344,000,000 Zambia. ....... .. 17 455,150,000 - 17 455,150,000 TOTAL . . ........ 0 . ,151 $27,873,3 27,893 526 $8,434,047,000 1,677 $36,307,374,893 joicc Bank! ODA operai ens urn counted only once an Oars oera~tions. VWhen mere shear oen lsan in mnade fcr a sing e proesct, they n-~e counted on y arces (mc ud esn 175 026,065 in (TA arncunt end 19 IDA cred ts wh chreer ace ccmmitments enjoins made in Pakisincen. Aceo inn ..den $46. 182,501 n Bank amount ens I Oars ionn which sreec ace Gcnminmternt ornginaily muds en Pakistan. Jo)intnly guaranteed by Kenya, Tan7an a, and Uganda fl Onle of these lsane, of$35 mill nn, isofnry s gO aranteened r' OCnun (People's Repub enofther), Francs, and Sauce. .5) One lean ten ST 5 m l ien shown against Ivnry Cnast in shared witif Mal Sensai, ancr yppe Volta, 05 Occludes $175 026,065 in BA smount arc tT IDA credrt wehm ch mere eplnced by commnitments made to Bangladessh. 0sc excludes 546,1t8A,500 in Bark arneunt and t Oark kon ee .chc a~ere resp aced he commitments made co Bang adesh C'Tine ot treses loane, totaling $07 millioe, have heen assigned in ecual shares -en Snuthern Rhoeseia are Zamb a cutre eonsteed reely ncien ageaiest Southern Rsodes a. in, Orie operatmon, invniv ng creedmtnten a tern ot 514 mi eon, in sharsd by the fs. ewing cs,intr.sn Crad-$2 m 'rne Mali-$2.5 rn Ilione; 0nuritanie-2 5 million: Nige'-$2 miin Senegal-$3 mi ice, Leper Anlta-$2 million Amounts are inc uded in sear country'sn rena,, err the operation s coute nler ceir m, againscn Senega 13~9 Administrative Budgets Appendix 3 of the Bank and IDA Fo the nisc2 Year en:ding June 30, .976 Actua expenses Budget 1975 1976 (Thousais cf LS dollars) BY ORGANIZATION UNIT Board of Governors . . .. . 1,052 1,134 Development Committee . . . 209 3650') Executive Directors . . . . 5,066 5,863 Executive Offices . ... 789 884 Regional Offices ...............69,498 86,636 Central Prolects Staff . .. . . . 18,416 22,789 Cooperative Programs-FAO, Unesco, WHO, and UNIDO. 4,995 6.663 Development Policy Staff . . ... 16,527 18,503 Financial Staff . . . .9,510 11,232 Audit and Evaluation . . . ... . . 1,565 2,118 Legal and Secretary's . . 3.748 4,472 External Relations . 3,726 4,615 Economic Development Institute 3,789 4,943 Organization Planning & Personnel Management . 17,225 20,104 European and Tokyo Offices .. . ... . 2,230 2,489 Grants for consultants to member countries. . 291 490 Consultative Group for Food Production and Investment. . 39 212 Settlement of Investment Disputes, ICSID . 158 187 Contingency allowance .. . . - 5,259 Funding of uncovered liabilities in Staff Retirement Plan 4,147 4,159 TOTAL. . .. . . 162,980 203,117 Less: Reimbursements. . . -3,986 -10,498 IFC service and support fee . . . -1,455 - 1,485 TOTAL IBRD/IDA . ... ......... . 157,539 191,134 BY EXPENSE CATEGORY Personal services . . . . 99,682 120,951 Operational travel .... ... 17,586 21,745 Representation ... 480 593 Consultants. . . . . 11,237(2) 15,618(2) Contractual serv ces 5,223 6,325 Overhead expenses: Other travel 7,885 9,111 Office occupancy 8,742 9,610 Communications 3,266 3,660 Other expenses .. .. . 4,732 6,086 Contingency . . . . - 5,259 Funding of uncovered liabi ities in Staff Retirement Plan 4147 4,159 TOTAL . . . .... . 162,980 203,117 Less: Reimbursements . . -3,986 -10,498(3) IFO service and support fee -1,455 - 1,485(4) TOTAL IBRD/IDA. ..... .. 157,539 191,134 Of which: IBRD . 109,937 126,148 IDA .. . 47T602(3) 64,986(5) The 4cm n straniVe Budgets for the fisce yean eding June05. 30176 we e perea red by tee Fres dent ac approved by t-e Execut ve Direc-os n acccrdance w th the By-Laes of tre Bank and DA. For purposes of comparison tr e edrn n strarve expeases icurrecr during the fiscal year ene d June 30. 1975, a a sc shonwn. n Th s figure represets the Bank s share (appeox mate y 50%;, of .he cost of -he Comm tLee. (2 T-e 'igLreS shoen nclude the cDsts cf the Coopesathie Prog-ama. '3) ncludes an estimated $5.341,993 te be ereived 'cr cechnica nss stance to be prov ced to ceteoleum exsor-ing countr es 4 n fisca 1975. general ass stance rendered by the Bank tc IF^ wil ce paid for by a serv ce end suppcrt fee, ahich has been esteb shed fcr the yeaer at $1.45 CCC. (5' The Associatlon reimbu ses -he Bank a sing e management fee fo administrative expenses incurred on cs beha f. The menagement fee which cor crises the Associat en's budget for the year, has been established at s64 986,009 for the fisca year ending June 3 1376 -14ff Governors and Alternates Appendix 4 of the Bank and IDA June 30 1975 Member Governor Alteronae Afghanistan Faza Haque Khaliqyar ...Mahammed Sarwar Haidar Algeria Ismail Mahroug . .. Rachid Hassam Argentina ..Celestino Rodrigo ...Ricardo Antonio Cairoli Australia W. G. Hayden ... ..Sir John Phillips Austria . Hannes Androsch . Walter Neudorfer Baharmasili Arthur D. Hanna.. ... ..Reginald L. Wood Bahrain('). .. . Mahmood Al-Alawi Yusuf Ahmed Shirawi Bangladesh .Nurul Islam . . . Kafiluddin Mahmood Barlbados() .. Errol W. Barrow .Stephen E. Emtage Belgium . VVWilly De Clercq ...Cecil de Strycker Bolivia . Victor Castillo Sudrez. Manuel Mercado Montero Botswana . Q. K. J. Masire. . F. G. Mogae Brazil. .M6rio Henrique Simonsenr . Paulo H. Pereira Lira Burmna U Lvvin . .U Chit Moung Burandi . Gabriel Mpozagara .Jean Ndimurukundo Cambodia. ... . . Khy Taing Limn . Hak H6m Say Cameroon .Abdoulaye Maikano .Abmadou Ballo Canada.. John N. Turner.. Paul GbrirnLajoie Central African Republic Jean Paul Mokodopo ... Joseph Moutou-Mondziaou Chad Abdoulaye Lamana .. Mahamat Farris Chile RaWl S6ez S6ez. .Jorge Cauas Lama China .Kwoh-Ting Li .Chun-Heng Tu Colombia .. Rodrigo Botero Montoya .Germbn Botero de los Rios Congo, People's Republic of the Saturnin Dkabe . . . Daniel Obela Costa Rica Porfirio Morera Bat resv.. . .Bernal Jimboe Cyprus .Andreas C. Patsalides .A. C. Afxnetiou Dahomey Augustin Honvoh. . . Abou Baba-Moussa Denmark Iv. ar Norgaard ..Wilhelm Ulrichsen Dominican Republic. Di6genes H. Fernbndez Lois M. Guerrero Gdmez Ecuador . .. Jaime Moncayo Garc!a . .Guillermo Maldonado Lince Egypt, Arab Republic of Monamed Zaki Shafei Rafik Sowelem El Salvador ... ..Rigoberto Antonio Martinez Renderos . .. . . . Atilio Vieytez Equatorial Guinea ... Andr6s Nko Ivasa .(vacant) Ethiopia Negash Desta... Teferra Wolde-Semait Fiji..C. A. Stinson .Savenaca Siwatibau Finlanod. Heikki Tuominen Osmo Kalliala France . Minister of Finance Marcel Th6ron Gabon TeMichel Anchouey J. F6.ix Mamalepot Gambia, h. S. M. Dibba T. C. C. Senghore Germany, Federal Republic of. . Hans Apel. Egon Bohr Ghana . .. . K. Acheampong. . .K. 0. Fordwor Greece . Panayiotis Papaligouras. . . Evangelos Devletoglou Guatemala . Eduardo Palomo E. . . Jorge Lamport Rodil Guinea N .Faly Sangar6. . . . Momory Camara Guyana . F. E. Hope . .Harold Wilkinson Haiti . Emmanuel Bros .Antonio Andr6 Honduras . .. Porfirio Zavala Sandoval. . . (vacant) Iceland O lafur Johannesson .Matthias A. Mathiesen India .. . C. Subramaniarm. . . M. G. Kaul Indonesia. . . Rachmat Saleh .. . . .. . Julianto Moeliodihardjo Iran . .. Hushang Ansary .Jahangir Amuzegar Iraq .. .. . Sanadi Ibrahim . . . (vacant) Ireland Richie Ryan . C. H. Marray Israel Mosoe Sanbar .Arnon Gafnl(2) Italy . . Guido Carli .Paolo Baffi Ivory Coast Henri Konan Bddi6 Abdoulaye Kane Jamaica') P .David H. Coore. . G. Arthur Brown Japan . Masayoshi Ohira .Teiichiro Morinaga Jordan ... Hanna Ddeh Hashim Dabbas Kenya .Mwai Kibaki . ..Nicholas Nganga Korea, Republic of . ..Yang Hwan Kimn Sung Whanl Kim Kuwait .. ... . . Abdul Rahman Salim Al-Ateeqy .... Abdlatif Y. Al-Hamad Laos Dudong Souvannavong ..Houan Llanmongkhol (cnoe nLed) 14 1 Governors and Alternates Appendix 4 of the Bank and IDA une 3Q 17 Meiber G-e.n rner Are nate Lebanon Khali Salem . arid Solh Lesotho E. R. Sekheryana S. Montsi Liberia Edwin WiA iams D. Franklin Neal Libyan Arab Repuolic Vohanimad Zarrough Ragab Niri A. Baryun Luxembourg Raymond Voue Albert Dondelinger Malagasv Repub ir Ravmond Randriamandran,o Celine Rabekoriara Rabevazaha Malawi D. T. Materje C. 'A. Co I ns Malays a ... Hussein oiD Onn Atdullah bin Ayub Mali Sekou Sangare Maharnar Cumar Maiga Mauritania Sidi Culd Cneikh Abdalahi aiorahira A. Ba Mauritius ... Keharsingh Jagatsingh Bramduth Choorah Mexico Jose Lopez Portiio .Gustavo Romero Kolbeck Morocco AoAbdeelader Bens imane .Mustapha Faris Nepal . Bhekh B. Thapa B. B. Pradhan Netherlands .W. F. Du senberg i. i. Prcnk New Zea and H. G. Lang N. V. Lough Nicaragua ... Gu liermo Sevilla-Sacasa .uan Jose Mart'nez L. N ger A fidja Abderranmare Anncu Mahaman Nigeria Shehu Shagari . A. A. Ay da Norway Per K eppe . ."hrist an Br nch Oman , QaisZrwawi't. Sherif Latftyi Pakistan . Rana Mohammad Hanif Khan A. G. N. Kazi Panama . Nico as Ardito Barletta. Miguel A. Sarchiz Paraguay Cesar Rcmeo Acosta ... Augusto Colmrn V. Peru Amilcar Vargas Gavilano ... Luis Barua Castaheda Philipp nes Cesar E. A. V rata . A eeandro Me.chor. Jr. Portugal() Jose Joaqum Fragoso Mario JoseBrarda Ferreira Qatarl) Abdu Aziz A Than Madha Abdul Latif Masud Romania' Florea Dum trescu Miha Diamanrapal Rwanda . Denis Ntirugirimbabazi Celestin Ndagijimana Saudi Arabia Ahmed Zaki Saad (vacant) Senegal Cusmane Seck . Famara brahima Sagna Sierra Leone C. A. Kamara-Taylor B, Strasser-King Singapore(') Hon Sui Sen ... . Howe Yoon Chong Soma ia Abdurahman Nur Herzi . . Mohamud Jama Ahmed South Africa T. W. de Jcngh G. . P. C. de Kock Spain . Jose Luis Ceran Ayiso Luis Corare de Palma Sri Lanka N. M. Perera (vacant) Sudan .Mamoun Beheiry .wad Ahnmed Khalifa Swaziland . amnes Nxumalc ..V. E. Sikhondze Sweden ..S. E. Strang Kjel,-DIof Fe dt Syrian Arab Republic. Mohammea El Charif bAdul Hadi Neanawi Tanzania. .. W. K. Chagula. Kighoma Al y Mal ma Thailand Bocnchu Rojaastien .Abhijai Ja watana Togo Henri Dogc Damien EkliNatey Trinidad and Tobago. GC. M. Chambers .F. B. Rampersad TIunisia . Mustapha Zaanouni . Rachid Sar Turkey Yi maz Ergeekon . Ihsan OzDl Uganda . Semyano Kiingi .Jino Gera United Arab EmiralesI C Hamdan Bin Rashid A Maktoom S. A. 'issa United Kingdom Gordon Richardson. Sir Doiglas Wass United States William E. Simon .. . . Charles W. Robinson Upper Volta Antoine Dakoure . Pierre Tahita Uruguay>'i Alejandro Vegh ViElegas Juan Eduardo Azzin Venezue a(') Gumersindc RodrgiguezF Hector Hurtado Viet-Nam . . Le-Quarg Uyer.... Nguyen Van Dong Western Samoa F. P. S. Saili Kolone Vaai Yemen Arab Republic . Abdu Karim El-Ervani . Abdul a A Sanabari Yemen, People's Democratic Republic of . Fadhle Mohsin Abdula . . Faraj Saeed Bin Ghanem Yugoslavia . . Momcilo Cemovid . . Miodrag Stojiljkovic Zaire . .. .. . Botossa w'Amb'ea Nkoso . Mbeka Makosso Zambia . A. B. Chikwanda . . J. Mwanarnik Sl le nber cf the saek cnrui 12 Aproint-ent effectike after Lune 30. t97 174 2 Officers and Department Directors Appendix 5 of the Bank and IDA ~,y1, 11,75 President .Robert S. McNamara Senior Vice President, Operations ..J. Burke Knapp Vice President and GUeneral Counsel ...A. Broches Vice President, Finance .L I P. M. Cargill Vice President, Organization Planning and Personnel Managcment ...Bernard Chadeniet Vice President, Development Policy .. Haolls B. Chenery Vice President, External Relations William 0. Clark Vice President . Mohamed Shcaib Vice President, Projects Staff .Warren C. Baurn Regionial Vice President, East Asia and Pacitic . .. Bernard R. Bell Regional Vice President, Europe, Middle East and North Atrica .Munir P. Benjenk Regional Vice President. WVestern Africa . .Roger Chaufournier Regional Vice President, Eastern Atrica . . . .S. Shahid Husain Regional Vice President, Latin America and the Caribbean . .. Adallhert Krieger Regional Vice President, South Asia . . Mervyn L. WVeiner Director, Programming and Budgeting Department . .. Jobn. H. Adler Secretary . .. . P.N. Damry Conitroller . . . ..K. Georg Gabriel Treasurer .. ... Eugene H. Rotberg Director. Regional Projects Department, Eastern Africa . Hans A. Adler Senior Adviser, Office of the Senior Vice President, Operations. .. Gerald Alter Director, Education Department. . .Duncan S. Ballantine Director, Country Programs Department II, Europe, Middle East and North Africa ..Maurice P. Bart Direct or, European Office. .. Jean P. Carriere Director, Personnel Department. . ...R. A. Clarke Director, Country Programs Department II, Western Africa ... F. X. de Ia Renaudibre Director, Country Programs Department, South Asia VVWilliam Diamond Director, Development Research Center . Jot~n H. Duloy Special Representative for Infer-American Organizations. .. Lois Escobar Director, Industrial Projects Department . Hans Fachs Director, Financial Policy . Raymnond J. Goodman Director, Resident Staff in Indonesia.... . .David L. Gordon Specia Representative for United Nations Organizations . .Julian P. Grenfell Director, Development Economnics Department . .Ravi Guihati Director, Development Finance Companies Departmnent .Douglas Gustafson Director, Policy Planning and Program Reviewv Department Mahbub ul Haq Director, International Relations Departmnent . .Michael L. Hoffman Director, Transportation and Urban Projects DepartLment . Edward V. K. Jaycox Director, Economic Development Institute . Andrew M. Kamarck Director. Population and Nutrition, Projects Department ..K. Kanagaratnam Director, Organization Planning Department . ..James M. Kearns Director, Regional Projects Department, East Asia and Pacific . Syed Salar Kirmani Director, Regional Projects Department, Latin America and the Caribbean. . A. David Knox Special Adviser to the President, Office of fhe Vice President, Finance ..Mohamed Nassim Kocoman Executive Secretary, Consultative Group on, International Agricultural Research ..Michael L. Lejeune Director, Country Programs Department I, Latin America and the Caribbean Enrique Lerdau Director, Tokyo Office .... ......Taint Maeda Director, Information, and Public Affairs Department . John E. Merriamn Director, Computing Activities Department . .Mervin E. Muller Associate Genieral Counsel . ......... Lester N urick Director, Country Programs Department I. Europe, Middle East and North Africa Martijn J. W Mt. Paijlmans Director, Country Programs Department I, Eastern Africa ... Stanley Please Director, Internal Auditing Department . . ..... Lavwrence N. Rapley Director, Public Utilities Department . .Yves Rovani Director. Special Studies, East 'Asia and Pacific . .Robert Sadove Director, Development Policy . .Ernest Stern Director, Regional Projects Department, Western Africa . .Wilfried P. Thalwitz -Director. Economic Analysis and Projections Department .....WVouter Tims Director, Tourism Projects Department . . Stokes M. Tolbert Director, Administrative Services Department James E. Twining, Jr. Director, Regional Projects Department, Soutt Asia . . Suitbertus L. M. van der Meer Director, Projects Advisory Staff .... Hermnan 0. van der Tak Director, Country Programs Department. East Asia and Pacific., Gregory B. Votaw Director, Regional Projects Department, Europe, Middle East and North Africa VVWilli A. WVapenhans Director. Country Programs Department II. Eastern Africa . hViichael H. Wiehani Director. Country Programs Departmnent II. Latin Amnerica and the Caribbean . .Gutter K. Wliese Director, Operations Evaluation Department . . C1hristopher R. Wil oughby Director, Country Programs Department I, Western Africa . .. E. Peter Wright Director, Agriculture and Rural Deveiopment DepartmenL . . . Montague Yudelman 4~ World Bank Offices Headquarters: 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. New York Offices: c/o United Nations, Room 2245, Secretariat Buildings, New York, N.Y. 10017 120 Broadway (15th Floor), New York, N.Y. 10005, U.S.A. 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