Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Seventeenth Annual Report d",h r4~~~~4 IA~ 4av2it;&§-z!M>?riiA'W''' 'I.a ,..-s.r ' hW'; r 4>', .!'y r^.s ~ ~ i\ffh;rUfl.oVl2' ai ~ ~ ~ ~a>zC~ '.i PRESIDENT'S LETTER OF TRANSMITTAL. . . . . . . 2 FINANCIAL HICHLIGHTS . . . . . . . . . . . . . . . . . 3 THE YEAR'S ACTIVITIES . . . . . . . . . . . . . . . . . 4 General . . . . . . . . . . . . . . . . . . . 5 The Year's Lending . . . . . . . . . . . . . . . 10 Financial Operations . . . . . . . . . . . . . . . . 11 Technical Assistance . . . . . . . . . . . . . . . . 14 CONTENTS ANNEX . 17 Lending -Africa . . . . . . . . . . . . . . . . 17 Annual Report 1961-1962 Asia and the Middle East Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 25 Australia . . . . . . . . . . . . . . . . 27 Western Hemisphere . . . . . . . . . . . . 28 FINANCIAL STATEMENTS A Balance Sheet . . . . . . . . . . . . . . . . . . 36 B Statement of Income and Expenses . . . . . . . . . . . . 38 C Currencies Held by the Bank. . . . . . . . . . . . . . 39 D Subscriptions to Capital Stock and Voting Power . . . . . . . . 40 E Summary Statement of Loans . . . . . . . . . . . . . 42 F Funded Debt of the Bank . . . . . . . . . . . . . . 44 G Notes to Financial Statements . . . . . . . . . . . . . 46 OPINION OF INDEPENDENT AUDITOR .48 OTHER APPENDICES H Administrative Budget . . . . . . . . . . . . . . . 49 I Governors and Alternates . . . . . . . . . . . . . . 50 J Executive Directors and Alternates . . . . . . . . . . . . 51 K Statement of Loans . . . . . . . . . . . . . . . . 52 L Principal Officers of the Bank . . . . . . . . . . . . . 62 International Bank for Reconstruction and Development September 18, 1962 My dear Mr. Chairman: In accordance with Section 10 of the By-Laws of the International Bank for Reconstruction and Dcvelopment, I have been authorized by the Executive Directors to submit to the Board of Governors this Annual Report of the Bank for the fiscal year July 1, 1961 to June 30, 1962. The first section of this year's Report surveys the various activities of the Bank in the fiscal year, and is followed by an Annex giving a country-bycountry summary of lending and tcchnical assistance. Finally, there appear the customary Appendices, including the Financial Statements as of June 30, 1962; the Administrative Budget for the fiscal year ending June 30, 1963; and a Statement of Bank Loans. Sinceirely yours, EUGENE R. BLACK President Chairman, Board of Governors International Bank for Reconstruction and Devclopment Fiscal Years 1961 1962 Financial Highlights LOANS OF THE YEAR $ 610 $ 882 (Expressed in millions of SALES OF PARTS OF BANK LOANS 202 319 United States Dollars) REPAYMENTS OF LOANS TO BANK 101 104 GROSS INCOME 167 188 NET INCOME 63 70 TOTAL OF SUPPLEMENTAL RESERVE 408 476 TOTAL OF SPECIAL RESERVE 194 223 TOTAL RESERVES 602 699 BORROWINGS (GROSS) 787 270 NET INCREASE IN FUNDED DEBT 155 292 SUBSCRIBED CAPITAL 20,093 20,485 M~~~~~~~~~~~~~~ME ''4 r ME' '4'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~'! t~ ~~~ ~h Yea saa Actiitie 4<~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Theyear's29 lon wer made in,3onre n eriois n eeeuvaett 82m''n ¾ a?'4,4,4 '4 ' .=WI§IWKS,..444 s" ¾ I 1,l 1 * LOANSIN FISCAL YEAR t961-'62~~~~~~~~~4< B LOANS IN PREVIOUS YEARS~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~' 44 44¾4 Theyear's19 29 loanscountries were madeand in territories, and were equivalent to $882 million.~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ,¾444 '44.4'4444 >4< HE YEAR 1961/62 saw Bank lending reach the highest figure in any one year since it started operations. The investment activities of the Bank and its two affiliates, the International Finance Corporation (IFC) and the Interna- tional Development Association (IDA) brought the new commitments of the group during the year to more than $1,000 million. At the same time, the Bank continued to broaden the financial support for its operations in the capital markets of the world; IFC received new investment authority, which it was able to use in several operations; IDA continued to com- mit its funds rapidly, and began to widen the purposes of its financing; and the Bank took steps to increase both the amount and scope of its technical assistance. In sum, the developments of the year tended to integrate the Bank and its affiliates into a unified group of institutions of- fering a comprehensive service of financial and technical aid to economic developmcnt. The total amount committed in new financing by the Bank and its affiliates in 1961/62 was $1,037 million. Bank loans were $882 million, compared with the previous highest annual total of $711 million in 1957/58. In addition, IDA made new development credits totaling $134 million; IFC's new loans and equity investments aggregated $18.4 million, and it had made an underwriting commitment of $2.9 million. In the development of the Bank group of insti- tutions, both IDA and IFC represent responses to the needs of the less developed countries for new types of financing. The first move in this direction was the establishment in 1956 of IFC as a Bank affiliate, to lend to private industrial enterprises without government guarantee. With the 1961 change in its Charter, IFC now also has the right to invest in capital stock, and in the past year has acquired shares in some enter- prises. It has also undertaken its first under- writing operation; this is a field of particular importance since in so many less developed countries capital markets, where they exist at all, are as yet not fully developed. Although it has a separate Charter, and its own funds, IFC is closely integrated with the Bank. Where countries are members of both institutions, Governors and Executive Directors are the same. The President of the Bank is exoffcio Chairman of theBoard of Directors of IFC -and since October 1961 has also been its Pres- ident. IFC, whose own staff is limited to a small number of experts in industrial investment, is able to draw on the experience of all departments of the Bank; this avoids duplication of work and ensures that IFC has available all the Bank's information on countries where an IFC opera- tion is contemplated. Cooperation between the three institutions also works reciprocally; IFC now has primary responsibility for the promo- tion of industrial development banks and the analysis of proposals for their financing by IFC, the Bank and IDA, thus offering to member countries an integrated service in that sector. Another important step was the establishment in 1960 of the International Development Association as a second affiliate, sharing with the Bank the same management and staff. IDA extends development credits on terms which are more flexible and bear less heavily on the balance of payments of the borrowing countries than do conventional loans. In its first 14 months of lending, IDA has extended credits of $235 million to member countries. The credits made up to now are repayable over 50 years, are free of interest, and carry only a Y4% annual service charge. IDA helps to meet the special needs of many member countries which cannot borrow on conventional terms all the funds they require for sound development projects of high priority. It is also financing a somewhat wider range of projects than the Bank, particularly in the field of social investment. BUT THE FINANCIAL OPERATIONS of the World Bank group of organizations are only one of the means by which it helps to promote economic development. Ever since the Bank turned in 1948 from reconstruction to development lending, it has been increasingly called on for advice on development techniques, and the technical assist ance services of the Bank have become more varied and significant over the years. The first approach adopted by the Bank to provide other than financial assistance was the "economic survey mission" to analyze the devel- opment potential of a member country and to recommend directions in which its development effort should be concentrated. The first of these missions was in 1949, to Colombia, and it has since been followed by a score of others. Other technical assistance services of the Bank have also been steadily extended, and range from spe- cial missions on regional development to the day-to-day work of the Bank's engineers, ana- lysts and economists visiting member countries to help them with specific projects. A staff col- lege in economic development-the Economic Development Institute-has been operated by the Bank since 1956, and various training pro- grams are organized for officials from the less developed countries. 1961/62 saw further extensions of Bank serv- ices in the technical assistance field. In Novem- ber 1961, the President of the Bank, announcing the establishment of the new Development Serv- ices Department, said, "Our experience con- tinues to confirm that shortage of capital is not the only, and indeed not the principal obstacle to more rapid economic progress in the less developed countries. Inexperience and lack of trained manpower at every level are even more serious handicaps. I believe that the lending activities of the Bank and of its two affiliated organizations can be carried out successfully only if they are accompanied by a major pro- gram of technical assistance and training." The Development Services Department ad- ministers the technical assistance work of the Bank and its liaison activities with other organ- izations in the field, such as the UN Technical Assistance Board; it also includes the Economic Development Institute and another new instru- ment set up last November, the Development Advisory Service. This Service is intended to provide a corps of experts to give economic and financial advice, particularly in development programing. In recent years there has been a growing demand from member governments for resident advisers to assist them on major policy problems of economic development. Requests for assistance of this kind have outstripped the abil- ity of the Bank to meet them from its own staff, and it has been difficult to recruit outside experts with the required qualifications for sporadic one or two-year assignments. In setting up the Service the Bank is offering a career to qualified experts to serve as advisers to its member countries. Since last November the Bank has been recruiting the first members of the new Service. Some have been drawn from the senior ranks of the government service of member countries and others from the Bank's staff and from the aca- demic world. The caliber of the persons needed is high and consequently recruitment is not easy. Already, however, the nucleus of the Service has been formed and several of its members have taken up their posts overseas. An expanded program of project and sector studies has also been embarked on during the year. Leaving aside questions of creditworthiness, the principal limitation on the Bank's rate of lending to the less developed of its member countrics has been the limited number of projects or programs presented to it which were ready for financing and execution. The studies and analyses needed to prepare a project or program are often beyond the capacity of tnany less developed countries because of the local shortage of experience and of trained personnel. This essential preparatory work is also expensive and often involves the employment of foreign consultants with consequent costs in foreign exchange. The Bank had occasionally, in the past, provided assistance for studies of this kind, by finding the technical expertise required and by financing part of the cost. It has now been decided that the Bank should become more active in this field, both in the investigation and preparation of particular projects for possible financing by the Bank or IDA, and where appropriate, in studying whole sectors of the economy of a member country in order to provide the basis for sound investment planning. During the past year the Bank has organized and helped to finance a variety of project and sector studies in six mnember countries, at a total estimated cost to the Bank of about $800,000. To avoid duplication with the activities of the UN Special Fund, part of whose functions is the financing of pre-investment activities, the Bank takes steps to ascertain whether the Special Fund is in a position to undertake the project on a time schedule appropriate to its requirements. The Special Fund is kept currently informed of all Bank activities in this field. THE FINANCIAL OPERATIONS SECTION of this Report contains detailed information showing how widespread are the sources from which the Bank now draws funds for its lending operations. The situation today is very different from what it was in the early days of the Bank. During the immediate postwar period, for well known rea- sons, the Bank was obliged to depend on the United States for virtually all its funds. The United States paid-in capital subscription of $635 million was the first to be made freely avail- able to the Bank for lending, and the Bank's first borrowing operation was the sale in 1947 of $250 million of Bank Bonds in the United States. The economic recovery of other countries has since been reflected in a sustained broadening of international support for the Bank's finances. These countries have increasingly made their paid-in capital subscriptions available for lend- ing, mostly on a convertible basis; by 1962 the capital contributions made available by mem- bers other than the United States had risen to $1,021 million. Other countries have also opened their capital markets to Bank Bond and Note issues; at the end of June 1962, about 56% of the Bank's outstanding funded debt of $2,521 million was held by non-U.S. investors. The market for Bank securities widens con- tinuously. The past fiscal year saw the seven- teenth issue of Bank Bonds in the United States, the first sale of Bank lire Bonds in Italy, and the cleventh public issue of Swiss franc Bonds. In addition, an issue of $100 million of dollar Bonds was placed with 53 institutional investors in 32 countries. Investors outside the United States increased their holdings of Bank Bonds and purchased loans from the Bank during the year in an amount totaling $453 million. This represented 75% of the net amount of $611 nmillion raised by the Bank from Bond and loan sales. These developments are significant not only for the Bank, but also for the flow of dcvelop- ment assistance. By offering a choice of capital markets, they enable the Bank to borrow on the most advantageous terms; they also channel through an international mechanism incrcasing amounts of investment capital from all the capital-exporting countries. IN RECENT YEARS, the number of countries in a position to offer substantial amounts of develop- ment aid hlas markedly increased. At the same time, more of the less developed countries have succeeded in formulating national development plans or large-scale priority development projects. which cannot be carried out with their own resources. The situation has called for international efforts to mobilize the potentially available assistance and to direct it where it is most needed and wherc it can be put to most productive use, in support of well conceived investment programs and projects. There are a number of possible techniques to this end, whose appropriateness and effectiveness vary depending upon circumstances. At the moment, international efforts are in an experimental stage, and there is a range of devices in operation. There is the informal exchange of information on the part of assisting countries and institutions; another stage is the coordination of external assistance by means of so-called "consultative groups"; and there are the international financial Consortia. The Bank's work in the field of development programing has led to its having been asked to take an active part in these efforts to mobilize and coordinate developrnent finance. It assists the recipient countries in their planning activities and it has advised the aid-giving countries on the quality of the development programs and projects for which their aid has been sought. Nigeria and Tunisia, during the past year, have been the subject of consultative group arrangements in which the coordination of assistance for their development has been discussed by groups of other interested countries meeting under the chairmanship of the Bank. A request by Iran to the Bank to organize a consultative group is under consideration. Colombia and Chile have also asked the Bank to organizc con- sultative groups; thc Bank has analyzed their development plans and has suggested mcasures to be taken in executing them; these suggestions are now being reviewed by the Governments. The Consortium on Aid to Pakistan met in January 1962, with the purpose of agreeing upon additional programs of aid for the second and third years of the Second Five-Year Plan, cover- ing the period July 1961 to Junc 1963. The estimated aid required for the period was $945 million, of which $320 million was committed by Consortium members at a meeting in June 1961. The January meeting was successful in covering the full requirement. There were also two meetings of the Indian Consortium during the year. It will be recalled that previous meetings of this Consortium had arrived at commitments of $2,225 million for the first two years of the Plan. A meeting of the Consortium in May adjourned for several weeks to allow the governments concerned more time to reach final decisions on further aid commit- ments for these two years. The Consortium was strengthened at the May meeting by the acces- sion to membership of Austria and the Nether- lands. Belgium also attended for the first time. PRIVATE INVESTORS are faced with special risks in investing abroad; in particular, it is believed by some that the flow of private capital is consider- ably lirnited by the risks of expropriation with- out adequatc compensation, of inability to repatriate capital or profits, and of war damage. Within the last few years therc have been a num- ber of proposals for an intcrnational scheme under which private investors could insurc against these risks; these proposals were based on the belief that arrangements of this kind would accelerate the flow of private capital and increase its contribution to economic growthi. The Development Assistance Group (now the Development Assistancc Committee of OECD) in July 1961 asked the Bank to prepare a study of the practicability and desirability of a multi- lateral guarantee system. Such a study had al- ready been begun by the Bank and was made available to DAC on its publication in March 1962. It made no recommendations for oragainst a multilateral investment insurance program, noting that it was not possible to estimate the amount of additional investment which might be induced by such a scheme and that there was therefore no basis on which to judge whether governments would be justified in making finan- cial comnmitments on the scale required. The report was devoted to identifying and focusing attention on the many difficult issues inherent in multilateral schemes so that they could be considered by governments. The Bank report, which has sincc been given preliminary consid- eration by DAC, is now with governments. During the year the Bank also started a study of the desirability and practicability of establislhing special institutional facilities for the conciliation and arbitration of disputes between governments and private investors. This study had been announced by the President of thc Bank in his annual address to the Board of Governors in Vienna in September 1961. After general discussions on the subject in meetings of the Executive Directors, a working paper in the form of a draft convention was circulated in June for comment by nmemiber governments. THE MEMBERSHIP OF THE BANK rose from 68 to 75 countries during the year. Two of these countries wcrc resuming earlier membership: the Dominican Republic rejoined in September 1961, with a capital subscription of $8 million, and the Syrian Arab Republic resumed its separate membership of the Bank in Novemnber, with a capital subscription of $20 million. The new members enrolled during the year were as follows: Country Subscription Date Laos . . . $ 10 million July 1961 Liberia . . . $ 15 million March 1962 Nepal . . . $ 10 million September 1961 New Zealand . $166.7 miillion August 1961 As a result of these changes, and changes in the except the United Arab Republic and South f subscriptions of other members, the subscribed Africa. The former remains with the Department I . capital of the Bank rose to $20,485 million. of Operations for South Asia and the Middle In addition, the Governors approved the East, and the latter with the Department of admission to the Bank of Senegal, Sierra Leone, Operations for Europe. Somalia and Togo, and their membership awaits The continued increase in the work of the completion of the necessary formalities by the Bank and of IDA has led to a further increase in countries concerned. Applications for member-total staff, from 730 to 790. A total of 53 naship have also been received from 14 other coun-tionalities are represented. tries, mostly newly independent nations of Africa. It is expected that many of these countries will become members of the Bank in the coming year. THERE WERE SEVERAL CHANCES in the Bank's organization during the year. The new Development Services Department absorbed the B> Technical Assistance and Planning Staff. Mr. 3 ' |. Richard H. Demuth became Director of the new Department, with Mr. Michael Hoffman as Associate Director in charge of the Development _ Advisory Service. Mr. John H. Adler succeeded Mr. Hoffman as Director of the Economic . . --,A, WI Development Institute. The Roseires acros the Blue Nile In view of the considerable workload which isinsuhrSda likely to arise from African operations in the with the help of Bank and IDA loans immediate future, a separate Department of The dam will be ten miles long Operations for Africa was established, with Mr. and will take six years _'_______.aX Pierre L. Moussa as its Director. The new to build. The picture shows Department took over responsibility for opera-the co-nstruction of a bridge tions in all independent countries in Africa, at the dam site -. _ THE YEAR'S LENDING The total of new Bank loans was $882.3 million, compared with the previous highest level of $711 mnillion; 29 new loans were made, raising the total number to 321 and the total amount to $6,544 million, net of cancellations and refund- ings. Including three new recipients of Bank loans -Ghana, Trinidad and Tobago, and Venezuela -the number of countries or territories which have received Bank loans rose to 60 during the year. The Americas received the largest amnount of new loans with a total of $412 million, which can be measured against the previous highcst figure of $148 million lent in 1960/61. New loans in Asia and the Middle East totaled $253 million; in Africa $85.3 million; and in Australia and Europe $132 million. Loans for electric power accounted for $493.5 million, morc than half of the total lent. 'fhe bulk of this amount was in three of the largest loans yet made by tlle Bank: a $95 million loan for power in the Buenos Aires area of Argentina; a loan of $100 million for the Snowy Mountains project in Australia; and a loan of $130 million for the expansion of Mexico's generating and transtnitting facilities. Other borrowers for power were Colombia, Ghana, the Philippines, South Africa, and Trinidad and Tobago. Loans for transport facilities totaled $241 mil- lion. Of this, lending for highway development was the largest elemcnt, with loans to Colomrbia, Costa Rica, Japan, Mexico, Peru and Venezuela totaling $150.5 million. Lendingforrailwayproj- ects in India and South Africa amounted to $61 million; loans totaling $29.5 million were madc for port projects in India and the Philippines. Industrial lending anounted to $134.5 million. Two important loans were made to assist coal production in India, wherc the success of the currcnt Five-Year Plan dcpcnds on an adequate coal supply. Indian industry will also benefit from a further loan to the Industrial Credit and Investment Corporation, providing foreign exchange for the expansion of private industry. Other industrial development bank loans were to Austria, Costa Rica and E,thiopia, all of which had previously received similar loans. A loan of $25 million provided further Bank assistance for Finland's pulp and paper industry, and Israel received a loan of $25 million to develop the potash deposits of the Dead Sea. A loan of $2.9 million was made to E,thiopia for telecommunications and a loan of $2 million was made to Iceland to expand the hot water supply system in Reykjavik. Althoughi many of, the loans of the year, particularly those for high- ways, were of assistance to agriculture, the only loan made directly for that purpose was of $8.4 million for land settlement in Kenya. LISr OF LOANS 1961/62-Expressed in U.S. Dollars Cot Purpose Amount ($ Millions) Argentina Power . . . . . . 95 Australia Power . . . . . . 100 Austria Industry-k evelopment Colombia Transport-Roads . . 19.5 Colombia Power.0 . . . . Costa Rica Industry . . . . . 3 Costa Rica Transport-Roads . 5.5 EtBiopia Indu.stry-Developent 2 Ethiopia Telecommunications . . 2.9 Finland Industry-Pulp and Paper 25 Ghana Power . . . . . 47 Iceland Hot Water . . . . . 2 India Industry-Coal 19.5 India Transport-Port . . . 21 Inidia Transport-Railways . . 50 India Industry-Development Bank . . . . . . 20 Israel Industry-Chemicals . . 25 jKepnya Transport-Roads 40 Mexico Power . . . . . . 130 Mexico Transport-Roads . . 30.5 Peru Transport-Roads .. 10 Philippines Transport-Ports . . . 8.5 Phili pAines Power. . . 34 South Africa Transport-Railways 11 Trinidad and 'T'obago Power . . . . . . 23.5 Venezuela Transport-Roads 45 882.3 FINANCIAL OPERATIONS The new loans of the year brought the cumula- tive total of Bank loans, net of cancellations and refundings, to $6,544 million, of which $4,805 million had been disbursed atJune 30, 1962. Of the latter amount, $1,874 million had been re- paid to the Bank or sold to other investors. The effective loans held at June 30 stood at $4,434 million, $438 million more than a year beforc. 5 Net earnings (exclusive of receipts from the 1% annual commission payable on all Bank loans) were $70 million, an increase of $7 mil- lion over the previous year and the highest earn- ings figure yct reached. Sales of Bank loans, all made without the Bank's guarantee, reachcd $319 million, also thie highest figure yet reached. The total was made up of $32 million of partici- pations, where other investors assumed parts of Bank loans at the time the loans were signed, and of $287 million of sales from the Bank's loan portfolio. Disbursements on loans were $485 mil- lion. Net borrowing was $292 million, bringing outstanding funded debt to $2,521 million. RESERVES, INCOME, REPAYMENTS AND INTEREST RATE At June 30, 1962, the Bank's total reserves, comprising the Supplemental Reserve and the Special Reserve, stood at $699 million, an increase of $97 million during the year. The Supplemental Reserve, accumulated from net earnings, stood at $476 million at the end of the fiscal year, compared with $408 million a year earlier. The increase of $68 million consists of the $70 million of net earnings, less $2 million representing losses resulting from revaluation of the Bank's holdings of the currencies of various member countries, debited directly to the Supplemental Rescrve. The Special Reserve, which is held in liquid form to meet liabilities of the Bank in case of defaults, and to whichi are cred- itcd receipts from the 1% annual loan commission, increased by $30 million to $223 Tnillion. Gross income for the year, excluding loan com- missions, was $188 million, an increase of $21 million over the previous year. Bond and Notc interest and issue costs rose to $99 million from $88 million. Administrative costs also increased, to $12.7 million from $12 million in 1960/61. Almost $2 million of these costs were for services to member countries, including general survey missions, project and sector studies, mediation, training programs and other advisory services. Repayments to the Bank amounted to $104 million and repayments to other investors hold- ing maturities of Bank loans were $122 million; the total of $226 million compared withi $191 million a year beforc. The rate of interest on new Bank loans, including the 1% annual commis- sion, remained at 5Y4% throughout the year. DISBURSEMENTS AND SALES OF LOANS The year's disbursements were $485 million, compared with $398 million the year before. The following table shows the distribution by countries of the orders placed by Bank borrowers using Bank loan funds. The normal procedure is for borroweis to place their orders on the basis of international competition, and the table illustrates the wide distribution which results. LOAN EXPENDITURES IN INDIVIDUAL, COUNTRIES in millions of U.S. Dollars) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~(Exprpessed Disbursements by Cumulative Fiscal Cumulative borrowersfor total to rear total to importsfrom: June 30, 1.961 1961/62 June 30,1962 Belgium . . . .$ 111.1 $ 8.6 $ 119.7 Canada . . . . 138.0 5.2 143.2 France . . . . 119.4 41.7 161.1 Germany . .. 366.2 46.8 413.0 Jtaly.1095 8 213.0 132.8 Sweden 47.2 10.6 57.8 Switzerland . . . 78.0 15.6 93.6 United Kingdom . 503.1 47.5 550.6 United States . . 1,649.6 102.6 1,752.2 All Other Countries. 185.1 24.0 209.1 Total . . . . 3,388.0 346.6 3,734.6 Otherdisbursements* 931.7 138.7 1,070.4 GRAND TOTAL . $4,319.7 $485.3 $4,805.0 * These include disbursements on loans in which the fods ore usd for local expenditures or for broad development progea-s where the source of the items imp,orted with Bank funds is not speried. A oummatv of the currencies repoyoble to the Bank as of June 30, 1902, is given in Appendixot. -~~~~~~~~~~~~~~Italy's on the Garigliano River between Rome and Naples, first nuclear power plant, is now nearing completion. This 150,000-kilowatt plant, partly fi^nanced by a ,$40million Bank loan, will begin to supply power by mid-1963. There continued to be an active market for portions of Bank loans; sales during the year totaled $319 million. In the past three years, these sales have totaled almost $800 million, THE YEAR'S BORROWING There were five new borrowing transactions during the year, all but one of them outside the United States. The amount borrowed was the equivalent of $270.5 million. In addition, the Bank received $130 mil- ion in dollars and the equivalent of $62.5 mil- lion in Deutsche marks as a result of borrowing transactions arranged in previous years. The grossincrease in debt was therefore $463million. The first borrowing operation, in July 1961, was the first Bank borrowing in the Italian mar- ket. It consisted of a public offering of 5% lire Bonds totaling Lit. 15,000 million ($24 million). The Bonds were sold at par with a final maturity of 15 years. The Bank of Italy headed the syndi- cate of seven underwriting banks, the others being Banca Nazionale del Lavoro, Banco di Napoli, Banco di Sicilia, Banca Commerciale Italiana, Credito Italiano and Banco di Roma. On August 28, the Bank placed outside the United States a $100 million issue of U.S. dollar Bonds with 53 institutional investors in 32 coun- tries. These are the "Two-Year Bonds of 1961" and bear interest at 4%. The next two borrowings were in Switzerland. In October 1961the Bank announced that it had arranged to borrow Sw F 100 million (about $23 million) from the Government of the Swiss Con- federation. This was thc fifth direct placement in Switzerland and the third with the Confedera- tion. The -proceeds werc made available to the Bank in two installments of Sw F 50 million each, on November 1, 1961 and January 1,1962. Interest of 340%is payable annually, and the loan will be repaid in two equal installments on January 1, 1966 and January 1, 1968. OnJanuary 5, 1962, a public issue of Sw F 100 million (about $23 million) of Bank Bonds was sold on the Swiss market. The Bonds were sold at par, carrying 4%/,interest, for a term of 11 years. This was the eleventh public issue in Switzerland; the underwriting group was headed by the Swiss Credit Bank, the Union Bank of Switzerland and the Swiss Bank Corporation. The last transaction of the year was the Bank's first public issue in the U.S. market since Febru- ary 1960. OnJanuary 24, 1962, an underwriting group of investment firms and commercial banks, headed jointly by The First Boston Corporation and Morgan Stanley & Co., sold at par $100 million of 4'2% 20-year Bonds. The following Table summarizes these trans- actions and also shows redemptions, sinking fund purchases, and other repayments of past borrow- ings. The result was a net increase in the Bank's outstanding funded debt of $292.3 million. Also sold during the year, but omitted from the Table because settlement did not take place until after June 30, was a public issue of Netherlands guilder Bonds in the amount of f 40,000,000 (approximately $11 million). These 4'2% 20year Bonds were sold at 99'2 to the public. The Netherlands Trading Society (Nederlandsche Handel-Maatschappij, N.V.) headed the underwriting group. l1'HEBANK'S BORROWING: 1961/62 $ Millions $ Millions (equivalent)(equivalent) NewBorrowings U.S. dollars .100.0 Italian lire. .... 24.0 Swissfrancs . . . . . 46.5 170.5 Refundings U.S. dollars . . . . . 100.0 Deliveryof Bonds and Notes Sold in Previous YearsU.S. dollars . . . . . 130.0 Deutsche marks . . . . 62.5 192.5 463.0 Issuerefunded(seeabove) 100.0 Issuesredeemedin advance of maturity. . . . . . 23.2 Purchaseandsinking fund red issue2 17.1 ExchangeAdjustments: Revaluationof issues sold in previousyears. . . . . 3.2 Undrawnbalancesof 961/62 170.7 NET INCREASE IN OUTSTANDING FUNDED DEBT . . . . 292.3 TECHNICAL ASSISTANCE Mention has been made earlier in this Report of increased Bank financing of project and sector studies in member countries. During the year financial assistance has been given to six of these studies, including a general transportation study in Colombia, a highway and transport study in Peru, a railway survey in Bolivia, port studies in Haiti and Honduras, and a survey of the capital market in Chile. Funds have been allocated for a study for a bridge over thie Hooghly River in Calcutta, a general transportation study in Ecuador, an investigation of a water supply proj- ect in the Philippines, a study of feeder roads in northeast Nigeria and a report on a road project in Burma. The estimated cost to the Bank of these studies will be approxirnately $1.7 million, of which more than $1 million will be spent in the coming year. The Bank continued to act during the year as Executing Agency for projects receiving financial assistance from the UN Special Fund. In all cases this work is carried out under Bank super- vision by outside consultants chosen jointly by the Bank and the country concerned. A report on the project for a dam on the River Niger and a mnajor study of transportation problems in Argentina were conipleted. Work continued dur- ing the year on two harbor siltation studies, one at the Port of Georgetown in British Guiana and the other at the Port of Bangkok in Thailand. Work also continued on the power ancd irrigation study in Guatemala and a mineral survey in Surinam. Preparations are being made to start a power study in Brazil. The Bank is to act as Executing Agency in a telecommunications study for Central America, the countries con- cerned being Costa Rica, El Salvador, Guatemrlala, Honduras, Nicaragua and Panarna. 'The Bank has also agreed to serve as Executing Agency in studies of coal resources in the Cauca Valley of Colomnbia, and of electric power in the Sudan. By the end of the fiscal year a number of Bank advisers were in posts overseas. A resident adviser continued to assist the Government of Nigeria and a two-man advisory mission had been posted in Chile. Panama was using the services of both an investinent programn adviser and an agricultural expert. In Thailand, three advisers were assisting the National Economic Developrnent Board and two others were helping the North East Committee. The advisory mnission in Pakistan was continued. The Report of the General Survey Mission to Uganda was published in April 1962. The Kenya Mission Report is in preparation. The report of the Economnic Mission to the Philippines was transmritted to the Government early in 1962. The mission to assist the Spanish Government in the preparation of a develop ment program was completing its report at the end of the fiscal year. A Bank-financed study is being carried out at the request of the Government of the Congo (Leopoldville) and with thie full support of the Belgian Government. This is a factual study of the financial relationships between the two countries, following on Congo indcpendence. The personnel working on the study are being assisted in assembling the material by outside firms of accountants. The study is expected to be completed by August of this year. The seventh course of the Economic Developmnent Institute, the Bank's staff college on economic developmnent, took place from October 1961 until Marchi 1962. A total of 143 officials from member countries and five from the Bank have attended the regular courses of the Institute since it opened in January 1956. A new departure during tlle year was the holding of the first EDI course in the French language. This was a spccial ten-week course, with emnphasis on project appraisal, for French-speaking officials of less developed countries. Eiglhteen officials participated frorn 13 countries. A simnilar course, to be conducted in Spanish, is at present under consideration. Last year's Report mentioned the assembly of libraries on development problems, consisting of approximately 400 books, articles and papers in English. Ninety-three of these libraries were dis tributed during the year to institutions in the less developcd countries. Progress has nlow been f l -7: made in the preparation of similar libraries in the French language and the work of translation and production is proceeding. The training program for junior officials from the Bank's member countries was continued, nine trainees from nine countries taking part in //I 1962. This programr has been in operation since I.......... 1949, and hy this year 120 participants from 60 countries had taken its courses. The purpose of i.the program is to provide an opportunity for-:4 younger nationals of member countries-usually . .. . offcials employed in the field of economic development- to understand better the wvork of the Bank and its relation to economic development. AS" >*-'f~~~~~~~~~~~~~~~~~~~~~~~~K Senior officials from less developed couintries all over the world gatlier in JVashington for the couirses of the Economic Development Instituzte. _ The Instittute seminars dtiscuss all the problems of economic developmenit. 1.5 . ,:"l| Areas Asia Western Purpose Total Africa and Middle East Australia Europe Hemisphere Grand Total . . . . . . . . . . . 6,544.4 885.1 2,184.9 417.7 1,443.5 1,613.2 Development Loans: Total . . . . . . . 6,047.6 885.1 2,184.9 417.7 946.7 1,613.2 ELECTRIC POWER Generation and Distribution . . . . . . 2,213.8 247.4 493.0 129.3 388.0 956.1 Bank Loans Classified by TRANSPORTATION Railroads . . . . . . . . . . . . . . . . . . . . . 2,078.2 1,031.0 429.2 274.2 949.9 584.8 132.3 37.3 68.4 2.3 498.4 132.4 Purpose and Area Roads . Shipping . . .12.0 . . . . . . . . . 631.1 87.8 - 152.0 - 50.9 - - 12.0 340.4 - Ports and Waterways . . . . . . . . 283.2 17.2 193.5 -46.9 25.6 Airlines and Airports . . . . . . . . 56.9 -5.6 44.1 7.2 - Pipelines . . . . . . . . . . . 64.0 50.0 14.0 --- JUNE 30, 1962 COMMUNICATIONS Telephone, Telegraph and Radio. . . . . 26.8 4.4 --0.2 22.2 (Millions of U.S. Dollars, net of cancellations and refundings) AGRICULTURE AND FORESTRY . . . . . . 504.7 59.1 169.5 103.4 87.8 84.9 Farm Mechanization . . . . . . . . 121.1 --89.4 2.0 29.7 Irrigation and Flood Control. . . . . . 306.5 35.0 154.9 6.0 73.3 37.3 Land Clearance; Land and Farm Improvement 49.3 22.1 13.6 6.0 2.1 5.5 Crop Processing and Storage . . . . . . 7.0 1.0 --4.2 1.8 Livestock Improvement . . . . . . . 12.6 1.0 1.0 --10.6 Forestry. . . . . . . . . . . . 8.2 --2.0 6.2 - INDUSTRY . . . . . . . . . . . . 1,019.1 105.0 497.5 52.7 312.3 51.6 Iron and Steel . . . . . . . . . . 350.3 -314.2 13.4 22.7 Paper and Pulp . . . . . . . . . 138.7 -4.2 1.1 113.4 20.0 Fertilizer and Other Chemicals . . . . . 82.0 -25.0 0.2 56.8 - Other Industries . . . . . . . . . 97.0 -5.2 23.7 58.8 9.3 Mining . . . . . . . . . . . . 203.5 101.0 54.5 14.3 11.9 21.8 Water Supply . . . . . . . . . . 2.0 ---2.0 - Development Banks . . . . . . . . 145.6 4.0 94.4 -46.7 0.5 GENERAL DEVELOPMENT . . . . . . . . 205.0 40.0 75.0 -90.0 - 16 Reconstruction Loans: Total . . . . . . 496.8 ---496.8 ANNEX The information in this section describes loans and other Bank activities during the year. Loans to borrowers other than member governments carry the guarantee of the governments concerned. Interest rates shown include the 1% commission which is allocated to the Bank's Special Reserve. The participations of financial institutions in loans of the year were all without the Bank's guarantee. 0(4 ___ k D ir HA ( -t ETHIOPIA/INDUSTRIAL LOAN $2 million 10-14 year loan of November 22, 1961 BORROWER . The Development Bank of Ethiopia (DBE) This loan, like a $2 million Bank loan to the Government of Ethiopia in 1950, will make it possible for DBE to finance the foreign exchange requirements of industrial and agricultural proj- ccts in the private sector. Established in 1951, with the help of the Bank, to provide medium and long-term credit, DBE has since made loans amounting to the equivalent of about $10 mil- lion. The greater part of the industrial loans were for textile mills, and the remainder wcre for plants manufacturing a variety of products; agricultural loans were for projects ranging from land clearing to transport of crops. Each portion of the loan committed for one of DBE's projects will carry its own interest rate, which will be the Bank's rate current at the time the commitment is made. TELECOMMUNICATIONS LOAN 1$2.9 million 20-year 5%% loan of May 31, 1962 BORROWER .Imperial Board of Telecommunications A previous Bank loan of $1.5 million, made in 1951, helped Ethiopia to reconstruct and improve its communications system. A strong demand for increased service has developed as a part of Ethiopia's economic growth, and this loan will assist a new program to extend com- munications. Over 50 new exchanges will be installed to bring thie first tclephone service to provincial towns witlh a total population of over 150,000. About 1,000 new lines will be added to the automatic exchanges in Addis Ababa and additions will be made to the radio-telephone and telegraph equipment connecting the capital city with cities in Africa, Europe, Asia and the Western Hemisphere. A succcssful training pro- gram provided by the Swedish Telephone and Telegraph Administration has reduced the num- ber of foreign technicians employed by the Imperial Board from 100 to 12, and the entire management of the Imperial Board is expected to be Ethiopian in the near future. PARTICIPATIONS* Bank of Amcrica, San Francisco; First National City Bank, New York; and Irving Trust Company, New York participated in the loan for a total of $128,000. GHANA/POWER LOAN $47 million 25-year 534% loan of February 8, 1962 BORROWER .The Volta River Authority A large dam on the Volta River at Akosombo, and a hydroelectric power plant with an initial capacity of 589,000 kilowatts will be constructed with the help of this loan, together with a transmission system. The transmission lines will run from Akosoinbo to the scaport of Tema, 44 miles away, and then a further 18 miles to Accra, the capital; a separate ring of transmission lines, approximately 400 miles long, will supply power to towns, villages and mines in southern Ghana. The loan forms part of an international financing program that will make possible construction not only of the electric power project, but also of an aluminum smelter which will be the largest single consumer of the power produced. Additional financing for the power project will be providcd by long-term loans totaling $37 million from the United States Government and the equivalent of $14 million from the United Kingdom. The Government of Ghana will itself invest the equivalent of up to $98 million in the power project. The aluminum smelter, to be located at Tema, will have an annual capacity of 100,000 to 150,000 tons, and will cost well over $100 million. It will be built and operated by Volta Aluminium Company, Limited (VALCO), formed by two large American aluminum producers, which will have a substantial equity interest in the smelter. The smelter project will also be assisted by loans and guarantees provided by the United States Government. KENYA/AGRICULTURAL LOAN $8.4 million 20-year loan of November 29, 1961 BORROWER-Kenya This loan, which is guaranteed by the United Kingdom, will assist the Kenya Government's program to increase agricultural production and to implement the policy of opening up land to farmers of all races. Within a three-year period, the Government plans to settle qualified farmers, mainly Africans, on approximately 180,000 acres of land, and to provide them with credit facili- ties, technical assistance and farm training. The Bank loan will be used for farm develop- ment purposes only, such as water supplies, fenc- ing, access roads, farm buildings and the planting of cash crops. As a result of more inten- sified cultivation, the gross annual valuc of pro- duction from 180,000 acres of land is expected to increase gradually from the present value, equivalent to $2.5 million, to $10 million, the greater part of which will be cash income for African farmers. The program is to be carried out through sub- projects. When a portion of the Bank's loan is committed for a sub-project, it will carry interest at the rate then prevailing for Bank loans. O'1'HER ACTIVITIES -The Report of the Gen- eral Economic Survey Mission is in preparation. NIGERIA The Bank acted as Executing Agency for the UN Special Fund project to study the feasibility of a a large . multipurpose dam near Kainji, about 600 miles frot the mouth of the Niger River. The final report of the consultants has been sent to the Special Fund and to the Government. At the request of the Nigerian Government, the Bank staff member who is serving as Economic Adviser will continue in his post for another year. 'rhe Bank has agreed to pay half of the cost of a survey by consultants of the feeder road program in nortileast Nigeria. SOUTH AFRICA/RAILWAY LOAN $11 million 10-year 5%4%loan of December 1, 1961 BORROWER-South Africa This loan will help to mect the current invest- ment requirements of a large program of railway expansion and modernization which thIe South African Railways and Harbours Administration has been carrying out since 1947. Earlier Bank loans totaling $136.8 million assisted the pro- gram, and the new loan will cover part of the foreign exchange requirements for 1961-63. About 80% of the mining and industrial freight of South Africa goes by rail and further invest- ment in the railways is essential to economic growth. The current expansion prograin involves an increase in capacity, the elimination of traffic bottlenecks and progressive dieselization. Parclays B The New Y orn Barclays Bank D.C.O.; Girard Trust Corn Exchange Bank, Philadelphia; Morgan Guaranty Trs opn fNwYr;Bn fAeia Trust Company of New York; Bank of America, Bank oFrMontre FeliY-PhiAdelphia Trs Bank of Montreal; Fidelty-Phnladelphna Trust Company; The First Pennsylvaia Banking and Trust Companyk Polasphng,ia; and The Riamn Nathonal Bank of Washington, D.C. were among the banks participating the loan for a total of $1,966,000. POWER LOAN $14 million 10-year 54%%loan of December 1, 1961 BORROWER The Electricity Supply Commission (ESCOM) ESCOM provides about three-quarters of all the electricity used in South Africa. The loan will assist the expansion of the generating and transmission system which serves the Cape Northern, Rand, Orange Free State, and Eastern Transvaal regions, the country's most heavily industrialized and mining areas. ESCOM's expansion program in these areas includes the construction of the new Komati power station in Eastern Transvaal, with an initial capacity of 750,000 kilowatts; the expan sion of the Highveld power station in the Orange Free State by the addition of 120,000 kilowatts; and 314 circuit miles of high voltage transmission lines with associated substations. . PARTICIPATIONS The New York Agency of Barclays Bank D.C.O.; Girard Trust Corn Exchange Bank, Philadelphia; the New York Agency of The Bank of Montreal; Fidelity- Philadelphia Trust Company; The First Pennsylvania Banking and Trust Company, Philadelphia; and The Riggs National Bank of Washington, D.C. were among the banks participating in the loan for a total of $1,925,000. SWAZILAND/IDA CREDIT On March 14, 1962, the International Development Association extended a credit of $2,800,000 for highway construction. Details are A given in the Annual Report of IDA. UGANDA The Report of the General Economic Survey Mission to Uganda was published in April. Railway development in Nigeria is being assisted by a 1958 Bank loan ~ of $28 million. The progr-am includes a new 400-mile railroad from central Nigeria to the northeast frontier. In this photographi, the men are digging a culvert to run under the new line. .I The busy Port of Calcutta has been assisted by two Bank loans to relieve congestion and to maintain deep-water accessfor large ships. INDIA/INDUSTRIAL LOAN ance of two Bank loans totaling $51.5 million. $35 million 15-year 5t1 % loan of August 9, 1961 Its capacity for production of finished steel prod- BORROWER. India ucts has been raised from 350,000 to 800,000 Despite an increase of over 40% in the annual tons annually. The new level of production has production of coal during the Second Five-Year brought problems in securing steady supplies of ASIA AND L Plan period, the industrial goals of the Third high quality coking coal. Accordingly, this Bank Five-Year Plan require that coal production loan will be used to provide the foreign exchangeMIDDL E S must be increased from 55 million tons in 1961 required by 1ISCO to increase its own coal pro- to 97 million tons in 1966. This loan will make duction from 260,000 to 2,200,000 tons annually. available foreign exchange needed by private New mines will be opened and existing ones coal mining companies for equipment to ex-expanded; aerial ropeways will be installed to pand their production of high quality coal. The transport the coal to the company's steel works companies will obtain the foreign exchange by at Burnpur in the Damodar Valley. The Bank has decided to pay a substantial ha* h * The new installations will enable IISCO to purchasing the required amounts for rupees from part of the cost of (a) a project study of a the Indian Government. Several hundred pri-meet its requirements of coking coal from its 110-mile west-east highway between Prome and vate collieries are participating in the program, own collieries, and the use of ropeway trans- Toungoo in central Burma, and (b) consultant and intend to increase their annual production portation will relieve congestion of the railways services to advise on the reorganization of the from 44 million tons to 61 million tons. in this heavily industrialized region. National Highway Department. PARTICIPATIONS* Bank of America, San Francisco; PARTICIPATIONS * Fidelity-Philadelphia Trust CHINA/IDA CREDITS Irving Trust Company, New York; Wells Fargo Company and The Philadelphia National Bank The following credits were extended to China: Bank American Trust Company, San Francisco; were among the banks participating in the loan Harbor Dredging and the New York Agency of The Hongkong for a total of $400,000, August 30, 1961 . . . . $ 2,200,000 and Shanghai Banking Corporation participated Ground Water Development in the loan for a total of $875,000. INDUSTRIAL LOAN August 30, 1961 . . . . $ 3,700,000 $20 million 15-year loan of February 28,1962 Municipal Water Supply INDUSTRIALLOAN BORROWER. The Industrial Credit and September 6, 1961 . . . $ 4,400,000 $19.5 million 12-year 534% loan of December 22,1961 Investment Corporation of India, Limited Development of Private Industry BORROWER . The Indian Iron and Steel (ICICI) December 1, 1961 . . . . $ 5,000,000 Company, Limited (IISCO) Like earlier Bank loans totaling $40 million, $15,300,000 In the last ten years, IISCO has carried out this loan will provide foreign exchange resources Details are given in the Annual Report of IDA. two large expansion programs with the assist-to ICICI, a privately owned development bank .-, established in 1955 with advice and assistance loan at the Bank's current rate when that part is loan should increase dredging capacity to make from the Bank to promote the growth of private committed for one of ICICI's projects. it possible to keep the Port accessible throughout industry in India. By helping to maintain the the year for ships drawing up to 26 feet. rapid rate of expansion of private industry, the About 20 floating craft, including dredges, loan should contribute toward the achievement PORT LOAN will be purchased, together with equipment to of targets for emDployment and production em-$21 million 25-year 534% loan of August 17, 1961 improve Port efficiency. The loan will also bodied in the Third Five-Year Plan. BORROWER . The Commissioners for the finance the foreign exchange costs of setting up a ICICI is owned by private investors of India, Port of Calcutta Hydraulic Study Department to help solve the the United Kingdom, the United States and The Port of Calcutta serves India's largest problem of siltation and to determine the feasi- Germany, and makes long and medium-term industrialized region. Because of its location, 120 bility of a satellitc port downstream at Haldia. loans and equity investments. In its seven years miles from the sea on the changing and treacher-PARTICIPATIONS * Wells Fargo Bank American of operations, ICICI has lent or invested 427 ous River Hooghly, the Port needs a large fleet Trust Company, San Francisco; the New York million rupees (equivalent to $90 million) in 133 of dredging and navigational craft. At present, Agency of The Chartered Bank; Irving Trust concerns, including electrical, chemical, tcxtile, owing to siltation, ships of 10,000-deadweight Company, New York; Mercantile Bank, fertilizer, paper, glass and building materials, tons or more are unable to enter the Port when Limited, London; the New York Agency of The Interest will be applied to each part of the fully loaded. Equipment purchased with the Hongkong and Shanghai Banking Corporation; and Girard Trust Corn Exchange Bank, Philadelphia participated in the loan for a total of $1,086,000. RAILWAY LOAN $50 million 20-year 534% loan of October 13, 1961 BORROWER . India This is the ninth loan made by the Bank for improvement and expansion of the Indian Rail- ways; the $378 million lent by the Bank for this purpose is by far the largest amount it has lent anywhere for a single project. The loan will help to meet the foreign exchange cost of equipment and materials to be imnported during 1962. The Indian railway system, one of the largest in the world, handles the bulk of long-distance freight and passenger traffic in the country and has consistently operated profitably. Emphasis over the next few years will be placed on raising traffic capacity by equipping the system to run heavier trains at higher speeds. More diesel loco- motives are to be bought, 1,300 route-miles of track electrified, large capacity freight cars ac- quired, heavier track laid, and improvements made in workshops, bridges, traffic and signaling. PARTICIPATIONS -Bank of America, San Francisco; First National City Bank, New York; Manufacturers Hanover Trust Company, New York; Fidelity-Philadelphia Trust Cornpany, Philadelphia; The First Pennsylvania Banking andTrustCompany,Philadelphia; and American Express Company participated in the loan for a total of $1,175,000. IDA CREDITS The International Development Association extended tlle following credits to India: Tubewell Irrigation September 6, 1961 . . . .$ 6,000,000 Shetrunji Irrigation Novernber 22, 1961 . . . $ 4,500,000 Salandi Irrigation November 22, 1961 . . . $ 8,000,000 Punjab Flood Protection and Drainage November 22, 1961 . . . $10,000,000 Durgapur Power Extension February 14, 1962 . . . . $18,500,000 Sone Irrigation Project June 29, 1962 . . . . . $15,000,000 $62,000,000 $, 0 Details are given in the Annual Report of IDA. OTHER ACTIVITIES * The Bank has decided to pay at least half the cost of a study looking to- ward a new bridge across the Hooghly River to carry motor traffic between Calcutta and the heavily industrialized area to the west of thie city. IRAN The obligation whereby the Bank recruited technical experts for the Plan Organization lhas now been terminated, but the Bank will continue to be responsible for payment of the expcrts out of government funds until September 1962. ISRAEL/INDUSTRIAL LOAN $25 million 15-year 534% loan of July 11,1961 BORROWER . Dead Sea Works, Ltd. (Mifalei Yam Hamelah B.M.) This loan will help to finance the expansion of chemical production at Sodom on the Dead Sea. The largest increase will be in potash; annual output will be increased almost fourfold from the present 150,000 tons. When the expansion program is completed, the company's output of chemicals will rank second only to citrus fruit as a source of foreign exchange earnings. Dead Sea Works, Ltd., was formed in 1952 by thie Government of Israel; a majority of the slhare capital is now held by private investors. Immediately prior to the signing of the Bank loan, the comnpany's capital structure was strengthened by thc receipt of over I £27 million from the sale of an issue of ordinary shares to the public. Under the program, the company will build dikes to enclose about 38 square miles of the Dead Sea for use as pans in which brine will be concentrated by solar evaporation before processing in refineries ashore. In addition to a large new potash refinery, facilities will be built or enlarged to produce bromine and various bromine derivatives and table salt. A4IFb I ig~~~~ plin 23 illstoereaqzanitisowaeitoii--iateThalan'sferilecetra 6 nlinBn oi,tt rjc v'las ee-t #~~~~~~ ~~ ~~~~~~~~~~~~~~~~~sitdb lcrcpwr ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Tlalidsfrtlresaesipiso The gianticanhee hamilnd'noilest large-sand w'lpl be ofelectr It'wer.n JAPAN/HIGHWAY LOAN $40 million 23-year 514% loan of November 29,1961 BORROWER. Japan Highway Public Corporation (Nihon Doro Kodan) In the past five years road traffic in Japan has doubled, and there is great need for modern express highways. This loan will help to finance completion of the express highway being built between Kobe and Nagoya, the most densely industrialized area in Japan. A Bank loan of $40 million was made in March 1960 for the first 45-mile section of the new highway, and the present loan will be used to complete the Expressway over its entire planned length of 115 miles. The Expressway will be a four-lane, divided, limited access highway. The sections now to be built consist of a five-mile extension from Amagasaki to Nishinomiya and a 65-mile exten- sion from Ritto to Ichinomiya. Construction will be to modern design standards and will include earthworks, bridges, viaducts, tunnels, paving, interchanges, service areas, bus stops, toll stations, traffic control facilities and other works. PARTICIPATIONS* The New York Agency of The Toronto-Dominion Bank; The National Shawmut Bank of Boston; First Wisconsin National Bank of Milwaukee; Fidelity- Philadelphia Trust Company; and Bayerische Hypotheken-und Wechsel-Bank, Munich partic- ipated in the loan for a total equivalent to $1,183,000. JORDAN/IDA CREDIT On December 22, 1961, the International Development Association extended a credit of $2 million for the Amman water supply project. Details are given in the Annual Report of IDA. PAKISTAN/IDA CREDITS The International Development Association extended the following credits to Pakistan: Dacca Irrigation Project October 19, 1961 . . . . $ 1,000,000 Inland Ports Project November 22, 1961 . . . $ 2,000,000 Khairpur Irrigation Project June 29, 1962 . . . . . $18,000,000 $21,000,000 Details are given in the Annual Report of IDA. OTHER ACTIVITIES * The Bank continued to station staff members in Pakistan, serving both as advisers and as resident representatives. The Bank adviser to the Pakistan Industrial Credit and Investment Corporation Limited (PICIC) completed his assignment at the end of March. PHILIPPINES/PORT LOAN $8.5 million 17-year 514% loan of July 26, 1961 BORROWER . Republic of the Philippines The 7,100 islands of the Philippines are scat- tered over an area stretching 1,200 miles from north to south, and some 700 miles from east to west. There are some 350 public ports, of which 25 are ports of entry for ships engaged in foreign trade, and traffic includes about 5,700 ships calling each year to load exports or discharge imports. The economy of the Philippines, therefore, depends heavily upon keeping the harbors open. This has been increasingly difficult in recent years: formidable arrears of dredging have accumulated, partly because of wartime neglect, partly because of inadequate equipment, and partly because harbor extensions have enlarged the areas which must be kept clear. These arrears are now being tackled by a ten- year dredging program, which should restore and maintain an adequate depth of water in the major harbors of the Philippines, and make needed improvements. The Bank's loan will finance six dredges, a crane, and other equipment needed for the program. PARTICIPATIONS* The New York Agency of The Chartered Bank; the New York Agency of The Hongkong and Shanghai Banking Corporation; Bank of America, San Francisco; The Chase Manhattan Bank, New York; First National City Bank, New York; Manufacturers Hanover Trust Company, New York; and National Bank of Commerce of Seattle participated in the loan for a total of $920,000. POWER LOAN $34 million 25-year 534% loan of October 13,1961 BORROWER. National Power Corporation of the Philippines (NPC) Manila, on the island of Luzon, is the principal industrial complex of the Philippines, as well as the capital city. Electric power demand in the Manila area has been growing so rapidly in recent years that the rationing of power has remained necessary in spite of the addition of successive new power plants. The same rate of increase in demand is expected to continue over the next decade and the National Power Corporation (NPC) has embarked on a large- scale program to try to install the necessary new capacity. An earlier loan from the Bank helped to finance the Binga hydroelectric plant on the Agno River, with installed capacity of 100,000 kilowatts. New transmission lines covering the 120 miles to Manila were also included in the project. This new loan will finance a larger proj- ect about 25 miles northeast of the capital, where a 410-feet high dam will be constructed across the Angat River. The capacity of the main power station at the dam will be 200,000 kilo- watts, and a 6,000-kilowatt generator will also be built at the outlet of a diversion channel. PARTICIPATIONS * The Chase Manhattan Bank, New York; Irving Trust Company, New York; Manufacturers Hanover Trust Company, New York; Wells Fargo Bank American Trust Company, San Francisco; Continental Illinois National Bank and Trust Company of Chicago; First National City Bank, New York; National Bank of Commerce of Seattle; Crocker-Anglo National Bank, San Francisco; The Philadelphia National Bank; The Marine Midland Trust Company of New York; Girard Trust Corn Exchange Bank, Philadelphia; and Grace National Bank of New York participated in the loan for a total of $1,217,000. OTHER ACTIVITIES * The Bank has agreed to c pay half the cost of a study of water supplies to the Manila area; by the end of the fiscal year consultants had been selected jointly by the Philippine Government and the Bank. The Economic Mission to the Philippines delivered a summary of its report to the Government early in 1962. The Bank has also agreed to provide short-term advisers to the Philippine Government to assist in following up the work of the Mission. THAILAND The Bank staff member serving as resident representative in Thailand continues in his post. In addition, at the request of the Government the Bank has posted two advisory groups in Thailand, one to advise the National Economic Development Board and the second to advise the Committee for the Development of the North- east, a low-income area receiving special atten- tion. The UN Special Fund study of (a) the siltation problem at the Port of Bangkok and (b) the economic feasibility of building another port at Sri Racha on the Gulf of Thailand, was started during the year, with the Bank acting as Executing Agency. The field studies are in progress, to be followed by model investigations which will last a further three years. ,\ 7 XI '5 U R P AUSTRIA/INDUSTRIAL LOAN $5 million 15-year 5 4 % loan of June 15, 1962 BORROWER. Oesterreichische Investitionskredit, A.G. (IVK) Investitionskredit provides long-term capital to private industry in Austria, particularly for small and medium-sized enterprises. It was established in 1957 for the immediate purpose of providing a channel for a previous Bank loan of $9.3 million for the expansion and modernization of a number of selected industrial enterprises. A second loan, of $9 million, was made to IVK by the Bank in 1959. From the outset, however, it was intended to build IVK into an independent investment institution, and it has now become an accepted part of the Austrian capital market, drawing its other funds from Austrian government holdings of counterpart funds, and from borrowing abroad. IVK is one of the main sources to which private industry can turn for long-term capital, since the resources of the capi- tal market are largely taken up by issues of the Government, municipalities and public utilities. IVK has now lent about $25 million for 55 dif- ferent projects mainly in the following indus- tries: paper, cardboard, textiles, electrical, build- ing materials, chemicals and clothing. The new Bank loan will assist IVK to continue its lending program. The loan will be disbursed as funds are required by IVK for disbursement of its own loans to industrial enterprises. PARTICIPATIONS * Manufacturers Hanover Trust Company, New York, participated in the loan for a total of $585,000. FINLAND/INDUSTRIAL LOAN $25 million 15-year 534% loan of August 9, 1961 BORROWER . Mortgage Bank of Finland Oy The proceeds of this loan will be re-lent by the Mortage Bank of Finland Oy, a subsidiary of the Bank of Finland, to seven private companies in the pulp and paper industry. The companies will use the funds to expand and modernize their facilities for the production of sulphate and sulphite pulp, newsprint, high-grade printing papers and kraft paper. The projects to be fi- nanced constitute a major part of the industry's current investment program, and are expected to increase Finland's net export earnings by about $56 million annually. About 40% of the loan will be allocated to three companies for the production of sulphate pulp; another 40% will enablc two newsprint mills to install modern newsprint machines; about 13% will be allocated to a company for the construction of pulp and paper mills; and the remainder will be used by a sulphite pulp manufacturer for a rationalization program to reduce costs and improve quality. The total cost of the seven projects involved is estimated at $113 million equivalent, of which the companies themselves will provide about four-fifths from their own resources and other borrowings. PARTICIPATIONS . Irving Trust Company, New York; The Toronto-Dominion Bank, New York Agency; Bank of America, San Francisco; The Chase Manhattan Bank, New York; Central National Bank of Cleveland; J. Henry Sclhroder Banking Corp., New York; Girard Trust Corn Exchange Bank, Philadelphia; Brown Brothers Harriman & Co., New York; Morgan Guaranty Trust Company of New York; The First Penn- sylvania Banking and Trust Company, Phila- delphia; Grace National Bank, New York; Bankierskantoor Staal & Co., N.V., The Hague; Brinckmann, Wirtz & Co., Hamburg; Deutsche Bank, A.G., Frankfurt; Bankhaus Neelmeyer & Co., Bremen; Nederlandsche Handel- Maatschappij, N.V., Amsterdam; Berliner Bank, A.G., Berlin; Dresdner Bank, A.G., Frankfurt; and Vereinsbank in Hamnburg participated in the loan for $1,707,000. ICELAND/HO1 WATER SUPPLY $2 million 18-year 534% loan of February 14, 1962 BORROWER * Iceland Reykjavik, the capital of Iceland, is located in an area of volcanic activity where there are many natural hot springs. Since 1930, a unique system has been developed whereby water from the springs and from wells drilled in the area is distributed to houses and buildings in the city, and uscd both for space heating and as hot tap water. The present system, which serves about two- thirds of the buildings in Reykjavik, is being extended to serve most of the rest of the city. The loan will help to finance this cxtension; it involves the laying of over 30 miles of distribution mains, service connections from the street mains to individual buildings, and a well-drilling program to develop additional hot water sources. The extension will lower heating costs and reduce the country's requirements for fuel oil imports, effecting savings in foreign exchange which should gradually rise to $1.5 million annually. The Government will re-lend the proceeds of the loan to the City of Reykjavik for the account of the Hot Water Supply System. PARTICIPATIONS * The Chase Manhattan Bank, New York; Chemical Bank New York Trust Company; First National City Bank, New York; and Manufacturers Hanover Trust Company, New York participated in the loan for a total of $95,000. ~'w 4ACW0Y5Ai<%V4~' / ~~7?~ &WA(7>' ~~,y44V vide a total capacity of 2.5 million kilowatts of power to the electricity systems of the States of <41>; 1><~~NewSouth Wales and Victoria and the Aus- ,?{|'/t\h tralian about C>~~ ~wh million. When comnpleted, the project will pro '~A<%r 4 >4'=cxX >k Capital Territory. In addition, 24', J ='C :--41 million more acre-feet of water a year will be ST T -T l -9 A aRl provided for irrigation. lIAn ,-- 7 A,_AU The first stage of the scheme is already almost 4<--_')-S-and three plants con +;v)S}|-g; Kp--complete power have been ___t 'i structed$ 1l -gAl47 a? ttt capacity 660,000 4 with combined0 ) of '~ kilowatts. The Bank loan will help to finance con '12<144 struction of part of the second stage which should 7,,9f¢.<-;'"; ";4Xtibefinished in 1967. The works to be undertaken POWER LOAN with the help of Bank funds include the con $100 million 25-year 534% loan of January 23,1962 struction of three large dams, tunnels and pres- BORROWER * Australia sure pipelines and the 760,000-kilowatt Murray The proceeds of this loan will be re-lent by No. 1 hydroelectric plant. On completion of the the Government to the Snowy Mountains Hydro-project, the water available for irrigation on the Electric Authority to finance part of the cost of western side of the mountain range will be in- the Snowy Mountains scheme, a large power and creased by 470,000 acre-feet a year. n irrigation project in southeastern Australia. Situ-PARTICIPATION Bank of America, San Francisco ated near the highest portion of the Great Divid-participated in the loan for a total of $500,000. ing Range in New South Wales, the Snowy Mountains scheme provides for the diversion of two eastern rivers to the western slope of the The Snowy Mountains project in souitheastAuistr-alia watershed. Tunnels will carry the water to join supplies power forAustra.a's indtstries the Murray and Murrumbidgee Rivers, which antd ir-rigation water for her-farmers. flow westward for more than a thousand miles A$0 ilo akla through important farming areas, Work on the is assisting the second stage first stage was started in 1949, and the entire of thteproject. Right, scheme is scheduled for completion in 1975 at a heavy equtipment buildi'ng total cost estimated at the equivalent of $900 an access r-oadin the mountains. - M .r .. _ f . t' g t, YVCWESTERN fIT IE;MISPHEIR ARGENTINA/POWER LOAN $95 million 25-year 5Y45%oloan of January 19,1t962 BORROWER * Servicios Electricos del Gran Buenos Aires (SEGBA) This loan will help to finance completion of the Gran Buenos Aires 600,000-kilowatt thermal power plant, the construction of a related high- voltage interconnecting ring, and expansion of the distribution system in the Greater Buenos Aires area. The new facilities should eliminate the critical power shortage in Argentina's most important industrial and commercial region. The area contains nearly a third of the country's population of 21 million, and absorbs two-thirds of the country's total power supply. SEGBA, formerly a foreign-owned utility com- pany serving the Buenos Aires area, has been acquired by the Argentine Government, and has also taken over properties of Agua y Energia Electrica in northwest Buenos Aires, thus form- ing the largest electric utility in Argentina and one of the largest in Latin America. It is intended that SEGBA will eventually be returned to private\ 2,--00 and to this its shares ownership, end have been deposited with the Industrial Bank of Argentina to be sold to local private investors as rapidly as market conditions will allow. OTHER ACTIVITIES * The Bank acted as Executing Agency for the UN Special Fund proj- ect to study the transportation needs of Argentina. The report of the study group was completed during the year and transmitted to the Argentine Governmentandto theSpecial Fund The Bank has agreed to act as Executing Agency for a survey of the hydroelectric resources of the State of Minas Gerais, for which the UN Special Fund is providing financial assistance. The Special Fund is considering ex- tension of this survey to other States so that the whole of south-central Brazil will be covered. BOLIVIA The Bank agreed to pay the foreign exchange cost of a survey of immediate problems facing the Bolivian railways. The report of the consultants has been sent to the Bolivian Government. BRITISH GUIANA The Bank is acting as Executing Agency for the UN Special Fund project to survey the bar siltation and erosion problems at the Port of Georgetown. The field study has been completed and the consultants' report is in preparation. CENTRAL AMERICA The Bank has agreed to act as Executing Agency for a UN Special Fund study of regional telecommunication development in the six Cen tral American republics, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama. The study is expected to start during the summer of 1962. CHILE In early 1961 Chile completed a draft Ten- Year Development Plan. At the request of the Government, the Bank sent a mission to appraise the Plan, and the mission's final recommendations are now being studied by the Government. A two-man Bank resident mission went to Chile in June 1962 to advise the Government on the development program. The Bank has also undertaken to finance the foreign exchange cost of a survey of the Chilean capital market with a view to making it a more efficient instrument for the mobilization of domestic savings for development. The study will begin this summer. COLOMBIA/HIGHWAY LOAN $19.5 million 15-year 5 3/4% loan of August 28, 1961 BORROWER. Colombia This loan, to finance a highway improvement and maintenance program, was linked with a $19.5 million development credit provided to Colombia by the International Development Association. The funds will be used to complete about 450 miles of roads started with the help of earlier Bank loans; to construct 340 miles of additional roads, complementing those under construction; to prepare designs for 300 miles of additional roads; and to import maintenance equipment to meet the immediate needs of the Highway Department. This is the fourth Bank loan for Colombian highways, bringing the total lent for this purpose to $67 million. When the current project is completed, Colombia will have an all-weather highway system connecting most of her important cities. PARTICIPATIONS* Irving Trust Company, New York and Wells Fargo Bank American Trust Company, San Francisco participated in the loan for a total of $200,000. POWER LOAN $50 million 25-year 5Y4% loan of May 23,1962 BORROWER . Empresa de Energia Electrica de Bogota (EEEB) Bogota, the capital city of Colombia and the principal center of industry, commerce and gov- ernment administration, is situated on a shelf of the Andes, more than 8,000 feet above sea level. A few miles from the city the Bogota River falls more than 6,000 feet in 15'2 miles, and EEEB, the autonomous agency which provides power to the Bogota area, is harnessing its power in a series of hydroelectric power plants at successive levels. Three plants are already in operation; this loan will add one new 150,000-kilowatt hydroelectric plant-later to be doubled in capacity-and will assist the completion of a storage reservoir to feed the power plants in the dry season. The loan will also be used to add a second 33,000-kilowatt turbogenerator at a nearby steam plant, and to make substantial additions to transmission and distribution facilities in Bogota and in several nearby towns. PARTICIPATIONS * The New York Agency of The Royal Bank of Canada; the New York Agency of The Bank of Montreal; The First Pennsyl- vania Banking and Trust Company, Phila- delphia; and Grace National Bank of New York participated in the loan for a total of $350,000. IDA CREDIT On August 28, 1961, the International Devel- opment Association extended a credit of $19.5 million to Colombia for highway development. Details are given in the Annual Report of IDA. OTHER ACTIVITIES * Last year's Annual Re- port stated that the Bank was sponsoring a sur- vey of Colombian transportation facilities and needs as the basis for a coordinated transportation investment program. The study, of which the Bank financed half the foreign exchange costs, was completed at the beginning of 1962 and is now being published by the Government. A Bank mission visited Colombia in the early part of 1962 to make an appraisal of the government's development plan. The mission's recommendations on the plan are now being considered by the Government. The Bank has agreed to act as Executing Agency for a survey of the coal industry in the Cauca Valley, for which the UN Special Fund is providing financial assistance. COSTA RICA/INDUSTRIAL LOAN $3 million 12-year 5Y4% loan of September 6,1961 BORROWER. Central Bank of Costa Rica Fourth in a series of loans made to the Central Bank of Costa Rica, this brings to $11.5 million the amount provided by the Bank toward a program which since 1952 has made finance avail able through regular commercial channels for imports of capital goods. Under the program, credits are provided to individuals and private companies by Costa Rica's commercial banks which, in turn, receive credits for the purpose from the Central Bank. The first two Bank loans were largely used to finance imports of agricultural equipment to Colombia's new Atlantic Railroad, assi.sted by Bank loans of $46 million, ~~~~~~~~~~~~~~~~~~~~~~traverses 2 rugged terrain on its 500-mile length fromncentral Colombia to the Caribbean. ~~~~~~~~~~~~ ~~~~~~~~~~~This train is transporting oil' fromn the interior to overseas markets. 4 ~~~~~~~A~~~~~43 n~~~~~ %:~~~~~~~~ open up new areas to cultivation and increase mechanization of agriculture; the result was a rapid increase in output of sugar, cotton, maize, rice and beans. More recent loans hiave provided foreign exchange for imports of capital goods for light industries, which have increased stead- ily in both size and number in recent years, par- ticularly in food processing, textiles and printing. PARTICIPATIONS * Bank of America, San Francisco; First National City Bank, New York; The Marine Midland Trust Company of New York; Crocker-Anglo National Bank, San Francisco; The First Pennsylvania Banking and Trust Company, Philadelphia; and Grace National Bank of New York participated in the loan for a total of $314,000. HIGHWAY LOAN $5.5 million 15-year loan of October 13, 1961 BORROWER . Costa Rica This loan, together with a credit of $5.5 million from the International Development Association, will help to finance the reconstruc- tion and construction of about 420 miles of road, representing about one-third of Costa Rica's national and regional highway system, and the improvement of the country's road maintenance operations. Most of the highways to be improved serve the central plateau, populated by about three-fifths of the population and containing the bulk of the country's agricultural and manu- facturing wealth. Three new highway sections will be built, two to relieve severe traffic con- gestion in the San Jose area and the third to open up a rich agricultural region. These works, together with the improvement of maintenance operations, constitute the first and most important stage of a seven-year program to improve and extend the country's highway network which now carries 80% of total passenger traffic and 70% of freight. PARTICIPATIONS * Fidelity-Philadelphia Trust Company, Philadelphia; The First Pennsylvania Banking and Trust Company, Philadelphia; and Girard Trust Corn Exchange Bank, Philadelphia participated in the loan for a total of $150,000. IDA CREDIT On October 13, 1961, the International Development Association extended a credit of $5.5 million to Costa Rica for road construction and maintenance. Details are given in the Annual Report of IDA. ECUADOR T The Bank has agreed to pay the foreign ex- change cost of a transportation survey. Arrange- ments for executing the survey arc now being worked out. GUATEMALA The Bank is acting as Executing Agency for a UN Special Fund study of power and irriga- tion in Guatemala. The study by the consultants was in progress at the end of the fiscal year. HAITI The Bank is financing the foreign exchange tsof asd bytcon of the reorgantion and reconstruction of the port at Port-au- Prince. The study was in progress at the end of the fiscal year. HONDURAS The Bank is financing the foreign exchange costs ofa study by consultants of port reorganization and expansion at Puerto Cortes. The study was in progress at the end of the fiscal year. MEXICO/POWER LOAN $130 million 23-year 534% loan of June 20,1962 BORROWER * Federal Electricity Commission and Nacional Financiera, S.A. The Commission is an autonomous govern ment agency charged with the development of electric power in Mexico; Nacional Financiera is an official financing institution which by law is authorized to incur external loans on behalf of the Mexican Government. Three earlier Bank loans totaling $88 million were made to the Commission between 1949 and 1958, during which time it increased its generat ing capacity from about 100,000 to 1,200,000 kilowatts, becoming Mexico's biggest producer of power. The 1962-65 program of the Commis- sion, for which this loan was made, provides for the construction or enlargement of 13 thermal plants with a total capacity of 1,260,000 kilo- watts and of 10 hydroelectric plants with a total capacity of 1,130,000 kilowatts, all in the Com- mission's major systems serving the most impor- tant centers of industry and population. Smaller plants having a combined capacity of 160,000 kilowatts will be constructed under the Com- mission's rural electrification program. The pro- gram also includes the construction of approxi- mately 2,800 miles of transmission lines with associated substations, and expansion of the Commission's own distribution systems. As a re- sult, the Commission's capacity will be increased threefold. The new installations will also pro- vide adequate reserve capacity. PARTICIPATIONS -United California Bank, Los Angeles; Central National Bank of Cleveland; Fidelity-Philadelphia Trust Company; Harris Trust and Savings Bank, Chicago; First Wiscon- sin National Bank of Milwaukee; The Marine Midland Trust Company of New York; The Philadelphia National Bank; The National Shaw- mut Bank of Boston; The National Bank of Wash- ington, Washington, D.C.; J. Henry Schroder Banking Corp., New York; Maryland National Bank, Baltimore; and Grace National Bank of New York participated in the loan for a total of $5,045,000. HIGHWAY LOAN $30.5 million 20-year 534% loan of June 20, 1962 BORROWER * Federal Toll Roads and Bridges Authority, and Nacional Financiera, S.A. To keep pace with the transport requirements of its rapidly developing economy, Mexico has for many years carried out successive road im- provement programs until it now has some 28,000 miles of surfaced roads. A Bank loan of $25 million made in October 1960 is helping to finance the current program of extending and rehabilitating the national highway system. The new loan will meet the foreign exchange costs of a continuation of Mexico's toll transport pro- gram which was started a few years ago to pro- vide faster and more convenient transportation in areas where traffic congestion is becoming serious. The current program includes construction of 240 miles of new toll roads, two out of Mexico City and one from Tijuana to Ensenada; four access roads totaling about 78 miles in length; five toll bridges; and the acquisition of a ferry-boat and the construction of terminals at La Paz near the southern end of the peninsula of Baja, California and at Mazatlan on the con- tinental shore. This program will cost the equiva- lent of $67.4 million over the next three years. The Bank loan will cover the foreign exchange requirements; the remainder will be met by the Federal Toll Authority from revenues and local borrowings. It is expected to take from 8 to 20 years for the facilities to repay their costs from tolls. PANAMA The Bank has made two experts available to the Government, one to advise the Government on its investment program and the other to assist in organizing land settlement in agricultural areas opened up by feeder roads and in developing agricultural policies. PARAGUAY/IDA CREDIT On October 26,i19t61, the International Development Association extended a credit of $6 mil- maintenance. Details are given in the Annual mainteof Da. PERU/HIGHWAY LOAN $10 million 9-year 534% loan of November 3, 1961 BORROWER . Peru In 1955 the Bank lent $5 million to Peru to help in the reorganization of its highway maintenance operations and as a first step toward placing maintenance on a mechanized basis. The new loan will make possible the furthcr development of this program, enabling the Government to place the entire primary and secondary road system under proper maintenance. In addition, the program financed by the loan includes the resurfacing of 125 miles of paved roads, and the replacement with modern two lane bridges of some 30 narrow bridges, many of them on the Peruvian section of the Pan- TRINIDAD AND TOBAGO/POWER LOAN $23.5 million 20-year 534% loan of August 16, 1961 VENEZUELA/HIGHWAY LOAN $45 million 20-year 5y4% loan of December 13,1961 American Highway. The loan is also providing BORROWER . Trinidad and Tobago BORROWER * Venezuela funds for a study of Peru's future traffic needs. The loan will help to finance the construction The loan, the first made by the Bank to Vene- PARTICIPATIONS * The New York Agency of The of a 100,000-kilowatt thermal power plant at the zuela, will help to finance two express highways Bank of Montreal; the New York Agency of The capital, Port-of-Spain, the construction of a 41-in north-central Venezuela, the most populous Royal Bank of Canada; The First Pennsylvania Banking and Trust Company, Philadelphia; and Grace National Bank of New York participated mile natural gas pipeline plant, and the expansion distribution facilities. The to supply fuel for the of transmission and loan is guaranteed by and rapidly developing region in the country. The project consists of two separate sections of controlled access, four-lane toll roads. One will in the loan for a total of $500,000. the United Kingdom. run 37 miles southwest from Coche, a suburb of OTHER ACTIVITIES * In the 1961 teBank . joinedwith tG r Sustained by heavy nnandin public services, investment in the Territory's industry economy Caracas, to Tejerias where it will connect with an existing expressway running into the imporPeru's highway facilities and pycinha of the foreign needs, the re costs. Bank The has grown at an average annual rate of 10% in recent years. The new thermal plant, to be oper- ated by the Trinidad and Tobago Electricity tant industrial city of Valencia; the other, miles long, will run north from Valencia El Palito, connecting with the coast road 22 to to objectivesfof theTranstudy wertommi.te tend bnlasi foraTransport Cndtommissiotinthforegulaten inlaTnd-transort andhwtoassstrin thefrogrmulati Commission, Commission's requirements will double the capacity system, and should meet for several years. of the power Puerto Cabello, Venezuela's second largest port. Roads are by far the most important means of transport in Venezuela; since 1947 the basic net- ofearTen-Year studyhearenof HighwconsultayInvestmentpoProgra thee csumitants employedontheGoof s PARTICIPATIONS Nova Scotia; of Canada; the * The New York Agency of Bank Sun Life Assurance Company Agency of The Royal Bank of work has more than tripled in length and motor vehicle density per capita is approaching that of Western Germany. By linking several areas of SURINAM Canada, Agency Port-of-Spain, of Canadian Trinidad; Imperial the New York Bank of Com- high industrial potential, also help to promote the the expressways will government's policy of The Bank is acting as Executing Agency for a merce; Barclays Bank D.C.O., New York Agency; encouraging the location of new industries away UN Special Fund project sources in Surinam. The to survey mineral study is expected re- to The First Chase Manhattan Bank, New York; The National Bank of Boston; The Toronto- from the saturated Caracas PARTICIPATIONS . Chemical area. Bank New York Trust take a further two years. Dominion Bank, New York Agency; The First Company; First National City Bank, New York; At the request of the Governor of the Bank for the Netherlands, the Bank is studying whether Pennsylvania Philadelphia; Banking and Grace National Trust Company, Bank of New York; GirardTrustCornExchangeBank,Philadelphia; the New York Agency of The Royal Bank of and, if so, in what form it could be useful in and Banque Lambert S.C.S., Brussels were Canada; and Grace National Bank of New York offering guidance to Surinam on its power among the banks participating in the loan for a participated in the loan for a total of $943,000. development problems. total of $15,310,000. High in the Peruvian Andes the new Huinco hydro-electric plant is being constructed to supply mnorepower to growi.ng industries in and around Lima, the capital city. This project received a Bank loan of $24 million. 34 Appendices appendix A ASSETS Due from Banks and Other Depositories (See AppendixC) Member currencies, including $10,447,266 United States dollars Unrestricted . . . . . . . . . . . . . . . $ 16,164,695 Subject to restrictions-NOTE B . . . . . . . . . . 120,645,276 $ 136,809,971 Balance Sheet Non-member Investments currency (Swissfrancs) . . . . . . . . . 1,571,347 $ 138,381,318 Government obligations (At cost or amortized cost) Face amount $1,244,086,982 including $1,129,162,000 JUNE 30, 1962 United States Government obligations . . . . . . . $1,236,169,997 Time deposits, including $295,000,000 United States dollars . . 319,125,833 Accrued interest . . . . . . . . . . . . . . . 13,232,800 1,568,528,630 Expressedin United StatesCurrency SeeNotesto Financial Statements, AppendixG Receivable on Account of Subscribed Capital (See AppendixD) Member currencies, other than United States dollars-NOTE B Non-negotiable, non-interest-bearing, demand notes . . . . $ 326,139,434 Amounts required to maintain value of currency holdings . 1,497,118 327,636,552 Effective Loans Held by Bank (SeeAppendixE)-NOTE C (Including undisbursed balance of $1,470,051,774) . . . . . 4,434,060,330 AccruedChargeson Loans-NOTE C . . . . . . . . . 37,338,340 Receivable from Purchasers on Account of Effective Loans Agreed to be Sold (Including undisbursed balance of $31,346,057) 46,833,907 Unamortized Bond Issuance Costs . . . . . . . . . . 18,667,567 Land and Buildings . . . . . . . . . . . . . . $ 18,604,618 Less reserve for depreciation . . . . . . . . . . . 783,965 17,820,653 Other Assets . . . . . . . . . . . . . . . . 1,782,011 Special Reserve Fund Assets-NOTE D Due from Banks-member currency-United States . . . . $ 605 Investment securities-United States Government obligations ($215,963,000 face amount; at cost or amortized cost) . . . 215,566,013 Accrued loan commissions-NOTE C . . . . . . . . . 8,081,358 223,647,976 Staff Retirement Plan Assets (Segregated and held in trust) . . . . . . . . . . . 14,081,229 Total Assets . . . . . . . . . . . . . . $6,828,778,513 LIABILITIES, RESERVES AND CAPITAL Balance Sheet (continued) Liabilities Accrued interest on borrowings . . . . . . . Accounts payable and other liabilities . . . . . TUndisbursed balance of effective loans (See Appendix E) Held by Bank . . . . . . . . . . . . Agreed to be sold . . . . . . . . . . . Funded debt (See Appendix F) (Of this amount $109,666,097 is due within one year) Obligation for repurchase of shares of Cuba-NOTE E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,470,051,774 31,346,057 $ 35,075,683 7,730,283 1,501,397,831 2,520,758,828 711,660 Reserves for Losses Special reserve-NOTE D . . . . . . . . . . . . . Supplemental reserve against losses on loans and guarantees-NOTE F . . . . . . $ 223,647,976 475,695,023 699,342,999 Staff Retirement Plan Reserve . . . . . . . . . . . . . . . 14,081,229 Capital Capital stock (See Appendix D)-NOTE G Authorized 210,000 shares of $100,000 par value each Subscribed 204,848 shares . . . . . . . . Less-Uncalled portion of subscriptions-NOTE H Payment on account of pending subscription . . . . . . . . . . ; . . . . . . . . . . $20,484,800,000 18,435,270,000 2,049,530,000 150,000 Contingent Liability-LOANS SOLD UNDER CUARANTEE-NOTE I . . $7,195,000 Total Liabilities, Reserves and Capital . . . . . . . . . . $6,828,778,513 appendix B July 1-June 30 1960-1961 1961-1962 Income Income from investments . . . . . . . . . . . . . . . $ 43,417,730 $ 54,258,315 Income from loans: Interest ... . .. . . . ... . . . . . 114,353,815 123,698,500 Commitment charges . . . . . . . . . . . . . . . 7,671,996 9,178,882 Commissions . . . . . . . . . . . . . . . . . . 28,810,221 29,986,059 Service charges . . . . . . . . . . . . . . . . . 46,589 21,438 ComparativeStatement of Other income . . . Gross Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,103,370 $195,403,721 1,183,617 $218,326,811 Income and Expenses Deduct-Amount equivalent to commissionsappropriated to Special Reserve-NOTF D . . . . . . . . . . 28,810,221 29,986,059 Gross Income Less Reserve Deduction . . . . . . . . $166,593,500 $188,340,752 FOR THE FISCAL YEARS ENDED JUNE 30, 1961 AND JUNE 30, 1962 Expenses Administrative expenses: Personal services . . . . . . . . . . . . . . . . . $ 6,468,926 $ 6,774,844 Expressed in United States CAurrencyFesadcm See Notes to Financial Statements, Appendix G Contributions to staff benefitsnaio90,9 Fees and compensation . . Representation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,046,733 906,109 138,083 1,057,48110363 1,093,603 132,426 Travel . . . . . . . ... .. . .. . ... 1,646,551 1,934,212 Supplies and material . . . . . . . . . . . . . . . 112,981 106,556 Office occupancy . . . . . . . . . . . . . . . 598,883 663,123 Communication services. . . . . . . . . 330,095 397,336 Furniture and equipment . . . . . . . . . . . . . . 329,071 161,003 Books and library services . . I . . . . . . . . I . . 204,559 181,360 Printing ... . . . ... ...... . . . . 132,234 138,832 Insurance . . . . . . . . . . . . . . . . . 89,625 64,002 Other expenses . . . . . . . . . . . . . . . . . 3,666 6,870 Total Administrative Expenses . . . . . . . . . . . $ 12,007,516 $ 12,711,648 Interest on borrowings . . . . . . . . . . . . . . . . 86,218,302 97,066,011 Bond issuance and other financial expenses . . . . . . . . . . 1,778,964 1,912,107 Discount on sale of loans . . . . . . . . . . . . . . . 3,369,967 6,338,683 Gross Expenses . . . . . . . . . . . . . . . $103,374,749 $118,028,449 Net Income-Appropriated to Supplemental Reserve Against Losses on Loans and Guarantees-NOTE F . . . . . . . . . . . . . . . . $ 63,218,751 $ 70,312,303 Unrestricted Currency Restricted Currncy (Note B) Amount Total AmountToa Member Currencies appendixC Expressed in Expressed i'n Expressed in Exp ressed in U.S. Dollars Member Currency U.S.D)otlars Unit of Currency Member Currency Mfember Statementof Currencies Held by the Bank AS OFJ N 0 92Honduras. OF JUE 30,1962Iceland. See iVotes to Fnancial Statemets, Appendtx GIreland. SeeNoesto inncalStaemnt,Apedi GIsrael. Afghani -S-53,982,014 5 2,699,101 Afghanistan. ............. 466,986,600 25,943,700 Argentina. .............. Peso -Australia. .............. Pound 118,053 264,439 234 525 - Austria. ............... Schilling 70,075 2,695 Franc 5,453,499 109,070 - Belgium . .... --119,212,963 10,039 Boliviano Bolivia. ....... 618,720,796 33,444,367 Cruzeiro Brazil. ............... 1,594,658 334,879 Kyat -Canada. .............. Burmna. ............... Dollar 976,093 902,887 --2,994,150 628,772 Rupee Ceylon. ............... --8,724,054 8,316,544 Escudo Chile. ............... New Tatiwan Dollar --26,719,085 667,977 China. ............... 14,343,938 7,355,937 Peso - Colombia. .............. 2,384,996 359,999 Colon - CostaLRica ................ 5,143 14,400 Cyprus . ............... Pound Krone 161,376 23,364 1,238,392 179,292 Denmnark. .............. --254 254 Dominican Republic. ........... Peso Ecuadorc. .... I.........Sucre - - 883,299 353,319 Colon - El Salvador. .............. 459,553 184,970 Ethiopia. .............. Dollar - Markka 4,522,081 14,131 789,718,964 2,467,872 Finland . ................ New Franc 22,839 4,626 8,412,967 1,704,044 France. ............... - 1,446,042 361,510 'Germnany. .... ......... Deutsche Mark -20,701 57,964 Pound Ghana. ............... Drachma --134,025,604 4,467,520 Greece. ............... 360,000 Guatemala. ............ Quctzal --360,000 --12,016 2,403 Lourde -266,559 133,280 Haiti .G.............. .............. Lempira -- -6,352,895 147,742 Krona Rupee 1,351,547 283,825 1,251,765 262,871 ......... India ...... -8,400,810 186,685 Indonesia. .............. Rupiah - Rial 96,827,321 1,278,248 .- Iran. ................ Traq. ................ Dinar 2,015 5,643 ............... Pound 14,776 41,374 19,142 53,597 Pound 84,141 28,047 987 329 ............... ..... Lira 37,395,301 59,832 -- Jtaly . ..... :. - 21,490,452 59,696 .- ..... tapdan. ... ..... Yen --1,649 4,616 uran ...... I. ........ Dinar 2,809,100,900 2,247,281 Hwan -- uOrea. ............... Kip --71,741,072 896,763 Laos...... ......... Lebanon. ............. Pound 13,461 13,461 Dollar -- 1,795 5,027 Liberia. ............... L~ibya. ............... Pound Franc 19,572 391 - Lue.bourg. ........ Malaya. ....... Dollar 22,565 7,371 38,061 12,433 - Peso 35,917 2,873 Mexico. ........ -336,634 66,522 Dirham Morocco. .............. --68,563 8,999 Rupee Nepal. ............... - Guilder 5,756,784 1,590,272 Netherlands. ............. --52,099 144,881 New Zealand. ... ......... Pound 3,540,925 505,846 Nicaragua. .............. Cordoba - 19,628 54,959 Pound -Norway. ............... Nigeria. ............... Krone 371,290 51,960 647,580 90,661 --7,144,377 1,500,321 Rupe Pakistan. .... - Balbeoa Panama. .............. -57,820,466 473,938 . . ..... Guarani Paraguay ........ . 12 - --11,432,503 5,716,251 Peru .......... . ...... Sol -79 . ..... Peso Philippines........ .. Escudo --206,989,761 7,199,644 Portugal ......... . ...... .. . ..... Riyal --69,026 15,339 Saudi Arabia....... South Africa ....... .. . ..... Rand 14,394 20,151 - Peseta --~~~~~~~~~~~~~~~~~~~~~~9,561,809 ~ 159,364 Spain ... 95 273 Sudan . ..... :..... . .Peo'un'd 3,890 11,170 - Krona 115,350 22,298 Sweden ............... --13,236 6,040 Syrian Arab Republic ........... Pound -.-25,000 2,000 Thailand ......... . ...... Baht 5,190 12,357 Tunisia.......... . ...... Dinar 373,432 41,492 . ...... Lira - Tu,rkey.......... -5,063 14,539 Unte Arab Republic...... .. . .... Pound Pound 194,819 545,492 15,634 43,776 United Kingdom .. Dollar -10,447,266 - United States .. --, 2,752,501 371,960 .. Peso 25,680 7,666 358,785 107,100 Uruguay... Bolivar Venezuela ..... -94,307,500 2,694,500 Piastre Viet-Nam ..... ........ Dinar 5,513,265 18,378 2,368,961,662 7,896,539 Yugoslavia .$16,164,695 $120,645,276 Sub-Total...................... .. . .... 136,809,971 .......... Total-Member Currencies ............ .. . ... 1,571,347 Non-Member Cuirrency-unrestricted (Switzerland) ................. .. . .$138,318,318 ~~~~~ ~ ~~~~~~~~~~~~~~~~~~Total........................... appendixD Amounts Paid in Member Shares Subscriptions Percent Amount oftotal (Note G) In United States dollars In currency of member other than United States dollars (Note B) In nonifterestbearing, non-ne- gotiable demand notes (Note B) Subject to call to meet obligations of ank (Note H) -_ Voting Power Number Percent of votes of total Statement of Subscriptions to Capital Stock Afghanistan. Argentina . Australia . Austria . . Belgium . Bolivia (') . Brazil . . Burma . . . . . . . . . . . . . . . . . . 300 3,733 5,330 1,000 4,500 210 3,733400 .15 1.82 2.60 .49 2.20 .10 1.82.19 $ 30,000 373,300 533,000 100,000 450,000 21,000 373,30040,000 $ 300 3,733 5,330 1,000 4,500 210 3,733400 $ 2,700 27,000 36,000 9,000 40,500 13 33,5971,207 S - 6,597 11,970 - - 1,838 - 2,393 S 27,000 335,970 479,700 90,000 405,000 18 900 335,97036,000 550 3,983 5,580 1,250 4,750 460 3,983650 .24 1.78 2.49 .56 2.12 .20 1.78.29 and Voting Power Canada Ceylon Chile China . . . . . . . . . . . . . . . 7,500 600 933 7,500 3.66 .29 .46 3.67 750,000 60,000 93,300 750,000 7,500 600 933 7,500 67,500 1,136 8,397 681 - 4,264 - 66,819 675,000 54,000 83,970 675,000 7,750 850 1,183 7,750 3.47 .38 .53 3.47 JUNE 30, 1962 -____________________________-- Colombia Costa Rica Cyprus . Denmark . . . . . . . . . . . . 933 80 150 1,733 .46 .04 .07 .85 93,300 8,000 15,000 173,300 1,773 440 150 1,733 7,557 360 14 12,399 -- 1,336 3,198 83,970 7,200 13,500 155,970 1,183 330 400 1,983 .53 .15 .18 .89 Expressed in United States Currency (in thousands) See Notes to Financial Statements, Appendix G Dominican RepublicEcuador . El Salvador . . . . . .680 . . 12860 .04.06.03 8,00012,8006,000 801,280240 5 - 360 715 - - 7,20011,5205,400 330378310 .15.177.14 Ethiopia Finland. France . Germany . . . . . . . . . . . 100 760 10,500 10,500 .05 .37 5.13 5.13 10,000 76,000 1,050,000 1,050,000 713 760 10,500 10,500 287 6,840 76,088 78,900 -- 18,412 15,600 9,000 68,400 945,000 945,000 350 1,010 10,750 10,750 .16 .45 4.81 4.81 Ghana . Greece . Guatemala Haiti . . . . . . . . . . . . . 467 500 80 150 .23 .24 .04 .07 46,700 50,000 8,000 15,000 467 500 440 150 1,713 4,500 360 35 2,490 - - 1,315 42,030 45,000 7,200 13,500 717 750 330 400 .32 .33 .15 .18 Honduras Iceland . India . Indonesia . . . .. . . . . . . .60 150 8,000 2,200 .03 .07 3.90 1.07 6,000 15,000 800,000 220,000 438 294 8,000 2,200 162 160 21,932 198 - 1,046 50,068 19,602 5,400 13,500 720,000 198,000 310 400 8,250 2,450 .14 .18 3.69 1.09 Iran. Iraq. Ireland Israel . . . . . . . . . . . . . . . . 900 150 600 333 .44 .07 .29 .16 90,000 15,000 60,000 33,300 900 150 600 333 6,048 1,080 3,505 2,220 2,052 270 1,895 777 81,000 13,500 54,000 29,970 1,150 400 850 583 .51 .18 .38 .26 Italy ..... Japan . .. Jordan . Korea . . . . . . 3,600 6,660 150 250 1.76 3.25 .07 .12 360,000 666,000 15,000 25,000 3,600 6,660 150 250 32,400 59,940 25 2,250 -- 1,325 - 324,000 599,400 13,500 22,500 3,850 6,910 400 500 1.72 3.09 .18 .22 Amounts Paid in Member Shares Subscriptions Percent Amount of total (Note G) In United States dollars in currency of member other than United States dollars (Note B) In non- interest- bearing, non-ne- gotiable demand notes (Note B) Subject to call to meet obligations of Bank (Note H) Voting Power Number Percent of votes of total Statement of Subscriptions to Capital Stock and Voting Power(continued) (continuea) Laos . . Lebanon . Liberia . . Libya . . Luxembourg Malaya. . Mexico . . Morocco . Nepal . . Netherlands New Zealand Nicaragua . . . . . . . . . . . . . . . . . . . . . . . 100 90 150 200 200 500 1,733 700 1005,500 1,667 60 .05 .04 .07 .10 .10 .24 .85 .34 .05 2.68 .81 .03 10,000 9,000 15,000 20,000 20,000 50,000 173,300 70,000 10,000550,000 166,700 6,000 100 900 150 200 200 500 1,733 700 1005,500 1,667 60 900 - 14 15 1,800 3,612 15,597 75 9 49,500 150 540 - - 1,336 1,785 - 888 - 6,225 891 - 14,853 - 9,000 8,100 13,500 18,000 18,000 45,000 155,970 63,000 9,000495,000 150,030 5,400 350 340 400 450 450 750 1,983 950 3505,750 1,917 310 .16 .15 .18 .20 .20 .33 .89 .42 .16 2.57 .86 .14 Nigeria . Norway . Pakistan. Panama . . . . . . . . . . . 667 1,333 2,000 4 .33 .65 .98 (2) 66,700 133,300 200,000 400 667 1,333 2,000 40 60 10,632 2,049 - 5,943 1,365 15,951 - 60,030 119,970 180,000 360 917 1,583 2,250 254 .41 .71 1.01 .11 Paraguay Peru . Philippines Portugal . . . . . . . . . . . . 60 350 1,000 800 .03 .17 .49 .39 6,000 35,000 100,000 80,000 60 3,107 3,700 800 540 152 5,760 7,200 - 241 540 - 5,400 31,500 90,000 72,000 310 600 1,250 1,050 .14 .27 .56 .47 Saudi South Spain Sudan Arabia Africa . . . . . . . . . . . . 733 2,000 2,000 200 .36 .98 .98 .10 73,300 200,000 200,000 20,000 733 2,000 2,000 200 22 18,000 180 1,800 6,575 - 17,820 - 65,970 180,000 180,000 18,000 983 2,250 2,250 450 .44 1.01 1.01 .20 Sweden . . Syrian Arab Republic . ThaLiland . . . . . . . 2,000 200 600 .98 .10 .29 200,000 20,000 60,000 2,000 200 2,701 18,000 44 169 - 1,756 3,130 180,000 18,000 54,000 2,250 450 850 1.01 .20 .38 Tunisia . . Turkey . . United Arab Republic (8) . . . . 300 1,150 1,066 .15 .56 .52 30,000 115,000 106,600 300 1,150 1,066 22 271 96 2,678 10,079 9,498 27,000 103,500 95,940 550 1,400 1,316 .24 .63 .59 United Kingdom (1) United States Uruguay (1) . . . . . 26,000 63,500 105 12.69 31.00 .05 2,600,000 6,350,000 10,500 26,000 635,000 210 233,994 - 438 - - - 2,340,000 5,715,000 8,400 26,250 63,750 355 11.74 28.51 .16 (1) Amounts aggregating the e9 uivalent of $1,497,118due as a result of revaluation of these currencLes are not included in the "Amounts Paid in" columns. Venezuela Viet-Nam Yugoslavia . . . . . . . . . 1,400 300 1,067 .68 .15 .52 140,000 30,000106,700 1,400 300 1,067 1,997 2,7009,603 10,603 -- 126,000 27,00096,030 1,650 550 1,317 .74 .24 .59 (2) Less than .005 per tent. (3) Additionalsubscriptionintheamountof$35,500,000isinprocess of completion. Totals . . 204,848 100.00 $20,484,800 $788,884 $933,010 $326,139 $18,435,270 223,598 100.00 appendix E Elfective loans held byBank Members in whose territories loans have beenmade(0 ) Disbursed Undisbursed Loans not yet portion Portion(%) Tot al(s) effective(') Argentina . ..... 5,270,259 $ 137,604,741 $ 142,875,000 $ Australia ..... ..... 130,976,579 99,500,000 230,476,579Austria ... I . ..... 73,380,877 8,599,806 81,980,683 5,000,000 Belgium ..... ..... 62,260,969 40,933,619 103,194,588 Brazil. .......... 184,914,212 28,163,664 213,077,876 Burma. ... I...... 16,873,209 12,463,358 29,336,567 Ceylon. ......... 18,742,507 16,565,053 35,307,560 Chile. .......... 51,161,865 44,372,135 95,534,000 Colombia. ......... 101,456,451 64,700,549 166,157,000 50,000,000 Costa Rica. ........ 8,222,277 13,119,723 21,342,000 - SummaruStatement ~~~~~~~~Denmark. 29,683,099 32,010,711 ......... 2,327,612 SummaryStatement Ecuador . . . . . . . . . . 33,495,513 5,795,487,79,48 39,291,000 -~~~~~~~~~~~~~~~~cuaor.3,95,13 3929100 El Salvador. ........ 22,627,961 4,765,748 27,393,709 of Loans Ethiopia. ......... 17,796,982 3,266,018 21,063,000 2,900,000 Finland. ......... 67,677,291 13,714,926 81,392,217 _____________________________________ France. ......... 188,379,002 42,285,998 230,663,000 Ghana. ......... -47,000,000 47,000,000 JUNE 30, 1962 Guatemala. ........ 13,878,000 -13,878,000 Haiti. .......... 2,106,675 107,325 2,214,000 Honduras. ......... 8,085,794 8,645,206 16,731,000 Iceland. ......... 4,191,360 1,905,000 6,096,360 ExpressedStatesinCurrencyIndia. .......... 170,103,685 682,125,627 19,500,000 Unitd 512,021,942 Exrese itaesCurecyIran. 82,092,935 118,117,300 Uitd .......... 36,024,365 See Notes to Financial Statements, Israel. .......... 3,860,323 48,639,677 52,500,000 Appendix C .......... 27,535,565 154,171,866 ~~~~~~~Italy. 126,636,301 _____________________________________Japan. .......... 326,597,132 93,413,495 420,010,627 Lebanon. ......... 13,494,582 12,639,418 26,134,000 Malaya. ......... 10,244,947 19,075,053 29,320,000 Mexico. ......... 148,489,552 40,742,448 189,232,000 160,500,000 Nicaragua. .. 13,137,190 10,985,177 24,122,367 Norway. ......... 47,205,690 29,915,898 77,121,588 Pakistan. ......... 101,156,477 122,665,528 223,822,005 Panama. ......... 1,269,671 5,473,329 6,743,000 Paraguay. ......... 1,323,000 -1,323,000 Peru. .......... 37,326,397 35,585,954 72,912,351 Philippines. ........ 18,726,395 38,987,305 57,713,700 South Africa. ........ 79,994,562 11,943,095 91,937,657 Sudan. .......... 38,999,839 32,550,161 71,550,000 Thailand. ......... 71,601,444 40,327,076 111,928,520 Turkey . ........ 44,972,058 -44,972,058 United Arab Republic. ..... 44,218,089 6,781,911 51,000,000 United Kingdom. I..... 97,550,648 20,988,017 118,538,665 Uruguay. ......... 49,584,327 7,286,673 56,871,000 Venezuela . ........ I-44,057,000 44,057,000 Yugoslavia. ........ 56,784,024 18,496,976 75,281,000 Totals. ........ $2,968,468,407 $1,470,051,774 $4,438,520,181 $237,900,000 LESS: Exchange adjustments ... ... 4,459,851 $4,434,060,330 Summary Statement of Loans (continued) SUMMARY OF CURRENCIES REPAYABLE ON EFFECTIVE LOANS HELD BY BANK Currency Amount Argentine pesos . . . . . . . $ 1,004,187 Australian pounds . . . . . . 41,319,792 Austrian schillings . . . . . . 10,921,631 Belgian francs . . . . . . . 59,398,797 Burmese kyats . . . . . . . 964,288 Canadian dollars . . . . . . 103,106,643 Ceylon rupees . . . . . . . 540,000 Danish kroner . . . . . . . 13,401,761 Deutsche marks . . . . . . . 366,580,102 Finnish markkas . . . . . . 4,726,646 New French francs .96,457,388 Ghana pounds . . . . . . . 1,793,018 Indian rupees. . . . 24,339,977 Iranian rials . . . . . . . . 5,603,478 Iraqi dinars . . . . . . . 1,160,161 Irish pounds . . .p . . . . . 3,752,051 Israel pounds . . . . . . . 2,322,665 Italian lire . . . . . . . . 40,860,688 Japanese yen . . . . . . . 59,796,187 Luxembourg francs . . . . . . 2,081,916 Malayan dollars . . . . . 3,876,680 Mexican pesos . . . . . . . 17,811,259 Netherlands guilders . . . . . 88,208,424 Norwegian kroner . . . . . . 11,701,153 Pakistan rupees . . . . . . . 174,552 Pounds sterling . . . . . . . 262,746,733 South African rand . . . . . . 22,170,975 Sudanese pounds . . . . . . 2,020,333 Swedish kronor . . . . . . . 22,590,696 Swiss francs . . . . . . . . 201,813,353 United States dollars . . . . . 1,490,902,653 Venezuelan bolivares . . . . . 2,333,829 Yugoslav dinars . . . . . . . 1,986,391 Disbursed portion of effective loans held by Bank . . . . . . . $2,968,468,407 ADD: Undisbursed portion of effective loans held by Bank .1,470,051,774 $4,438,520,181 LESS: Exchange adjustments . . . 4,459,851 Effective loans held by Bank . . . $4,434,060,330 (1) Loans are made (a) to the member or (b) to a political subdivision or a public or a private enterprise in the territories of the member with the member's guarantee. (2) This does not include $31,346,057 of effective loans which the Bank has agreed to sell. Of the undisbursed balance, the Bank has entered into irrevocable commitments to disburse $13,325,534. (a) Original principal amount of loans signed $6,672,827,893 DEDUCT: (a) Cancellations, terminations and refundings $ 128,448,637 repayments (b)Principal to ~~~~~~~~~~~~~the. .. 542,473,357 Bank . (c) Loans sold or agreed to be sold of which $31,346,057 has not yet been disbursed . 1,325,485,718 (d) Loansnotyeteffective . 237,900,000 2,234,307,712 $4,438,520,181 LESS: Exchange adjustments . . . . 4,459,851 Effective loans held by Bank . . . . . $4,434,060,330 (4) Agreements providing for these loans have been signed, but the loans do not become effective and disbursements thereunder do not start until the borrower and guarantor, if any, take certain action and furnish certain documents to the Bank. The Bank has agreed to sell$6,508,000 of loans not yet effective and thus the total of both effective and non-effective loans sold or agreed to be sold is the equivalent of $1,331,993,718. appendixF Funded Debt of the Bank JUNE 30, 1962 Expressed Eexpressedin United States Currency See Notes to Financial Statements, Appendix G Payable in Issue and maturity United States Dollars 33/2% Two Year Bonds of 1960, due 1962 . . . . . . 4% Two Year Bonds of 1961, due 1963 . . . . . . . 332% Notes of 1961, due 1964-65 . . . . . . . . Notes of 1961, due 1965-66: 432% to 1962; 3,4% thereafter . . . . . . . . . Notes of 1961, due 1966-67: 4% to 1963; 3Y4% thereafter . . . . . . . . . 4/2% Twelve Year Bonds of 1960, due 1968-72 . . . . 3Y% Ten Year Bonds of 1958, due 1968 . . . . . . 3Y2% Fifteen Year Bonds of 1954, due 1969 . . . . . 3Fd2% Nineteen Year Bonds of 1952, due 1971 . .... 3% Twenty-Five Year Bonds of 1947, due 1972 . . . 432% Fifteen Year Bonds of 1958, due 1973 . . . . . 3Ai% Twenty-Three Year Bonds of 1952, due 1975 . . . in United States Currency 3% Twenty-Five Year Bonds of 1951, due 1976 . . . . )X16-5 43/2% Twenty Year Bonds of 1957, due 1977(2) . . . . 4Y4% Twenty-One Year Bonds of 1957, due 1978 . . . . 4X4% Twenty-One Year Bonds of 1958, due 1979 . . . . 4V4% Twenty-Three Year Bonds of 1957, due 1980(2) . . 334% Thirty Year Bonds of 1951, due 1981. . . . . 432% Twenty Year Bonds of 1962, due 1982(3) . . . . 5% Twenty-Five Year Bonds of 1960, due 1985(3) . . . . Sub-Total ....... ..... Belgian Francs 5% Ten Year Bonds of 1959, due 1969 (BF500,000,000) . . Sub-Total . .. Canadian Dollars 3Y4% Ten Year Bonds of 1955, due 1965 (Can$12,157,000) . 332% Fifteen Year Bonds of 1954, due 1969 (Can$21,378,000) Sub-Total . . . .. .$. .... .. Deutsche Marks 332% Notes of 1961, due 1964-65 (DM200,000,000) . . . Notes of 1961, due 1965-67 (DM200,000,000): 4Y4% to 1963; 334% thereafer 432% Bonds of 1960, due 1968-72 (DM500,000,000) . . . 5% Bonds of 1959, due 1974 (DM200,000,000) . . . . Sub-Total ........ .... Principal outstanding . 100,000,000 . 100,000,000 . 148,000,000 . 55,000,000 . 55,000,000 . 120,000,000 . 150,000,000 . 74,992,000 . 47,917,000 . 134,173,000 . 100,000,000 . 42,123,000 . 49,291,000 . 85,677,000 . 100,000,000 . 150,000,000 . 70,601,000 . 100,000,000 . 95,500,000 . 122,000,000 . $S1,900,274,000 . $ 10,000,000 $ 10,000,000 . $ 11,245,236 . 19,774,670 . S 31,019,906 . $ 50,000,000 50,000,000 . 125,000,000 . 50,000,000 . $ 275,000,000 Annual sinking fund requirement(') 1963 1964-66 1967-68 1963 1964-66 1967-70 1963 1964-67 1968-72 1964-73 1963 None* None* None* None* None* None* None* $2,992,000 $4,000,000 $5,000,000 $1,917,000 $2,000,000 $2,500,000 $3,673,000 $4,500,000 $7,500,000 $5,000,000 $ 623,000 ~~~~~~~~~~~~~~1964-74 $1,500,000 1963 1964-75 1967-76 1967-71 1972-77 1968-77 1978 1968-79 1980 1966-67 1968-73 1974-80 1972-81 1970-79 1980-84 1963 1964 1963 1964-65 1966-68 1965-74 $ 291,000 $ 0,0 $2,000,000 $5,000,000 $4,000,000 $5,000,000 $7,000,000 $5,000,000 $3,000,000. $1,500,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $3,750,000 $5,000,000 None Can$157,000 Can$500,000 Can$378,000 Can$800,000 CanS900,000 None* None* None* DM20,000,000 (Continued) Principal Annual sinking Payable in Issue and maturity outstanding fund requirement(l) Italian Lire 5% Bonds of 1961, due 1976 (Lit.15,000,000,000) . . . . $ 24,000,000 None Sub-Total . . . . . . . . . . .. . 24,000,000 Netherlands Guilders 3X% Fifteen Year Bonds of 1954, due 1969 (f.27,685,000) S 7,647,790 1963 f.3,685,000 1964-69 f.4,000,000 3y2% Twenty Year Bonds of 1955, due 1975 (f.34,327,000) . 9,482,597 1963 f.2,247,000 1964-74 £2,640,000 1975 £3,040,000 4Y2% Twenty Year Bonds of 1961, due 1981 (f.50,000,000) . 13,812,155 1972-81 f5,000,000 Sub-Total . .... . .. . . . . .. $ 30,942,542(4) Funded Debt of the Bank Pounds Sterling 3y 2% Twenty Year Stock of 1951, due 1971 (£3,781,242) . . $ 10,587,477 1963 £148,952 (continued) 3Y2% Twenty Year Stock of 1954, due 1974 (£4,417,802) . 12,369,846 1964-71 1962 1963-74 £166,700£29,897 £166,700 5% Twenty-Three Year Stock of 1959, due 1982 (£10,000,000) 28,000,000 1965-82 £278,000 Sub-Total . . . . . . . .... . .. $ 50,957,323 Swiss Francs 3%/ % Swiss Franc Loan of 1957, due 1963-65 (Sw F 100,000,000) $ 23,269,342 None 3Y4% Loan of 1961, due 1966-68 (Sw F 100,000,000) . . 23,269,343 None 4% Loan of 1961, due 1967 (Sw F 33,333,333) . . . . . 7,756,448 None 3Y2% Fifteen Year Bonds of 1953, due 1968 (Sw F 50,000,000) 11,634,671 None 3/ 2 % Fifteen Year Bonds of 1953 (Nov. Issue), (Sw F 50,000,000) . . . . . . due 1968 11,634,671 None 3y2% Eighteen Year Bonds of 1954, due 1972 (Sw F 50,000,000) 11,634,671 None 4y 2 % Twelve Year Bonds of 1960, due 1972 (Sw F 60,000,000) 4% Eleven Year Bonds of 1962, due 1973 (Sw F 100,000,000) 13,961,606 23,269,342 None None 4% Fifteen Year Bonds of 1959, due 1974 (Sw F 100,000,000) 23,269,343 None 4% Fifteen Year Bonds of 1960, due 1975 (Sw F 60,000,000) 13,961,606 None 33.% Twenty Year Bonds of 1955, due 1976 (Sw F 50,000,000) 11,634,671 1965-74 Sw F 1975-76 Sw F 4,000,000 5,000,000 4% Eighteen Year Bonds of 1961, due 1979 (Sw F 100,000,000) 23,269,343 1971-78 Sw F 11,000,000 _____________ 1979 Sw F 12,000,000 Sub-Total ..... . . $ 198,565,057 Gross Total . . . . . . . . . . . . $2,520,758,828(4) (1) Each issue, except those indicated with an asterisk, is subject to (2) In the cases of the 4)6% Twenty Year Bonds of 1957 and the redemption prisor to maturity at the option of the Bank at the prices 4 Y4% Twenty-Three Year Bonds of 1957 the Bank will, as purchase and upon the conditions stated in the respective bonds. The amounts funds, use its best efforts to purchase bonds of these issues in the open shown as annual sinking fund requirements are the principal amounts market or by acceptance of tenders at prices up to and including 1w0% of bonds to he purchased or redeemed to meet each year's requirement, of the principal amount plus accrued interest. The purchase funds will except that in the s e 3fX% Twenty Year Stock of 1951 and be at the annual rate of $5,000,000 through 1966 in the case of the of 1954 and 5% Twenty-Three Year Stock of 1959 the amount shown 4%% Twenty Year Bonds of 1957 and at the annual rate of $3,750,000 is the amount of funds to be provided annually for purchase or redemp- through 1967 in the case of the 4V4% Twenty-Three Year Bonds of tion. The amounts are shown after deduction of smking fund require-1957. The purchase funds are cumulative on a month-to-month basis ments met as of the date of this statement, only within each calendar year. The ftillowin~ table shows the aggregate principal amount of the (3) The Bank has entered into agreements to sell additional bonds maturities, sinking fund and redemption requirements each year for of the following issues. These agreements provide for delivery of such the five years following the date of this statement: bonds to be made against payment therefor in the amounts on the Period Amount dates shown hereafter: Tuly t, 1962 to June 30, 1963 . $109,666,097 Issue Amount Date of delivery uly 1 1963 to June 30, 1964 .128,613,142 4'A% 20 Year Bonds of 1962, due 1982 $4,500,000 Feb. 1, 1964 uly 1, 1964 to June 30, 1965 . . . . . . . . 244,832,507 5% 25 Year Bonds of 1960, due 1985 $3,000,000 Aug. 15 1962 uly 1, 1965 to June 30, 1967 6.13065,896 f40 million (UJ.S. equivalent approx. $1 1 million) 4 3/% Netherlands (4) The Bank has arranged the sale in the Netherlands in July 1962 uly30, 1,19671966 to June 103,065,896of Total . . . . . . . . . . . $691,121,762 Guilder Bonds of 1962, due 1982. appendixG Notes to F inancial .Statements JUNE 30, 1962 N O T E A Amounts in currencies other than United States dollars have been translated into United States dollars: (i) In the cases of 57 members, at the par values as specified in the "Schedule of Par Values," pub- lished by the International Monetary Fund; (ii) In the cases of the remaining 18 members (Afghanistan, Argentina, Bolivia, Chile, China, Cyprus, Indonesia, Korea, Laos, Liberia, Malaya, Nepal, Nigeria, Paraguay, Peru, Thailand, Tunisia and Viet-Nam), at the rates used by such members in making payments of capital subscriptions to the Bank; and (iii) In the case of Swiss francs and Cuban pesos, non-member currencies, at the rate of 4.2975 francs and 1.00 Cuban peso to 1 United States dollar. See also Notes B and C. No representation is made that any currency held by the Bank is convertible into any other currency at any rate or rates. N O TE B These currencies of the several members, and the notes issued by them in substitution for any part of such currencies as permitted under the provisions of Article V, Section 12, are derived from the portion of the subscriptions to the capital stock of the Bank which is payable in the currencies of the respective members (such portion being hereinafter called re- stricted currency). Such restricted currencies may be loaned by the Bank, and funds received by the Bank on account of principal of loans made by the Bank out of such restricted currencies may be exchanged for other currencies or reloaned, only with the approval in each case of the member whose restricted currency is involved; provided, however, that, if necessary, after the Bank's subscribed capital is entirely called, such restricted currencies may, without restriction by the members whose currencies are offered, be used or ex- changed for the currencies required to meet contrac- tual payments of interest, other charges or amortiza- tion on the Bank's own borrowings or to meet the Bank's liabilities with respect to contractual payments on loans guaranteed by it. Under Article II, Section 9, each member is required, if the par value of its currency is reduced or if the foreign exchange value of its currency depreciates to a significant extent in its territories, to maintain the value of the Bank's holdings of its restricted currency, including the principal amount of any notes substituted therefor, and the Bank is required, if the par value of a member's currency is increased, to return to the member the increase in the value of such restricted currency held by the Bank. To the extent such restricted currencies are out on loan, the Bank and the members are obligated to make such payments only when such restricted currencies are recovered by the Bank. The equivalent of $1,497,118 is due from 3 members in order to maintain the value of their restricted currencies as required under Article II, Section 9. Some members have converted part or all of the Bank's holdings of their restricted currency into United States dollars to be used and reused as United States dollars in the Bank's operations, subject to the right of the Bank or the member to reverse the transactions at any time, with immediate effect as to dollars then held by the Bank, and, as to dollars loaned, upon repayment of the loans. Such dollars while held by the Bank or on loan are not subject to the provisions of Article II, Section 9. Such dollars held by the Bank or repayable on loans are shown in these financial statements under "United States dollars" and, where relevant, as "unrestricted". N O T E C The principal disbursed and outstanding on loans and the accruals for interest, commitment charge, service charge and loan commission are receivable in United States dollars and other currencies (for which the dollar equivalent is shown) as follows: Receivable in U.S. dollars Other currency Principal Out standing . . . $1,490,902,653 $1,473,105,903 Accrued Interest, Commitment and Service Charges -19,180,942 18,157,398 Accrued Loan Commissions . 4,009,542 4,071,816 Total . . $1,514,093,137 1,495,335,117 -' ^ Notes to FinancialStatements (continued) ________________________the The dollar equivalent shown as principal outstanding includes an amount which in accordance with Article II, Section 9, will be receivable from members to maintain the value of their currencies, and is net of an amount, equal to the increase in the value of their currencies, which in accordance with Article II, Sec- tion 9, will be payable by the Bank to members, when ~~~~~~~~~~~~~~~~suchare recovered by the Bank. currencies N O T E D The amount of commissions received by the Bank on loans made or guaranteed by it is required under Article IV, Section 6, to be set aside as a special reserve to be kept available for meeting obligations of Bank created by borrowing or by guaranteeing theoBans.knceal by de te geffectiverate ted tborrowg loans. On all loans granted to date the of commission is 1% per annum, N OT E E _ Cuba has withdrawn from membership in the Bank. The value of its shares is $7,000,000. The Bank has set aside currency and notes of Cuba amounting to $6,288,340, leaving a balance of $711,660. N OT E F Pursuant to action of the Board of Governors and Ex- ecutive Directors the net income of the Bank has been allocated to a Supplemental Reserve Against Losses on Loans and Guarantees Made by the Bank; and the future net income of the Bank will, until further action by the Executive Directors or the Board of Governors, be allocated to this reserve. This reserve has been charged with the undermentioned amounts representing a net lossto the Bank as a result of the revaluation on the books of the Bank of the balances of amounts in those currencies held at the dates ofrevaluation and acquired from net earnings in the currencies indicated: Net Loss on Dateof Currency Revaluation Revaluation Israel Pounds $ 63,135 February, 1962 Canadian Dollars 2,715 462 ' May, 1962 ____ ___ _ ___ _ _ __ Total $2,778,597 N O T E G In terms of United States dollars of the weight and fineness in effect on July 1, 1944. jN OTbE H Subject to call by the Bank only when required to meet the obligations of the Bank created by borrowing or by guaranteeing loans. As to $16,387,840,000 the restriction on calls is imposed by the Articles of Agreement; as to $2,047,430,000 by a resolution of the Board of Governors. NoTF The Bank has sold under its guarantee $69,003,844 of Th akhssl ne tsgaate$90384o loans of which amount $61,808,844 has been retired. The following table sets forth the maturities of the guaranteed obligations outstanding: Period Amount July 1, 1962 to June July 1, 1963 to June July 1, 1964 to June July 1, 1965 to June July 1, 1966 to June 30, 1963 30, 1964 30, 1965 30, 1966 30, 1967 . . . . . . . . . . . . . . . $1,000,000 1,000,000 1,000,000 1,000,000 1,195,000 Thereafter. . . . . . 2,000,000 Total . . . . . . . $7,195,000 --- GE N E R A L The Board of Governors has approved the applications for membership from the following countries: Country Subscription Date to Accept Senegal $33.3 million July 30, 1962 Sierra Leone $15 million July 30, 1962 Togo $15 million July 30, 1962 Somalia $15 million Oct. 1, 1962 partial payment on AtJune 30, 1962 Togo had made account of its subscription. In addition, the Board of Governors had approved an application from the United Arab Republic for an increase of $35.5 million in its share subscription. The United Arab Republic has until November 16, 1962 to complete necessary action. 1710 H STREET, N. W. Opinion of WASHINGTON 6, D. C. Independent Auditor July 31, 1962 l _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ To INTERNATIONAL BANK FOR RECONSTRUCTIONAND DEVELOPMENT WASHINGTON,D. C. In our opinion, the accompanying financial statements present fairly, in terms of United States currency, the financial position of International Bank for Reconstruction and Development at June 30, 1962, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination of these statements was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary. PRICE WATERHOUSE& CO. FINANCIAL STATEMENTS COVERED BY THE FOREGOING OPINION Balance Sheet . . . . . . . . . . . . . . . ...... appendixA Comparative Statement of Income and Expenses . . . . . . . . . . . appendixB Statement of Currencies Held by the Bank . . . . ... . . . . . . appendixc Statement of Subscriptions to Capital Stock and Voting Power . . . . . . . appendixD Summary Statement of Loans ................ appendixE Funded Debt of the Bank ................. appendixF Notes to Financial Statements . . . . . ... . . . . . . . . . appendixG appendix H BOARD OF GOVERNORS..... EXECUTIVE DIRECTORS ..... A.dministrative STAFF Budget ..... Staff Benefits. ...... FOR THE FISCAL YEAR Travel. ........ ENDING JUNE 30, 1963 Consultants. ...... Representation. ...... ____________________________Personal Services. OTHER ADMINISTRATIVE EXPENSES Fees & Comnpenisation. .... Supplies & Materials. .... Office Occupancy. ..... Communications. ..... Furniture & Equipmnent. . .. Printing . . ... . .. Books and Library Service . ,. Insurance. ....... Other. ...... SERVICES TO MEMBER COUNTRIES .232,500 Project and Sector Studies General Survey Missions.. .. Resident Missions .. . ... Economic Developmnent Institute. The AdministrativeBudget for Training Programs. ..... the fiscal year ending June 30, Indus Basin Discussions .. . . 1963, was prepared by thePresi-Other Services. ...... dent and approvedby the Executive Directorsin accordancewith Section 19 of the By-Laws.For20,0 purposes of comparison, the ad-CONTINGENCY.2000 ministrative expenses incurred duringthe fiscalyearsendedJuneToa$1,056$27164$54400 30, 1961and 1962are alsoshown.12 $5,562,284 944,178 1,114,181 272,542 97,441 117,953 105,840 574,150 321,903 319,114 91,800 125,195 88,055 3,423 439,622 159,475 366,637 55,210 75,362 45,480 Actual 1961 $ 252,986 642,185 7,990,626 1,747,433 1,374,286 Expenses _______Budget 1962 $ 372,918 642,580 $5,676,672 934,485 1,189,012 201,269 94,807 8,096,245 111,990 97,584 650,101 374,432 126,699 129,366 140,575 59,883 6,870 1,697,500 401,843 481,866 235,171 408,082 76,955 - 298,488 1,902,405 1963. $ 305,000 692,000 $6,583,500 1,035,500 1,321,000 180,000 95,000 9,215,000 113,000 104,500 646,500 378,500 162,000 140,500 162,000 100,500 5,000 1,812,500 1,700,000 209,000 471,000 693,000 93,000 . 73,500 3,239,500 1963 Member Government Governor Alternate appendixI Afghanistani Argentina . Australia . Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Abdullah Malikyar Ricardo P. Pasman Harold Holt Josef Klaus Abdul Hai Aziz Alejandro E. Frers Sir Roland Wilson Hubert Schmid Belgium . . . . . . . . . . Andre Dequae Hubert Ansiaux Bolivia . . . . . . . . . . . Humberto Fossati Rocha Adolfo Linares Brazil . . . . . . . . . . . Walther Moreira Salles Octavio Gouvea de Bulhoes Burma .U Kyaw Nyein U Kyaw Nyun Canada Ceylon Chile . China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Donald M. Fleming Felix R. Dias Bandaranaike Eduardo Figueroa Chia-Kan Yen A. F. W. Plumptre H. S. Amerasinghe Alvaro Orrego Barros Tse-kai Chang ________________________________ Colombia . Costa Rica . . . . . . . . . . . . . . . . . . Jorge Mejia-Palacio Alvaro Castro Salvador Camacho Alvaro Vargas Roldan Cyprus . . . . . . . . . . . R. D. Theocharis M. E. Guven G oTJVernorstJl3 andt * Denmark Dominican Ecuador . . . Republic . . . . . . . . . . ; . . . . . . . . . . . Otto Muller Jose Joaquin Gomez Guil ermo Arosemena Poul Bjorn Olsen Lydia Pichardo Neftali Ponce-Miranda Alternates El Salvador Ethiopia .... Finland . . . . . . . . ..... .R. . . . Francisco AquinoMenasse Lemmna v. Fieandt Luis Escalante-Arce Bulcha Demekesa Reino Rossi France . . . . . . . . . . . Minister of Finance Pierre Paul Schweitzer Germany Ghana . . . . . . . . . . . . . . . . . . . . Ludwig Erhard F. K. D. Goka Heinz Starke Hubert C. Kessels Greece . . . . . . . . . . . Gregory Cassimatis loannis Paraskevopoulos JUNE 30, 1962 Guatemala Haiti ..... . .Manual ...... A. Bendfeldt J. Herve Boyer Max Jimenez Pinto Antonio Andre Honduras . . . . . . . . . . Celeo Davila Ricardo Alduvin Abaunza __ _ ____ Iceland . . . . . . . . . . Petur Benediktsson Thor Thors India . Indonesia Iran . Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Morarji R. Desai R. M. Notohamiprodjo Ali-Asghar Pourhomayoun Mudhaffar H. Jamil L. K. Jha Sumanang D jalaledin Aghili Ahdul Hassan Zalzalah Ireland . . . . . . . . . . Seamas 0 Riain T. K. Whitaker Israel .. . . . . . . . . David Horowitz Jacob Arnon Italy . . . . . . . . . . . Guido Carli Donato Menichella Japan Jordan . . . . . . .Kakuel . . . . . . Tanaka' Abed Elwahhab Majali Masamichi Yamagiwa Kamal Shair Korea Laos Lebanon Liberia . . . . . . . . . . . .Byung .Phouangphet . . . . . . . . . . . . Kyu Chun Phanareth Elias Sarkis Charles Dunbar Sherman Chang Soon Yoo Oudong Souvannavong Raja Himadeh James Milton Weeks Libya . . . . . . . . . . . Ahmed Lahsairi A. A. Attiga Luxembourg . . . . . . . . Pierre Werner Pierre Guill Malaya . . . . . . . . . . Tan Siew Sin Dato' Ismail bin Dato' Abdul Rahman Mexico Morocco Nepal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Antonio Ortiz Mena M'Hamed Douiri Rishikesh Shaha Jose Hernandez Delgado Mohamed Amine Bengeloun Yadav Prasad Pant Netherlands . . . . . . . . . J.Zijlstra S. Posthuma New Zealand . . . . . . . . . . R. Lake E. L. Greensmith Nicaragua . . . . . . . . . . Guillermo Sevilla-Sacasa uan Jose Lugo Nigeria Norway . . . . . . . . . . . . . . . . . . . . Chief Festus Sam Okotie-Eboh Oscar Christian Gundersen Reginald A. Clarke Thomas Lovold Pakistan . . . . . . . . . . Abdul Qadir Aftab Ahmad Khan Panama . . . . . . . . . . Augusto Guillermo Arango Carlos A. Velarde ParaguayPeru . . . . . . . . . . . . . . . . . . . . . Cesar Romeo Acosta Fernando Berckemeyer Oscar Stark Rivarola Emilio Foley Philippines . . . . . . . . . Andres V. Castillo Bienvenido Y. Dizon Portugal . Saudi Arabia South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . Antonio M. Pinto Barbosa Ahmed Zaki Saad T. E. Donges Rafael Duque Mahjoob Hassanain M. H. de Kock Spain . . . . . . . . . Mariano Navarro Rubio Juan Antonio Ortiz Gracia Sudan . . . . . Sweden . . . . Syrian Arab Republic . . . . . . . . . . . . . . . . . . Abdel Magid Ahmed G. E. Straeng G. Khoury Hlamzah Mirghani Hamzah N. G. Lange Abdulsattar Noueilati Thailand . . . . Tunisia . . . . Turkey . United Arab Republic . . . . . . . . . . . . . . . . . . . . . Sunthorn Hongladarom Ahmed Ben Salah Sefik Inan Abdel Moneim El Kaissouni Boonma Wongswan Abdesselam Ben Ayed' Ziya Kayla United Kingdom United States . Uruguay . . . . . . . . . . . . . . . . . . . . . Reginald Maudlings Douglas Dillon Raul Ybarra San Martin Sir Denis Rickett George W. Ball Roberto Ferber Venezuela Viet-Nam . . . . . . . . . . . . . . . Rafael Alfonzo Ravard Tran Huts Phuong Miguel Herrera Vu Quoc Thuc Romero 50 Yugoslavia . . . . . . . . . Nikola Mincev Vladimir Ceric (')Appointed as of July 20, 1962 (')Appointed as of July 3, 1962 (')Appointed as of July 18, 1962 appendixJ Director Alternate Casting Total APPOINTED: votes of votes John M. Leddy Erle Cocke, Jr. United States . . . . . . . . . . . 63,750 David B. Pitblado S. Goldman United Kingdom . . . . . . . . . . 26,250 Rene Larre Jacques Waitzenegger France . . . . . . . . . . . . . 10,750 Otto Donner Helmut Koinzer Germany . . . . .. . . . . . . 10,750 C. S. Krishna Moorthi Arun K. Ghosh India . . . . . . . . . . . . . 8,250 Executive Directors and ELECTED: .Aiternates a d1Gengo Suzuki Mo Myit Japan, Thailand, Ceylon, Burma . . . . . 9,260 Alternates and (Japan) (Burma) Louis Rasminsky L. Denis Hudon Canada, Ireland . . . . . . . . . . 8,600 Their Voting Power (Canada) (Canada) John M. Garland A. J. J. van Vuuren Australia, South Africa, Viet-Nam .8,380 (Australia) (SouthAfrica) JUNE 30, 1962 Andre van Campenhout Ernst A. Rott Belgium, Turkey, Austria, Korea, Luxembourg . 8,350 (Belgium) (Austria) Reignson C. Chen China .. .. . .. . .. . .. 7,750 Pieter Lieftinck Augustin Papic Netherlands, Yugoslavia, Israel . . . . . . 7,650 (Netherlands) (Yugoslavia) Mohamed Shoaib Ali Akbar Khosropur Pakistan, United Arab Republic, Iran, Saudi Arabia, (Pakistan) (Iran) Sudan, Iraq, Jordan, Ethiopia, Lebanon . . . 7,639 Ake Lundgren Jaakko Lassila Sweden, Denmark, Norway, Finland, Iceland . . 7,226 (Sweden) (Finland) Jorge Mejia-Palacio Jose Camacho Brazil, Philippines, Colombia, Haiti, Ecuador . . 7,194 (Colombia) (Colombia) Jose Aragones Sergio Siglienti Italy, Spain, Greece . . . . . . . . . 6,850 (Spain) (Italy) Omar S. Elmandjra Ismail Khelil Indonesia, Morocco, Malaya, Ghana, Afghanistan, (Morocco) (Tunisia) Tunisia, Libya .......... 6,417 Juan Haus Solis Carlos S. Brignone Argentina, Chile, Bolivia, Uruguay, Paraguay . . 6,291 (Bolivia) (Argentina) Luis Machado Lempira E. Bonilla Mexico, Venezuela, Peru, Costa Rica, Guatemala, (Cuba) (Honduras) El Salvador, Honduras, Nicaragua, Panama . 6,077 In addition to the Executive Directors and Alternates shown in the foregoing list, the following also served as Executive Director or Alternate since June 30, 1961: Executive Director End of Period of Service Alternate Executive Directors End of Period of Service B. K. Nehru June 3, 1962 Prayad Buranasiri (Thailand) October 31, 1961 S. El Goulli (Tunisia) November 2, 1961 H. Gorn (Germany) March 31, 1962 Geoffrey M. Wilson (United Kingdom) September 30, 1961 appendixK Statement of Loans-June 30, 1962 Expressedin UnitedStatesDollars(For Summary Statement-See AppendixE) Interest Cancellations, Effectiveloans sold Effective Date of rate Original terminations Principal or agreedto be sold3 loans Principalloan (including principal and repayments held by amount Purpose, borrower and guarantor' agreement Maturities commission) amount refundings to Bank Total sales Portion matured4 Bank disbursed ARGENTINA Road Construction and Maintenance . June 30, 1961 1965-1977 5Y4% $ 48,500,000 $ -$ -$ 625,000 $ -$ 47,875,000 $ 782,232 ARGENTINA (guarantor) Power-Servicios Electricos del Gran BuenosAires. Jan. 19, 1962 1965-1986 5Y4% 95,000,000 -95,000,000 5,113,027 TOTAL 143,500,000 -625,000 -142,875,000 5,895,259 AUSTRALIA Equipment for Development . . . . Aug. 22, 1950 1955-1975 4X4% 100,000,000 -358,972 47,397,585 24,659,028 52,243,443 100,000,000Equipment for Development . . . . July 8, 1952 1957-1972 4Y40% 50,000,000 -11,872 24,172,277 13,146,128 25,815,851 50,000,000 Equipment for Development . . . . Mar. 2, 1954 1957-1969 4Y4% 54,000,000 -1,505,000 36,853,000 18,424,000 15,642,000 54,000,000Equipment for Development . . . . Mar. 18, 1955 1958-1970 4%% 54,500,000 -660 33,574,055 16,152,340 20,925,285 54,500,000Airlines. . . . . . . . . . Nov. 15, 1956 1964-1966 434% 9,230,000 --9,230,000 --9,230,000Equipment for Development . . . . Dec. 3, 1956 1959-1972 4Y4% 50,000,000 -2,941,000 30,709,000 6,051,000 16,350,000 50,000,000Power . . . . . . . . . . Jan. 23, 1962 1966-1987 534% 100,000,000 --500,000 -99,500,000 -_ TOTAL 417,730,000 -4,817,504 182,435,917 78,432,496 230,476,579 317,730,000 AUSTRIA (guarantor) Power-Verbundgesellschaft, DraukraftwerkeJuly 19, 1954 1959-1979 4Y4% 12,000,000 -1,121,000 1,292,962 -9,586,038 12,000,000Power-Verbundgesellschaft, DraukraftwerkeSept. 21, 1956 1959-1976 5% 10,000,000 -384,191 1,655,809 779,809 7,960,000 10,000,000 Power-Vorarlberger Illwerke . . . . June 14, 1955 1960-1979 434% 10,000,000 --2,529,772 592,000 7,470,228 10,000,000Power-Vorarlberger Illewrke . . . . Oct. 10, 1957 1960-1979 54% 3,571,429 --466,714 466,714 3,104,715 3,571,429Power-Verbundgesellschaft,DonaukraftwerkeSept. 21, 1956 1960-1981 5% 21,000,000 66,000 4,898,772 1,339,000 16,035,228 21,000,000 Power-Verbundgesellschaft,DonaukraftwerkeDec. 2, 1958 1964-1983 54% 25,000,000 --4,015,835 -20,984,165 18,889,378Industry-Oesterr. InvestitionskreditA.G. . Apr. 28, 1958 1959-1975 5Y2% 10,765,000 1,476,346 441,454 678,834 636,600 8,168,366 9,288,654Industry-Oesterr. Investitionskredit A.G. . Sept. 25, 1959 1960-1973 Note5 9,000,000 -328,057 --8,671,943 6,510,816Industry-Oesterr. InvestitionskreditA.G. . June 15, 1962 1967-1977 54% 5,000,0002 --Note3 TOTAL 106,336,429 1,476,346 2,340,702 15,538,698 3,814,123 81,980,683 91,260,277 BELGIUM Industry & Power . . . . . . . Mar. 1, 1949 1953-1969 414% 16,000,000 --16,000,000 9,000,000 -16,000,000Congo Development . . . . . . Sept. 13, 1951 1957-1976 4K2% 30,000,000 --22,800,000 8,250,000 7,200,000 30,000,000Water Transport . . . . . .Dec. 14, 1954 1965-1969 4%8% 20,000,000 --8,710,000 -11,290,000 20,000,000Water Transport . . . . . . . Sept. 10, 1957 1963-1972 5Y4% 10,000,000 --7,970,000 -2,030,000 10,000,000 BELGIUM (guarantor) Equipment for Development-Congo. . Sept. 13, 1951 1957-1976 4j/2% 40,000,000 -11,891 19,545,521 10,988,110 20,442,588 40,000,000Transport-Congo . . .. . .. Nov. 27, 1957 1961-1976 6% 40,000,000 --16,680,000 3,870,000 23,320,000 32,655,504 Agriculture-Congo .. .. .. Mar. 30, 1960 1964-1972 6% 7,000,000 ----7,000,000 352,727 Transport-Congo . . .. . . Mar. 30, 1960 1963-1972 6% 28,000,000 --3,700,000 24,300,000 3,735,781 Transport-Ruanda-Urundi . . . . June 26, 1957 1961-1977 5%8% 4,800,000 --554,000 266,000 4,246,000 4,800,000Transport-Otraco . .. . ... Mar. 30, 1960 1962-1970 6% 5,000,000 --1,634,000 230,000 3,366,000 2,322,369 TOTAL 200,800,000 -11,891 97,593,521 32,604,110 103,194,588 159,866,381 BRAZIL Railways Railways . . . . . . . . . . . . . . . . . . June Dec. 27, 1952 18, 1953 1955-1967 1959-1969 4%8% 4Y8% 12,500,000 12,500,000 - - 6,519,000 3,139,000 - - - - 5,981,000 9,361,000 12,500,000 12,500,000 52 Purpose,borrowerand guarantor' Date of loan agreement Interest rate (including Maturities commission) Original principal amount Cancellations, terminations and refundings Principal repayments to Bank Effective loans sold or agreedto be sold3 -- Tfotal sales Portion matured' Effective loans held by Bank Principal amount disbursed BRAZIL (guarantor) Power & Communications* Brazilian Traction......Jan. Power-BraZilian Traction. .... Power-Brazilian Traction . .. Power-Brazilian Traction. .... Power-Sdo Francisco Hidro Elet. Co. .. Power-CEARG & CEMIG. .... Power-Usinas Eleitricas Paranapanema Power-Usinas Elgtricas Paranapanema Power-Central Eletrica de Furnas, S.A . Cancelled-one loan; repaid-one loan ........ 27, 1949 Jan. 18, 1951 Feb. 24, 1954 June 17, 1959 May 26, 1950 July 17, 1953 .Dec. 18, 1953 .Jan. 22, 1958 Oct. 3, 1958 ... 1953-1974 4'2% 1955-1976 4Y4% 1955-1974 4Y8% 1963-1978 6 % 1954-1975 414% 1957-1973 5% 1958-1974 5% 1962-1978 5y8% 1964-1983 534% . .. TOTAL $ 75,000,000 15,000,000 18,790,000 11,600,000 15,000,000 7,300,000 10,000,000 13,400,000 73,000,000 28,000,000 292,090,000 $ - - - - - - - - - 25,018,946 25,018,946 $18,545,589 3,081,000 7,000,000 - 4,352,429 685,000 2,062,695 252,000 - 2,981,054 48,617,767 $ 4,028,411 - - 300,000 - 1,047,000 - -- - 5,375,411 $4,028,411 - - - - 1,047,000 - - 5,075,411 $ 52,426,000 11,919,000 11,790,000 11,300,000 10,647,571 5,568,000 7,937,305 13,148,000 73,000,000 - 213,077,876 $ 75,000,000 15,000,000 18,790,000 10,482,484 15,000,000 7,300,000 10,000,000 12,632,222 46,721,630 2,91,054 238,907,390 BURMA Railways. ........ May 4,1956 1959-1971 4y4% 5,350,000 3,433 1,070,000 --4,276,567 5,346,567 BURMA (guarantor) Port-Rangoon Port Commnissioners. Railways-Burma Railway Board . . . . May . Jan. 4, 1956 16, 1961 1960-1976 434% 1964-1977 5y4% TOTAL 14,000,000 14,000,000 33,350,000 - - 3,433 1,490,000 2,560,000 - 1,450,000 1,450,000 - - - 12,510,000 12,550,000 29,336,567 13,058,606 2,478,036 20,883,209 CEYLON Power. Power. Power. ......... ......... ......... July 9, 1954 Sept. 17, 1958 June 6, 1961 1959-1979 4y4% 1961-1978 5y8% 1964-1986 5y4% TOTAL 19,110,000 7,400,000 15,000,000 41,510,000 2,610,000 - - 2,610,000 1,776,000 - - 1,776,000 - 717,000 1,099,440 1,816,440 - 276,000 - 276,000 14,724,000 6,683,000 13,900,560 35,307,560 15,081,257 4,048,326 3,205,364 22,334,947 CHILE Roads. ......... June 28, 1961 1964-1970 5% % 6,000,000 --250,000 -5,750,000 - CHILE (guarantor) Power-Fomento & Endesa .... Power-Fomento & Endesra .... Power-Fomento & Endesa .... Industry-Fomento & Papelesy Carlones. Industry-Fomento & Schwager . . Industry-Fomento & Lota . . . Repaid-two loans .......... Mar. 25, 1948 Nov. 1, 1956 Dec. 30, 1959 Sept. 10, 1953 . July 24, 1957 . July 24, 1957 ........ 1953-1968 4½2% 1960-1976 5% 1963-1985 6% 1958-1 970 5% 1963-1972 534% 1962-1972 53/4% TOTAL 13,500,000 15,000,000 32,500,000 20,000,000 12,200,000 9,600,000 3,800,000 112,600,000 - - - - - - 445,544 445,544 6,456,000 910,000 - 3,800,000 - - 976,456 12,142,456 1,148,000 327,000 175,000 - 100,000 100,000 2,378,000 4,478,000 599,000 327,000 - - - - 2,378,000 3,304,000 5,896,000 13,763,000 32,325,000 16,200,000 12,100,000 9,500,000 - 95,534,000 13,500,000 14,746,408 4,631,535 20,000,000 4,738,488 6,561,434 3,354,456 67,532,321 COLOMBIA Railways. ........ Roads. ......... Roads. ......... Roads. ......... COLOMBIA (guarantor) Power-CHLORAL. ...... Power-CHIDRAL. ...... Power-CHIn)RAL. ...... Power-CVC & CHIDRAL . Aug. 26, 1952 Sept. 1 0, 1953 June 6, 1956 Aug. 28, 1961 Nov. 2, 1950 Mar. 24, 1955 Dec. 15, 1958 May 10, 1960 1957-1978 1956-1963 1959-1971 1965-1976 1954-1970 1959-1975 1961-1979 1963-1985 434% 434% 434% 5y4% 4% 4y4% 534% 6% 25,000,000 14,350,000 16,500,000 19,500,000 3,530,000 4,500,000 2,800,000 25,000,000 - - - - - - - - 3,935,000 10,883,000 3,691,000 - 1,322,000 687,000 - -559,000 - 350,000 - 200,000 148,000 - 280,000 - 350,000 - - 148,000 - 134,000 - 21,065,000 3,117,000 12,809,000 19,300,000 2,060,000 3,813,000 2,520,000 24,441,000 24,642,100 14,350,000 16,405,104 1,733,704 3,530,000 4,500,000 2,652,777 9,605,923 appendixK Statement of Loans -June 30, 1962 (continued) Interest Cancellations, Effective loans sold Effective Purpose, borrowerand guarantor' Date of loan agreement rate (including Maturities commission) Original principal amount terminations and refundings Principal repayments to Bank or agreedto be sold' Total sales Portionmatured' loans held by Bank Principal amount disbursed COLOMBIA (guarantor) (cont.) Power-Caldas Hidro-Elec.Co. ... Dec. 28, 1950 Power-Caldas Hidra-Elec.Co. ... Jan. 30, 1959 Power-Hidroeleictrica del Rio Lebrija Nov. 13, 1951 Railways-Ferrocarriles NVacionales. . June 15, 1955 Railways-Ferrocarriles Nacionales. . . Sept. 20, 1960 Power-Empresas Ptlblicasde Medelli'n .May 20, 1959 Power-Empresas Pz6blicasde Medellin .May 12, 1961 Power-Emp. de Energia Ele'ctrica de BogotdJan. 20, 1960 Power-Emp. de Energi'aEle'ctricade Bogotel May 23, 1962 Repaid-three loans ............ 1952-1971 4% 1962-1979 584% 1954-1972 4Y2% 1958-1980 4Y4% 1962-1975 5Y4% 1963-1 984 6% 1966-1985 5Y4% 1963-1984 6% 1966-1987 584% .. . ... TOTAL $ 2,600,000 4,600,000 2,400,000 15,900,000 5,400,000 12,000,000 ~ 2,000,000 17,600,000 50,000,0002 26,500,000 270,180,000 $ - - - - - - - - 74,559 74,559 $ 930,000 - 840,200 950,000 - - - - - 20,625,441 43,863,641 $ 194,000 - 84,800 866,000 512,000 100,000 300,000 691,000 Note3 5,800,000 10,084,800 $ 194,000 - 84,800 866,000 66,000 - - - - 5,800,000 7,642,8100 $ 1,476,000 4,600,000 1,475,000 14,084,000 4,888,000 11,900,000 21,700,000 16,909,000 - -26,425,441 166,157,000 $ 2,600,000 3,910,331F 2,400,000 14,554,070 4,618,298 11,587,8218 322,340 11,566,970 - 155,404,892 COSTA RICA Roads. ......... Oct. 13, 1961 COSTA RICA (guiarantor) Agriculture & Industry-Banco Central .Sept. 18, 1956 Agriculture & Industry-Banco Central .Feb. 11, 1959 Industry-Banco Central. .... May 4, 1960 Industry-Banco Central . ... Sept. 6, 1961 Power-ICE. ....... Feb. 3, 1961 1965-1976 584% 1958-1963 484% 1960-1965 5Y4% 1963-1972 6% 1964-1973 5Y4% 1964-1985 584% TOTAL 5,500,000 3,000,000 3,500,000 2,000,000 3,000,000 8,800,000 25,800,000 - - - - - - - 1,738,000 -1,510,000 -210,000 - 1,738,000 150,000 366,000 314,000 170,000 2,720,000 - 366,000 1,149,000 - - - 1,515,000 5,350,000 896,000 1,990,000 1,790,000 2,686,000 8,630,000 21,342,000 25,000 3,000,000 3,500,000 1,180,178 - 4,536,099 12,241,277 DIENMARK Reconstruction. Power. ......... ....... Aug. 22, 1947 Feb. 4, 1959 1953-1972 4V4% 1962-1978 584% TOTAL 40,000,000 20,000,000 60,000,000 - - 1,363,000 - 1,363,000 19,246,000 7,380,289 26,626,289 6,835,000 - 6,835,000 19,391,000 12,619,711 32,010,711 40,000,000 17,672,388 57,672,388 ECUADOR IRoads. ......... ECUADOR (guarantor) Roads-Coin. Ejec. Vialidad(Guayas) . Power-Empresa EleclricaQuito, S.A. Power-Empresa EI&tricaQuito, S.A. Port-A utoridadPortuariade Guayaquil. Canicelled-oneloan ........... Sept. 20, 1957 Feb. 1 0, 1954 .Mar. 29, 1956 .Sept. 20, 1957 Oct. 9, 1958 ... 1962-1977 5Y4% 1958-1964 4Y86% 1959-1976 4% % 1962-1977 5Y4% 1963-1983 594% . ... TOTAL 14,500,000 8,500,000 5,000,000 5,000,000 13,000,000 600,000 46,600,000 - 1,000,000 - - - 600,000 1,600,000 141,000 4,611,000 422,000 97,000 - - 5,271,000 141,000 - 197,000 - 100,000 - 438,000 141,000 197,000 - -- 338,000 14,218,000 2,889,000 4,381,000 4,903,000 12,900,000 39,291,000 12,933,949 7,500,000 5,000,000 5,000,000 8,770,564 - 39,204,51.3 EL SALVADOR Roads. ......... Roads. ......... EL SALVADOR (guarantor) Power-Comisi6n delRio Lempa Power--Comisi6n del Ri'o Lempa Power--Comisi6n del Rio Lempa ... ... ... Oct. Jan. Dec. Feb. July 12, 1954 7, 1959 14, 1949 20, 1959 29, 1960 1959-1966 4Y2 % 1963-1974 594% 1954-1975 4Y4% 1962-1984 594% 1963-1 985 5Y4 % TOTAL 11,100,000 5,000,000 12,545,000 3,000,000 3,840,000 35,485,000 - - -2,003,000 297,291 - 297,291 4,124,000 - 30,000 - 6,157,000 250,000 300,000 1,000,000 - 87,000 1,637,000 250,000 1,000,000 - - 1,250,000 6,726,000 4,700,000 9,542,000 2,672,709 3,753,000 27,393,709 11,100,000 3,0931,310 12,545,000 2,702,709 980,942 30,421,961 ETHIOPIA Roads. ......... Industry. ........ Comnmunications. Roads. ......... ...... Sept. 13, 1950 Sept. 13, 1950 Feb. 19, 1951 June 28, 1957 1956-1971 1956-1971 1956-1971 1961-1977 4% 4% 4% 59Y8% 5,000,000 2,000,000 1,500,000 15,000,000 - - - - 1,734,000 694,000 518,000 - - - 1,491,000 - -1,306,000 - 572,000 3,266,000 982,000 13,509,000 5,000,000 2,000,000 1,500,000 13,319,182 54 Purpose,borrowerand guarantor' Date of loan agreement Interest rate (including Maturities commission) Original principal amount Cancellations, terminations and refundings Principal repaymnents to Bank Ejective loans sold or agreedto hesold' Total sales Portion matured' Efective loans held by Bank Principal amount disbursed ETHIOPIA (guarantor) Agriculture & Inidustry-Development Bank of Ethiopia. ...... Nov. 22, 1961 1965-1 971 Note5 $ 2,000,000 $ -$-$ -$-$ 2,000,000 $ 414,800 Communications-Imp. T-elecom.of Ethiopia. Board of ..... May 31, 1962 1966-1982 53/% TOTAL 2,900,0002 28,400,000 - - -Note 2,946,000 3 1,491,000 -- 572,000 21,063,000 - 22,233,982 FINLAND (guarantor) Power & Industry-Bank of Finland .Aug. 1, 1949 1953-1964 4% 12,500,000 -6,099,990 5,752,010 3,285,010 648,000 12,500,000 Power, Industry & Agriculture-Bank of Finland. ...... Industry-Bank of Finland. .... Power & Industry-Bank of Finland .. Power-Mortgage Bank of Finland Oy. Industry-Mortgage Bank of Finland Oy Industry-Mortgage Bank of Finland Oy Repaid-one loan. ................. Apr. 30, 1952 Nov. 13, 1952 Mar. 24, 1955 May 22, 1956 .Mar. 16, 1959 .Aug. 9, 1961 1955-1970 4% % 1955-1970 4yt % 1958-1970 4Y8~% 1959-1976 4Y4% 1962-1974 5Y4 % 1965-1976 5Y4% TOTAL 20,000,000 3,479,464 12,000,000 15,000,000 37,000,000 25,000,000 2,300,000 127,279,464 - 1,415 - - - - 197,869 199,284 5,177,000 1,213,112 - 879,000 - - 2,102,131 15,471,233 6,063,873 1,221,872 5,869,684 2,949,954 6,651,840 1,707,497 - 30,216,730 2,437,000 109,603 3,555,000 1,223,000 - - - 10,609,613 8,759,127 1,043,065 6,130,316 11,171,046 30,348,160 23,292,503 - 81,392,217 20,000,000 3,478,049 12,000,000 15,000,000 36,876,506 11,408,568 2,102,131 113,365,254 FRANCE (guarantor) Reconstruction-Cre'dit National . .May 9, 1947 1952-1 977 4j4 % 250,000,000 -38,000 130,560,000 39,462,000 119,402,000 250,000,000 Railways-Overseas Railways Administration.......June Power-Electriciti et Gaz d'Algirie.. Industry-co MILOG, GABON . . Pipeline-Sociite' PetroNirede Gerance .. Mining-mn7ERmA . ..... . . 10, 1954 Aug. 26, 1955 June 30, 1959 Dec. 10, 1959 Mar. 17, 1960 1956-1966 4Y2% 1957-1975 4% % 1963-1974 6% 1961-1971 6% 1966-1975 6Y4% TOTAL 7,500,000 10,000,000 35,000,000 50,000,000 66,000,000 418,500,000 408,433 - - - - 408,433 1,292,567 188,000 - 3,409,000 - 4,927,567 2,598,000 3,343,000 21,000,000 25,000,000 - 182,501,000 2,598,000 1,857,000 - 3,409,000 - 47,326,000 3,201,000 6,469,000 14,000,000 21,591,000 66,000,000 230,663,000 7,091,567 10,000,000 32,410,639 50,000,000 24,751,747 374,253,953 GHANA (guarantor) Power-Volta River Authority.... Feb. 8, 1962 1968-1987 5Y4% 47,000,000 ----47,000,000 - GUATEMALA Roads.......... July 29, 1955 1959-1970 49Y8% 18,200,000 -3,746,000 576,000 576,000 13,878,000 18,200,000 HAITI Roads. ......... May 7, 1956 1961-1967 4Y/2% 2,600,000 --386,000 386,000 2,214,000 2,492,675 HONDURAS Roads. Roads. ......... ......... Dec. 22, 1955 May 9, 1958 1957-1964 1961-1978 4Y2% 59/g% 4,200,000 5,500,000 - - 1,771,000 51,000 872,000 299,000 872,000 247,000 1,557,000 5,150,000 4,183,579 4,801,462 HONDURAS (guarantor) Power-Empresa NacionaltdeEnergia Elictrica. ........ May 20, 1959 1962-1974 6% 1,450,000 --123,000 -1,327,000 1,193,464 Power-Empresa Elictrica. Nacional dieEnergia ........ June 29, 1960 1964-1985 6% 8,800,000 --103,000 -8,697,'000 1,126,289 TOTAL 19,950,000 -1,822,000 1,397,000 1,119,000 16,731,000 11,304,794 ICELAND Power.......... Agriculture . ....... Industry. ........ Hot Water Supply. ..... June 20, 1951 Nov. 1, 1951 Aug. 26, 1952 Feb. 14, 1962 1956-1973 1956-1973 1954-1969 1966-1979 49/8% 4Y2% 4Y4% 5Y4% 2,450,000 1,008,000 854,000 2,000,000 - - - - 702,800 261,800 381,000 - - -- - 95,000 - - - 1,747,200 746,200 473,000 1,905,000 2,450,000 1,008,000 854,000 - appendixK Statement of Loans-June 30, 1962 (continued) Purpose, borrowerand guarantor' Date of loan agreement Interest rate (including Maturities commission) Original principal amount Cancellations, terminations and refundings Princpal repayments to Bank Effectiveloanssold or agreed to be sold' 4Total sales Portion maturedEffective loans held b Bane Principal amount disbuirsed ICELAND(guarantor) Agriculture-Iceland Bank of Development. Sept. Commnunications-Iceland Bank of Development. ....... Sept. 4, 1953 4, 1953 1958-1975 1954-1966 5% 4V4% 1,350,000 252,000 $ - -9,6 $ 225,000 152,040 s - -9,6 $ 1,125,000 $ 1,350,000 5,0 5,0 TOTAL 7,914,000 -1,722,640 95,000 -6,096,360 5,914,000 INDrA Railways. ......... Power. ......... Multi-Purpose Project .J.....an. Railways .J........uly Railways .Ju.. Railways .Ju.. Railways .July .. Power. ......... Railways .S........ept. Power. ......... Railways. ........ Railways. ........ Coal Mining. ....... Railways. ........ ... ... .. Aug. 18, 1949 Apr. 18, 1950 23, 1953 12, 1957 ly 12, 1957 ly 12, 1957 12, 1957 July 23, 1958 16, 1958 Apr. 8, 1959 July 15, 1959 July 29, 1960 Aug. 9, 1961 Oct. 13, 1961 1950-1964 1955-1970 1956-1977 1961-1972 1961-1972 1961-1972 1961-1972 1961-1978 1963-1979 1965-1984 1963-1979 1964-1980 1966-1976 1965-1981 4% 4% 4Y8 % 55/8% 5ys% 558% 5Y8% 5Y8~% 5V4% 5Y4% 6% 5%% 5Y4% 5Y4% 34,000,000 18,500,000 19,500,000 24,000,000 19,110,000 11,200,000 35,700,000 25,000,000 85,000,000 25,000,000 50,000,000 70,000,000 35,000,000 50,000,000 1,200,000 1,779,500 9,000,000 - - - 3,000,000 - 6,300,000 - - - - 9,166,334 1,477,000 1,430,000 1,533,000 1,223,600 716,000 2,282,000 551,191 - - - - - - 17,743,630 5,869,000 845,000 - - 489,000 310,672 3,617,000 - 3,762,000 2,050,000 875,000 1,175,000 16,556,582 5,390,000 507,000 - - - 262,810 - - - - - 5,890,036 9,374,500 8,225,000 22,467,000 17,886,400 10,484,000 32,929,000 21,138,137 81,383,000 18,700,000 46,238,000 67,950,000 34,125,000 48,825,000 32,800,000 16,720,500 10,500,000 24,000,000 19,110,000 11,200,000 35,700,000 19,362,807 85,000,000 12,106,143 50,000,000 70,000,000 - 9,163,735 INDIA (guarantor) Industry-Indian Iron & SteelCompany .Dec. 18, 1952 Industry-Indian Iron & Steel Company .Dec. 19, 1956 Coal Mining-Indian Iron & SteelCo. .Dec. 22, 1961 Power-Tata Groupof PowerCompanies .Nov. 19, 1954 Power-Tata Groupof PowerCompanies .May 29, 1957 Industry-I.C.I.C.1. ..... Mar. 14, 1955 Industry-I.C.I.C. . ..... July 15, 1959 Industry-I.C.L.C.1 . ..... Oct. 28, 1960 Industry-I.C.I.C.1 . ..... Feb. 28, 1962 Industry-The Tata Ironand Steel Co., Ltd. June 26, 1956 Industry-The Tata Ironand SteelCo., Ltd. Nov. 20, 1957 Airlines-Air-India InternationalCorp. . Mar. 5, 1957 Port-Calcutta Port Commissioners. . . June 25, 1958 Port-Calcutta Port Commissioners. . . Aug. 17, 1961 Port-Trustees of the Port of Madras . . June 25, 1958 1959-1967 1960-1967 1967-1974 1958-1974 1960-1975 1961-1969 1962-1969 1963-1 970 Final-1977 1959-1971 1960-1971 1963-1 965 1963-1978 1966-1986 1963-1978 4% % 5% 5Y4% 4%% 5½8% 4Y/8% Notes Note5 Notes 434% 6% 5½2% 5Y~2% 5Y4 % 5Y/2% 31,500,000 20,000,000 19,500,0002 16,200,000 9,800,000 10,000,000 10,000,000 20,000,000 20,000,000 75,000,000 32,500,000 5,600,000 29,000,000 21,000,000 14,000,000 2,297,112 - - 2,300,000 - - - - - - - - - - 8,720,888 4,392,000 - 1,271,000 1,070,000 1,458,446 - - - 12,638,000 - - - - - 700,000 1,032,000 Note 3 1,364,000 - - - - 3,055,000 15,000,000 - 1,113,000 1,086,00 592,000 700,000 19,782,000 1,032,000 14,576,000 -- 1,364,000 11,265,000 -8,541,554 85454 -10,000,000 -20,000,000 -20,000,000 2,355,000 59,307,000 12,000,000 17,500,000 5,600,000 -27,887,000 -19,914,000 -13,408,000 29,202,888 19,606,892 13,350,137 9,413,788 94178 4,810,842 3,701,290 - 75,000,000 32,500,000 5,600,000 15,157,721 97,948 5,403,845 Repaid-one loan...... . ......... 10,000,000 2,796,187 2,263,000 4,940,813 4,940,813 -7,203,813 TOTAL 846,110,000 28,672,799 50,192,459 65,619,115 45,108,205 682,125,627 625,970,464 IRAN Equipment for Development Roads .... ...... Multi-Purpose Project .. ... . ... . Jan. 22, 1957 May 29, 1959 Feb. 20, 1960 1959-1962 1961-1976 1964-1985 5% 6% 6Y4% 75,000,000 72,000,000 42,000,000 - - - 58,476,000 - - 5,000,000 12,000,000 600,000 5,000,000 4,500,000 - 11,524,000 60,000,000 41,400,000 75,000,000 55,981,923 26,482,712 IRAN (guarantor) Industry-I.M.D.B.I. ..... Nov. 23, 1959 1964-1974 Notes 5,200,000 -6,700 --5,193,300 711,000 TOTAL 194,200,000 -58,482,700 17,600,000 9,500,000 118,117,300 158,175,635 56 Purpose, borrowerand guarantor' Date of loan agreement Interest rate (including Maturities commission) Original principal amount Cancellations, terminations and refundings Principal repayments to Bank Efective loans sold or agreedto be sold3 4Total sales Portion maturedEffective loans held by Bank Principal amount disbursed IRAQ Repaid-one loan . . . . . . . . . . . . . . . . . . $ 12,800,000 $6,506,054 $6,293,946 $ -$ -$ -$ 6,293,946 * ISRAEL Port . . . . . . . ISRAEL (guarantor) Potash-Dead Sea Works Limited . . . . . Sept. . July 9, 1960 11, 1961 1965-1985 1966-1976 5Y4% 5Y4% TOTAL 27,500,000 25,000,000 52,500,000 - - - - - - - - - - - 27,500,000 25,000,000 52,500,000 2,157,249 1,703,074 3,860,323 ITALY (guarantor) Equipment for Development Equipment for Development Power, Agriculture & Industry Power, Agriculture & Industry Power, Agriculture & Industry Power & Industry Nuclear Power Oct. Oct. June Cassa per il Mezzogiorno Oct. Feb. Apr. Sept. 10, 1951 6, 1953 1, 1955 11, 1956 28, 1958 21, 1959 16, 1959 1956-1976 1958-1978 1958-1975 1959-1976 1961-1978 1963-1979 1964-1979 4X2% 5% 4/% 5% 5Y2% 534% 6% TOTAL 10,000,000 10,000,000 70,000,000 74,628,000 75,000,000 20,000,000 40,000,000 299,628,000 - - 1,600,000 - - - - 1,600,000 473,000 - - 1,899,149 1,333 -- 2,373,482 4,784,000 4,286,000 38,003,879 34,416,357 40,722,045 6,391,803 12,878,568 141,482,652 1,207,000 919,000 6,984,000 3,430,851 10,625,666 -- 23,166,517 4,743,000 5,714,000 30,396,121 38,312,494 34,276,622 13,608,197 27,121,432 154,171,866 10,000,000 10,000,000 68,400,000 74,628,000 71,637,664 13,942,818 21,833,953 270,492,435 JAPAN (guarantor) Power-Japan Development Bank . . . Oct. Power-Japan Development Bank . . . June Power-Japan Development Bank . . . Oct. Power-Japan Development Bank . . . Mar. Power-Japan Development Bank . . . Oct. Power-Japan Development Bank . . . Sept. Industry-Japan Development Bank . Oct. Industry-Japan Development Bank . Nov. Industry-Japan Development Bank . Feb. Industry-Japan Development Bank . Dec. Industry-Japan Development Bank . Jan. Industry-Japan Development Bank . Dec. Power-Japan Development Bank . . . June Industry-Japan Development Bank . July Industry-Japan Development Bank .. Dec. Industry-Japan Development Bank . Aug. Industry-Japan Development Bank . Sept. Power-Japan Development Bank . . Feb. Industry-Japan Development Bank . Nov. Agriculture-LandDevelopment Corporation Dec. Multi-Purpose Project-Aichi Irrigation Public Corp. . . . . . . . . Aug. Highways-Nihon Doro Kodan. . . . Mar. Highways-Nihon Doro Kodan. . . . Nov. Railways-Japanese NationalRailways. . May 15, 1953 13, 1958 15, 1953 16, 1961 15, 1953 10, 1958 25, 1955 12, 1959 21, 1956 19, 1956 29, 1958 20, 1960 27, 1958 11, 1958 20, 1960 18, 1958 10, 1958 17, 1959 12, 1959 19, 1956 9, 1957 17, 1960 29, 1961 2, 1961 1957-1973 1962-1983 1957-1973 1962-1981 1957-1973 1962-1983 1958-1970 1962-1975 1958-1971 1960-1971 1960-1971 1963-1975 1961-1983 1961-1973 1963-1975 1960-1973 1960-1973 1974-1983 1962-1975 1959-1971 1961-1977 1963-1983 1965-1985 1964-1981 5% 5 8% 5% 5/i% 5% 5Y4% 4Y8% 6% 4 V% 5% 5%Y8% 5%4% 5Y8 % 5Y8% 5Y4% 5Y8 % 5V4% 5Y4% 6% 5% 5Y4% 6Y4% 5% % 5Y4% TOTAL 21,500,000 37,000,000 11,200,000 12,000,000 7,500,000 29,000,000 5,300,000 20,000,000 8,100,000 20,000,000 8,000,000 6,000,000 25,000,000 33,000,000 7,000,000 10,000,000 22,000,000 10,000,000 24,000,000 4,300,000 7,000,000 40,000,000 40,000,000 80,000,000 487,900,000 922,429 - 749,680 - 1,043,611 - 171,142 - 539,555 - - - - - - - - - - 182,076 2,127,571 - - 5,736,064 447,798 - 277,627 - 293,389 - 148,000 - 757,445 650,009 - - - 1,095 - 7,190 - - - 523,000 - - 3,105,553 7,231,773 2,023,000 3,649,694 - 2,195,000 1,780,000 2,111,000 3,178,000 3,113,000 5,555,991 2,398,000 299,152 1,950,000 7,153,495 - 2,251,810 4,870,000 - 3,813,000 861,000 825,000 2,605,841 1,183,000 - 59,047,756 4,556,773 - 2,296,694 - 1,372,000 336,000 1,343,000 491,000 1,802,000 2,600,991 1,258,000 - 616,000 1,909,905 - 1,062,809 2,297,000 - 590,000 281,000 276,000 - - - 23,089,172 12,898,000 34,977,000 6,522,999 12,000,000 3,968,000 27,220,000 2,869,858 16,822,000 3,690,000 13,794,000 5,602,000 5,700,848 23,050,000 25,845,410 7,000,000 7,741,000 17,130,000 10,000,000 20,187,000 2,733,924 4,047,429 37,394,159 38,817,000 80,000,000 420,010,627 20,577,571 37,000,000 10,450,320 12,000,000 6,456,389 29,000,000 5,128,858 20,000,000 7,560,445 20,000,000 8,000,000 6,000,000 25,000,000 33,000,000 7,000,000 10,000,000 21,513,232 10,000,000 24,000,000 4,117,924 4,872,429 27,899,587 8,571,842 30,561,844 388,710,441 LEBANON (guarantor) Power & Agriculture-Litani Authority . . . . . River . . . . Aug. 25, 1955 1961-1980 484% 27,000,000 -866,000 --26,134,000 14,360,582 57 appendixK Statement of Loans-~June 30, 1962 (continued) Purpose, borrowerand guiarantorl Date of loon agreement Interest rate (including Maturities commission) Original principal amount Cancellati'ons, terminations and refundings Principal repayments to Bank Effective loanssold or agreedto be sold3 4Total sales Portion maturedEffective loans held by Bank Principal amount disbursed LUXEMBOURG Indus"r & Railways ...... Aug. 28, 1947 1949-1972 4Y4% $ 12,000,000 $ 238,017 $ 1,619,983 $ 10,142,000 $ 4,179,000 $ -$ 11,761,983 MALAYA(guarantor) 1Power-Central ElectricityBoard . . . Sept. 22, 1958 1964-1983 5Y4% 35,600,000 5,000,000 -1,280,000 -29,320,000 11,524,947 MEXICO(guarantor) Power-Financiera & Comisi6n . . . Jan. 6, 1949 Power-Financiera & Comisio'n . . . jani. 11, 1952 Power-Financiera & Comisio'n . . . May 5, 1958 Power-Financiera & Comisio'n . . . June 20, 1962 Power-Mexlight.. . . ... Apr. 28, 1950 Power-Mexlight.. . . ... Jan. 14, 1958 Railways-Ferrocarril del Padjfico. . . Aug. 24, 1954 Roads-Nacional Financiera.. . . Oct. 18, 1960 Irrigation-NVacional Financiera. . . Jan. 16, 1961 Transport-Caminosy PuentesFederalesde Ingresos& Na.cional Financiera. . . June 20, 1962 1953-1973 1955-1977 1962-1983 1964-1985 1953-1975 1959-1977 1959-1 969 1965-1 979 1964-1981 1965-1982 4y2% 4y2 % 5 Y8% 5y4% 4y2% 597s% 45/7% 584% 5%% 5V4%0 24,100,000 29,700,000 34,000,000 1~30,000,0002 26,000,000 11,000,000 61,000,000 25,000,000 15,000,000 30,500,0002 - - - - - - - - - - 4,806,700 3,362,000 - 4,597,000 162,000 5,724,000 - - 3,968,300 2,868,000 1,323,000 Note3 3,110,000 1,000,000 4,676,000 150,000 821,000 - 3,968,300 2,868,000 - - 3,110,000 1,000,000 4,476,000 - - 15,325,000 23,470,000 32,677,000 - 18,293,000 9,838,000 50,600,000 24,850,000 14,179,000 - 24,100,000 29,700,000 31,022,787 26,000,000 11,000,000 61,000,000 1,413,765 - Refunded-one loan; repaid-one loan ........ . .. . . . 20,000,000 19,472,112 527,888 ---527,888 TOTAL 406,300,000 19,472,112 19,179,588 17,916,300 15,422,300 189,232,000 184,764,440 NETHERLANDS Reconstruction. Repaid-eight loans. ....... ................ Aug. 7, 1947 1954-1972 4y4% 191,044,212 52,955,788 - 7,548,015 103,372,212 4,525,089 87,672,000 40,882,684 44,087,000 40,882,684 - -45,407,773 191,044,212 TOTAL 244,000,000 7,548,015 107,897,301 128,554,684 84,969,684 -236,451,985 NICARAGUA Roads. ......... Sept. 4, 1953 Power. ......... Sept. 4, 1953 NICARAG'UA(guarantor) Power-Emp. Nal. Luzy Fuerza . . . July 8, 1955 Power-Emp. Nail. Luzy Fuerza . . . Nov. 15, 1956 Power-Emp. Nal. Luzy Fuerza . . . June 22, 1960 Power-Instituto de FomentoNacional . . July 8, 1955 Agriculture-Inst itutode Fomento Nacional. Aug. 26, 1955 Port-A utoridadPortuariade Corinto . . May 22, 1956 Repaid-three loans.......... ........ 1957-1963 1955-1963 1958-1975 1959-1971 1965-1985 1958-1 975 1957-1967 1959-1976 434% 484% 4Y4% 434% 6% 4% % 4Y4%/ 434% 3,500,000 450,000 7,100,000 1,600,000 12,500,000 400,000 1,500,000 3,200,000 5,250,000 - - - - - - 633 -260,000 9,885 2,650,000 362,000 477,000 219,000 - 67,000 316,000 5,153,115 - - 724,000 101,000 95,000 - 735,000 121,000 87,000 - - 724,000 101,000 - - 735,000 121,000 87,000 850,000 88,000 5,899,000 1,280,000 12,405,000 333,000 448,367 2,819,000 - 3,500,000 450,000 7,100,000 1,600,000 1,523,853 400,000 1,499,367 3,190,970 5,240,115 TOTAL 35,500,000 10,518 9,504,115 1,863,000 1,768,000 24,122,367 24,504,305 NORWAY ~Equipmentfor Development Equipment for Development. Power. ......... Power.~.........July Power. ......... .. . . . . . Apr. Apr. May Dec. 8, 1954 19, 1955 3, 1956 8, 1959 2, 1960 1957-1974 1960-1975 1961-1976 1964-1984 1964-1985 484% 4% % 4Y4%0, 6% 5y4% 25,000,000 25,000,000 25,000,000 20,000,000 25,000,000 - - - - - - - - - - 12,69,000 10,108,631 8,304,673 6,815,453 4,960,655 5,418,000 5,000,000 1,123,000 - - 12,311,000 14,891,369 16,695,327 13,184,547 20,039,345 25,000,0 25,000,000 25,000,000 10,123,448 1,535,134 TOTAL 120,000,000 --42,878,412 11,541,000 77,121,588 86,658,582 PAKISTAN Railways. Railways . Railways. Multi-Purpose ........ I.....Oct. ........ Project. ..... Mar. 27, 1952 18, 1957 Nov. 30, 1959 Sept. 19, 1960 1954-1967 1961-1973 1963-1975 1970-1 990 45,8% 6% 6% Notes 27,200,000 31,9000,000 12,500,000 90,000,000 - - - 13,'862,400 1,778,000 - --- 935,600 850,000 961,1580 935,600 850,000 - 12,402,000 28,372,000 11,538,420 90,000,000 27,200,000 30,225,735 6,468,182 4,663,498 58 Purpose, borrower and guarantor' Date of loan agreement Interest rate (including Maturities commission) Original principal amount Cancellations, terminations and refundings Principal repayments to Bank Effective loans sold or agreedto be sold' -held Total sales Portion matured4 Effective loans by Bank Principal amount disbursed PAKISTAN (guarantor) Transport-Sui Gas TransmissionCo. . Power-Karachi Electric Supply Corp. .. *Power-Karachi Electric Supply Corp. Power-Karachi Electric Supply Corp. .. Industry-Karnaphuli Paper Mills, Ltd. Port-Trustees of the Port of Karachi . Industry-P.I.C..C . ...... Industry-P.I.C.I.C. ...... Industry-P.I.C.I.C. ...... Repaid-one loan. ................. June 2, 1954 June 20, 1955 .Apr. 23, 1958 Aug. 13, 1959 .Aug. 4, 1955 .Aug. 4, 1955 Dec. 17, 1957 Sept. 25, 1959 June 27, 1961 1956-1974 4V4% 1957-1970 4M(% 1963-1978 5V2% 1962-1 974 6% 1956-1970 4y/8% 1960-1980 4y4% 1962-1972 584% 1962-1969 Note5 Not Fixed Note5 TOTAL $ 14,000,000 13,800,000 14,000,000 2,400,000 4,200,000 14,800,000 4,200,000 10,000,000 15,000,000 3,250,000 256,350,000 $ - 23,415 - - - - - - - - 23,415 $ 1,484,000 2,311,400 - - 635,000 922,158 139,000 - - 2,253,000 23,384,958 $ 1,806,000 2,049,600 198,000 330,000 775,000 216,842 - -- 997,000 9,119,622 $ 1,806,000 2,049,600 - 62,000 775,000 216,842 - - 997,000 7,692,042 $ 10,710,000 9,415,585 13,802,000 2,070,000 2,790,000 13,661,000 4,061,000 10,000,000 15,000,000 - 223,822,005 $ 14,000,000 13,776,585 8,826,644 1,421,183 4,200,000 12,423,327 3,794,205 3,388,901 22,797 3,250,000 133,661,057 PANAMA Roads. ......... Repaid-three loans............ Aug. 19, 1960 . 1964-1975 5y4% . ..... TOTAL 7,200,000 7,390,000 14,590,000 - 542,574 542,574 - 5,147,426 5,147,426 457,000 1,700,000 2,157,000 - 1,700,000 1,700,000 6,743,000 - 6,743,000 1,726,671 6,847,426 8,574,097 PARAGUAY Agriculture & Transport ..... Dec. 7, 1951 1954-1964 43/8% 5,000,000 511,010 3,065,990 100,000 100,000 1,323,000 4,488,990 PERU Port. ......... Agriculture. ....... Roads. ......... Roads. ......... Highways. ........ Jan. Apr. Aug. Dec. Nov. 23, 1952 5, 1955 5, 1955 19, 1960 3, 1961 1954-1967 1959-1980 1958-1964 1965-1976 1965-1971 4y/2% 484% 4y4% 584% 5y4% 2,500,000 18,000,000 5,000,000 5,500,000 10,000,000 - - 89,472 536 5,113 725,296 1,065,000 1,881,000 - - 1,062,232 496,000 1,033,000 50,000 500,000 684,000 496,000 1,033,000 - - 623,000 16,438,464 2,080,887 5,450,000 9,500,000 2,410,528 17,999,464 4,994,887 197,994 - PERU (guarantor) Agriculture-Banco de Fomento AgropecuarioNov. 12, 1954 Agriculture-Banco deFomentoAgropecuarioMar. 13, 1957 Agriculture-Banco de Fomento Agropecuario June 1 , 1960 Industry-Cemento Pacasmayo . . . . Apr. 19, 1955 Port-A utoridad Portuaria del Callao . . Sept. 17, 1958 Power-Lima Light and Power Company . June 29, 1960 "Repaid-two loans; cancelled-one loan. ........... 1957-1963 4Y4 % 1959-1965 5Y2% 1963-1968 6 % 1958-1970 4Y8% 1963-1978 5% % 1965-1985 6% TOTAL 5,000,000 5,000,000 5,000,000 2,500,000 6,575,000 24,000,000 18,000,000 107,075,000 229 - - 2,918 - - 15,000,000 15,098,268 3,327,771 1,195,000 - 427,082 - - 2,168,750 10,789,899 748,000 1,493,000 1,206,000 310,000 395,000 150,000 831,250 8,274,482 748,000 1,101,000 - 310,000 - - 831,250 5,203,250 924,000 2,312,000 3,794,000 1,760,000 6,180,000 23,850,000 - 72,912,351 4,999,771 5,000,000 2,311,159 2,497,082 2,401,730 10,078,163 3,000,000 55,890,778 PHILIPPINES Port. ... I.....July PHIlLIPPINES (guarantor) Power-National Power Corporation Power-National Power Corporation .. .. 26, 1961 Nov. 22, 1957 Oct. 13, 1961 1963-1978 5y4% 1960-1 982 6% 1965-1986 5y4% TOTAL' 8,500,000 21,000,000 34,000,000 63,500,000 - 2,500,000 - 2,500,000 - - - - 920,000 1,149,300 1,217,000 3,286,300 - 987,000 - 987,000 7,580,000 17,350,700 32,783,000 57,713,700 2,452,830 18,297,698 971,265 21,721,793 SOUTH AFRICA Transport. Transport. Transport. Railways. Railways. Railways. Transport. ........ ........ ........ ........ ........ ........ ........ Jan. 23, 1951 Aug. 28, 1953 Nov. 28, 1955 Oct. 1, 1957 Dec. 2, 1958 June 10, 1959 Dec. 1, 1961 1956-1965 1955-1963 1958-1966 1960-1967 1961-1968 1961-1969 1963-1971 3y4% 4y4% 4V~2% 5y4% 5y4% 6% 5y4% 20,000,000 30,000,000 25,200,000 25,000,000 25,000,000 11,600,000 11,000,000 - - - - - - - 11,133,000 1,034,980 8,064,000 1,868,000 - -3,032,000 -3,294,000 2,867,000 28,446,367 4,024,000 14,840,000 5,176,829 1,867,000 23,675,020 3,024,000 4,767,000 3,868,000 1,168,000 - 6,000,000 518,653 13,112,000 8,292,000 19,823,171 8,568,000 7,706,000 20,000,000 30,000,000 25,200,000 25,000,000 25,000,000 11,600,000 8,913,527 59 appendixK Statement of Loans -June 30, 1962 (continued) Purpose, borrowerand guarantor' Date of loan agreement Maturities Interest inrate (icluding commission) Original principal amouznt Cancellations, terminations and refundings Principal repayments to Bank Effectiveloanssold or agreedto be sold' Total sales Portionmatured' EFfective loans held by Bank Principal amount disbur-sed SOUTH AFRICA (guarantor) Power-Electricity SupplyCommission .. Power-Electricity SupplyCommi'ssion. Power-Electricity Supply Commission .. Jan. 23, 1951 Aug. 28, 1953 Dec. 1, 1961 1954-1970 1955-1963 1963-1971 4% 4% % 534% $ 30,000,000 30,000,000 14,000,000 $ - - - $1,674,882 1,375,000 $13,500,285 27,607,000 1,925,000 $10,823,858 22,426,000 - $ 14,824,833 1,018,000 12,075,000 $ 30,000,000 30,000,000 4,143,3780 TOTAL 221,800,000 -25,149,862 104,712,481 71,618,878 91,937,657 209,856,905 SUDAN Railways & Water Transport Irrigation ... . .. Irrigation... ....... . July June June 21, 1958 17, 1960 14, 1961 1961-1978 1963-1980 1968-1986 5y8% 6% 534% 39,000,000 15,500,000 19,500,000 - - - - - 1,750,000 700,000 - 1,000,000 - - 37,250,000 14,800,000 19,500,000 34,032,084~ 6,273,863 1,143,892 TOTAL 74,000,000 --2,450,000 1,000,000 71,550,000 41.449,839 THAILAND Railways. ........ Agriculture. ....... Port. ......... Oct. Oct. Oct. 27, 1950 27, 1950 27, 1950 1954-1966 1956-1971 1954-1966 334% 4% 334% 3,000,000 18,000,000 4,400,000 - - - 1,695,000 5,441,000 2,490,000 189,000 796,000 275,000 189,000 796,000 275,000 1,116,000 11,763,000 1,635,000 3,000,000 18,000,000 4,400,000 THAILAND (guarantor) Railways-Slate Railway of Thailand Railways-Slate Railway of Thailand .. Port-Port Authorityof Thailand .. Multi-Purpose Project-ranhee Elec. Authority. ........ .Aug. 9, 1955 Apr. 28,1961 Oct. 12, 1956 Sept. 12, 1957 1958-1970 1964-1981 1958-1971 1963-1982 45S% 534% 43Y4% 534% 12,000,000 22,000,000 3,400,000 66,000,000 - - 140,922 - 2,018,000 - 583,078 - 1,105,000 1,954,480 184,000 - 1,105,000 - 184,000 - 8,877,000 20,045,520 2,492,000 66,000,000 12,000,000 - 3,259,078 45,718,444 TOTAL 128,800,000 140,922 12,227,078 4,503,480 2,549,000 111,928,520 86,377,522 TURKEY Agriculture. ........ Port.July Port . ....... Multi-Purpose Project. ..... I July Feb. June 7, 1950 7, 1950 26, 1954 18, 1952 1954-1968 1956-1975 1956-1975 1960-1977 3yg% 4y4% 4Y8,% 4y4% 3,900,000 12,500,000 3,800,'000 25,200,000 - - 2,150 2,356,001 1,789,000 2,978,000 862,000 2,233,000 144,000 - - - 144,000 - - 1,967,000 9,522,000 2,935,850 20,610,999 3,900,000 12,500,000 3,797,850 22,843,999 TURKEY (guarantor) Industry-Industrial Industry-Industrial DevelopmentBank DevelopmentBank .Oct. .Sept. 19, 1950 10, 1953 1957-1965 1958-1968 3Y4% 4y8% 9,000,000 9,000,000 323,944 32,938 4,817,056 2,889,853 - - - - 3,859,000 6,077,209 8,676,056 8,967,062 TOTAL 63,400,000 2,715,033 15,568,909 144,000 144,000 44,972,058 60,684,967 UNITED ARAB REPUB3LIC(guarantor) Transport-Suez Canal Authority . . . Dec. 22, 1959 1962-1 974 6% 56,500,000 --5,500,000 1,250,000 51,000,000 49,718,089 UNITED KINGDOM (guarantor) Power-Southern Rhodesia. .... Railways-Northern Rhodesia. . Power-Federal Power Board. . Feb. Mar. 27, 1952 11, 1953 1956-1977 1956-1972 4% % 4V4% 28,000,000 14,000,000 - - 166,000 93,707 18,801,000 11,026,290 7,834,000 4,176,293 9,033,000 2,880,003 28,000,000 14,000,000 Rhodesiaand Ayasaland. .... Railways-Rhodesia and Nyasaland .. Agriculture-Rhodesia and Nyasaland .. Railways-E. African Common.Serv. Org.. Railways-Nigeria. ..... Agriculture-Kenya. ..... Agriculture-Kenya. ..... Power-Uganda. ...... Agriculture-British Guiana. . . . Power-Trinidad and Tobago .... June 21, 1956 June 16, 1958 Apr. 1, 1960 Mar. 15, 1955 May 2, 1958 May 27, 1960 Nov. 29, 1961 Mar. 29, 1961 June 23, 1961 Aug. 16, 1961 1963-1981 1961-1976 1962-1969 1958-1974 1962-1978 1964-1970 1965-1981 1964-1981 1963-1969 1966-1981 5% 5y8% 6% 434% 5V8% 6% Note5 5y4% 53/4% 5Y4% 80,000,000 19,000,000 5,600,000 24,000,000 28,000,000 5,600,000 8,400,000 8,400,000 1,250,000 23,500,000 - - - - - - - - -- - -5,688,736 - 37,000 - - - - - 34,945,078 2,347,000 21,863,000 6,963,937 654,051 - 8,315,536 1,000 15,310,000 - 851,000 - 4,586,000 - - - - - - 45,054,922 13,311,264 3,253,000 2,100,000 21,036,063 4,945,949 8,400,000 84,464 250,000 8,190,000 80,000,000 19,000,000 4,089,299 24,000,000 28,000,000 3,036,809 - 4,266,764 188,708 1,509,916 TOTAL 245,750,000 -296,707 126,914,628 17,447,293 118,538,665 206,091,496 appendixL EUGENE R. BLACK . . . . . . . . . . President PrincipalOfficers SIR WILLIAM ILIFF . . . . . . . . . . Vice President of the Bank J. BuRKEKNAPP . . . . . . . . . . Vice President SIMON ALDEWERELD WILLIAM F. HOWELL Director of TechnicalOperations Directorof Administration A. BROCHES GEORGE L. MARTIN GeneralCounsel Director of Marketing M. M. MENDELS I. P. M. CARGILL Secretary Directorof Operations-Far East JOHN D. MILLER ROBERT W. CAVANAUGH Special Representative for Europe Treasurer PIERRE L. MOUSSA S. R. COPE Directorof Operations-Africa Directorof Operations-Europe LEONARD B. RIST dS RICHARD H. DEMUTH SpecialRepresentativefor Africa Directorof Development Services ORVISA. SCHMIDT Directorof Operations- WesternHemisphere a HAROLD N. GRAVES, JR. Directorof Information JOHN C. DE WILDE Acting Director-Economic Staff MICHAEL L. HOFFMAN GEOFFREY M. WILSON AssociateDirectorof DevelopmentServices Directorof Operations-South Asia and Middle East JOHN H. ADLER Director-Economic DevelopmentInstitute 62 Interest Cancellations, Effective loans sold Effective Date of rate Original terminations Principal or agreed to be sold' loans Principal loan (including principal and repayments held by amount Purpose, borrower and guarantor' agreement Maturities commission) amount refundings to Bank Total sales Portion matured4 Bank disbursed URUGUAY Agriculture . . . . . . . . Dec. 30, 1959 1963-1971 6% $ 7,000,000 $ -$ -$ -$ -$ 7,000,000 $ 454,616 URUGUAY(guarantor) Power & Communications-U.T.E . Aug. 25, 1950 1955-1974 4Y4-33,000,000 -10,225,000 2,150,000 2,150,000 20,625,000 33,000,000 t Power-U. T.E. . . . . . . . Aug. 29, 1955 1958-1975 43/4% 5,500,000 -363,000 654,000 654,000 4,483,000 5,500,000 Power-U.T.E. . . . . . . . Oct. 25, 1956 1961-1981 5% 25,500,000 -737,000 --24,763,000 24,758,711 TOTAL 71,000,000 -11,325,000 2,804,000 2,804,000 56,871,000 63,713,327 VENEZUELA Highways . . . . . . . . . Dec. 13, 1961 1966-1982 534% 45,000,000 --943,000 -44,057,000 YUGOSLAVIA Power,Agriculture, Industry&Transport Oct. 11, 1951 1955-1976 4' 2% 28,000,000 -6,675,000 --21,325,000 28,000,000 Power,Agriculture,Industry&Transport Feb. 11, 1953 1956-1978 4v8% 30,000,000 -5,333,000 --24,667,000 30,000,000 YUGOSLAVIA(guarantor) Power-rugoslav Investment Bank . . . Feb. 23, 1961 1965-1986 54N% 30,000,000 --711,000 -29,289,000 11,503,024 Repaid-one loan . .. .. .. .. . .. .. .. 2,700,000 -2,700,000 ---2,700,000 TOTAL 90,700,000 -14,708,000 711,000 -75,281,000 72,203,024 GRAND TOTALS $6,672,827,893 $128,448,637 $542,473,357 $1,325,485,718 $532,914,894 $4,438,520,181 $4,805,081,425 Less exchange adjustments 4,459,851 $4,434,060,330 NOTES: Principal Amount The total of both effective and non-effective loans sold or agreed to be I Loans made (a) to the member or (b) to a political subdivision or a Borrower (guarantor) andyear signed Agreed to be Sold sold is the equivalent of $1,331,993,718. public or private enterprise in the territories of the member with the 4.,This includes amounts which, according to information available to member's guarantee. Oesterr. Investitionskredit A.G. (Austria), 1962 . $585,000.00 the Bank, have been prepaid prior to maturity. Emp. de Energia Electrica de Bogota (Colombia), 1962 350,000.001 Agreements providing for these loans have been signed, but the loans Imp. Board of Telecom. of Ethiopia (Ethiopia), 1962 . 128,000.00 6 The interest rate on these loans was not fixed at the time the loans do not become effective and disbursements thereunder do not start Indian Iron & Steel Company, Ltd. (India), 1961 400,000.00 were signed; interest will be applied to each portion of the loans at the until the borrower and guarantor, if any, take certain action and Financiera & Comision (Mexico), 1962 . . . . 5,045,000.00 Bank's current rate when such portion is committed for a specific project. furnish certain documents to the Bank. $6,508,000.00 S The Bank has entered into agreements to sell the below listed portions of-loans which are not yet effective: 61 International Bank for Reconstruction and Developmiienrt WORLD 'BANK HEADQUARTERS PARIS OFFICE: LONDON OFFICE 7818 H Street, X. JW. Washington 25, D.C., U.S.A. 4Avenue d'Iena, Paris 16e, France 27/32 Old Jewry, London E.C. :2, England