International Bank for Reconstruction and Development FILE COPY SIXTEENTH ANNUAL REPORT • 1960-1961 Sixteenth Annual Report COinlt e n t s PRESIDENT'S LETTER OF TRANSMITTAL . . . . . . . . . . . . . . . . 2 FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . 3 THE YEAR'S ACTIVITIES. . . . . . . . . . . . . . . . . . . . 4 General . . . . . . . . . . . . . . . . . . . . 5 The Year's Lending . . . . . . . . . . . . . . . . . 9 Financial Operations . . . . . . . . . . . . . . . . . 10 Technical Assistance . . . . . . . . . . . . . . . . . 14 ANNEXES. . . . . . . . . . . . . . . . . . . . . . . . 17 I Lending - Africa.................17 Asia and the Middle East . . . . . . . . . . . 18 Europe . . . . . . . . . . . . . . . . 23 Western Hemisphere . . . . . . . . . . . . 25 II Borrowing . . . . . . . . . . . . . . . . . . . 31 FINANCIAL STATEMENTS A Balance Sheet. . . . . . . . . . . . . . . . . . . 34 B Statement of Income and Expenses . . . . . . . . . . . . 36 C Currencies Held by the Bank . . . . . . . . . . . . . . 37 D Subscriptions to Capital Stock and Voting Power . . . . . . . . 38 E Summary Statement of Loans . . . . . . . . . . . . . . 39 F Funded Debt of the Bank . . . . . . . . . . . . . . . 40 G Notes to Financial Statements . . . . . . . . . . . . . . 42 OPINION OF INDEPENDENT AUDITOR . . . . . . . . . . . . . . . 44 OTHER APPENDICES H Administrative Budget . . . . . . . . . . . . . . . . 45 I Governors and Alternates . . . . . . . . . . . . . . . 46 J Executive Directors and Alternates. . . . . . . . . . . . . 47 K Statement of Loans . . . . . . . . . . . . . . . . . 48 L Principal Officers of the Bank . . . . . . . . . . . . . . 57 International Bank for Reconstruction and Development September 19, 1961 My dear Mr. Chairman: In accordance with Section 10 of the By-Laws of the International Bank for Reconstruction and Development, I have been authorized by the Execu- tive Directors to submit to the Board of Governors this Annual Report of the Bank for the fiscal year July 1, 1960 to June 30, 1961. The first section of this year's Report surveys the various activities of the Bank in the fiscal year. Two Annexes follow, one giving a country-by- country summary of lending and technical assistance, the other setting forth the details of borrowings. Finally, there appear the customary Appendices, including the Financial Statements as of June 30, 1961; the Administrative Budget for the fiscal year ending June 30, 1962; and a Statement of Bank Loans. Sincerely yours, EUGENE R. BLACK President Chairman, Board of Governors International Bank for Reconstruction and Development .2* Financial Highlights (Expressed in millions of United States Dollars) Fiscal Years 1960 1961 LOANS OF THE YEAR $ 659 $ 610 SALES OF PARTS OF BANK LOANS 243 202 REPAYMENTS OF LOANS TO BANK 74 101 GROSS INCOME 151 167 NET INCOME 59 63 TOTAL OF SUPPLEMENTAL RESERVE 341 408 TOTAL OF SPECIAL RESERVE 165 194 TOTAL RESERVES 506 602 BORROWINGS (GROSS) 375 787 NET INCREASE IN FUNDED DEBT 168 155 SUBSCRIBED CAPITAL 19,308 20,093 .3* THE YEAR'S ACTIVITIES 414 * LOANS IN FISCAL YEAR 1960-'61 LOANS IN PREVIOUS YEARS The year's 27 loans were made in 20 countries and territories, and were equivalent to $610 million. THE BANK HAS NOW COMPLETED its fifteenth year of mitted during the past four years. During the second operations. In the year, the activities of the Bank were half of the fiscal year, there was a marked increase in part of a broadening stream of financial and technical the number of project appraisals completed by the staff. assistance to the less developed countries. The Bank IDA came into existence on September 24, 1960. It itself was joined by a new affiliate: the International has since carried out its first transactions, providing Development Association, designed to aid economic the equivalent of $101 million in the form of 50-year, growth with credits bearing less heavily on the balance interest-free development credits to four countries. of payments of underdeveloped countries than conven- IDA has a separate legal existence and its own funds, tional loans. Further progress was made with other but is administered by the same officers and staff as international initiatives to increase the flow of develop- the Bank; its first Annual Report is being published ment funds and to coordinate efforts to assist economic separately from this Report of the Bank. IDA has development. The Inter-American Development Bank had a considerable impact on the work of the staff, began its operations; and the first pre-investment sur- involving the investigation of a wider variety of vey financed by the United Nations Special Fund was projects than are financed by the Bank and the dis- completed, with the World Bank acting as Executing patch of missions to countries where the Bank, with Agent. The 10 governments in the Development its more exacting financial terms, was not able to lend. Assistance Group continued their consultations, and These investigations and missions are implementing several of them took steps to establish institutional the policy that IDA projects shall be as thoroughly arrangements or funds that would facilitate their prepared as those financed by the Bank, to ensure the extension of aid to the less developed countries. The maximum economic benefit in the countries which Bank itself took a leading part in the consideration borrow from the new Association. by particular groups of governments of specific prob- lems: external finance for the Indus River Settlement Plan and for the Five-Year Plans of India and Pakistan. THE INDUS BASIN SETTLEMENT passed from negotiation Throughout, the Bank continued to cooperate with to action during the year. It was embodied in the Indus the capital markets and with private institutional Waters Treaty, 1960, signed in Karachi on September investors in raising capital for economic development. 19, 1960, by Shri Jawaharlal Nehru, Prime Minister Together, the Bank and the International Develop- of India, Field Marshal Mohammad Ayub Khan, ment Association (IDA) committed a total of $711 President of Pakistan, and Sir William Iliff. Vice million in loans and credits. The Bank lent $610 million President, on behalf of the Bank. Signature of the despite the increase in other sources of public finance Treaty marked the end of a critical and long-standing for development, and despite the postponement, for dispute between India and Pakistan, and opened the purely procedural reasons outside the control of the way to the use and development of water resources Bank, of a number of pending loans beyond the end on which depends the livelihood of some 50 million of the fiscal year. This increased the total of its com- people in the two countries. mitments, net of cancellations and refundings, to Simultaneously with the signing of the Indus Waters $5,669 million, of which almost half has been com- Treaty, an international financial agreement was .5. executed in Karachi by representatives of the Govern- India was experiencing balance of payments difficul- ments of Australia, Canada, Germany, New Zealand, ties, the Bank called a meeting of a Consortium of Pakistan, the United Kingdom and the United States, member countries interested in the financing of India's and of the Bank. This agreement created an Indus economic development; as a result of this and further Basin Development Fund to finance the construction meetings in 1959 and 1960, additional large-scale of irrigation and other works in Pakistan consequent assistance was provided to India. In the months before on the Treaty settlement. The Fund will be adminis- the Third Five-Year Plan came into operation, it was tered by the Bank and will be financed with the analyzed in detail by the Bank and this analysis was equivalent of about $641 million to be provided by submitted to the Consortium countries. the participating governments, with a payment of At a meeting late in May the members of the Con- approximately $174 million to be made by India under sortium gave particular consideration to India's needs the Treaty, and with $80 million out of the proceeds in the first two years of the Plan and undertook to of a Bank loan to Pakistan. provide aid to India totaling over $2,000 million. The A general outline of the Settlement was given in accompanying table shows the commitments made, last year's Annual Report. Work has now begun on the ten-year task of constructing the works included Program of Aid to India's Third Five-Year Plan in the Settlement Plan. Preliminary construction is already under way on several works and tenders are Expressed in millions of U. S. Dollars; Indian fiscal years now being invited on major projects. The storage Two- reservoirs and link canals in the Plan include several Year 1963 ot4- 1961-62 1962-63 Total 196-5/66 Total which are the biggest of their kind ever to be under- - - - taken anywhere in the world. International groupings Canada . . . 28 28 56 - 56 of contractors have been formed, enabling them to France . . . 15 15 30 - 30 pool their resources and submit tenders for these Germany . . . 225 139 364 61 425 Japan . . . . 50 30 80 - 80 projects. United Kingdom 182 68 250 - 250 United States . . 545 500 1,045 - 1,045 BOTH INDIA AND PAKISTAN have now embarked on new World Bank and development plans on a large scale, requiring a large IDA . . . 250 150 400 - 400 amount of external assistance. The Indian Third Five- TOTAL . . . 1,295 930 2,225 61 2,286 Year Plan began in April 1961 and the total invest- ment involved, public and private, is the equivalent of more than $20,000 million. About three-quarters of subject as appropriate to legislative action or other this will be met from India's own resources; foreign necessary authorization. exchange assistance is needed in the form of invest- This program of aid should enable India to launch ments, loans and grants totaling over $6,000 million, her Third Five-Year Plan of economic development The Pakistan Second Five-Year Plan began in July with confidence in the achievement of its objectives. 1960. Present estimates indicate that it will involve a Another meeting will be held later in 1961 to consider total investment equivalent to over $4,000 million by additional aid for the second year of the Plan. 1965, with external financing required in one form or A similar Consortium was set up to consider the another to the extent of almost one-half of that total. needs of Pakistan and first met in October 1960. In - To help in meeting this situation, the Bank and some this case also the Bank made an exhaustive examina- of the principal capital exporting countries are making tion of the Pakistan Second Five-Year Plan and a use of a method which was first used in the later years second meeting of the Pakistan Consortium took place of the Indian Second Five-Year Plan. In 1958, when early in June 1961. This meeting resulted in substantial *6* additional help for Pakistan, sufficient assistance being parts of Bank loans already outstanding or purchase recommended by members of the Consortium to participations in new loans. sustain the momentum of development and to enable Not all sales of portions of Bank loans are, of course, Pakistan to pay for essential imports in 1961 /62, the to private investors. Government accounts of one kind second year of the Plan. A meeting will be held later or another are also buyers, and in some cases pur- this year to consider the extent and nature of assistance chases are made by public institutions in the borrowing from the Consortium for the second and third year country. For the most part, however, sales are to of the Plan period. private institutions and indicate a wholesome restora- The amounts that would be provided by participants tion of investor confidence in overseas lending. in the Consortium, subject as appropriate to legislative The first sales of loans, in 1948 and 1949, were of or other necessary authorization, are shown in the early maturities, and were made to commercial and accompanying table. The first column represents the savings banks and an insurance company. They were made with the Bank's guarantee and represented a Program of Aid to Pakistan's Second Five-Year Plan modest replenishment of its lending funds. By the middle of 1951, however, almost $5 million of maturi- Expressed in millions of U. S. Dollars; (Pakistan fiscal 1961 /62) tie a been sowiu n, a n fmt io ties had been sold without guarantee, and from then on Recommended these sales increased rapidly. By the end of fiscal Additional Already Commitments Committed Total 1955 /56, total sales of loans had reached almost $280 million, of which over $200 million were without Canada . . . . . . 18.0 19.8 37.8 Frane... 1 0 . 010.0 recourse to the Bank. The decision was then taken that France . . . . . . . 10.0 - 10.0 Germany . . . . . . 25.0 37.5 62.5 the Bank would not normally offer its guarantee in any Japan . . . . . . . 20.0 20.0 40.0 further sales of parts of its loans to other investors. By United Kingdom . . . . 19.6 22.4 42.0 that time interest in foreign securities had revived in United States . . . . . 150.0 129.6 279.6 World Bank and IDA . 77.4 - 77.4 some financial centers and, with the improvement of - - - - - - -the economic situation of many of the Bank's borrow- TOTAL . . . . . . 320.0 229.3 549.3 ers, institutional investors were prepared in many cases to rely on the credit of the borrowing governments recommendations made during the meeting for addi- and on the procedures followed by the Bank in making tional commitments, and the second column represents its loans. Since the decision of 1956, the Bank has commitments made since the beginning of the Second sold over $730 million worth of loan maturities with- Plan. out guarantee. By far the greater part of sales of loans have been made outside the United States, and par- ANOTHER MILESTONE WAS REACHED in 1960/61; the ticularly to investors in Europe. total of sales of Bank loans passed the $1,000 million Obligations of European borrowers account for the mark. largest sales: of a total of $1,425 million loans made The Articles of Agreement of the Bank, drawn up by the Bank in Europe, first for reconstruction and at the Bretton Woods Conference in 1944, emphasized later for development, maturities aggregating $423 that one of the Bank's tasks was to promote inter- million, or almost one-third, have been sold by the national investment. To some extent this objective is Bank. But sales of loan maturities are by no means attained by the marketing process whereby the Bank confined to those of European debtor countries; they borrows from private investors a large proportion of have been widely spread. Almost $600 million of Bank the funds it needs to finance economic growth in its loans to other countries have been sold. In all, nearly less developed member countries. The participation of one-fifth of the Bank's loans have been sold to other other investors is even more direct when they buy investors. .7* These rails will soon pro v/de transportation for a new industry in Mauritonia: Iron mining in the interior is be/og developed with the old of a $66 mil//on loan. ffEd 4 fl4 1 91 Moreover, in recent years investors have been the Bank's subscribed capital totaled $20,093 million. willing to buy longer maturities of Bank loans than Nine applications for membership were pending, previously. In several loans, strips of maturities have including those of Cyprus, Laos and Nepal which had been sold, from the first maturity to the last -in earlier been approved by the Board of Governors. The some cases 20 or more years ahead. Sales of maturities six other applications were from the Congo (Leopold- have been so large, especially in the past two years, ville), Liberia, New Zealand, Senegal, Sierra Leone that only the longer maturities of the obligations of and Togo. certain borrowers remain in the Bank's portfolio. In There was a further increase in the regular staff of general, commercial banks prefer to buy the shorter the Bank during the year, partly reflecting continued maturities, but insurance companies are showing growth in the work of the Bank and partly the coming increasing interest in investing in the Bank's loans and into operation of the International Development their requirements are for obligations which will yield Association (IDA). By June 1961, the regular staff of a fixed return over a longer period. It is to be expected, the Bank stood at 731 compared to 650 twelve months therefore, that the Bank will continue to be able to before. The number of nationalities represented was 53. replenish its lending resources by selling large amounts There were several changes during the year in the from its portfolio. principal officers of the Bank. Mr. Leonard B. Rist, Director of the Economic Staff of the Bank since 1946, THE MEMBERSHIP OF THE BANK comprised 68 countries was appointed the Bank's Special Representative for at the end of the fiscal year, the same number as the Africa. Mr. John C. de Wilde is acting as Director of year before. The composition of the membership was, the Economic Staff. Mr. Martin M. Rosen left his however, changed by the withdrawal of Cuba and the post as Director of the Department of Operations for Dominican Republic at the end of 1960, and by the the Far East to become Executive Vice President of adherence of Portugal and Nigeria in the early months the International Finance Corporation, and his place of 1961. Portugal's capital subscription is $80 million, as Director was taken by Mr. I. P. M. Cargill, who and Nigeria's $66.7 million. At the end of June 1961, had been Assistant Director of the Department. THE YEAR'S LENDING New lending during the fiscal year totaled $609,890,000. and in the past few years loans for transportation have There were 27 loans, bringing the total number of the been slowly drawing ahead. This trend was markedly Bank's loans to 292 in 57 member countries and terri- in evidence this year, with transportation loans tories. This last figure illustrates the world-wide scope accounting for $311 million. Railway improvements of the Bank's operations; it includes four countries made up the bulk of this total, including two large which received their first loans from the Bank during loans - $70 million to India and $80 million to Japan the year - Argentina, British Guiana, Israel, and for the improvement and expansion of their rail Uganda. services. Other railway borrowers were Burma, More than two-thirds of the Bank's lending is for Colombia and Thailand. Loans to assist road develop- basic investment in transportation and electric power, ment and maintenance in Argentina, Chile, Mexico, .9. LIST OF LOANS Panama and Peru totaled $92 million, and a loan of Expressed in United States Dollars $27.5 million helped to finance the construction of a Country Purpose Amount new Mediterranean port for Israel. Argentina Transport -roads . . . $ 48,500,000 Electric power loans of the year totaled $125 British Guiana Agriculture . . . . . 1,250,000 million and were widely spread throughout the world. Burma Transport -railways . 14,000,000 Ceylon Power .. 15,000,000 In all, eight loans were made for this purpose, one Chile Transport-roads . 6,000,000 in Africa (Uganda), two in Asia (Ceylon and Japan), Colombia Power...2 2 , 0 0 0000 three in Latin America (Colombia, Costa Rica and Transport-railways . . 5,400,000 Costa Rica Power . . . . . . 8,800,000 El Salvador) and two in Europe (Norway and Yugo- El Salvador Power . . . . . . 3,840,000 slavia). It is estimated that these loans will help to India Industry - development bank . 20,000,000 add more than a million kilowatts of capacity in the Transport-railways . 70,000,000 countries concerned. Israel Transport - port . . . 27,500,000 Loans for agriculture amounted to $126 million. Japan Industry-steel . . . . 6,000,000 Industry-steel . . . . 7,000,000 This total was mainly accounted for by the loan of Power . . . . . . 12,000,000 $90 million made to Pakistan as the Bank's contri- Transport -railways . . 80,000,000 Mexico Agriculture . . . . . 15,000,000 bution to the financing of the large irrigation works Transport-roads . . . 25,000,000 required to implement the settlement reached in the Norway Power . . . . . . 25,000,000 Indus Waters Treaty, 1960. The other loans for agri- Pakistan Agriculture . . . . . 90,000,000 Industry - culture assisted agricultural credit in British Guiana development bank . 15,000,000 and irrigation projects in Mexico and the Sudan. Panama Transport-roads . 7,200,000 Industrial lending totaled $48 million, made up of Peru Transport-roads . 5,500,000 Sudan Agriculture . . . . . 19,500,000 loans for steel in Japan and for industrial development Thailand Transport-railways . . 22,000,000 banks in India and Pakistan. Both the development Uganda Power . . . . . . 8,400,000 Yugoslavia Power . . . . . . 30,000,000 bank loans provide additional foreign exchange assist- ance to institutions which had previously received TOTAL . . . . . . $609,890,000 Bank funds. FINANCIAL OPERATIONS The new loans of the year brought the cumulative Sales of Bank loans, all made without the Bank's total of Bank loans, net of cancellations and refund- guarantee, reached $202 million. The total was made ings, to $5,669 million, of which $4,320 million had up of $25 million of participations, whereby other been disbursed at June 30, 1961. Of the latter amount investors assumed parts of Bank loans at the time the $1,452 million had been repaid to the Bank or sold to loans were signed, and of $177 million of sales from other investors. The effective loans held by the Bank the Bank's loan portfolio. Disbursements on loans at June 30 stood at $3,996 million. reached a total of $398 million. As a result of these Net earnings (exclusive of receipts from the 1% and other factors, the Bank's need for new finance annual commission payable on all Bank loans) were was small and the amount of the outstanding funded $63 million, an increase of $3.7 million over the debt rose by only $155 million. This was the smallest previous highest figure which was reached in 1959 /60. increase in the past six years. *.10- RESERVES, INCOME, REPAYMENTS loans over the construction period, to meet the import AND INTEREST RATE costs of capital equipment and other foreign exchange At June 30, 1961, the Bank's total reserves stood at requirements as they are incurred. In the past, the $602 million, an increase of $95 million over the average disbursement period has been two or three year. The reserves consist of two parts. One, the years, but the average is now about five years. It is Supplemental Reserve accumulated from net earnings clear that in time the rate of disbursements will rise and net gains from exchange revaluations, stood at to match the rate of earlier loan commitments. $408 million at the end of the fiscal year, compared The following table shows the distribution by with $341 million a year earlier. This increase con- countries of the orders placed by Bank borrowers sists of the $63 million of net earnings and $3.3 million using Bank loan funds. The normal procedure is for representing net profit resulting from revaluation of borrowers to place their orders on the basis of inter- the Bank's holdings of the currencies of various mem- national competition, and the table illustrates the wide ber countries, credited directly to the Supplemental distribution which results. Reserve. The other, the Special Reserve to which are credited receipts from the 1% annual loan commis- Loan Expenditures in Individual Countries sion, increased by $29 million to a total of $194 (Estimates rounded to equivalent in millions of United States dollars) million. Disbursements by Cumulative Fiscal Cumulative borro;wers for total to Year total to Gross income for the year, excluding loan com- imports from: June 30, 1960 1960-61 June 30, 1961 missions, was $167 million, an increase of $16 million Belg..m.. 105.4 5.7 S 111.1 over the previous year. Interest and issue costs rose Canada . . . . . 131.8 6.2 138.0 to $88 million from $77 million. Administrative costs France . . . . . 101.6 17.8 119.4 also increased, to $12 million from $10 million in Germany . . . . . 321.1 45.1 366.2 1959/60. Over $1 million of these costs were for Italy . . . . . . 89.1 20.4 109.5 special services to member countries, including general Japan . . . . . . 70.3 10.5 80.8 survey missions, costs of mediation, training programs Sweden . . . . . 41.2 6.0 47.2 and other advisory services. Switzerland . . . . 66.6 11.4 78.0 Repayments to the Bank amounted to $101 million United Kingdom . . 459.1 44.0 503.1 and repayments to other investors holding maturities United States . . . 1,570.3 79.3 1,649.6 of Bank loans were $90 million; the total of $191 All other countries . 165.2 19.9 185.1 million compared with $158 million a year before. Total ota12.7 $266.3 $3,388.0 As a result of a reduction in the cost of the Bank's Other Disbursements* 799.5 132.2 931.7 own borrowing, it was possible at the beginning of the GRAND TOTAL . $3,921.2 $398.5 $4,319.7 fiscal year to reduce the interest rate on Bank loans, * These include disbursements on loans in which the funds including the 1% annual commission, from 6% to aused for local expenditures or for broad development inldn h %,ana omsso,fo %t programs where the source of the items imported with 53/4%, and this rate prevailed throughout the year. Bank funds is not specified. A summary of the currencies repayable to the Bank DISBURSEMENTS as of June 30, 1961, is given in Appendix E. The year's disbursements were $398 million, compared with $544 million disbursed in 1959/60 and $583 THE YEAR'S BORROWING million the year before. The lower rate reflects the All borrowings during the year took place outside the fact that many of the projects for which Bank financing United States, with Germany continuing for the third has been sought have been larger projects that take consecutive year to be the largest single supplier of longer to complete. The Bank's practice is to disburse borrowed funds for the Bank. Most of the borrowing - 11 - In underdeveloped countries, where most of the people are farmers, the Bank has lent almost $500 million for agricultural projects. In Kenya, for example, -~i i is aiding a progra ocag native agriculture from a shifting tribal basis to settled cultivation. -r- Left, a demonstration in modern - -¯ imethods of animal husband/ry. Directly and indirectly, the Bank - has supported the development "k- of many private industries. h Right, cement sacks are loaded on a customer's truck at the Pacasmayo Cement Plant in Peru. Below, women tend spinning machines in an Ethiopian cotton factory, financed - with one of the Bank's earliest industrial loans. ? - - tt4 -fl_ý '4 -4J transactions were for the purpose of lengthening the THE BANK'S BORROWING, 1960,/61 term of the outstanding debt: refunding operations $ millions $ millions (equivalent) (equivalent) amounted to $466 million. New borrowings totaling $321 million were arranged, of which less than $139 New Borrowings U.S. dollars . . . . . . . 145.0 million had been drawn down and added to the out- Deutsche marks . . . . . . 1250 standing debt at the end of the year. The net result of Swiss francs . . . . . . . 37.3 these and other developments affecting the funded Guiede.s.13.8 321.1 debt was to increase the total of the Bank's outstand- Refundings ing obligations by $155 million (see accompanying U.S. dollars . . . . . . . 363.0 Deutsche marks . . . . . . 95.2 table). At June 30, 1961, the funded debt amounted Swiss francs . . . . . . . 7.8 466.0 to $2,228 million, of which about 53% was held 787.1 outside the United States by investors in more than Delivery of Bonds and Notes 40 countries. sold in previous years In July 1960 the Bank borrowed $30 million in U.S. U.S. dollars . . . . . . . 14.5 Deutsche mar ks.23.8..2. 38.3 dollars from the Deutsche Bundesbank, the Central Bank of Germany, to replace a maturing issue. In Exchange Adjustments August 1960 the Bank arranged to borrow from the Revaluation of issues sold in Bundesbank the equivalent of $245 million, half in previous years . . . . . . . . 12.1 U.S. dollars and half in Deutsche marks, the second 837.5 largest borrowing in the Bank's history, and, with Less: Issues refunded (see above) . . . 466.0 final maturities of 12 years, much the longest loan Purchase and Sinking Fund yet arranged with the Bundesbank. Later in the year Redemptions . . . . . . 18.5 the Bank replaced $353 million of its medium-term Matured Issues . . . . . . 15.0 Undrawn Balances of 1960 /61 obligations held by the Bundesbank with two new borrowings . . . . . . . 182.5 682.0 tranches of serial Notes of longer maturities. Interest Net Increase in Outstanding Funded Debt 155.5 rates for the year's borrowings from the Bundesbank varied from 41% for the longest to 3V2% for one of the medium-term Note issues. Bank also re-borrowed, for a further six years, an In October 1960, a two-year, $100 million issue of installment of Sw F 33,333,333 (about $7.8 million) U.S. dollar bonds was sold entirely outside the United of a 1957 borrowing from the Swiss Government States, replacing a maturing issue of $75 million sold which became due on January 1, 1961. in 1958. This issue was placed with 47 institutions in The last bond issue of the year, in May 1961, saw 29 countries, and carried interest at 31/2%. the Bank's return to the Netherlands market for the Two public offerings of Swiss franc bonds of the first time since 1955, with the public offering of Bank were made in the Swiss investment markets in f50 million (about $14 million) of 20-year guilder September 1960 and in March 1961. Together they bonds at 4Y2%. amounted to Sw F 160 million, the equivalent of Further details of Bank borrowing during the year about $37 million; both carried interest of 4%. The will be found in Annex II, on page 31. *13* TECHNICAL ASSISTANCE The past year saw the highest level of activity yet organized by the Bank as Executing Agent for the reached by the Bank in providing assistance to its UN Special Fund to prepare a long range trans- member countries through general economic surveys, portation program in Argentina. An important devel- which examine the development potential of the coun- opment in technical assistance during the year was try concerned and recommend the main directions the Bank's agreement to finance from its own funds which planning and investment should take. The part of the foreign exchange costs of comprehensive report of the general survey of Libya was published transportation studies in Colombia and Peru. These in October, the Tanganyika mission report in March studies are being undertaken by consulting engineer- and the Venezuela mission report in May. The gen- ing firms working closely with government officials eral survey of Uganda, which began in September, under terms of reference drafted with the Bank's help. has reached the stage of a draft report and publication Where staff members have not been available, the is expected by early 1962. A large general economic Bank has offered its assistance in recruiting outside survey mission was sent to Spain, and recruitment experts for employment directly by member govern- began for a general economic survey mission which ments. In response to requests of this kind, the Bank the Bank has agreed to send to Kenya in September recommended an economic adviser to the Government 1961. of Malaya, and an industrial economist for the staff Development advisory missions were sent to of the Pakistan Industrial Credit and Investment Kuwait, the Philippines and Chile. The mission to Corporation. study agricultural problems in Ireland completed its Close cooperation has continued with the UN field work during the year and its report will soon be Special Fund. The final report of the survey of electric ready for transmittal to the Government. The work power needs and potential of Argentina, the first of the Food and Agriculture Inquiry Commission in Special Fund project for which the Bank served as Pakistan, which the Bank and FAO assisted in staff- Executing Agency, was submitted to the Govern- ing, was completed during the year. ment and to the Special Fund early in the fiscal year. The Bank continued to provide advisory assistance In addition to the other Special Fund projects in in other forms to the extent that its personnel resources Argentina, British Guiana, Nigeria, Surinam and permitted. Staff members remained as resident repre- Thailand for which the Bank had previously agreed sentatives in Thailand, Pakistan, Ethiopia and India. to serve as Executing Agency, it has now agreed to At the request of the Government of Nigeria, the serve in the same capacity for a study of power and Bank gave leave of absence to one of its senior staff irrigation potentialities in Guatemala and a survey members to serve as adviser to the government for of natural resources, power and highways in central a two-year period beginning in November 1960. The Peru. staff member serving as adviser to the Pakistan The Bank has continued to assist member countries Industrial Credit and Investment Corporation Limited in the establishment or reorganization of industrial remained in Karachi. A staff specialist was sent to development banks. At the request of the govern- Peru to advise on land settlement and allied questions ments concerned and of private sponsors, Bank arising from the completion of irrigation works missions have visited Colombia and Chile to advise which had been assisted by a Bank loan made in on the possibility of setting up private industrial 1955. A staff member was assigned to serve as a financing institutions for these countries. A reorgani- member of the Transportation Planning Group, zation of the Banco Industrial del Perd is progressing, *14* based on recommendations made by the Bank. The to governments, central banks and other public insti- Bank has also provided training at headquarters for tutions, consist of approximately 400 books, articles key staff members of several development banks and and papers, in English, on development problems. has continued to give advice to many countries on Eighty-five of these libraries had been offered and development banking problems. accepted by the end of June 1961; distribution will The sixth course of the Bank's economic develop- begin as soon as the materials have been assembled. ment staff college, the Economic Development Insti- Each recipient is asked to give a general undertaking tute, was held from October 1960 until April 1961. to provide space for the library, to take care of it and The final two weeks of the course were spent in to make it available to those who can benefit from it. Southern Italy and Sardinia, studying aspects of the No financial contribution is required, but preference development program for Southern Italy. The staff has been given to the agencies or ministries in which and participants of the Institute were guests of the Fellows are employed. The Institute is engaged in Italian Government and Cassa per il Mezzogiorno. planning similar libraries in French and Spanish. Participants in this year's course numbered 24, of A substantial amount of translation of general and whom eight were from Asia, four from the Middle technical works will be required. East, four from Africa, four from the Caribbean area, The training program for junior officials from the three from Europe and one from the staff of the Bank. Bank's member countries was continued, ten trainees A total of 118 participants from member countries or from as many countries taking part in 1961. One territories, and five from the Bank, have attended the hundred and eleven trainees, from 58 countries, have regular courses of the Institute since it began in Janu- now participated in the General Training Program. ary 1956. In addition eight senior officials of member countries At the suggestion of FAO, the Institute arranged to received individual training, under the Bank's Public hold a special five-week course in June and July for Finance and Special Training Program. Since the agricultural economists, mostly from FAO, designed Bank started these Programs, 63 senior officials from to give them an opportunity to review some of 32 countries have received specialized training. the broader problems of development programming, For a number of years the Bank and the United project appraisal, and the establishment of priorities Nations exchanged information and coordinated their in public investment programs. technical assistance and other developmental activities During the year the Economic Development Insti- through an informal liaison committee. By a provision tute brought to fruition a library program which had of the relationship agreement entered into between been under study for some time. The financing of this the International Development Association and the project is being shared by the Rockefeller Foundation; United Nations early in 1961, this committee was it is designed to meet the need expressed by Fellows given formal status. It consists of the Secretary-Gen- of the Institute when they returned to home posts to eral of the United Nations, the Managing Director of have available the kind of reading and reference the UN Special Fund, the Executive Director of the material to which they were introduced during their UN Technical Assistance Board and the President of stay at the Institute. The libraries, which are offered the Bank and IDA, or their designated representatives. * 15* Bank Loans Classified by Purpose and Area JUNE 30, 1961 (Millions of U.S. Dollars, net of cancellations and refundings) Areas Asia Western and Middle Hemi- Purpose Total Africa East Australia Europe sphere Grand Total . . . . . . . . . . . 5,668.8 799.8 1,938.3 317.7 1,411.5 1,201.5 Development Loans: Total . . . . . . . 5,172.0 799.8 1,938.3 317.7 914.7 1,201.5 ELECTRIC POWER Generation and Distribution . . . . . 1,740.9 186.4 479.3 29.3 388.0 657.9 TRANSPORTATION . . . . . . . . . 1,823.3 418.2 816.5 132.3 68.4 387.9 Railroads . . . . . . . . . . . 956.0 263.2 520.9 37.3 2.3 132.3 Roads . . . . . . . . . . . . 480.6 87.8 112.0 50.9 - 229.9 Shipping . . . . . . . . . . . 12.0 - - - 12.0 - Ports and Waterways . . . . . . . 253.8 17.2 164.0 - 46.9 25.7 Airlines and Airports . . . . . . . 56.9 - 5.6 44.1 7.2 - Pipelines . . . . . . . . . . . 64.0 50.0 14.0 - - - COMMUNICATIONS Telephone, Telegraph and Radio . . . 23.9 1.5 - - 0.2 22.2 AGRICULTURE AND FORESTRY . . . . . . 496.3 50.7 169.5 103.4 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 40.9 13.7 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 . . . . . . . . . . . 882.6 103.0 398.0 52.7 280.3 48.6 Iron and Steel . . . . . . . . . 350.3 - 314.2 13.4 22.7 - Paper and Pulp . . . . . . . . . 113.7 - 4.2 1.1 88.4 20.0 Fertilizer and Other Chemicals . . . . 57.0 - - 0.3 56.7 - Other Industries . . . . . . . . . 94.0 - 5.2 23.7 58.8 6.3 Mining . . . . . . . . . . . 149.0 101.0 - 14.2 12.0 21.8 Development Banks . . . . . . . . 118.6 2.0 74.4 - 41.7 0.5 GENERAL DEVELOPMENT . . . . . . . . 205.0 40.0 75.0 - 90.0 - Reconstruction Loans: Total . . . . . . 496.8 - - 496.8 - *16* a nnex J 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 partici- pations of financial institutions in loans of the year were all without the Bank's guarantee. AFRICA S UDAN Lake Victoria. Demand for the power produced at Owen Falls failed to develop as fast as originally AGRICULTURAL LOAN expected. The Board is now carrying out a five-year $19.5 million 25-year 53/4% loan of June 14, 1961 development program to extend its service area and BORROWER * Republic of the Sudan widen the power market. The Roseires Dam project on the Blue Nile provided Under the program, which this loan is helping to the occasion for the first joint Bank-IDA operation, finance, the main transmission network will be widely the Bank's loan being supplemented by an IDA extended, and will bring electricity to outlying town- development credit of $13 million. The Federal ships, tea estates, factories and cotton ginneries for the Republic of Germany also took an important share first time. Additional power will be supplied to the in this operation by providing, through Kreditanstalt Kilembe copper mines. The program also provides fir Wiederaufbau, a long-term loan equivalent to for the construction of small generating units in areas $18.4 million. A total of $50.9 million is thus being distant from the main transmission system. made available to the Sudan to help finance this PARTICIPATIONS * Continental Illinois National Bank important extension of irrigation, the first part of a and Trust Company of Chicago; The Northern Trust large project designed to increase and diversify agri- Company, Chicago; The First National Bank of cultural production. Atlanta; The National Shawmut Bank of Boston; The Roseires Dam will be constructed across the United California Bank, Los Angeles; Central Blue Nile about 66 miles downstream from the National Bank of Cleveland; Chemical Bank New Ethiopian border and the water stored by the dam York Trust Company; Banque Lambert, S.C.S., will more than double available irrigation water in Brussels; The Toronto-Dominion Bank, New York the Sudan during times of seasonal shortage. Nearly Agency; Girard Trust Corn Exchange Bank, Phila- 900,000 acres will be newly brought under irrigation delphia; The First Pennsylvania Banking and Trust and yields will be greatly increased from land now Company, Philadelphia; Hope & Co., Amsterdam; under irrigation but with inadequate water supplies. Nederlandsche Credietbank, N.V., Amsterdam; Ban- The dam will be about ten miles long, with a concrete kierskantoor Staal & Co., N.V., The Hague; and central section 196 feet high and more than two-thirds Metropolitan Life Insurance Company participated of a mile long. Because of work interruptions in flood in the loan for a total equivalent to $8,315,000. seasons, construction is expected to take seven years. OTHER ACTIVITIES U GANDA The General Survey Mission organized by the Bank at the request of the Governments of Uganda and the POWER LOAN United Kingdom completed its field studies by the $8.4 million 20-year 53/% loan of March 29, 1961 end of December 1960, and returned to Washington BORROWER * Uganda to draft its report. The report, which will include The main power station of the Uganda Electricity recommendations on development policies and on a Board is a 120,000-kilowatt hydroelectric plant at public investment program, will be discussed with the Owen Falls on the Nile, a few miles downstream from two Governments during the summer of 1961. * 17* ASIA AND THE MIDDLE EAST BURMA which includes Colombo and contains more than half of the country's population, has been growing at an RAILWAY LOAN average annual rate of 11.5% during the past five $14 million 16-year 534% loan of January 16, 1961 years, and the rate of increase is expected to reach BORROWER * Union of Burma Railway Board 15%. This is the third loan the Bank has made to The Burma Railways extend nearly 1,900 route miles assist Ceylon in meeting this rise in demand; the loan throughout Burma, providing service for the richest will finance new generating units doubling the present agricultural regions, the main towns, and also sub- capacity of the government-owned electricity system. urban services for Rangoon and Mandalay. A 1956 A new 25,000-kilowatt generator will be added to the Bank loan of $5.35 million assisted in repairing the thermoelectric station near Colombo and a new heavy damage suffered by the Railways during World 50,000-kilowatt hydroelectric plant will be built at War II and the insurgency period which followed. Norton Bridge on the Kehelgamu River. Part of the The new loan will finance the foreign exchange loan will be used to extend the transmission network costs of a four-year program to increase motive power, to supply power to important communities to the shorten the turn-around time of freight cars, and north and south of Colombo. The entire project is to increase passenger capacity. Equipment to be pur- be completed in 1964. chased abroad will include diesel electric locomotiveS, PARTICIPATIONS * The Chartered Bank, New York diesel railcar and railbus sets to accommodate sub- Agency; The Hong Kong and Shanghai Banking urban traffic, mechanical signaling and workshop Corporation, New York Agency; Mercantile Bank, equipment, and underframes for coaches and freight Limited, London; Manufacturers Trust Company, cars for which bodies are to be built in Burma. In New York; Bank of America National Trust and addition, some sections of track are to be re-laid with Savings Association, San Francisco; and Irving Trust heavier rail, and bridges are to be strengthened to Company, New York participated in the loan for a accommodate heavier and faster trains. total equivalent to $1,099,000. PARTICIPATIONS * The Hong Kong and Shanghai Banking Corporation, New York Agency; The OTHER ACTIVITIES Chartered Bank, New York Agency; The Bank of In November 1960 the Government of Ceylon re- Tokyo, Ltd., New York Agency; Manufacturers quested the Bank to study alternative river basin Trust Company, New York; The Bank of Tokyo Trust development schemes in the island, and recommend Company, New York; The Riggs National Bank of on priorities. Washington, D.C.; and The First National City Bank A Bank mission went to Ceylon on January 30, of New York participated in the loan for a total of 1961, and spent five weeks conducting this study, which $1,450,000. included all aspects of development, including power, irrigation and flood control. The mission visited the CEYLONg various river basins and power projects in Ceylon and POWER LOAN reviewed a number of reports on multipurpose projects $15 million 25-year 534% loan signed June 6, 1961 being considered by the Government. A report con- BORROWER * Ceylon taining the mission's findings was sent to the Govern- Demand for electric power in southwestern Ceylon, ment in May 1961. *18- Improved transportation is one of the ßirst steps toward economic development. The Bank has lent a total of $1,800 million for roads, railways, ports and other means of transport to many of its members. Right, workmen are cutting into the side of a mountain to widen a road in Iran. Almost 2,000 miles of roads are being built or rebuilt in Iran with the aid of a $72 million Bank loan made in 1959. 1 Railroad workers board a river boat; in the distance, Colombia's new Atlantic Railroad crosses the Magdalena River on a recently completed bridge. Built and equipped with the help of $46 million in Bank loans, the railroad is an important segment of the national rail network of Colombia. 4 41 -V iA i~ - ,mur- i * ~_ nu-~ ~ É - 1": - -*.---n m - - o ~ - ~twf,~/LI.~~. 4niv ' I N D I A private industry in India. ICICI is owned by private investors of India, the United Kingdom and the RAILWAY LOAN United States, and makes long and medium term loans $70 million 20-year 534% loan of July 29, 1960 and equity investments. It has also provided industry BORROWER * India with guidance on financial and managerial policy. This loan was the eighth made by the Bank for the About 60% of ICICI's loans have been in foreign improvement and expansion of the Indian railways; exchange provided by two previous World Bank loans, the $329 million lent by the Bank for this purpose is each of $10 million, made in 1955 and 1959. the largest amount it has lent anywhere for a single Where the nature of projects makes this appro- project. The loan provided most of the foreign ex- priate, the term of the relevant portions of this loan change required for the final year of the railway pro- may be extended to 14 years by agreement between gram which accounted for about a quarter of all public the Bank and ICICI. Interest will be applied to each expenditures in India's Second Five-Year Plan, ended portion of the loan, at the rate then current for Bank March 1961. loans, at the time the funds are committed for indi- The Indian railway system, comprising some 35,000 vidual projects. route miles, is one of the largest in the world, handling the bulk of long-distance freight and passenger traffic IDA CREDIT and playing a vital role in the economic development On June 21, 1961, the Bank's affiliate, the International of the country. The five-year program aimed at increas- Development Association, extended a credit of $60 ing freight capacity from 114 million to 162 million million to the Government of India for highway tons a year, and passenger capacity by about 15%. development. Details of this transaction are given The most important items of the program were the in the Annual Report of IDA. acquisition of about 2,100 locomotives, 8,900 passen- ger cars and 106,000 freight cars; the doubling of 1,300 ISRAEL miles of main line track; the replacement of 8,000 miles of track; the construction of 800 miles of new lines; PORT LOAN the electrification of 845 miles of main line in regions $27.5 million 25-year 534% loan of September 9, 1960 of high density traffic; the construction of bridges; BORROWER * Israel and improvement in yards and signaling facilities. This was the Bank's first loan to Israel, and will PARTICIPATIONS * The Chartered Bank, New York help to build and equip a new sheltered deep-water Agency; The First National City Bank of New York; port at Ashdod, on the Mediterranean. Construction Girard Trust Corn Exchange Bank; Irving Trust at Ashdod will include about two miles of break- Company; Chemical Bank New York Trust Company; waters, berths accommodating five ships, and port and The Philadelphia National Bank participated in buildings; road and rail transport facilities and modern the loan for a total of $2,050,000. cargo-handling equipment will be provided. The total cost is estimated at the equivalent of $54.7 million. INDUSTRIAL LOAN When construction is completed in 1965 Ashdod will $20 million 10-year loan of October 28, 1960 have an initial capacity of 900,000 tons of general BORROWER * Industrial Credit and Investment Cor- cargo a year. The port is to be administered by a new poration of India Limited (ICIcI) Port Authority established as an autonomous public This loan will provide foreign exchange resources enterprise responsible for the construction, operation for the next two years for ICICI, a privately owned and development of Israel's port facilities. development bank founded in 1955 with advice and Most of Israel's seaborne traffic now passes through assistance from the Bank to promote the growth of the Mediterranean ports of Haifa, Tel Aviv and Jaffa. *20* Haifa is the only deep-water port of the three, handling As in the case of Kawasaki, the Bank's participation all passenger traffic and 85% of all freight, which in the financing operation helped Sumitomo to enter totaled 3,000,000 tons in 1959. Pressure on the ports the United States capital market for the first time: is growing, and the movement of dry cargo is expected Kidder, Peabody and Company, Incorporated, placed to increase to an annual total of about 4.7 million $5.8 million of the Japanese company's 14-year 71/2% tons by 1965. The new port at Ashdod will relieve con- Notes privately with institutional investors. The Bank gestion at Haifa, and will enable Israel to close down loan was the second it has made for the construction the existing lighterage ports at Tel Aviv and Jaffa. of Sumitomo's new integrated steel plant at Waka- yama. The first loan, of $33 million, made in 1958, helped to finance erection of a blast furnace and blooming mill. STEEL LOANS $6 million 15-year 534% loan of December 20, 1960 POWER LOAN BORROWER * The Japan Development Bank $12 million 20-year 534% loan of March 16, 1961 The Japan Development Bank is re-lending the pro- BORROWER * The Japan Development Bank ceeds of this loan to the Kawasaki Steel Corporation. The Japan Development Bank is re-lending the The Bank loan was linked with a private placement proceeds of this loan to the Kyushu Electric Power by The First Boston Corporation of $4 million of Co., Inc., a private company supplying power to the 10-year 71/2% Kawasaki Notes, marking Kawasaki's entire island of Kyushu and also to small neighboring first entry into the U.S. capital market. The funds are islands. This area produces more than half of Japan's needed to meet the cost of installing a new plate mill, coal and over a third of its steel, and industrial con- with an annual capacity of 600,000 tons, and auxiliary sumers buy a large proportion of the Kyushu com- facilities at Kawasaki's works at Chiba, near Tokyo. pany's total sales of electric energy. To meet rapidly The project forms part of the program by which the rising demand the company is carrying through a Japanese steel industry is expanding and modernizing program to add 1,007,000 kilowatts to its installed its facilities to deal with steadily rising domestic capacity by March 1966. demand for steel and steel products. The Bank's loan will help to finance the new Shin- The Bank had made two previous loans totaling kokura thermoelectric plant to be built on reclaimed $28 million for the construction of new facilities now land at Kokura, on the coast of northern Kyushu. in operation at Chiba. The first, in 1956, helped to The plant will have an initial installed capacity of finance a semi-continuous hot strip mill and a cold 156,000 kilowatts, and will use local low-grade coal. strip mill; the second, in 1958, was for a blast furnace. The plant is designed for future expansion to an PARTICIPATION * National Bank of Commerce of ultimate capacity of 532,000 kilowatts. Seattle participated in the loan for a total of $167,000. RAILWAY LOAN $7 million 15-year 534% loan of December 20, 1960 $80 million 20-year 53/4% loan of May 2, 1961 BORROWER * The Japan Development Bank BORROWER * Japanese National Railways This loan formed part of a similar operation to that This loan will assist in financing the new $548 described above, the company in this case being million Tokaido Line, a 311-mile express railway Sumitomo Metal Industries Limited. The total raised serving the cities of Tokyo, Yokohama, Nagoya, was $12.8 million, which will be used to meet part of Kyoto and Osaka, and providing the fastest train the cost of a hot strip and plate mill, a welded pipe service in the world. The first 22 miles of track mill and other facilities at Sumitomo's steel works at are scheduled for completion in April 1962, and the Wakayama in central Honshu. entire line should be opened for service by the spring *21. of 1964. The line will serve a congested area which tion uses in Pakistan hitherto met by the three Eastern includes 40% of the population of Japan, 70% of its Rivers, thus releasing the latter for irrigation develop- industry, 25% of its agriculture, and all of its cities ment in India. A program of 2,500 new tube wells with a population of over one million. and extensive drainage works will contribute to a The new railway, an electrified system with standard solution of the serious problems caused in Pakistan gauge double track, will run parallel to the present by waterlogging and salinity resulting from irrigation. narrow gauge railway, which is greatly overloaded; The program will require at least ten years to complete the new line will be used only for passenger and freight and is the largest of its kind ever to be undertaken express service at speeds up to 125 miles per hour. anywhere. The total cost will be approximately the equivalent of $1,070,000,000, of which about MALAY5A $870,000,000 will be spent on works in Pakistan. Of the $90 million lent by the Bank, $80 million The Malayan Government having determined aims will be paid into the Development Fund and $10 and policies, an economic mission from the Bank million will meet interest and other loan charges dur- drafted and submitted to the Government a recom- ing the first eight years of construction. The Bank mended framework for a Five-Year Plan, outlining will charge interest on portions of the loan at the rate priorities and investment requirements in all sectors of prevailing when they are made available for disburse- the economy. Two members of the staff stayed in ment to the Development Fund. Malaya from September to December to help the Government work out a more detailed plan on the INDUSTRIAL LOAN basis of this report. The resulting Five-Year Plan was $15 million loan of June 27, 1961 adopted by the Government in December 1960 and BORROWER . Pakistan Industrial Credit and Invest- approved by Parliament in January /February 1961. ment Corporation Limited (Picic) In April an operational mission from the Bank com- As with two earlier Bank loans to PICIC, these funds menced discussions regarding the financing of a will be used to meet foreign exchange requirements of number of projects included in the Plan. industrial enterprises financed by the Corporation. Organized with the help of the Bank to promote PAK ISTAN private industry, PICIC was established by private investors of Pakistan, the United Kingdom, the AGRICULTURAL LOAN United States and Japan; recently a German financial $90 million 30-year loan of September 19, 1960 institution also acquired shares of the Corporation. BORROWER * Pakistan In its first three years of operations, PICIC has sanc- This loan is the Bank's contribution to the Indus tioned 176 loans aggregating the equivalent of almost Basin Development Fund, which is being administered $40 million, most of them in foreign exchange. The by the Bank and will finance irrigation and electric industries assisted include textiles, jute, engineering, power projects embodied in the Indus Waters Treaty, food processing, chemicals and a wide range of other 1960. In addition to the Bank loan, the Governments manufactures. It is estimated that in the next two years of Australia, Canada, Germany, India, New Zealand, PICIC will require an additional $30 million in foreign the United Kingdom and the United States are con- exchange, of which half will be provided by this loan. tributing a total of over $800,000,000 equivalent in The loan has no fixed repayment schedule and no grants and loans to the Development Fund. fixed interest charge. The term of each part of the The Treaty settlement involves the construction of loan will be negotiated at the time it is committed works to store and transfer water from the three for a project, and interest will be applied at the Bank's Western Rivers of the Indus system to meet the irriga- rate current when the commitment is made. .22- THE PHILIPPINES capacity, improve operating efficiency and reduce operating costs. About 65 main line and shunting At the request of the Government, the Bank organized diesel locomotives and about 1,650 new freight cars a mission to study the economy of the Philippines and will be bought, and improvements will be made to suggest the framework of a long-term development track, station yards, signaling and telecommunica- program. The six-man mission arrived in the Philip- tions equipment, and repair shops. The Bank's loan pines in June to make its field studies. These should be will cover about 40% of the cost of the program. completed by early September when the mission will PARTICIPATIONS * The Mitsui Bank, Limited, New return to Washington to prepare its report. York Agency; The Chartered Bank, New York Agency; The Hong Kong and Shanghai Banking Corporation, New York Agency; Mercantile Bank, RAILWAY LOAN Limited, London; Crocker-Anglo National Bank, $22 million 20-year 53/4% loan of April 28, 1961 San Francisco; The Bank of Tokyo, Ltd., New York BORROWER * State Railway of Thailand Agency; The Bank of Tokyo Trust Company, New The 2,175-mile railway system of Thailand radiates York; Bank of America National Trust and Savings from Bangkok, providing the principal means of trans- Association, San Francisco; Irving Trust Company, portation between the various regions of the country. New York; The First National City Bank of New Freight traffic on the system has grown by 80% over York; Girard Trust Corn Exchange Bank, Phila- the past decade, and passenger traffic, an important delphia; Banque de l'Indochine, Paris; and Grace source of revenue, has also risen. A six-year moderni- National Bank of New York participated in the loan zation program is now proceeding, to increase line for a total of $1,954,000. EUROPE NORWA Y PARTICIPATIONS * Chemical Bank New York Trust Company; The Chase Manhattan Bank; The First POWER LOAN National City Bank of New York; Bankers Trust $25 million 25-year 53% loan of December 2, 1960 Company; Central National Bank of Cleveland; BORROWER * Norway Girard Trust Corn Exchange Bank, Philadelphia; This loan will help to finance the second and third Brown Brothers Harriman & Co.; Manufacturers stages of the Tokke scheme, the country's largest Trust Company; Grace National Bank of New York; hydroelectric project. A previous Bank loan for the J. Henry Schroder Banking Corporation; First Penn- project, made in 1956, provided $25 million toward the sylvania Banking and Trust Company; Nederlandsche construction of a 400,000-kilowatt plant and trans- Credietbank, Amsterdam; Netherlands Trading So- mission facilities due to come into operation in ciety, Amsterdam; and Bankierskantoor Staal & Co., June 1961. The present loan will help to finance two The Hague participated in the loan for a total more plants with a total capacity of 410,000 kilowatts, equivalent to about $4,988,000. to be constructed about 100 miles west of Oslo, where a number of lakes are being linked and regulated to SPAIN make use of the waters of the Tokke and Vinje river systems. It will also help to pay for 200 miles of trans- In March 1961 the Bank sent to Spain a mission con- mission lines which will form part of Norway's new sisting of 17 members, to undertake field studies pre- national power grid. paratory to making recommendations on development *23. 33 P-- r .rt. -t 0j»m T-4 Bank-financed power projeets have been built in almost every climate. Here a hydroelectric plant rises above the snow 20 miles from the Arctic Circle in Finland. This is one of five plants for which the Bank lent $15 million in 1956. I31 Italy's first nuelear power plant, right, is being built with the aid of a $40 million Bank loan. Located on the Garigiano'River between Naples and Rome, the plant will have a capacity of 150,000 kilowatts. Design and construction was undertaken after - a comprehensive study of the comparative costs of producing power in southern Italy by conventional and by nuclear means. 114- 0. Lr 1j to the Government of Spain. The mission returned to The Bank loan will aid the construction of a 216,000- Washington in June to prepare its report which will kilowatt hydroelectric plant in the Velebit Mountains include data and recommendations to assist the near Senj on the Adriatic Coast, and also the installa- Spanish administration in the preparation of a long- tion of 790 miles of high-voltage transmission lines term development program. to form a network extending through five of the At the request of the Spanish Government, the country's six component Republics. The power station Bank recommended a senior highway adviser and a will utilize the waters of the Gacka and Lika Rivers, senior railway adviser to assist the Government in involving the construction of a concrete arch dam on formulating an effective and coordinated transport the Lika River, three diversion dams, 20 miles of system. tunnels, and an underground powerhouse equipped with three 72,000-kilowatt generating units. The Yugoslav Investment Bank will re-lend the Bank funds POWER LOAN to the enterprises responsible for the projects. $30 million 25-year 534% loan of February 23, 1961 PARTICIPATIONS * Irving Trust Company, New York; BORROWER * Yugoslav Investment Bank The Chase Manhattan Bank, New York; The Phila- Yugoslavia is planning to double its present gen- delphia National Bank; The First National City Bank erating capacity of 1,950,000 kilowatts by 1965, and of New York; M. Samuel & Co., Limited, London; to add nearly 1,100 miles of transmission lines to and Grace National Bank of New York participated strengthen and extend the present country-wide grid. in the loan for a total equivalent to $711,000. WESTERN HEMISPHERE A RGENTINA from the Buenos Aires area into different parts of the country. While the future shape of Argentina's trans- HIGHWAY LOAN port system is under comprehensive examination as a $48.5 million 16-year 534% loan of June 30, 1961 UN Special Fund project, the present volume of BORROWER * Argentina traffic on the roads and the need for improvements This was the Bank's first loan to Argentina, and justify immediate action. will assist in carrying out a large and urgent highway PARTICIPATIONS * National Bank of Washington, program. The works to be undertaken include im- Washington, D.C.; Agency of The Royal Bank of provements to about 1,600 miles of the country's most Canada, New York; The Philadelphia National Bank, important highways and will overcome some of the The First Pennsylvania Banking and Trust Company, most critical deficiencies in the system. The loan will Philadelphia; and Grace National Bank of New York also meet the import costs of equipment required for participated in the loan for a total of $625,000. the maintenance of roads throughout the country. In recent years there has been a sharp rise in the OTHER ACTIVITIES demand for transport in Argentina, which neither the In 1960 the UN Special Fund joined with the Govern- railroads nor the existing road transport facilities have ment in an agreement to share the cost of a study of been adequate to handle. This increase in demand arises the transportation needs of Argentina, including both from the country's extensive agricultural pro- preparation of proposals and plans to meet those duction and from the tendency of industry to disperse needs. The Bank, as the Executing Agency for the -25* Special Fund, organized a team for the study, com- of a $19 million development credit to Chile by the posed of 15 experts from three international consult- International Development Association for road ing firms and five other experts. The survey team is improvement in the Southern Zone. under the direction of a Technical Director appointed Highway maintenance in Chile has been hampered by the Bank. by lack of sufficient funds, involving the use of old The first members of the team arrived in Argentina equipment and inadequate buildings and repair facili- in September 1960. By the end of June 1961 an ties. Improved maintenance operations are needed interim report had been prepared. The final report not only to conserve the existing network but espe- should be ready by the end of 1961. cially to protect the heavy investment now being made in new construction and road improvements. The BRITISHG UIANA maintenance and repair equipment to be financed by the loan is a prerequisite to the execution of a compre- AGRICULTURAL LOAN hensive road maintenance program. $1.25 million 8-year 5¾% loan of June 23, 1961 PARTICIPATIONS * Bank of America N.T. & S.A., BORROWER * British Guiana The Marine Midland Trust Company of New York These funds will be used by the British Guiana and The First Pennsylvania Banking and Trust Com- Credit Corporation (BGCC), which was established in pany participated in the loan for a total of $250,000. 1954 with capital consisting of advances from the British Guiana Government, and is the only institution OTHER ACTIVITIES providing development credit for agriculture and At the request of the Government of Chile, the Bank industry. By December 1960 BGCC had made nearly organized a nine-man mission to review Chile's ten- 16,000 loans totaling the equivalent of $11.7 million, year development program. The mission arrived in mainly for rural and urban housing, land improve- Chile early in June 1961 to undertake its field studies. ment, farm mechanization, the processing of agricul- The review should help the Government to determine tural and forestry products, and for other light indus- the requirements for outside assistance in financing tries. The Bank loan will provide foreign exchange for economic development, as well as to prepare its annual credits to be made in the next two years for imported capital budgets. breeding stock, machinery for mechanized farming, equipment for preparing new land for cultivation and for dairy and poultry farming, rice mills and saw mills, RAILWAY LOAN and marine and river fisheries. $5.4 million 15-year 53% loan of September 20, 1960 PARTICIPATIONS * The Northern Trust Company, BORROWER * Ferrocarriles Nacionales de Colombia Chicago, and the Agency of The Royal Bank of This loan is to assist in equipping Colombia's new Canada, New York, participated in the loan for a Atlantic Railroad, which will be open to through total equivalent to $1,000,000. traffic in mid-1961. The new Railroad, whose construc- tion was assisted by two previous Bank loans totaling CHILE $40.9 million, will provide for the first time a rapid and reliable transport service between Atlantic Ocean HIGHWAY LOAN ports, central Colombia and the Pacific, and is opening $6 million 9-year 5/% loan of June 28, 1961 up large areas of the Magdalena valley to settlement BORROWER * Chile and cultivation. The project, which involved the con- This loan will provide funds for the import of struction of a new railroad 425 miles long and the equipment needed for road maintenance operations rehabilitation of a further 60 miles of track, will bring throughout Chile. The loan coincided with the signing to an end central Colombia's dependence on river -26. A $73 million Bank loan to Brazil is helping to build Latin America's largest hydroelectric project. Below, the entrance to a diversion tunnel at Furnas Rapids. I M SO,8& 1, ~UF4~ *We M1, ~~ transport through the Magdalena valley. The new being undertaken by an engineering firm which will loan will finance the purchase of 16 diesel locomotives, send 13 experts to Colombia. A three-man Steering about 300 freight cars in "knocked down" condition Committee, consisting of two representatives of to be assembled in Colombia, shop equipment, and Colombia and a representative of the Bank, has parts to repair passenger coaches and freight cars. responsibility for the general guidance and super- PARTICIPATIONS * Continental Illinois National Bank vision of the consultants' work and otherwise provid- and Trust Company of Chicago; Brown Brothers ing assistance in carrying out the survey. The Bank Harriman and Co.; Chemical Bank New York Trust will pay a portion of the foreign exchange costs of the Company; and Grace National Bank of New York survey as technical assistance. It is expected that the participated in the loan for a total of $512,000. survey will be completed by the end of 1961. POWER LOAN COSTA RICA $22 million 25-year 534% loan of May 12, 1961 BORROWER * Empresas Piblicas de Medellin POWER LOAN This loan will cover the foreign exchange costs of $8.8 million 25-year 53% loan of February 3, 1961 the second stage of the Guadalupe hydroelectric BORROWER - Instituto Costarricense de Electricidad project to increase electricity supplies for the metro- (ICE) politan area of Medellin in central Colombia. Industry ICE is an autonomous government corporation in the area has expanded with great rapidity in the past which owns and operates over half of Costa Rica's 20 years; power demand has risen at an average rate present generating capacity, as well as the central of 11% annually, and restrictions on its use have been transmission network which is being developed to necessary for many years. cover the Central Zone, the most densely populated Empresas borrowed $12 million from the Bank in area of the country. May 1959 to finance the first stage of the project, The program being undertaken with the help of the which includes two hydroelectric plants with an initial loan involves a new hydroelectric power plant on the capacity of respectively 18,000 kilowatts and 80,000 Rio Macho, with an initial installed capacity of 30,000 kilowatts, and is to be completed by early 1963. The kilowatts and provision for additional units to bring second stage will add 18,000 kilowatts to the first the ultimate capacity of the plant to 90,000 kilowatts. power station (Troneras) and three more 40,000- About 48 miles of new transmission lines will enlarge kilowatt units to the second station (Guadalupe III). the central network to connect with the Rio Macho It will also include a new dam on the Tenche River plant and also with a small network on the Pacific and facilities to accommodate the increased generating Coast. Other parts of the program include adding capacity. 9,000 kilowatts of new capacity to diesel-electric plants PARTICIPATIONS * Continental Illinois National Bank at Colima and Lim6n. and Trust Company of Chicago; The First National PARTICIPATIONS * Bank of America, The First Penn- City Bank of New York; The Marine Midland Trust sylvania Banking and Trust Company and Grace Company of New York; and Grace National Bank National Bank of New York participated in the loan of New York participated in the loan for a total of for a total of $170,000. $300,000. EL SALVADOR OTHER ACTIVITIES The Bank has joined with the Government of Colom- POWER LOAN bia in sponsoring a survey of Colombian transporta- $3.84 million 25-year 534% loan of July 29, 1960 tion facilities and needs, as the basis for a coordinated BORROWER * Comisi6n Ejecutiva Hidroel6ctrica del transportation investment program. The survey is Rio Lempa -28 The recent rapid industrial progress of El Salvador of Public Works. Of the 13 roads, all in central and has been based on the development of the electric southern Mexico, six will provide shorter and faster power potential of the River Lempa. The first power lines of communication between important cities and plant on the river came into operation in 1954, with areas of the country; two will be reconstructed to an initial capacity of 30,000 kilowatts; since then this carry greater volumes of traffic; and five will provide capacity has been doubled. These developments were access to populated areas now largely isolated from assisted by two previous Bank loans totaling the rest of the country or will open up underdeveloped $15,545,000. regions. The new loan is for the construction of a second PARTICIPATIONS * The First Pennsylvania Banking power plant on the Lempa river system, about 100 and Trust Company, Philadelphia; and Grace Na- miles upstream of the first, and of a 20-mile trans- tional Bank of New York participated in the loan for mission line to connect the new plant with the Comi- a total of $150,000. si6n's existing system. The new station will have one turbo-generator with a capacity of 15,000 kilowatts. AGRICULTURAL LOAN The project is scheduled for completion by early 1963. $15 million 20-year 53/4% loan of January 16, 1961 PARTICIPATIONS * Bankers Trust Company; Grace BORROWER * Nacional Financiera, S.A. National Bank of New York; and Manufacturers Production from irrigated land in Mexico now Trust Company participated in the loan for a total of represents more than a third of the total value of $87,000. agricultural production and accounts for nearly a third of total commodity exports. Most of the expan- HONDURAS sion of irrigated land has been the result of public On May 12, 1961, the Bank's affiliate, the Interna- investment, mainly in large scale projects which now tional Development Association, extended a develop- encompass more than 6.7 million acres. ment credit of $9,000,000 to the Government of The Government is now carrying out a three-stage Honduras for highway development and maintenance. program to complete and rehabilitate 22 large irriga- Details of this transaction are given in the Annual tion districts where inadequate drainage systems have Report of IDA. led to rising water tables and increased salinity. The Bank loan will assist in carrying out this work on MEXICO 1,430,000 acres of land in four of these irrigation dis- tricts - Culiacan, Fuerte, Mayo and Yaqui - located HIGHWAY LOAN on the Gulf of California. The most important work $25 million 19-year 53/4% loan of October 18, 1960 will be the digging of new canals and drains, the en- BORROWER * Nacional Financiera, S.A. largement of old ones, and the installation of about Over the period 1960-64, the Mexican Government 9,000 control structures. The Bank loan will also aims to construct or reconstruct about 8,700 miles of finance the purchase of equipment to secure efficient highways; the Bank loan will finance the foreign operation and maintenance. exchange cost of building or improving 13 of the most PARTICIPATIONS * Crocker-Anglo National Bank, important roads, with a total length of approximately San Francisco; The Northern Trust Company, 2,000 miles. Chicago; Chemical Bank New York Trust Company; Nacional Financiera is the agency through which Girard Trust Corn Exchange Bank, Philadelphia; the Mexican Government borrows abroad; the road The First National City Bank of New York; and Grace program will be carried out under the supervision of National Bank of New York participated in the loan the Federal Highway Administration of the Ministry for a total of $821,000. *29* PANAMA The 522-mile Central Highway climbs from the Pacific coast over the high Andes, and descends into HIGHWAY LOAN the eastern region of the country, a vast potentially $7.2 million 15-year 53/4% loan of August 19, 1960 productive area bordering on the Amazon River. BORROWER * Panama Although the Aguaytia-Pucallpa section of the High- The Panamanian road system was first assisted by way is only a dirt road, impassable for the six-months the Bank in 1955 by a loan of $5.9 million for the rainy season, Pucallpa has grown to be the most reconstruction and maintenance of the surfaced roads important sawmill center in Peru since the road was in Panama. The necessity for this earlier program is opened in 1944. Bananas and other tropical fruit, already borne out by the impressive growth of vehicle rubber and cacao are being produced in the region, traffic in the past five years. and cattle breeding has been successful. The new all- The new loan will help to finance construction of weather road will provide cheaper, quicker and safer ten new feeder roads in potentially rich agricultural transport to the coastal areas of Peru, and will areas, of a total length of 187 miles; eight existing accelerate the development of the country. It is roads (total 86 miles) will be paved, linking the new expected that construction will be completed by the roads with main highways. The roads will open large end of 1964. new areas to settlement and agriculture, will encourage PARTICIPATION * Grace National Bank of New York increased production in areas already under cultiva- participated in the loan for a total of $50,000. tion, and will reduce the costs of moving agricultural produce to market. OTHER ACTIVITIES PARTICIPATIONS * The Chase Manhattan Bank; Early in 1961, the Bank joined with the Government Bankers Trust Company; The First National City in sponsoring a survey of Peru's highway facilities Bank of New York; and Central National Bank of and needs, to assist in the formulation of a highway Cleveland participated in the loan for a total of investment program. The survey is being undertaken $457,000. by an international engineering firm, and will also cover Peru's needs for an effective organization for PERU regulating inland transport. The Bank will share the foreign exchange costs as technical assistance. HIGHWAY LOAN $5.5 million 15-year 53/4% loan of December 19, 1960 BORROWER * Peru VENEZUELA This loan will cover the foreign exchange costs of reconstructing a 105-mile section of Peru's Central The report of the General Survey Mission to Venezuela Trans-Andean Highway, beginning at the Aguaytia was published in May 1961. In recent months, dis- River, east of the Andes, and ending at Pucallpa on the cussions have taken place between the Bank and the Ucayali River, a tributary of the Amazon. It will also Government on a lending program to assist in the finance preliminary studies for the improvement of implementation of the development program prepared the adjoining 324-mile central section of the Highway. by the Government. *30* annex I The information in this Annex describes the borrowing activities of the Bank during the year. GERMANY falling due between August 1, 1965, and August 1, The first borrowing transaction of the fiscal year was 1967, carrying the same rates of interest until the on July 11, 1960, when the Bank borrowed $30 million original maturity dates are reached and 33/4% there- in U.S. dollars from the Deutsche Bundesbank, the after. Central Bank of Germany, for three years at 4% to replace a Note of the same amount maturing on the NETHER LANDS same day. The next transaction, the largest borrowing of the The last bond issue of the year marked the Bank's year, was also with the Bundesbank. The equivalent return to the Netherlands market for the first time of about $245 million (at the present rate of exchange) in six years. On May 29 the Bank offered at par for was involved, half in U.S. dollars and half in Deutsche public subscription Bank guilder bonds totaling f.50 marks at interest of 4½% per annum. The final million (about $14 million) with a term of 20 years maturity of this borrowing was 12 years, compared and an interest rate of 41/0%. The guilder issue is to the maximum of three years which had prevailed non-callable for 11 years. Beginning in 1972, the issue in previous transactions between the Bank and the will be retired at par in ten equal installments of f.5 Bundesbank. A feature of the transaction was that million each. As with the two previous public offers in the Bank has until November 1961 in which to draw Holland, The Netherlands Trading Society (Neder- down the funds. By the end of the fiscal year a total landsche Handel-Maatschappij, N.V.) headed the equivalent to $62.5 million in Deutsche marks had underwriting syndicate of Dutch bankers. been drawn, leaving an undrawn credit of $182.5 million. SWITZERLAND The year also saw other large-scale arrangements with the Deutsche Bundesbank which lengthened the There were two fresh approaches to the Swiss invest- maturities of its holdings of medium-term World ment market during the year, both in the form of Bank Notes. These transactions involved a series of public offerings of Swiss franc bonds of the Bank. As Notes, some in dollars and some in Deutsche marks, with previous Bank offerings in Switzerland, the Swiss of a total value of $353 million, with maturities all Bank Corporation, the Swiss Credit Bank and the falling due between 1961 and 1963. As a result of the Union Bank of Switzerland headed the underwriting refundings, the earliest maturity on any of these funds group for both issues, which are listed on the stock became August 1, 1964, and the latest maturity exchanges of Zurich, Basle, Berne, Geneva and August 1, 1967. Lausanne. The transactions were carried out in two parts, both The first offering was made on September 23, 1960, of which took place in January 1961. The first trans- and consisted of Sw F 60 million (approximately action replaced Notes aggregating the equivalent of $14 million) of 4% 15-year Bonds at par. The Bonds $196 million, and falling due in 12 months or less, have no sinking fund and are non-callable for ten with new 3½% Notes, with maturities between 1964 years. Thereafter the Bank may redeem at par all or and 1965. The second transaction refunded a further part of the issue. $157 million equivalent of Notes which were due to The second offering was sold on March 25, 1961, mature between June 1962 and November 1963. These and consisted of a public issue at par of Sw F 100 Notes were replaced by new Notes of five maturities million (about $23 million) of 18-year 4% Bonds. In *31. this case, a sinking fund will begin to operate after ten dollar bonds, sold in 1958 entirely outside the United years, and will retire the issue by maturity. The Bank States, was redeemed at maturity and replaced with a may also redeem all or part of the issue on or after $100 million issue of U.S. dollar bonds, also with a April 15, 1971. life of two years. The new bonds were sold by private In addition to the new issues in Switzerland, an in- placement with investors outside the United States. stallment of Sw F 33,333,333 (about $7.8 million) of a Such keen interest was shown in the issue that the 1957 Bank borrowing from the Swiss Government $25 million of bonds added to provide for new pur- became due on January 1, 1961. This amount was chasers were insufficient to prevent the issue from re-borrowed, to mature on January 1, 1967. being heavily oversubscribed. The bonds were placed with 47 institutional investors in 29 countries and purchasers included central banks, government special INTERNATIONAL accounts, private commercial banks, insurance com- panies and corporations. The bonds are known as the On September 23, 1960, the Bank announced another Two-Year Bonds of 1960, and carry interest of 31/2%, transaction whereby an issue of $75 million of U.S. payable semi-annually. *32- appendices .33* APPENDIX A Balance Sheet EXPRESSED IN UNITED STATES CURRENCY ASSETS Gold (Valued at $35 per fine troy ounce) . . . . . . . $ 100,009 Due from Banks and Other Depositories (See Appendix C) Member currencies, including $28,664,281 United States dollars Unrestricted . . . . . . . . . . . . . . $ 37,533,426 Subject to restrictions-NOTE B . . . . . . . . 122,762,159 $160,295,585 Non-member currencies (Swiss francs and Laotian kips) . . 1,574,160 161,869,745 Investments Government obligations (At cost or amortized cost) Face amount $925,881,793 including $850,655,000 United States Government obligations . . . . . . $922,432,071 Time deposits, including $249,000,000 United States dollars 250,552,618 Accrued interest . . . . . . . . . . . . . 10,043,278 1,183,027,967 Receivable on Account of Subscribed Capital (See Appendix D) Member currencies, other than United States dollars-NOTE B Non-negotiable, non-interest-bearing, demand notes . . $343,033,288 Amounts required to maintain value of currency holdings . 1,790,540 344,823,828 Effective Loans Held by Bank (See Appendix E)-NOTE C (Including undisbursed balance of $1,095,573,178) . . . . 3,996,137,726 Accrued Charges on LoanS-NOTE C 32,870,810 Receivable from Purchasers on Account of Effective Loans Agreed to be Sold (Including undisbursed balance of $17,054,527) 47,016,927 Unamortized Bond Issuance Costs . . . . . . . . . 18,373,962 Land and Buildings . . . . . . . . . . . . . $ 12,240,877 Less reserve for depreciation . . . . . . . . . . 520,734 11,720,143 Other Assets . . . . . . . . . . . . . . . 1,907,948 Special Reserve Fund Assets-NOTE D Due from Banks-member currency-United States . . . $ 561 Investment securities-United States Government obligations ($185,439,000 face amount; at cost or amortized cost) . . 186,138,411 Accrued loan commissionS-NOTE C 7,522,945 193,661,917 Staff Retirement Plan Assets (Segregated and held in trust) . . . . . . . . . . 11,899,301 Total Assets . . . . . . . . . . . . $6,003,410,283 .34- APPENDIX A June 30, 1961 See Notes to Financial Statements, Appendix G LIABILITIES, RESERVES AND CAPITAL Liabilities Accrued interest on borrowings . . . . . . . . . . . . . . $ 29,249,792 Accounts payable and other liabilities . . . . . . . . . . . . 3,404,869 Undisbursed balance of effective loans (See Appendix E) Held by Bank . . . . . . . . . . . . . . . . . . $ 1,095,573,178 Agreed to be sold . . . . . . . . . . . . . . . . . 17,054,527 1,112,627,705 Funded debt (See Appendix F) (Of this amount $125,420,960 is due within one year) . . . . . . . 2,228,459,367 Obligation for repurchase of shares of Cuba and Dominican Republic-NOTE E 796,006 Reserves for Losses Special reserve-NOTE D . . . . . . . . . . . . . . . . $ 193,661,917 Supplemental reserve against losses on loans and guaranteeS-NOTE F . . . 408,161,317 601,823,234 Staff Retirement Plan Reserve . . . . . . . . . . . . . . . 11,899,301 Capital Capital stock (See Appendix D)-NOTE G Authorized 210,000 shares of $100,000 par value each Subscribed 200,931 shares . . . . . . . . . . . . . . $20,093,100,000 Less-Uncalled portion of subscriptionS-NOTE H . . . . . . 18,080,240,000 2,012,860,000 Payments on account of pending subscriptions . . . . . . . . 2,290,009 Contingent Liability-LOANS SOLD UNDER GUARANTEE-NOTE I . . $11,910,000 Total Liabilities, Reserves and Capital . . . . . . . . . . $6,003,410,283 *35. APPENDIX B Comparative Statement of Income and Expenses FOR THE FISCAL YEARS ENDED JUNE 30, 1960 AND JUNE 30, 1961 EXPRESSED IN UNITED STATES CURRENCY-See Notes to Financial Statements, Appendix G July 1-June 30 1959-1960 1960-1961 Income Income from investments . . . . . . . . . . . . . . . . $ 38,828,698 S 43,417,730 Income from loans: Interest . . . . . . . . . . . . . . . . . . . . 103,679,069 114,353,815 Commitment charges . . . . . . . . . . . . . . . 6,838,502 7,671,996 Commissions . . . . . . . . . . . . . . . . . . . 26,959,078 28,810,221 Service charges . . . . . . . . . . . . . . . . . . 76,435 46,589 Other income . . . . . . . . . . . . . . . . . . . 1,566,580 1,103,370 Gross Income . . . . . . . . . . . . . . . . . 5177,948,362 $195,403,721 Deduct-Amount equivalent to commissions appropriated to Special Reserve-NOTE D . . . . . . . . . . . 26,959,078 28,810,221 Gross Income Less Reserve Deduction . . . . . . . . . . 5150,989,284 $166,593,500 Expenses Administrative expenses: Personal services . . . . . . . . . . . . . . . . . . 5,683,438 $ 6,468,926 Contributions to staff benefits . . . . . . . . . . . . . . 924,220 1,046,733 Fees and compensation . . . . . . . . . . . . . . . . 677,719 906,109 Representation . . . . . . . . . . . . . . . . . . 113,777 138,083 Travel . . . . . . . . . . . . . . . . . . . . . 1,457,223 1,646,551 Supplies and material . . . . . . . . . . . . . . . . 95,596 112,981 Office occupancy . . . . . . . . . . . . . . . . . . 449,897 598,883 Communication services . . . . . . . . . . . . . . . . 302,209 330,095 Furniture and equipment . . . . . . . . . . . . . . 162,530 329,071 Books and library services . . . . . . . . . . . . . . . 114,724 204,559 Printing . . . . . . . . . . . . . . . . . . . . 93,319 132,234 Insurance . . . . . . . . . . . . . . . . . . . . 56,534 89,625 Other expenses . . . . . . . . . . . . . . . . . . 6,197 3,666 Total Administrative Expenses . . . . . . . . . . . . 510,137,383 $ 12,007,516 Interest on borrowings . . . . . . . . . . . . . . . . . 75,615,058 86,218,302 Bond issuance and other financial expenses . . . . . . . . . . . 1,584,506 1,778,964 Discount on sale of loans . . . . . . . . . . . . . . . . 4,105,524 3,369,967 Gross Expenses . . . . . . . . . . . . . . . . $91,442,471 $103,374,749 Net Income-Appropriated to Supplemental Reserve Against Losses on Loans and GuaranteeS-NOTE F . . . . . . . . . . . . . . . . 559,546,813 $ 63,218,751 * 36* APPENDIX C Statement of Currencies Held by the Bank AS OF JUNE 30, 1961 See Notes to Financial Statements, Appendix G Unrestricted Currency Restricted Currency (Note B) Member Currencies Amount Total Amount Total Unit of Expressed in Expressed in Expressed in Expressed in Member Currency Member Currency U.S. Dollars Member Currency U.S. Dollars Afghanistan Afghani - $ - 30,224,891 $ 1,511,245 Argentina Peso - 485,076,600 26,948,700 Australia . . . . . . . Pound 168,283 376,954 129,148 289,292 Austria . . . . . . : : c 5,120,033 196,924 - Belgium Franc 17,075,184 341,504 - - Bolivia . . . . . . . . . . . Boliviano - - 119,212,963 10,039 Brazil . . . . . . . . . . . Cruzeiro - - 618,739,296 33,445,367 Burma . . . . . . . . . . . Kyat - - 1,565,447 328,744 Canada . . . . . . . . . . . Dollar 920,033 938,522 - - Ceylon . . . . . . . . . . . Rupee - - 2,871,516 603,019 Chile . . . . . . . . . . . . Escudo - 8,733,277 8,325,336 China . . . . . . . . . . . New Taiwan dollar - - 26,719,085 667,977 Colombia . . . . . . . . . . Peso - - 15,987,772 8,198,937 Denmark . . . . . . . . ' . Krone 3,258,678 471,784 829,597 120,107 El Salvador . . . . . . I . Colon - - 883,299 353,319 Ethiopia . . . . Dollar - - 900,284 362,364 Finland . . . . Markka 17,283,740 54,012 1,109,718,964 3,467,872 France . . . . . . . . . . . New franc 817,539 165,592 4,745,893 961,279 Germany . . Deutsche mark 1,053,519 263,379 1,605 401 Ghana . . . Pound - - 30,816 86,286 Greece . . . . . . . . Drachma - - 134,015,055 4,467,168 Guatemala . . . . . . . . . . Quetzal - - 383,974 383,974 Haiti . . . . . . . . . . . Gourde- - 13,545 2,709 Honduras . . . . . . . . . . Lempira - - 307,123 153,561 Iceland . . . . . . . . . . . Krona - - 1,775,392 46,721 India . . . . . . . . . . Rupee 2,057,285 432,030 1,772,896 372,309 Indonesia . . . . . . . . . . Rupiah - - 8,491,750 188,706 Iran . . . . . . . . . . . . Rial 5,667,402 74,817 26,192,468 345,775 Iraq , * , D . . . . . . . Dinar 750 2,100 13,026 36,473 Ireland . . . . . . . Pound 49 137 19,235 53,857 Israel . . . . . . . . . . . Pound 12,670 7,039 300,323 166,846 Italy . . . . . . . . . . . . Lira 885,698,333 1,417,117 - - Japan . . . . . . . Yen 20,849,353 57,915 - - Jordan . . . n . . . n . . . Dinar - - 1,578 4,418 Korea . . . . . . . . . . . Hwan 2,809,100,900 2,247,281 Libya . . . Pound - - 2,020 5,655 Luxembourg Franc 1,782,727 35,655 - Malaya . . . . . . . . . . . Dollar 32,073 10,477 19,467 6,359 Mexico . . . . . . . . . . . Peso 881,189 70,495 10,513,694 841,096 Morocco . . . . . . . . . . Dirha - - 345,287 68,232 Netherlands . . . . . . . . . . Guilder 11,443,023 3,161,056 661,871 182,837 Nicaragua . . Cordoba - - 3,540,924 505,846 Nigeria . . . Pound - - 21,428 59,998 Norway . . . Kro 728,008 101,921 648,981 90,857 Pakistan . . . tRupee 7,456,205 1,565,805 Paraguay . . . . . . . . . . Guarani - 57,953,144 475,026 Peru . . . . . . . . . . . . Sol 136,579 21,012 Philippines . . . Peso - 12,528,503 6,264,251 Portugal . . . . Escudo - 207,000,000 7,200,000 Saudi Arabia . . . . . . . . Riyal- - 69,026 15,339 South Africa . . . . . . . . . Rand 265,237 371,332 32,081 44,914 Spain . . . . . . . . . . . Peseta - - 9,666,655 161,111 Sudan . . . . . . . . . . . Pound 30,834 88,543 95 273 Sweden . . . . . . . . . . . Krona 151,711 29,326 - - Thailand . . . . . . . . . . Baht - - 255,747 20,460 Tunisia . . . . . . . . . . Dinar - - 5,319 12,664 Turkey . . . . . . . . . . . Lira - - 373,432 41,492 United Arab Republic . . . . . . . Egyptian pound - - 5,063 14,539 Syrian pound - - 13,236 6,040 United Kingdom . . . . . Pound 42,178 118,096 15,097 42,272 United States . . . . . . . . . Dollar - 28,664,281 Uruguay Peso - - 2,774,701 374,960 Venezuela . . . Bolivar 67,269 20,080 Viet-Nam . . . . . . . . . . Piastre - - 94,307,500 2,694,500 Yugoslavia . . . . . . . . . . Dinar 18,701,502 62,338 2,368,961,662 7,896,539 Sub-Total . . . . . . . . . . . . . . . . . $37,533,426 $122,762,159 Total- Member Currencies . . . . . . . . . . . . . . . . . . 160,295,585 Non-Member Currencies- unrestricted (Swiss francs and Laotiankips) . . . . . . . . . . . . . . 1,574,160 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $161,869,745 *37. APPENDIX D Statement of Subscriptions to Capital Stock and Voting Power JUNE 30, 1961 EXPRESSED IN UNITED STATES CURRENCY (in thousands)-See Notes to Financial Statements, Appendix G Amounts Paid in In non- In currency interest- of member bearing, other than non-ne- Subject to call Subscriptions United gotiable to meet Voting Power In United States demand obligations Percent Amount States dollars notes of Bank Number Percent Member Shares of total (Note G) dollars (Note B) (Note B) (Note H) of votes of total Afghanistan (1)(2) . . . 100 .05 $ 10,000 $ 200 $ 1,512 $ - 5 8,000 350 .16 Argentina 3 3,733 1.86 373,300 3,733 27,000 6,597 335,970 3,983 1.83 Australia a5,330 2.65 533,000 5,330 29,727 18,243 479,700 5,580 2.56 Austria . . . . . . 1,000 .50 100,000 1,000 9,000 - 90,000 1,250 .57 Belgium . . . . . . 4,500 2.24 450,000 4,500 40,500 - 405,000 4,750 2.18 Bolivia (2) 210 .10 21,000 210 13 1,838 18,900 460 .21 Brazil .3,733 1.86 373,300 3,733 33,597 - 335,970 3,983 1.83 Burma.. 0 .20 40,000 400 1,207 2,393 36,000 650 .30 Canada d.500 3.73 750,000 7,500 67,500 - 675,000 7,750 3.56 Ceylon . . . . 600 .30 60,000 600 1,135 4,265 54,000 850 .39 Chile . . . . . . . 933 .46 93,300 933 8,397 - 83,970 1,183 .54 China . . . . . . 7,500 3.73 750,000 7,500 681 66,819 675,000 7,750 3.56 Colombia . . . . . 933 .46 93,300 933 8,397 - 83,970 1,183 .54 Costa Rica . . . . . 40 .02 4,000 400 - - 3,600 290 .13 Denmark . . . . . 1,733 .86 173,300 1,733 10,709 4,888 155,970 1,983 .91 Ecuador . . . . . . 128 .06 12,800 1,280 - - 11,520 378 .17 El Salvador . . . . . 60 .03 6,000 240 360 - 5,400 310 .14 Ethiopia . . . . . . 100 .05 10,000 541 459 - 9,000 350 .16 Finland . . . . . . 760 .38 76,000 760 6,840 - 68,400 1,010 .46 France . . . . . . 10,500 5.23 1,050,000 10,500 59,884 34,616 945,000 10,750 4.93 Germany . . . . 10,500 5.23 1,050,000 10,500 71,100 23,400 945,000 10,750 4.93 Ghana . . . . . . 467 .23 46,700 467 1,153 3,050 42,030 717 .33 Greece . . . . . . 500 .25 50,000 500 4,500 - 45,000 750 .34 Guatemala . . . . . 80 .04 8,000 380 420 - 7,200 330 .15 Haiti . . . . . . . 150 .07 15,000 150 35 1,315 13,500 400 .19 Honduras . . . . . 60 .03 6,000 330 180 90 5,400 310 .14 Iceland . . . . . . 150 .07 15,000 258 58 1,184 13,500 400 .19 India . . . . . . . 8,000 3.98 800,000 8,000 21,932 50,068 720,000 8,250 3.79 Indonesia . . . . . 2,200 1.10 220,000 2,200 198 19,602 198,000 2,450 1.13 Iran . . . . . . . 900 .45 90,000 900 6,048 2,052 81,000 1,150 .53 Iraq . . . . . . . 150 .07 15,000 150 851 499 13,500 400 .19 Ireland . . . . . 60 .30 60,000 600 2,855 2,545 54,000 850 .39 Israel . . . . . . 333 .17 33,300 333 1,899 1,098 29,970 583 .27 Italy . . . . . . . 3,600 1.79 360,000 3,600 32,400 - 324,000 3,850 1.77 Japan .6,660 3.32 666,000 6,660 59,940 - 599,400 6,910 3.17 Jordan .60 .03 6,000 60 25 515 5,400 310 .14 Korea . . . . . . 250 .12 25,000 250 2,250 - 22,500 500 .23 Lebanon . . . . . 45 .02 4,500 900 - - 3,600 295 .14 Libya . . . . . . 200 .10 20,000 200 15 1,785 18,000 450 .21 Luxembourg . . . . 200 .10 20,000 200 1,800 - 18,000 450 .21 Malaya . . . . . . 500 .25 50,000 500 2,720 1,780 45,000 750 .34 Mexico . . . . . . 1,733 .86 173,300 1,733 15,597 - 155,970 1,983 .91 Morocco . . . . . 700 .35 70,000 700 75 6,225 63,000 950 .44 Netherlands . . . . . 5,500 2.74 550,000 5,500 42,594 6,906 495,000 5,750 2.64 Nicaragua . . . . . 60 .03 6,000 60 540 - 5,400 310 .14 Nigeria . . . . . . 667 .33 66,700 667 60 5,943 60,030 917 .42 Norway . . . . . . 1,333 .66 133,300 1,333 8,233 3,764 119,970 1,583 .73 Pakistan . . . . . . 2,000 1.00 200,000 2,000 2,049 15,951 180,000 2,250 1.03 Panama . . . . . . 4 (1) 400 40 - - 360 254 .12 Paraguay . . . . . 60 .03 6,000 60 540 - 5,400 310 .14 Peru . . . . . . . 350 .17 35,000 2,319 152 1,029 31,500 600 .28 Philippines . . . . . 1,000 .50 100,000 2,620 6,300 1,080 90,000 1,250 .57 Portugal . . . . . . 800 .40 80,000 800 7,200 - 72,000 1,050 .48 Saudi Arabia . . . . 733 .37 73,300 733 22 6,575 65,970 983 .45 South Africa . . . . 2,000 1.00 200,000 2,000 16,358 1,642 180,000 2,250 1.03 Spain . . . . . . 2,000 1.00 200,000 2,000 180 17,820 180,000 2,250 1.03 Sudan . . . . . . 200 .10 20,000 200 1,800 - 18,000 450 .21 Sweden . . . . . . 2,000 1.00 200,000 2,000 18,000 - 180,000 2,250 1.03 Thailand . . . 600 .30 60,000 2,400 154 3,446 54,000 850 .39 Tunisia . . . . . . 300 .15 30,000 300 22 2,678 27,000 550 .25 Turkey . . . . . . 1,150 .57 115,000 1,150 271 10,079 103,500 1,400 .64 United Arab Republic 1,266 .63 126,600 1,266 140 11,254 113,940 1,516 .70 United Kingdom (2) 26,000 12.94 2,600,000 26,000 233,988 - 2,340,000 26,250 12.04 United States . . . . 63,500 31.60 6,350,000 635,000 - - 5,715,000 63,750 29.25 Uruguay (2) . . . . . 105 .05 10,500 210 438 - 8,400 355 .16 Venezuela (1) . . . . 105 .05 10,500 210 1,890 - 8,400 355 .16 Viet-Nam . . . . . 300 .15 30,000 300 2,700 - 27,000 550 .25 Yugoslavia . . . . . 1,067 .53 106,700 1,067 9,603 - 96,030 1,317 .60 Totals . . . 200,931 100% 520,093,100 $781,832 $886,203 5343,034 $18,080,240 217,931 100% (1) Additional subscriptions from these members aggregating $ 149,500,000 are in process of completion. (2) Amounts aggregating the equivalent of $1,790,540 due as a result of revaluation of these currencies are not included in the "Amounts Paid in" columns. (3) Less than .005 per cent. *38* APPENDIX E Summary Statement of Loans JUNE 30, 1961 EXPRESSED IN UNITED STATES CURRENCY-See Notes to Financial Statements, Appendix G Effective loans held by Bank Loans ntot yet Members in whose territories loans have been made () Disbursed portion Undisbursed portion(2) Total(3) effective(4) Argentinantin... $ - $ 48,500,000 Australia . . . . . 9 . . . . . 206,299,316 - 206,299,316 - Austria . . . . . . . . . . . . 73,972,491 16,354,258 90,326,749 - Belgium . . . 85,606,310 36,843,385 122,449,695 - Brazil . . . 174,127,341 48,392,640 222,519,981 - Burma . . . . . . . . . . . . 15,566073 14,764,927 30,331,000 - Ceylon . . . 15,097,181 6,839,819 21,937,000 15,000,000 Chile . . . 47,614,954 45,102,502 92,717,456 6,000,000 Colombia . . . . . . . . . . . 80,382,793 50,012,207 130,395,000 22,000,000 Costa Rica . . . . . . . . . . . 3,651,118 1,587,882 5,239,000 8,800,000 Denmark . . . . . . . . . . . 38,704,684 6,103,632 44,808,316 - Ecuador . . . . . . . . . . . . 28,332,939 12,761,061 41,094,000 - El Salvador . . . . . . . . . . . 21,657,191 7,923,809 29,581,000 - Ethiopia . . . . . . . . . . . . 15,521,544 4,046,456 19,568,000 Finland . . . . . . . . . . . . 54,842,451 9,023,483 63,865,934 - France . . . . . . . . . . . . 232,060,269 79,567,731 311,628,000 - Guatemala . . . . . . . . . . . 15,183,066 934 15,184,000 - Haiti . . . . . . . . . . . . . 1,844,968 369,032 2,214,000 - Honduras . . . . . . . . . . . 6,606,462 10,751,538 17,358,000 Iceland . . . . . . . . . . . . 4,499,879 - 4,499,879 - India . . . . . . . . . . . . 465,773,700 119,720,432 585,494,132 - Iran . . . . . . . . . . . . . 72,575,648 67,760,352 140,336,000 - Israel . . . . . . . . . . . . 802,431 26,697,569 27,500,000 Italy . . . . . . . . . . . . 136,028,650 49,198,097 185,226,747 - Japan . . . . . . . . . . . . 265,807,326 119,040,512 384,847,838 Lebanon . . . . . . . . . . . 11,325,487 15,674,513 27,000,000 - Malaya . . . . . . . . . . . . 4,624,420 24,695,580 29,320,000 - Mexico . . . . . . . . . . . . 143,372,867 11,592,133 154,965,000 40,000,000 Nicaragua . . . . . . . . . . . 13,265,373 12,582,994 25,848,367 - Norway . . . . . . . . . . . 52,372,023 31,196,383 83,568,406 - Pakistan . . . . . . . . . . . . 90,599,443 124,599,762 215,199,205 15,000,000 Panama . . . . . . . . . . - 6,743,000 6,743,000 - Paraguay . . . . . . . . . . . 1,814,000 - 1,814,000 Peru . . . . . . . . . . . . . 31,450,997 35,589,122 67,040,119 Philippines . . . . . . . . . . . 16,273,159 1,239,841 17,513,000 South Africa . . . . . . . . . . 99,346,368 - 99,346,368 - Sudan . . . . . . . . . . . . 25,594,993 26,455,007 52,050,000 19,500,000 Thailand . . . . a . . . . . . 59,362,174 34,974,826 94,337,000 22,000,000 Turkey . . . . . . . . . . . 48,355,653 281,347 48,637,000 - United Arab Rep . . . . . . . 31,092,025 19,907,975 51,000,000 - United Kingdom . . . . . . 111,059,756 8,561,490 119,621,246 9,650,000 Uruguay . . . . . . . . . . . 50,061,053 8,616,947 58,678,000 - Yugoslavia . . . . . . . . . . . 48,016,000 48,016,000 30,000,000 Totals . . . . . . . . . $2,900,544,576 $1,095,573,178 $3,996,117,754 $236,450,000 ADD: Exchange adjustments . . . . . . . . 19,972 Summary of Currencies Repayable on Effective Loans Held by Bank $3,996,137,726 Currency Amount Australian pounds . . . . . . . . . . S 32,807,007 Austrian schillings . . . . . . . . . . 10,340,425 Belgian francs . . . . . . . . . . . 56,746,047 (1) Loans are made (a) to the member or (b) to a political sub- Burmese kyats . . . . . . . . . . . 916,765 division or a public or a private enterprise in the territories of the Canadian dollars . . . . . . . . . . 101,737,689 member with the member's guarantee. Ceylon rupees . . . . . . . . . . . 540,000 Danish kroner . . . . . . . . . . . 11,078,888 (2) This does not include $17,054,527 of effective loans which the Deutschemrks . . . . . . . . . . 285 Bank has agreed to sell. Of the undisbursed balance, the Bank has New French frans . . . . . . . . . 77,589,5 5 entered into irrevocable commitments to disburse $12,772,207. Ghanaian pounds . . . . . . . . . 12,0 (3) Original principal amount of loans signed . . $5,790,527,893 Indian rupees.....2 2 , 8 9 4 , 2 73.2289427 Iranian rials .s... 676,1 D Iraqi dinars......8 5 1 , 8 6 4 .. 5186 DEDUCT: Irish pounds . . . . . . . . 2,998,851 (a) Cancellations, terminations Israel pounds . . . . . . . . 1,794,552 and refundings . . . . $121,735,253 Italian fire . . . . . . . . . . . . 38,339,547 (b) Principal repayments Japanese yen . . . . . . . . . . . 60,951,386 to the Bank . . . . 438,435,370 Luxembourg francs . . . . . . . . 1,951,656 (c) Loans sold or agreed to be Malayan dollars . . . . . . . . . . 2,834,845 sold of which $17,054,527 Mexican pesos . . . . . . . . . . . 16,059,631 has not yet been disbursed 997,789,5 16 Nether8nds 9u7ders . 7 4 (d) Loans not yet effective . . 236,450,000 1,794,410,139 Pakistan rupees . . . . . . . . . . 174,552 Pounds sterling......2 7 7 , 9 4 0 , 7 427,94,70 $3,996,117,754 South African rands . . . . . . . . 0 ADD: Exchange adjustments . . . . . . $3,996, Sudanese pounds . . . . . . . . . . 1,844,279 Swedish kronor . . . . . . . . . . 21,480,524 Effective loans held by Bank . . . . $3,996,137,726 Swiss francs . . . . . . . . . . . 184,911,594 United States dollars llars..4 1,56 2 9 (4) Agreements providing for these loans have been signed, but the Venezuelan ar s . . . . . . . . . 1,878,355 loans do not become effective and disbursements thereunder do not Yugoslav di 8 ..... ..... 1,8 start until the borrower and guarantor, if any, take certain action Disbursed portion of effective loans held by Bank . $2,900,544,576 and furnish certain documents to the Bank. The Bank has agreed held by Bank nk.1,0 9 5 ,5 7 3 . .f,095573,178 to sell $15,396,456 of loans not yet effective and thus the total of both effective and non-effective loans sold or agreed to be sold is $3,996,117,754 th qialent of $1,013,185,972. ADD: Exchange adjustments . . . . . . 1 the equiv Effective loans held by Bank . . . . . . . $3,996,137,726 *39. APPENDIX F Funded Debt of the Bank JUNE 30, 1961 EXPRESSED IN UNITED STATES CURRENCY-See Notes to Financial Statements, Appendix G Principal Annual sinking Payable in Issue and maturity outstanding fund requirement(1) United States Dollars 43% Two Year Bonds of 1959, due 1961 . . . . . . . . . $100,000,000 None* 41/2% Notes of 1959, due 1961 . . . . . . . . . . . . 2,500,000 None* 2% Serial Bonds of 1950, due 1962 . . . . . . . . . . . 10,000,000 None* 32% Two Year Bonds of 1960, due 1962 . . . . . . . . . 100,000,000 None* 31/2% Notes of 1961, due 1964-65 . . . . . . . . . . . 148,000,000 None* Notes of 1961, due 1965-66: 41/2% to 1962; 3¾% thereafter . . . . . . . . . . . 55,000,000 None* Notes of 1961, due 1966-67: 4% to 1963; 334% thereafter . . . . . . . . . . . . 55,000,000 None* 33% Ten Year Bonds of 1958, due 1968 . . . . . . . . . 150,000,000 None* 31/2% Fifteen Year Bonds of 1954, due 1969 . . . . . . . . 78,919,000 1962 $2,919,000 1963-66 $4,000,000 1967-68 $5,000,000 31/2% Nineteen Year Bonds of 1952, due 1971 . . . . . . . 50,005,000 1961 $ 5,000 1962-66 $2,000,000 1967-70 $2,500,000 3% Twenty-Five Year Bonds of 1947, due 1972 . . . . . . . 137,391,000 1962 $2,391,000 1963-67 $4,500,000 1968-72 $7,500,000 41/2% Fifteen Year Bonds of 1958, due 1973 . . . . . . . . 100,000,000 1964-73 $5,000,000 33/8% Twenty-Three Year Bonds of 1952, due 1975 . . . . . . 44,148,000 1962 $1,148,000 1963-74 $1,500,000 3% Twenty-Five Year Bonds of 1951, due 1976 . . . . . . . 50,000,000 1963 $1,000,000 1964-75 $2,000,000 4/% Twenty Year Bonds of 1957, due 1977 (3) . . . . . . 85,851,000 1967-76 $5,000,000 41/4% Twenty-One Year Bonds of 1957, due 1978 . . . . . . . 100,000,000 1967-71 $4,000,000 1972-77 $5,000,000 41/4% Twenty-One Year Bonds of 1958, due 1979 . . . . . . 150,000,000 1968-77 $7,000,000 1978 $5,000,000 44% Twenty-Three Year Bonds of 1957, due 1980 (3) . . . . . 70,601,000 1968-79 $3,000,000 1980 $1,500,000 31/4% Thirty Year Bonds of 1951, due 1981 . . . . . . . . 100,000,000 1966-67 $2,000,000 1968-73 $3,000,000 1974-80 $4,000,000 5% Twenty-Five Year Bonds of 1960, due 1985(2) . . . . . . 112,000,000 1970-79 $3,750,000 1980-84 $5,000,000 Sub-Total . . . . . . . . . . . . . . . . . $1,699,415,000(4) Belgian Francs 5% Ten Year Bonds of 1959, due 1969 (BF500,000,000) . . . . . S 10,000,000 None Sub-Total . . . . . . . . . . . . . . . . . $ 10,000,000 Canadian Dollars 31/4% Ten Year Bonds of 1955, due 1965 (Can$12,904,000) . . . . $ 13,163,317 1962 Can$404,000 1963-64 Can$500,000 31/2% Fifteen Year Bonds of 1954, due 1969 (Can$22,433,000) . . . 22,883,811 1962 Can$633,000 1963-65 Can$800,000 1966-68 Can$900,000 Sub-Total . . . . . . . . . . . . . . . . . 5 36,047,128 Deutsche Marks 41/2% Notes of 1959, due 1961 (DM10,000,000) . . . . . . . 5 2,500,000 None* 31/2% Notes of 1961, due 1964-65 (DM200,000,000) . . . 50,000,000 None* Notes of 1961, due 1965-67 (DM200,000,000): 434% to 1963; 334% thereafter . . . . . . . . . . . 50,000,000 None* 41/2% Bonds of 1960, due 1968-72 (DM250,000,000) . . . . . . 62,500,000() None* 5% Bonds of 1959, due 1974 (DM200,000,000) . . . . . . . . 50,000,000 1965-74 DM 20,000,000 Sub-Total . . . . . . . . . . . . . . . . . $ 215,000,000(5) *40* APPENDIX F Funded Debt of the Bank (continued) JUNE 30, 1961 EXPRESSED IN UNITED STATES CURRENCY-See Notes to Financial Statements, Appendix G Principal Annual sinking Payable in issue and maturity outstanding fund requirement(l) Netherlands Guilders 31/2% Fifteen Year Bonds of 1954, due 1969 (f31,811,000) . . 8,787,569 1962 f3,81 1,000 1963-69 f4,000,000 31/2% Twenty Year Bonds of 1955, due 1975 (f37,294,000) . . . . 10,302,210 1962 f2,574,000 1963-74 f2,640,000 1975 f3,040,000 41% Twenty Year Bonds of 1961, due 1981 (f50,000,000) 13,812,155 1972-81 f5,000,000 Sub-Total . . . . . . . . . . . . . . . . . 32,901,934 Pounds Sterling 31% Twenty Year Stock of 1951, due 1971 (£3,982,744) . . . . $ 11,151,683 1962 £147,851 1963-71 £166,700 31/2% Twenty Year Stock of 1954, due 1974 (£4,604,093) . . . . 12,891,460 1961 £ 14,175 1962-74 £166,700 5% Twenty-Three Year Stock of 1959, due 1982 (£10,000,000) . . . 28,000,000 1965-82 £278,000 Sub-Totl . . . . . . . . . . . . . . . . . 52,043,143 Swiss Francs 33/% Swiss Franc Loan of 1957, due 1962-65 (Sw F 133,333,333) . . $ 31,025,790 None 3½% Ten Year Bonds of 1952, due 1962 (Sw F 50,000,000) . . . 11,634,671 None 32% Twelve Year Bonds of 1951, due 1963 (Sw F 50,000,000) . . . 11,634,671 None 4% Loan of 1961, due 1967 (Sw F 33,333,333) . . . . . . . 7,756,448 None 3h% Fifteen Year Bonds of 1953, due 1968 (Sw F 50,000,000) . . . 11,634,671 None 3/'/% Fifteen Year Bonds of 1953 (Nov. Issue), due 1968 (Sw F 50,000,000) 11,634,671 None 31/2% Eighteen Year Bonds of 1954, due 1972 (Sw F 50,000,000) . . 11,634,671 None 41/2% Twelve Year Bonds of 1960, due 1972 (Sw F 60,000,000) . . . 13,961,606 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 319% Twenty Year Bonds of 1955, due 1976 (Sw F 50,000,000) . 11,634,671 1965-74 Sw F 4,000,000 1975-76 Sw F 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 . . . . . . . . . . . . . . . . . 5 183,052,162 Gross Total . . . . . . . . . . . . . . . . $2,228,459,367(4) (s) (6) (1) Each issue, except those indicated with an asterisk, is subject to redemption (3) In the cases of the 41/2% Twenty Year Bonds of 1957 and the 4/ % prior to maturity at the option of the Bank at the prices and upon the condi- Twenty-Three Year Bonds of 1957 the Bank will, as purchase funds, use its best tions stated in the respective bonds. The amounts shown as annual sinking efforts to purchase bonds ofthese issues in the open market or by acceptance of fund requirements are the principal amounts of bonds to be purchased or tenders at prices up to and including 100% of the principal amount plus redeemed to meet each year's requirement, except that in the cases of the accrued interest. The purchase funds will be at the annual rate of $5,000,000 32% Twenty Year Stock of 1951 and of 1954 and 5% Twenty-Three Year through 1966 in the case of the 4%6 % Twenty Year Bonds of 1957 and at the Stock of 1959 the amount shown is the amount of funds to be provided annual rate of $3,750,000 through 1967 in the case of the 43/4% Twenty-Three annually for purchase or redemption. The amounts are shown after deduction Year Bonds of 1957. The purchase funds are cumulative on a month-to-month of sinking fund requirements met as of the date of this statement. basis only within each calendar year. The following table shows the aggregate principal amount of the maturities, sinking fund and redemption requirements each year for the five years follow- ing the date of this statement: Period Amount (4) The Bank agreed to borrow $120,000,000 from Deutsche Bundesbank. It will be retired in 10 equal semi-annual installments beginning February 1, 1968. The Bank has until November 1, 1961 to draw down the funds and will July 1, 1961 to June 30, 19626.2...$.1.2 50 pay a stand-by commission of 34% per annum on the undrawn balance. July 1, 1962 to June 30, 3 . . . 192. 147 5 Interest at the rate of 4%% per annum will commence from the dates funds July 1, 1963 to June 30, 164 4 2 4 8 5 , 0 17... .. 4245,1 are drawn. July 1, 1964 to June 30, 1965 . . . 246,002,175 July 1, 1965 to June 30, 1966 . . . 93,395,034 Total . . . . . . . . . . . . . $640,527,761 (5) This is the U.S. equivalent of amounts drawn to date. The full amount of this issue which the Bank is committed to borrow is DM500,000,000 (2) The Bank has entered into agreements to sell additional bonds of the (U.S. equivalent 5125,000,000). The Bank has until November 1, 1961 to following issue and delivery of these bonds will be made and payment therefor draw down the funds and will pay a stand-by commission of 34% per annum will be received by the Bank in the aggregate amounts and at various dates to on the undrawn balance. Interest at the rate of 4A % per annum will com- and including the date shown hereafter: mence from the dates funds are drawn. Date of Issue Amount final delivery (6) The Bank has arranged the sale in Italy in July 1961 of Lit 15 billion 5% 25 Year Bonds of 1960, due 1985 $13,000,000 Feb. 15, 1962 (U.S. equivalent $24 million) 5% Italian Lire Bonds of 1961, due 1976. *41- APPENDIX G Notes to Financial Statements JUNE 30, 1961 The equivalent of $1,790,540 is due from 4 members in NOTE A order to maintain the value of their restricted currencies as required under Article II, Section 9. hAountes in currenes inth tanaUnited States dollars Some members have converted part or all of the Bank's holdings of their restricted currency into United States (i) In the cases of 52 members, at the par values as dollars to be used and reused as United States dollars in the specified in the "Schedule of Par Values", published by Bank's operations, subject to the right of the Bank or the the International Monetary Fund; member to reverse the transactions at any time, with immediate effect as to dollars then held by the Bank, and, (ii) In the cases of the remaining 16 members (Afghan- as to dollars loaned, upon repayment of the loans. Such istan, Argentina, Bolivia, Canada, Chile, China, Indo- dollars while held by the Bank or on loan are not subject nesia, Korea, Malaya, Nigeria, Paraguay, Peru, Portugal, to the provisions of Article II, Section 9. Such dollars held Thailand, Tunisia and Viet-Nam), at the rates used by by the Bank or repayable on loans are shown in these such members in making payments of capital sub- financial statements under "United States dollars" and, scriptions to the Bank; and where relevant, as "unrestricted". (iii) In the case of Swiss francs, Cuban pesos, Domini- NOTE C can pesos and Laotian kips, non-member currencies, at the rate of 4.2975 francs, 1.00 Cuban peso, 1.00 Domini- The principal disbursed and outstanding on loans and the can peso and 80 kips to 1 United States dollar, accruals for interest, commitment charge, service charge and loan commission are receivable in United States No representation is made that any of such currencies is dollars except the following amounts for which the dollar convertible into any other of such currencies at any rate equivalent is shown: or rates. See also Note B. Principal Outstanding . . . . . . $1,332,650,319 Accrued Interest, Commitment and NOTE B Service Charges . . . . . . . 14,506,889 These currencies of the several members, and the notes Accrued Loan Commissions . . . . 3,272,981 issued by them in substitution for any part of such cur- Total . . . . . . . $1,350,430,189 rencies as permitted under the provisions of Article V, Section 12, are derived from the portion of the subscrip- The dollar equivalent shown as principal outstanding tions to the capital stock of the Bank which is payable in the includes amounts which in accordance with Article II, currencies of the respective members (such portion being Section 9, will be payable by members to maintain the hereinafter called restricted currency). Such restricted cur- value of their currencies, and will be payable by the Bank rencies may be loaned by the Bank, and funds received by to members to equal the increase in the value of their cur- the Bank on account of principal of loans made by the rencies, when such currencies are recovered by the Bank. Bank out of such restricted currencies may be exchanged for other currencies or reloaned, only with the approval in NOTED each case of the member whose restricted currency is The amount of commissions received by the Bank on involved; provided, however, that, if necessary, after the loans made or guaranteed by it is required under Article Bank's subscribed capital is entirely called, such restricted IV, Section 6, to be set aside as a special reserve to be currencies may, without restriction by the members whose kept available for meeting obligations of the Bank created currencies are offered, be used or exchanged for the cur- by borrowing or by guaranteeing loans. On all loans grant- rencies required to meet contractual payments of interest, ed to date the effective rate of commission is 1% per annum. other charges or amortization on the Bank's own borrow- ings or to meet the Bank's liabilities with respect to con- NOTE E tractual payments on loans guaranteed by it. Cuba and the Dominican Republic have withdrawn from Under Article II, Section 9, each member is required, if membership in the Bank. The value of their shares is as the par value of its currency is reduced or if the foreign follows: exchange value of its currency depreciates to a significant Cuba . . . . . . . $7,000,000 extent in its territories, to maintain the value of the Bank's Dominican Republic . . . 800,000 $7,800,000 holdings of its restricted currency, including the principal amount of any notes substituted therefor, and the Bank Less holdings of currency is required, if the par value of a member's currency is and notes increased, to return to the member the increase in the Cuba 6,288,340 value of such restricted currency held by the Bank. To the Dominican Republic . 715,654 7,003,994 extent such restricted currencies are out on loan, the Bank and the members are obligated to make such payments only $ 796,006 when such restricted currencies are recovered by the Bank. .42* APPENDIX G Notes to Financial Statements (continued) JUNE 30, 1961 NOTE F calls is imposed by the Articles of Agreement; as to Pursuant to action of the Board of Governors and Exec- $2,005,760,000 by a resolution of the Board of Governors. utive Directors the net income of the Bank has been NOTE I allocated to a Supplemental Reserve Against Losses on The Bank has sold under its guarantee $69,003,844 of Loans and Guarantees Made by the Bank; and the future loans of which amount $57,093,844 has been retired. The net income of the Bank will, until further action by the following table sets forth the maturities of the guaranteed Executive Directors or the Board of Governors, be obligations outstanding: allocated to this reserve. During the fiscal year this reserve has been credited with the undermentioned amounts rep- Period Amount resenting net gains to the Bank as a result of the revalu- ation on the books of the Bank of the balances of amounts July 1, 1961 to June 30, 1962 . . . . . S 4,715,000 in those currencies held at the respective dates of revalua- July 1, 1962 to June 30, 1963 . . . . . 1,000,000 tion and acquired from net earnings in the currencies July 1, 1963 to June 30, 1964 . . . . . 1,000,000 indicated: July 1, 1964 to June 30, 1965 . . . . . 1,000,000 July 1, 1965 to June 30, 1966 . . . . . 1,000,000 Net Gain on Date of Thereafter . . . . . . . . . . 3,195,000 Currency Revaluation Revaluation Total......... $11,910,000 Canadian dollars . . . $2,330,231 August, 1960 - Deutsche marks . . . 677,740 March, 1961 Netherlands guilders . . 310,443 March, 1961 GENERAL -- The Board of Governors has approved the applications for Total . . . $3,318,414 membership from the following countries: NOTE G Country Subscription DatetoAccept In terms of United States dollars of the weight and fineness Laos . . . . . . $10 million Dec. 29, 1961 in effect on July 1, 1944. Nepal . . . . . . $10 million Sept. 30, 1961 Cyprus . . . . . . $15 million Dec. 15, 1961 NOTE H Subject to call by the Bank only when required to meet the Laos paid the amounts due on account of its subscription obligations of the Bank created by borrowing or by guar- prior to June 30, 1961 and on July 5 completed the other anteeing loans. As to $16,074,480,000 the restriction on action necessary and thus became a member on that date. *43. Opinion of Independent Auditor 1710 H STREET, N. W. WASHINGTON 6, D. C. July 31, 1961 To INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT WASHINGTON, D. C. In our opinion, the accompanying financial statements present fairly, in terms of United States currency, the financial position of International Bank for Reconstruction and Development at June 30, 1961, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination of these statements was made in accordance with generally accepted auditing standards, and accordingly included such tests of the account- ing records and such other auditing procedures as we considered necessary. PRICE WATERHOUSE & CO. FINANCIAL STATEMENTS COVERED BY THE FOREGOING OPINION Appendix Balance Sheet . . . . . . . . . . . . . . . . A Comparative Statement of Income and Expenses . . . . . . B Statement of Currencies Held by the Bank . . . . . . . c Statement of Subscriptions to Capital Stock and Voting Power . . D Summary Statement of Loans . . . . . . . . . . . E Funded Debt of the Bank . . . . . . . . . . . . F Notes to Financial Statements . . . . . . . . . . . G *44. APPENDIX H Administrative Budget FOR THE FISCAL YEAR ENDING JUNE 30, 1962 There is outlined below the Administrative Budget for the fiscal year ending June 30, 1962, as prepared by the President and approved by the Executive Directors in accordance with Section 19 of the By-Laws. For purposes of comparison, there are also outlined below the administrative expenses incurred during the fiscal years ended June 30, 1960, and 1961. Actual Expenses Budget 1960 1961 1962 BOARD OF GOVERNORS . . . . . .$ 231,152 5 252,986 $ 396,000 EXECUTIVE DIRECTORS . . . . . . 583,362 642,185 676,000 STAFF Personal Services . . . . . . . $4,851,510 $5,562,284 $5,708,700 Staff Benefits . . . . . . . . 832,347 944,178 966,000 Travel . . . . . . . . . . 1,014,356 1,114,181 1,220,000 Consultants . . . . . . . . 220,513 272,542 180,000 Representation . . . . . . . 67,120 6,985,846 97,441 7,990,626 95,000 8,169,700 OTHER ADMINISTRATIVE EXPENSES Fees & Compensation . . . . . 132,565 117,953 118,300 Supplies & Materials . . . . . 87,682 105,840 103,000 Office Occupancy . . . . . . . 420,353 574,150 647,500 Communications . . . . . . . 296,343 321,903 314,500 Furniture & Equipment . . . . . 152,460 319,114 108,500 Printing g90,055 91,800 114,000 Books and Library Service . . . . 112,679 125,195 139,000 Insurance . . . . . . . . . 55,812 88,055 57,500 Other . . . . . . . . . . 6,197 1,354,146 3,423 1,747,433 5,000 1,607,300 CONTINGENCY . . . . . . . . 200,000 Total . . . . . . . $ 9,154,506 $10,633,230 $11,049,000 SERVICES TO MEMBER COUNTRIES General Survey Missions . . . . 268,562 439,622 540,000 Resident Representatives . . . . 119,643 118,697 78,500 Economic Development Institute . . 239,544 366,637 355,000 Training Programs . . . . . . 48,345 55,210 75,000 Indus Basin Discussions . . . . . 187,654 75,362 Other Advisory Services . . . . . 119,129 318,758 192,500 Total . . . . . . . 982,877 1,374,286 1,241,000 Grand Total . . . . . $10,137,383 $12,007,516 $12,290,000 -45. APPENDIX I Governors and Alternates JUNE 30, 1961 Member Government Governor Alternate Afghanistan . . . . . . . . . . . Abdullah Malikyar Abdul Hai Aziz Argentina . . . . . . . . . . . . Eustaquio Mendez Delfino Julio Gonzalez del Solar Australia . . . . . . . a . I Harold Holt Sir Roland Wilson Austria . . . . . . . . . . . . . Josef Klaus Hubert Schmid Belgium . . . . . . . . . . . . . Andre Dequae Hubert Ansiaux Bolivia . . . . . . . . . . . . . Humberto Fossati Rocha Adolfo Linares Brazil . . . . . . . . . . . . . Clemente Mariani Bittencourt Octavio Gouvea de Bulhoes Burma . . . . . . . . . . . . . Thakin Tin U Kyaw Nyun Canada . . . . . . . . . . . . . Donald M. Fleming A.F.W. Plumptre Ceylon . . . . . . . . . . . . . Felix R. Dias Bandaranaike H.S. Amerasinghe Chile . . . . . . . . . . . . . Eduardo Figueroa Alvaro Orrego Barros China . . . . . . . . . . . . . Chia-Kan Yen Tse-kai Chang Colombia Hernando Agudelo Villa Jorge Cortes-Boshell Costa Rica . . . . . . . . . . . . Alvaro Castro Alvaro Vargas Denmark . . . . . . . . . . . . Otto Muller Poul Bjorn Olsen Ecuador . . . . . . . . . . . . . Jose Ceballos Carrion Jose R. Chiriboga V. El Salvador . . . . . . . . . . . . Carlos J. Canessa Luis Escalante-Arce Ethiopia . . . . . . . . . . . . . Yawand-Wossen Mangasha Taffara Deguefe Finland . . . . . . . . . . v. Fieandt Reino Rossi France . . . . . . . . . . . . . Minister of Finance Pierre Paul Schweitzer Germany . . . . . . . . . . . Ludwig Erhard Franz Etzel Ghana . . . . . . . . . . K. D. Goka Hubert C. Kessels Greece . . . . . . . . . . . . Gregory Cassimatis loannis Paraskevopoulos Guatemala . . . . . . . . . . . Manuel A. Bendfeldt Jauregui Max Jimenez Pinto Haiti . . . . . . . . . . . . . . Herve Boyer Antonio Andre Honduras . . . . . . . . . . . . Celeo Davila Juan Milla Bermudez Iceland . . . . . . . . . . . . . Petur Benediktsson Thor Thors India . . . . . . . . . . . . . Morarji R. Desai L. K. Jha 3 Indonesia . . . . . . . . . M. Notobamiprodjo Indra Kasoema Iran Abdo Hossein Behnia Djalaleddin Aghili Iraq . . . . . . . . . . . . . . Mudhaffar H. Jamil Abdul Hassan Zalzalah Ireland . . . . . . . . . . . . . Seamas 0 Riain T. K. Whitaker Israel . . . . . . . . . . . . . David Horowitz Jacob Arnon Italy . . . . . . . . . . . . . . Donato Menichella Giorgio Cigliana-Piazza Japan . . . . . . . . . . . . . Mikio Mizuta Masamichi Yamagiwa Jordan . . . . . . . . . . . . . Hashem Jayousi Hazem Nuseibeh Korea . . . . . . . . . . . . . Chang Soon Yoo Han Been Lee Lebanon . . . . . . . . . . . . Andre Tueni Raja Himadeh Libya . . . . . . . . . . . . . Ahmed Lahsairi A. A. Attiga Luxembourg . . . . . . . . . . . Pierre Werner Pierre Guill Malaya . . . . . . . . . . . . . Tan Siew Sin Dato' Ismail bin Dato' Abdul Rahman Mexico . . . . . . . . . . . . . Antonio Ortiz Mena Jose Hernandez Delgado Morocco . . . . . . . . . . . . M'Hamed Douiri Mohamed Amine Bengeloun Netherlands . . . . . . . . . . . J. Zijlstra S. Posthuma Nicaragua . . . . . . . . . . . . Guillermo Sevilla-Sacasa J. J. Lugo Marenco Nigeria . . . . . . . . . . . . . Chief Festus Sam Okotie-Eboh Reginald A. Clarke Norway . . . . . . . . . . . . . Arne Skaug Thomas Lovold Pakistan . . . . . . . . . . . . . Mohamed Shoaib M. A. Mozaffar Panama . . . . . . . . . . . . . Augusto Guillermo Arango Carlos A. Velarde Paraguay . . . . . . . . . . . . Cesar Romeo Acosta Federico Mandelburger Peru . . . . . . . . . . . . . Fernando Berckemeyer Emilio Foley Philippines . . . . . . . . . . . . Andres V. Castillo 2 Eduardo Z. Romualdez Portugal .g. . . . . . . . . . . . Manuel Antonio Pinto Barbosa Rafael Duque Saudi Arabia . . . . . . . . . . . Ahmed Zaki Saad South Africa . . . . . . . . E. Donges M. H. de Kock Spain . . . . . . . . . . . . . Mariano Navarro Rubio Juan Antonio Ortiz Gracia Sudan . . . . . . . . . . . . . Abdel Magid Ahmed Hamzah Mirghani Hamzah Sweden . . . . . . . . . . E. Straeng N. G. Lange Thailand . . . . . . . . . . . . Sunthorn Hongladarom Boonma Wongswan Tunisia . . . . . . . . . . . . . Ahmed Ben Salah Turkey Kemal Kurdas Ziya Kayla United Arab Republic . . . . . . . . Abdel Moneim El Kaissouni Izzat Traboulsi United Kingdom . . . . . . . . . . John Selwyn Brooke Lloyd Sir Denis Rickett United States . . . . . . . . . . . Douglas Dillon George W. Ball Uruguay Raul Ybarra San Martin Roberto Ferber Venezuela Rafael Alfonzo Ravard Miguel Herrera Romero Viet-Nam . . . . . . . Tran Huu Phuong Vu Quoc Thuc Yugoslavia . . . . . . . . . . . Nikola Mincev Vladimir Ceric I Appointed as of July 14, 1961 2 Appointed as of July 5, 1961 3 Appointed as of August 1, 1961 *46* APPENDIX J Executive Directors and Alternates and their Voting Power JUNE 30, 1961 Directors Alternates - - -- --_ - Casting Total APPOINTED votes of votes John M. Leddy Erle Cocke, Jr. United States 63,750 David B. Pitblado Geoffrey M. Wilson United Kingdom 26,250 Rene Larre Jacques Waitzenegger France 10,750 Otto Donner H. Gorn Germany 10,750 B. K. Nehru C. S. Krishna Moorthi India 8,250 ELECTED Gengo Suzuki Prayad Buranasiri Japan, Thailand, Ceylon, Burma 9,260 (Japan) (Thailand) Louis Rasminsky L. Denis Hudon Canada, Ireland 8,600 (Canada) (Canada) John M. Garland A. J. J. van Vuuren Australia, South Africa, Viet-Nam 8,380 (Australia) (South Africa) Andre van Campenhout Ernst A. Rott Belgium, Turkey, Austria, Korea, Luxembourg 8,350 (Belgium) (Austria) Reignson C. Chen China 7,750 Mohamed Shoaib Ali Akbar Khosropur Pakistan, United Arab Republic, Iran, Saudi Arabia, Sudan, Iraq, 7,704 (Pakistan) (Iran) Ethiopia, Jordan, Lebanon Pieter Lieftinck Augustin Papic Netherlands, Yugoslavia, Israel 7,650 (Netherlands) (Yugoslavia) 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) Juan Haus Solis Carlos S. Brignone Argentina, Chile, Bolivia, Uruguay, Paraguay 6,291 (Bolivia) (Argentina) Omar S. Elmandjra S. El Goulli Indonesia, Morocco, Malaya, Ghana, Tunisia, Libya, 6,217 (Morocco) (Tunisia) Afghanistan Luis Machado Lempira E. Bonilla Mexico, Peru, Venezuela, Guatemala, El Salvador, Honduras, 4,742 (Cuba-) (Honduras) Nicaragua, Costa Rica, Panama In addition to the Executive Directors and Alternates shown in the foregoing list, the following also served as Executive Director or Alternate after November 1, 1960, the effective date of the Eighth Regular Election: Executive Director End of Period of Service Alternate Executive Director End of Period of Service T. Graydon Upton December 18, 1960 Jean Cottier January 14, 1961 The Earl of Cromer January 18, 1961 John S. Hooker June 18, 1961 John P. Weitzel January 20, 1961 C. L. Read June 30, 1961 *47. Statement of Loans-June 30, 1961 APPENDIX K EXPRESSED IN UNITED STATES DOLLARS (For Summary Statement-See Appendix E) Interest Effective loans sold Effective Date of rate Original Principal or agreed to be sold3 loans Principal loan (including principal repaynents - held by amount Purpose, borrower and guarantor' agreement Maturities commission) amount Cancellations to Bank Total sales Portion matured4 Bank disbursed ARGENTINA Road Construction and Maintenance . . . . June 30, 1961 1965-1977 53/4% $ 48,500,0002 $ - 5 - 5 Note3 5 - - - AUSTRALIA Equipment for Development . . . . . . Aug. 22, 1950 1955-1975 41/4% 100,000,000 - 358,972 34,438,897 20,618,028 65,202,131 100,000,000 Equipment for Development . . . . . July 8, 1952 1957-1972 434% 50,000,000 - 10,972 17,365,128 10,495,028 32,623,900 50,000,000 Equipment for Development . . . . . . Mar. 2, 1954 1957-1969 434% 54,000,000 - 1,505,000 23,053,000 14,408,000 29,442,000 54,000,000 Equipment for Development . . . . . Mar. 18, 1955 1958-1970 45/&% 54,500,000 - 660 20,712,055 12,273,340 33,787,285 54,500,000 Airlnes . . . . . . . . . . . . Nov. 15, 1956 1964-1966 434% 9,230,000 - - - - 9,230,000 9,230,000 E quipm ent for D evelopm ent . . . . . . D ec. 3, 1956 1959- 1972 43/4% 50,000,000 - 2,94 1,000 11,045,000 2,912,000 36,014,000 50,000,000 TOTAL 317,730,000 4,816,604 106,614,080 60,706,396 206,299,316 317,730,000 AUSTRIA (guarantor) Power- Verbundgesellschaft, Draukraftwerke . July 19, 1954 1959-1979 434% 12,000,000 - 730,000 623,978 - 10,646,022 12,000,000 Power- Verbundgesellschaft, Draukraftwerke Sept. 21, 1956 1959-1976 5% 10,000,000 - 383,191 1,428,809 372,809 8,188,000 10,000,000 Power- Vorarlberger Illwerke . . . . . . June 14, 1955 1960-1979 434% 10,000,000 - - 2,307,772 153,000 7,692,228 10,000,000 Power- Vorarlberger Illwerke . . . . . 10, 1957 1960-1979 534% 3,571,429 - - 466,714 466,714 3,104,715 3,571,429 Power- Verbundgesellschaft, Donaukraftwerke . Sept. 21, 1956 1960-1981 5% 21,000,000 - 66,000 2,381,482 756,000 18,552,518 21,000,000 Power-Verbundgesellschaft, Donaukraftwerke . Dec. 2, 1958 1964-1983 53/4% 25,000,000 - - 25,000,000 13,667,695 Industry-Oesterr. Investitionskredit A.G. Apr. 28, 1958 1959-1975 51/2% 10,765,000 1,476,346 355,554 678,834 281,500 8,254,266 9,288,654 Industry-Oesterr. Investitionskredit A.G. . . . Sept. 25, 1959 1960-1974 Note5 9,000,000 - 111,000 - - 8,889,000 3,978,047 TOTAL 101,336,429 1,476,346 1,645,745 7,887,589 2,030,023 90,326,749 83,505,825 BELGIUM Industry & Power . . . . . . . . . 1, 1949 1953-1969 41/4% 16,000,000 - - 16,000,000 8,000,000 - 16,000,000 Congo Development . . . . . . . . . Sept. 13, 1951 1957-1976 41/2% 30,000,000 - - 17,045,000 6,750,000 12,955,000 30,000,000 Water Transport . . . . . . . . . . Dec. 14, 1954 1965-1969 45/8% 20,000,000 - - 310,000 - 19,690,000 20,000,000 Water Transport . . . . . . . . . . Sept. 10, 1957 1963-1972 534% 10,000,000 - 5,760,000 - 4,240,000 10,000,000 BELGIUM (guarantor) Equipment for Development-Congo . . . . Sept. 13, 1951 1957-1976 41/2% 40,000,000 - 11,891 12,968,746 8,988,110 27,019,363 40,000,000 Transport-Congo . . . . . . . . . Nov. 27, 1957 1961-1976 6% 40,000,000 - - 15,880,000 1,290,000 24,120,000 32,655,505 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 - 8,267,823 - 19,732,177 3,735,781 Transport-Ruanda-Urundi . . . . . . . June 26, 1957 1961-1977 5Y% 4,800,000 - - 455,000 86,000 4,345,000 4,340,345 Transport- traco . . . . . . . . . Mar. 30, 1960 1962-1970 6% 5,000,000 - 1,651,845 - 3,348,155 2,322,369 -TOTAL 200,800,000 11,891 78,338,414 25,114,110 122,449,695 159,406,727 BRAZIL Railways . . . . . . . . . . . . June 27, 1952 1955-1967 45/% 12,500,000 5,466,000 - 7,034,000 12,500,000 Railways . . . . . . . . . . . . Dec. 18, 1953 1959-1969 4Y8% 12,500,000 - 2,042,000 -- 10,458,000 12,500,000 BRAZIL (guarantor) Power & Communications-Brazilian Traction . Jan. 27, 1949 1953-1974 41/2% 75,000,000 - 14,899,589 4,028,411 4,028,411 56,072,000 75,000,000 Power-Brazilian Traction . . . . . . 18, 1951 1955-1976 41/4% 15,000,000 - 2,401,000 - - 12,599,000 15,000,000 Power-Brazilian Traction . . . . . . 24, 1954 1955-1974 4Y8% 18,790,000 - 6,000,000 - 12,790,000 18,790,000 Power-Brazilian Traction . . . . . . . June 17, 1959 1963-1978 6% 11,600,000 - - 300,000 11,300,000 7,386,734 Power-Sao Francisco Hidro Elet. Co. . . . . May 26, 1950 1954-1975 41/4% 15,000,000 - 3,725,019 - 11,274,981 15,000,000 Power-CEARG & CEMIG . . . . . . . . July 17, 1953 1957-1973 5% 7,300,000 - 334,000 1,047,000 1,047,000 5,919,000 7,300,000 Power-Usinas E/itricas Paranapanema . . . Dec. 18, 1953 1958-1974 5% 10,000,000 - 1,327,000 - - 8,673,000 10,000,000 Power-Usinas Elitricas Paranapanenia . . . Jan. 22, 1958 1962-1978 5Y8% 13,400,000 - - - 13,400,000 9,760,061 Power-Central Eltrica de Furnas, S.A. . . . Oct. 3, 1958 1964-1983 534% 73,000,000 - - 73,000,000 32,460,565 Cancelled-one loan; repaid-one loan . . . . . . . . . . . . . . . 28,000,000 25,018,946 2,981,054 - - - 2,981,054 TOTAL 292,090,000 25,018,946 39,175,662 5,375,411 5,075,411 222,519,981 218,678,414 Statement of Loans-June 30, 1961 (continued) Interest Effective loans sold Effective Date of rate Original Principal or agreed to be sold3 loans Principal loan (including principal repayments - held by amount Purpose, borrower and guarantort agreement Maturities commission) amount Cancellations to Bank Total sales Portion matured4 Bank disbursed BURMA Railways . . . . . . . . . . . . May 4, 1956 1959-1971 434% 5 5,350,000 $ - $ 696,000 $ - $ - $ 4,654,000 $ 5,173,095 BURMA (guarantor) Port-Rangoon Port Commissioners . . . . May 4, 1956 1960-1976 434% 14,000,000 - 873,000 - - 13,127,000 11,961,978 Railways-Burma Railway Board . . . . . Jan. 16, 1961 1964-1977 534% 14,000,000 - - 1,450,000 - 12,550,000 - TOTAL 33,350,000 - 1,569,000 1,450,000 - 30,331,000 17,135,073 CEYLON Power . . . . . . . . . . . . . July 9, 1954 1959-1979 434% 19,110,000 2,610,000 1,246,000 - - 15,254,000 14,922,937 Power . . . . . . . . . . . . . Sept. 17, 1958 1961-1978 5N% 7,400,000 - - 717,000 - 6,683,000 2,137,244 Power . . . . . . . . . . . . . June 6, 1961 1964-1986 5¾% 15,000,0002 - - Note3 - - TOTAL 41,510,000 2,610,000 1,246,000 717,000 - 21,937,000 17,060,181 CHILE Roads . . . . . . . . . . . . . June 28, 1961 1964-1970 534% 6,000,0002 - - Note3 - - CHILE (guarantor) Power-Fomento & Endesa . . . . . . . Mar. 25, 1948 1953-1968 41/2% 13,500,000 - 5,682,000 1,119,000 599,000 6,699,000 13,500,000 Power-Fomento & Endesa . . . . . . . Nov. 1, 1956 1960-1976 5% 15,000,000 - 305,000 327,000 298,000 14,368,000 13,570,100 Power-Fomento & Endesa . . . . . . . Dec. 30, 1959 1963-1985 6% 32,500,000 - - 175,000 - 32,325,000 1,268,837 Agriculture-Fomento . . . . . I . 10, 1951 1955-1961 43/g% 1,300,000 445,544 196,000 633,000 633,000 25,456 854,456 Industry-Fomento & Papeles y Cartones . . . Sept. 10, 1953 1958-1970 5% 20,000,000 - 2,300,000 - - 17,700,000 20,000,000 Industry-Fomento & Schwager . . . . . July 24, 1957 1963-1972 53/4% 12,200,000 - - 100,000 - 12,100,000 3,971,473 Industry-Fomento & Lota . . . . . . . July 24, 1957 1962-1972 534% 9,600,000 - - 100,000 - 9,500,000 5,387,088 Repaid-one loan . . . . . . . . . . . . . . . . . . . . 2,500,000 - 755,000 1,745,000 1,745,000 - 2,500,000 TOTAL 112,600,000 445,544 9,238,000 4,199,000 3,275,000 92,717,456 61,051,954 COLOMBIA Railways . . . . . . . . . . . . Aug. 26, 1952 1957-1978 4¾% 25,000,000 - 3,072,000 - 21,928,000 24,109,174 Roads . . . . . . . . . . . . . Sept. 10, 1953 1956-1963 434% 14,350,000 - 9,274,000 350,000 - 4,726,000 14,350,000 Roads . . . . . . . . . . . . . June 6, 1956 1959-1971 43% 16,500,000 - 2,574,000 - 13,926,000 15,117,240 COLOMBIA (guarantor) Agriculture-Caja de Cridito . . . . . Dec. 29, 1954 1957-1961 41/4% 5,000,000 - 1,500,000 3,000,000 3,000,000 500,000 5,000,000 Power-CHIDRAL . . . . . . . . . . Nov. 2, 1950 1954-1970 4% 3,530,000 - 1,122,000 148,000 148,000 2,260,000 3,530,000 Power-CHIDRAL . . . . . . . . . . Mar. 24, 1955 1959-1975 434% 4,500,000 - 479,000 - - 4,021,000 4,500,000 Power-CHDRAL . . . . . . . . . . Dec. 15, 1958 1961-1979 534% 2,800,000 - - 280,000 43,000 2,520,000 1,959,550 Power-CVC & CHIDRAL . . . . . . . May 10, 1960 1963-1985 6% 25,000,000 - - 559,000 - 24,441,000 3,446,623 Power-Caldas Hidro-Elec. Co. . . . . . . Dec. 28, 1950 1952-1971 4% 2,600,000 - 797,000 194,000 194,000 1,609,000 2,600,000 Power-Caldas Hidro-Elec. Co . . . . . . Jan. 30, 1959 1962-1979 534% 4,600,000 - - - - 4,600,000 3,243,186 Power-Hidroeldctrica del Rio Lebrija . . . Nov. 13, 1951 1954-1972 41/2% 2,400,000 - 718,200 84,800 84,800 1,597,000 2,400,000 Railways-Ferrocarriles Nacionales . . . June 15, 1955 1958-1980 43% 15,900,000 - 464,000 866,000 866,000 14,570,000 14,345,825 Railways-Ferrocarriles Nacionales . . . Sept. 20, 1960 1962-1975 534% 5,400,000 - - 512,000 - 4,888,000 910,853 Power-Empresas Pfiblicas de Medellin . . May 20, 1959 1963-1984 6% 12,000,000 - - 100,000 - 11,900,000 6,828,976 Power-Empresas Pfblicas de Medellin . . May 12, 1961 1966-1985 534% 22,000,0002 - - Note3 - - Power-Emp. de Energia Ekctrica de Bogotd . . Jan. 20, 1960 1963-1984 6% 17,600,000 - - 691,000 - 16,909,000 4,826,366 Repaid-Two loans . . . . . . . . . . . . . . . . . . . . 21,500,000 74,559 18,625,441 2,800,000 2,800,000 - 21,425,441 TOTAL 200,680,000 74,559 38,625,641 9,584,800 7,135,800 130,395,000 128,593,234 COSTA RICA (guarantor) Agriculture & Industry-Banco Central . . Sept. 18, 1956 1958-1963 43/4% 3,000,000 - 1,175,000 366,000 366,000 1,459,000 3,000,000 Agriculture & Industry-Banco Central . . . Feb. 11, 1959 1960-1965 534% 3,500,000 - - 1,510,000 558,000 1,990,000 3,500,000 Industry-Banco Central . . . . . . . . May 4, 1960 1963-1972 6% 2,000,000 - 210,000 - 1,790,000 412,118 Power-ICE . . . . . . . . . . . Feb 3, 1961 1964-1985 53/4% 8,800,0002 - - Note3 - TOTAL 17,300,000 - 1,175,000 2,086,000 924,000 5,239,000 6,912,118 Statement of Loans-June 30, 1961 (continued) Interest fJective loans sold Effective Date of rate Original Principal or agreed to be sold3 loans Principal loan (including principal repayments - - - -- held by amount Purpose, borrower and guarantor I agreement Maturities commission) amount Cancellations to Bank Total sales Portion matured4 Bank disbursed DENMARK Reconstruction . . . . . . . . . . Aug. 22, 1947 1953-1972 41/4% $ 40,000,000 $ - $ 1,363,000 $ 8,920,000 $ 5,661,000 $ 29,717,000 5 40,000,000 Power . . . . . . . . . . . . . Feb. 4, 1959 1962-1978 534% 20,000,000 - 4,908,684 15,091,316 13,896,368 TOTAL 60,000,000 1,363,000 13,828,684 5,661,000 44,808,316 53,896,368 ECUADOR Roads . . . . . . . . . . . . . Sept. 20, 1957 1962-1977 534% 14,500,000 - 141,000 - 14,359,000 9,656,103 ECUADOR (guarantor) Roads-Com. Ejec. Vialidad (Guayas) . . . . Feb. 10, 1954 1958-1964 4Y8% 8,500,000 1,000,000 3,262,000 - - 4,238,000 7,500,000 Power-Empresa Elictrica Quito, S.A. . . . Mar.29, 1956 1959-1976 434% 5,000,000 - 206,000 197,000 197,000 4,597,000 5,000,000 Power-Empresa Elctrica Quito, S.A. . . . Sept. 20, 1957 1962-1977 534% 5,000,000 - - - - 5,000,000 4,962,318 Port-Auloridad Portuaria de Guayaquil . . . Oct. 9, 1958 1963-1983 534% 13,000,000 - 100,000 - 12,900,000 5,120,518 Cancelled-one loan . . . . . . . . . . . . . . . . . . . 600,000 600,000 TOTAL 46,600,000 1,600,000 3,468,000 438,000 197,000 41,094,000 32,238,939 EL SALVADOR Roads . . . . . . . . . . . . 12, 1954 1959-1966 41/2% 11,100,000 - 2,804,000 250,000 250,000 8,046,000 11,042,218 Roads . . . . . . . . . . . . 7, 1959 1963-1974 534% 5,000,000 - 300,000 - 4,700,000 1,405,677 EL SALVADOR (guarantor) Power-Comisi6n del Rio Lempa . . . . . Dec. 14, 1949 1954-1975 41/4% 12,545,000 -- 1,463,000 1,000,000 1,000,000 10,082,000 12,545,000 Power-Comisit5n del Rio Lempa . . . . . Feb. 20, 1959 1962-1984 534% 3,000,000 - - - 3,000,000 2,383,472 Power-Comisi6n del Rio Lempa . . . . . July 29, 1960 1963-1985 53/4% 3,840,000 - 87,000 - 3,753,000 184,824 TOTAL 35,485,000 - 4,267,000 1,637,000 1,250,000 29,581,000 27,561,191 ETHIOPIA Roads . . . . . . . . . . . . . Sept. 13, 1950 1956-1971 4% 5,000,000 - 1,437,000 - - 3,563,000 5,000,000 Industry . . . . . . . . . . . 13, 1950 1956-1971 4% 2,000,000 - 575,000 - - 1,425,000 1,700,851 Communications . . . . . . . . Feb, 19, 1951 1956-1971 4% 1,500,000 429,000 - - 1,071,000 1,500,000 Roads . . . . . . . . . . . . . June 28, 1957 1961-1977 55/(% 15,000,000 - - 1,491,000 - 13,509,000 11,252,693 TOTAL 23,500,000 - 2,441,000 1,491,000 - 19,568,000 19,453,544 FINLAND (guarantor) Power & Industry-Bank of Finland . . . 1, 1949 1953-1964 4% 12,500,000 - 6,099,990 5,117,010 2,123,010 1,283,000 12,500,000 Power, Industry & Agriculture-Bank of Finland Apr. 30, 1952 1955-1970 434% 20,000,000 - 5,177,000 6,063,873 1,190,000 8,759,127 20,000,000 Industry-Bank offinland . . . . . . . Nov. 13, 1952 1955-1970 43/40 3,479,464 1,415 1,106,022 1,221,872 - 1,150,155 3,478,049 Power & Industry-Bank of Finland . . . . Mar. 24, 1955 1958-1970 45/% 12,000,000 - - 4,912,000 2,701,000 7,088,000 12,000,000 Power-Mortgage Bank of Finland Oy . . . . May 22, 1956 1959-1976 434% 15,000,000 - 879,000 2,350,348 587,000 11,770,652 13,268,420 Industry-Mortgage Bank of Finland Oy . . . Mar. 16, 1959 1962-1974 53%% 37,000,000 - 3,185,000 - 33,815,000 29,708,097 Repaid-one loan . . . . . . . . . . . . . . . . . . . . 2,300,000 197,869 2,102,131 - - 2,102,131 TOTAL 102,279,464 199,284 15,364,143 22,850,103 6,601,010 63,865,934 93,056,697 FRANCE (guarantor) Reconstruction-CrMit National . . . . . May 9, 1947 1952-1977 41/4% 250,000,000 - 38,000 52,887,000 31,660,000 197,075,000 250,000,000 Railways-Overseas Railways Administration . . June 10, 1954 1956-1966 4'/2% 7,500,000 408,433 930,567 2,598,000 2,244,000 3,563,000 7,091,567 Power-Electricite et Gaz d'Algie . . . . Aug. 26, 1955 1957-1975 434% 10,000,000 - 184,000 2,690,000 1,449,000 7,126,000 10,000,000 Industry-COMILOG, GABON . . . . . . June 30, 1959 1963-1974 6% 35,000,000 - - 21,000,000 - 14,000,000 19,487,032 Pipeline-Socijtj PdtroliWre de Gerance . . . Dec. 10, 1959 1961-1971 6% 50,000,000 - 1,136,000 25,000,000 1,136,000 23,864,000 50,000,000 Mining-aIFERMA . . . . . . . . . Mar. 17, 1960 1966-1975 61/4% 66,000,000 - - - - 66,000,000 432,269 TOTAL 418,500,000 408,433 2,288,567 104,175,000 36,489,000 311,628,000 337.010,868 Statement of Loans-June 30, 1961 (continued) Interest Efecltive loanm sold Effectire Date of rate Original Principal or agre'd to be sol3 loans Principal loan (including principal repayments ---- - - --- - held by amount Purpose, borrower and guarantor1 agreement Afaturities commission) amount Cancellations to Bank Total sales Portion natured4 Bank disbursed GUATEMALA Roads . . . . . . . . . . . . . July 29, 1955 1959-1970 4Y8% $ 18,200,000 $ 5 2,440,000 $ 576,000 S 576,000 $ 15,184,000 $ 18,199,066 HAITI Roads . . . . . . . . . . . . . May 7, 1956 1961-1967 41/2% 2,600,000 - 386,000 - 2,214,000 2,230,968 HONDURAS Roads . . . . . . . . . . . . . Dec. 22, 1955 1957-1964 41/2% 4,200,000 1,195,000 872,000 872,000 2,133,000 4,140,549 Roads . . . . . . . . . . . . . May 9, 1958 1961-1978 53/% 5,500,000 - - 299,000 97,000 5,201,000 4,064,608 HONDURAS (guarantor) Power-Empresa Nacional de Energia Elctrica . May 20, 1959 1962-1974 6% 1,450,000 - - 123,000 - 1,327,000 890,305 Power-Empresa Nacional de Energia E/kctrica . June 29, 1960 1964-1985 6% 8,800,000 - - 103,000 - 8,697,000 - TOTAL 19,950,000 - 1,195,000 1,397,000 969,000 17,358,000 9,095,462 ICELAND Power . . . . . . . . . . June 20, 1951 1956-1973 43/8% 2,450,000 - 582,401 -- - 1,867,599 2,450,000 Agriculture . . . . . . . . . . . Nov. 1, 1951 1956-1973 41/2% 1,008,000 - 212,800 - - 795,200 1,008,000 Industry . . . . . . . . . . . Aug. 26, 1952 1954-1969 43/4% 854,000 - 325,000 - - 529,000 854,000 ICELAND (guarantor) Agriculture-Iceland Bank of Development . . Sept. 4, 1953 1958-1975 5% 1,350,000 - 164,000 - - 1,186,000 1,350,000 Communications-Iceland Bank of Development . Sept. 4, 1953 1954-1966 43/4% 252,000 - 129,920 - 122,080 252,000 TOTAL 5,914,000 - 1,414,121 - - 4,499,879 5,914,000 INDIA Railways . . . . . . . . . . . . Aug. 18, 1949 1950-1964 4% 34,000,000 1,200,000 8,534,934 17,743,630 14,547,582 6,521,436 32,800,000 Power . . . . . . . . . . . . . Apr. 18, 1950 1955-1970 4% 18,500,000 1,779,500 1,339,000 5,869,000 4,502,000 9,512,500 16,720,500 Multi-Purpose Project . . . . . . . 23, 1953 1956-1977 47/% 19,500,000 9,000,000 1,236,000 845,000 338,000 8,419,000 10,500,000 Railways . . . . . . . . . . . . July 12, 1957 1961-1972 5/8% 24,000,000 -- 756,000 - - 23,244,000 24,000,000 Railways . . . . . . . . . . . . July 12, 1957 1961-1972 55/% 19,110,000 - - - 19,110,000 19,110,000 Railways . . . . . . . . . . . . July 12, 1957 1961-1972 55/% 11,200,000 - 353,000 - 10,847,000 11,200,000 Railways . . . . . . . . . . . . July 12, 1957 1961-1972 55/8% 35,700,000 - 1,008,994 489,000 34,202,006 35,700,000 Power . . . . . . . . . . . . . July 23, 1958 1961-1978 53/8% 25,000,000 3,000,000 - 262,810 21,737,190 18,588,187 Railways . . . . . . . . . . . . Sept.16, 1958 1963-1979 53/4% 85,000,000 - - 2,103,000 - 82,897,000 85,000,000 Power . . . . . . . Apr. 8, 1959 1965-1984 53/4% 25,000,000 - - 25,000,000 10,116,737 Railways . . . . . . . . . . . . July 15, 1959 1963-1979 6% 50,000,000 - - 3,762,000 - 46,238,000 50,000,000 Railways . . . . . . . . . . . . July 29, 1960 1964-1980 53/4% 70,000,000 - - 2,050,000 67,950,000 29,317,859 INDIA (guarantor) Industry-Indian Iron & Steel Company . . . Dec. 18, 1952 1959-1967 43/4% 31,500,000 2,297,112 5,803,888 700,000 700,000 22,699,000 29,202,888 Industry-Indian Iron & Steel Company . . . Dec. 19, 1956 1960-1967 5% 20,000,000 - 2,142,000 1,032,000 1,032,000 16,826,000 18,136,009 Power-Tata Group of Power Companies . . Nov. 19, 1954 1958-1974 43/4% 16,200,000 2,250,000 620,000 1,364,000 1,364,000 11,966,000 13,080,044 Power-Tata Group of Power Companies . . May 29, 1957 1960-1975 55/8% 9,800,000 -- 624,000 - - 9,176,000 8,954,431 Industry-I.C.I.C.I. . . . . . . . . . Mar. 14, 1955 1961-1969 4s/ % 10,000,000 - 487,000 - - 9,513,000 8,298,158 Industry-I.C.LC.I. . . . . . . . . . July 15, 1959 1962-1969 Note 10,000,000 - - - 10,000,000 1,446,597 Industry-I.C.I.C.I. . . . . . . . 28, 1960 1963-1970 Note 20,000,000 - - - 20,000,000 201,847 Industry-The Tata Iron and Steel Co., Ltd... June 26, 1956 1959-1971 43/4% 75,000,000 - 7,404,000 2,355,000 2,355,000 65,241,000 75,000,000 Industry-The Tata Iron and Steel Co., Ltd... Nov. 20, 1957 1960-1971 6% 32,500,000 - - 15,000,000 6,000,000 17,500,000 32,500,000 Airlines-Air-India International Corp. . . . Mar. 5, 1957 1963-1965 51/2% 5,600,000 - - - - 5,600,000 5,600,000 Port-Calcutta Port Commissioners . . . . June 25, 1958 1963-1978 51/2% 29,000,000 - - 1,113,000 - 27,887,000 11,257,748 Port-Trustees of the Port ofMadras . . . . June 25, 1958 1963-1978 51/2% 14,000,000 - - 592,000 - 13,408,000 4,631,951 Repaid-one loan . . . . . . . . . . . . . . . . . . . . 10,000,000 2,796,187 2,263,000 4,940,813 4,940,813 - 7,203,813 TOTAL 700,610,000 22,322,799 32,571,816 60,221,253 35,779,395 585,494,132 558,566,769 Statement of Loans-June 30, 1961 (continued) Interest Effective loans sold Effective Date of rate Original Principal or agreed to be sold3 loans Principal loan (including principal repayments - - held by amount Purpose, borrower and guarantor agreement Maturities commission) amount Cancellations to Bank Total sales Portion miatured4 Bank disbursed IRAN Equipment for Development . . . . . 22, 1957 1959-1962 5% 5 75,000,000 $ - $ 36,264,000 $ 5,000,000 $ 5,000,000 $ 33,736,000 $ 75,000,000 Roads . . . . . . . . . . . . . May 29, 1959 1961-1976 6% 72,000,000 - - 12,000,000 1,500,000 60,000,000 36,729,614 Multi-Purpose Project . . . . . . . . Feb. 20, 1960 1964-1985 6¼% 42,000,000 - - 600,000 - 41,400,000 14,449,487 IRAN (guarantor) Industry-I.M.D.B.I . . . . . . . . Nov.23, 1959 1964-1974 Note5 5,200,000 - - - 5,200,000 260,547 TOTAL 194,200,000 - 36,264,000 17,600,000 6,500,000 140,336,000 126,439,648 IRAQ Repaid-one loan . . . . . . . . . . . . . . . . . . . . 12,800,000 6,506,054 6,293,946 - - - 6,293,946 ISRAEL Port . . . . . . I . . . . . . Sept. 9, 1960 1965-1985 53%% 27,500,000 - - - 27,500,000 802,431 ITALY (guarantor) Equipment for Development Oct. 10, 1951 1956-1976 4%/2% 10,000,000 - 473,000 4,011,000 1,014,000 5,516,000 10,000,000 Equipment for Development Oct. 6, 1953 1958-1978 5% 10,000,000 - - 3,416,000 750,000 6,584,000 10,000,000 Power, Agriculture & Industry Cassa er il June 1, 1955 1958-1975 434% 70,000,000 1,600,000 - 35,965,616 6,000,000 32,434,384 68,400,000 Power, Agriculture & Industry Mas Oct. 11, 1956 1959-1976 5% 74,628,000 - 1,899,075 31,064,357 2,279,925 41,664,568 74,628,000 Power, Agriculture & Industry Mezzogiorno Feb. 28, 1958 1961-1978 51/2% 75,000,000 - 715 27,800,299 3,608,285 47,198,986 65,157,516 Power & Industry Apr. 21, 1959 1963-1979 534% 20,000,000 - - 5,095,000 - 14,905,000 11,404,121 Nuclear Power Sept. 16, 1959 1964-1979 6% 40,000,000 - 3,076,191 36,923,809 9,240,266 TOTAL 299,628,000 1,600,000 2,372,790 110,428,463 13,652,210 185,226,747 248,829,903 JAPAN (guarantor) Power-Japan Development Bank . . . . . Oct. 15, 1953 1957-1973 5% 21,500,000 922,429 447,798 6,669,773 3,576,773 13,460,000 20,577,571 Power-Japan Development Bank . . . . . June 13, 1958 1962-1983 5Y8% 37,000,000 - - 2,023,000 - 34,977,000 36,533,269 Power-Japan Development Bank . . . . . Oct. 15, 1953 1957-1973 5% 11,200,000 749,680 277,627 3,365,694 1,799,694 6,806,999 10,450,320 Power-Japan Development Bank . . . . . Mar. 16, 1961 1962-1981 5%% 12,000,000 - - - 12,000,000 9,103,464 Power-Japan Development Bank . . . . . Oct. 15, 1953 1957-1973 5% 7,500,000 1,043,611 293,389 2,023,000 1,071,000 4,140,000 6,456,389 Power-Japan Development Bank . . . . . Sept. 10, 1958 1962-1983 534% 29,000,000 - - 1,780,000 -- 27,220,000 26,469,695 Industry-Japan Development Bank . . . . Oct. 25, 1955 1958-1970 4Y% 5,300,000 171,142 148,000 2,111,000 985,000 2,869,858 5,128,858 Industry-Japan Development Bank . . . Nov. 12, 1959 1962-1975 6% 20,000,000 - - 2,608,000 - 17,392,000 18,675,022 Industry-Japan Development Bank . . . . Feb. 21, 1956 1958-1971 434% 8,100,000 539,555 757,445 3,113,000 1,190,000 3,690,000 7,560,445 Industry-Japan Development Bank . . . . Dec. 19, 1956 1960-1971 5% 20,000,000 - 650,000 5,505,991 1,252,000 13,844,009 20,000,000 Industry-Japan Development Bank . . . Jan. 29, 1958 1960-1971 55%% 8,000,000 - - 2,398,000 734,000 5,602,000 8,000,000 Industry-Japan Development Bank . . . Dec. 20, 1960 1963-1975 534% 6,000,000 - - 167,000 - 5,833,000 5,747,777 Power-Japan Development Bank . . . . . June 27, 1958 1961-1983 53/8% 25,000,000 - - 1,950,000 - 23,050,000 25,000,000 Industry-Japan Development Bank . . . July 11, 1958 1961-1973 53/% 33,000,000 - - 6,049,000 - 26,951,000 33,000,000 Industry-Japan Development Bank . . . Dec. 20, 1960 1963-1975 534% 7,000,000 - - - 7,000,000 3,575,704 Industry-Japan Development Bank . . . Aug. 18, 1958 1960-1973 53/% 10,000,000 - 7,190 2,251,810 513,809 7,741,000 10,000,000 Industry-Japan Development Bank . . . Sept. 10, 1958 1960-1973 534% 22,000,000 - - 4,870,000 1,116,000 17,130,000 21,011,040 Power-Japan Development Bank . . . . . Feb. 17, 1959 1974-1983 534% 10,000,000 - - - 10,000,000 10,000,000 Industry-Japan Development Bank . . . Nov. 12, 1959 1962-1975 6% 24,000,000 - - 3,130,000 - 20,870,000 23,059,660 Agriculture-Land Development Corporation , . Dec. 19, 1956 1959-1971 5% 4,300,000 182,076 523,000 861,000 - 2,733,924 4,117,924 Multi-PurposeProject-AichiIrrigationPublic Corp. Aug. 9, 1957 1961-1977 534% 7,000,000 2,100,000 825,000 - 4,075,000 4,676,258 Highways-Nihon Doro Kodan . . . . . . Mar. 17, 1960 1963-1983 6¼% 40,000,000 - 2,537,952 - 37,462,048 14,004,142 Railways-Japanese National Railways . . May 2, 1961 1964-1981 534% 80,000,000 - - - - 80,000,000 - TOTAL 447,900,000 5,708,493 3,104,449 54,239,220 12,238,276 384,847,838 323,147,538 LEBANON (guarantor) Power & Agriculture-Litani River Authority . . Aug. 25, 1955 1961-1980 434% 27,000,000 - - - - 27,000,000 11,325,487 Statement of Loans-June 30, 1961 (continued) Interest Effective loans sold Effective Date of rate Original Principal or agreed to be sold3 loans Principal loan (including principal repayments - held by amount Purpose, borrower and guarantor' agreement Maturities commission) amount Cancellations to Bank Total sales Portion matured4 Bank disbursed LUXEMBOURG Industry & Railways . . . . . . . . . Aug. 28, 1947 1949-1972 41/4% $12,000,000 $ 238,017 $ 1,619,983 $ 10,142,000 $ 3,894,000 $ - $ 11,761,983 MALAYA (guarantor) Power-Central Electricity Board . . . . . Sept. 22, 1958 1964-1983 53/4% 35,600,000 5,000,000 1,280,000 - 29,320,000 5,904,420 MEXICO (guarantor) Power-Financiera & Comisicn . . . . . . Jan. 6, 1949 1953-1973 41/2% 24,100,000 - 4,268,700 3,968,300 3,440,300 15,863,000 24,100,000 Power-Financiera & Comisidn . . . . . 11, 1952 1955-1977 41/2% 29,700,000 - 2,817,000 2,868,000 2,336,000 24,015,000 29,700,000 Power-Financiera & Comisin . . . . . . May 5, 1958 1962-1983 5y8% 34,000,000 - - 1,323,000 - 32,677,000 22,407,867 Power-Mexlight . . . . . . . . . Apr. 28, 1950 1953-1975 41/2% 26,000,000 - 4,383,000 3,110,000 2,307,000 18,507,000 26,000,000 Power-Mexlight . . . . . . . . . 14, 1958 1959-1977 5s/% 11,000,000 - 9,000 1,000,000 744,000 9,991,000 11,000,000 Railways-Ferrocarril del Pacifico . . . . . Aug. 24, 1954 1959-1969 4%/% 61,000,000 - 3,112,000 3,976,000 3,976,000 53,912,000 61,000,000 Roads-Nacional Financiera . . . . 18, 1960 1965-1979 53/4% 25,000,0002 - - Note3 - - Irrigation-Nacional Financiera . . . . . 16, 1961 1964-1981 53/4% 15,000,0002 - - Note Refunded-one loan; repaid-one loan . . . . . . . . . . . . . . 20,000,000 19,472,112 527,888 - - - 527,888 TOTAL 245,800,000 19,472,112 15,117,588 16,245,300 12,803,300 154,965,000 174,735,755 NETHERLANDS Reconstruction . . . . . . . . . . Aug. 7, 1947 1954-1972 41/4% 191,044,212 - 103,372,212 87,672,000 36,619,000 - 191,044,212 NETHERLANDS (guarantor) Industry & Transport-Herstelbank . . May 15, 1957 1959-1962 5 Ys% 15,000,000 - - 15,000,000 11,000,000 - 15,000,000 Repaid-Seven loans . . . . . . . . . . . . . . . . . . . 37,955,788 7,548,015 4,525,089 25,882,684 25,882,684 - 30,407,773 TOTAL 244,000,000 7,548,015 107,897,301 128,554,684 73,501,684 - 236,451,985 NICARAGUA Roads . . . . . . . . . . . . . June 7, 1951 1954-1961 41/% 3,500,000 - 3,200,000 29,000 29,000 271,000 3,500,000 Agriculture . . . . . . . . . . 29, 1951 1954-1962 43/% 550,000 3,006 438,994 29,000 29,000 79,000 546,994 Roads . . . . . . . . . . . . . Sept. 4, 1953 1957-1963 43/4% 3,500,000 - 2,116,000 - - 1,384,000 3,500,000 Power . . . . . . . . . . . . . Sept. 4, 1953 1955-1963 43/4% 450,000 - 306,000 - - 144,000 450,000 NICARAGUA (guarantor) Power-Emp. Nal. Luz y Fuerza . . . . . July 8, 1955 1958-1975 43/4% 7,100,000 - 155,000 724,000 724,000 6,221,000 7,100,000 Power-Emp. Nal. Luz y Fuerza . . . . . Nov. 15, 1956 1959-1971 43/4% 1,600,000 - 107,000 101,000 101,000 1,392,000 1,600,000 Power-Emp. Nal. Luz y Fuerza . . . . . June 22, 1960 1965-1985 6% 12,500,000 - - 95,000 - 12,405,000 314,430 Power-Instituto de Fonento Nacional . . . . July 8, 1955 1958-1975 43/4% 400,000 - 49,000 - - 351,000 400,000 Agriculture-Instituto de Fomento Nacional . . Aug. 26, 1955 1957-1967 41/4% 1,500,000 633 115,000 735,000 735,000 649,367 1,499,367 Port-Autoridad Portuaria de Corinto . . . . May 22, 1956 1959-1976 43/4% 3,200,000 - 127,000 121,000 121,000 2,952,000 2,802,576 Repaid-one loan . . . . . . . . . . . . . . . . . . . . 1,200,000 6,879 1,164,121 29,000 29,000 - 1,193,121 TOTAL 35,500,000 10,518 7,778,115 1,863,000 1,768,000 25,848,367 22,906,488 NORWAY Equipment for Development . . . . . . Apr. 8, 1954 1957-1974 43/4% 25,000,000 - - 8,641,000 4,230,000 16,359,000 25,000,000 Equipment for Development . . . . . . Apr. 19, 1955 1960-1975 43/4% 25,000,000 - - 10,108,631 2,500,000 14,891,369 25,000,000 Power . . . . . . . . . . . . . May 3, 1956 1961-1976 43/4% 25,000,000 - - 5,700,684 - 19,299,316 25,000,000 Power . . . . . . . . . . . . . July 8, 1959 1964-1984 6% 20,000,000 - - 6,993,000 - 13,007,000 7,101,288 Power . . . . . . . . . . . . . Dec. 2, 1960 1964-1985 53/4% 25,000,000 - - 4,988,279 - 20,011,721 - TOTAL 120,000,000 - - 36,431,594 6,730,000 83,568,406 82,101,288 Statement of Loans-June 30, 1961 (continued) Interest Effective loans sold ffective Date of rate Original Principal or agreed to be sold3 loans Principal loat (including principal repayments - - -- -- held by amount Purpose, borrower end guarantor I agreement Maturities commission) amount Cancellations to Bank Total sales Portion miatured4 Bank disbursed PAKISTAN Railways . . . . . . . . . . . . Mar. 27, 1952 1954-1967 48/%% $ 27,200,000 $ - $ 11,703,400 5 935,600 5 935,600 $ 14,561,000 $ 27,200,000 Railways . . . . . . . . . . . 18, 1957 1961-1973 6% 31,000,000 - - 850,000 850,000 30,150,000 25,813,429 Railways . . . . . . . . . . . . Nov. 30, 1959 1963-1975 6% 12,500,000 - - 961,580 - 11,538,420 3,467,328 Multi-Purpose Project . . . . . . . . Sept. 19, 1960 1970-1990 Notes 90,000,000 - - - - 90,000,000 2,627,452 PAKISTAN (guarantor) Transport-Sui Gas Transmission Co. . . . . June 2, 1954 1956-1974 434% 14,000,000 - 870,800 1,806,000 1,806,000 11,323,200 14,000,000 Power-Karachi Electric Supply Corp. . . . . June 20, 1955 1957-1970 48% 13,800,000 23,415 1,358,400 2,049,600 2,049,600 10,368,585 13,776,585 Power-Karachi Electric Supply Corp. . . . . Apr. 23, 1958 1963-1978 5½% 14,000,000 - - 198,000 - 13,802,000 5,572,820 Power-Karachi Electric Supply Corp. Aug. 13, 1959 1962-1974 6% 2,400,000 - - 330,000 - 2,070,000 1,213,850 Industry-Karnaphuli Paper Mills, Ltd . . Aug. 4, 1955 1956-1970 41% 4,200,000 - 372,000 775,000 775,000 3,053,000 4,200,000 Port-Trustees of the Port of Karachi . . . . Aug. 4, 1955 1960-1980 434% 14,800,000 - 450,158 216,842 216,842 14,133,000 11,368,358 Industry-P.I.C.I.C. . . . . . . . . . Dec. 17, 1957 1962-1972 53% 4,200,000 - -- - - 4,200,000 3,548,070 Industry-P.I.C.I.C .. . . . . . . . 25, 1959 1962-1969 Notes 10,000,000 - - - 10,000,000 688,931 Industry-P.LC.I.C. . . . . . . . . . June 27, 1961 Not Fixed Notes 15,000,0002 - Repaid-one loan . . . . . . . . . . . . . . . . . . . . 3,250,000 - 2,253,000 997,000 997,000 -53,250,000 TOTAL 256,350,000 23,415 17,007,758 9,119,622 7,630,042 215,199,205 116,726,823 PANAMA Roads . . . . . . . . . . Aug. 19, 1960 1964-1975 534% 7,200,000 - - 457,000 --- 6,743,000 - Repaid-three loans . . . . . . . . . . . . . . . . . . . . 7,390,000 542,574 5,147,426 1,700,000 1,700,000 - 6,847,426 TOTAL 14,590,000 542,574 5,147,426 2,157,000 1,700,000 6,743,000 6,847,426 PARAGUAY Agriculture & Transport . . . . . . . Dec. 7, 1951 1954-1964 4%/8/ 5,000,000 511,010 2,574,990 100,000 100,000 1,814,000 4,488,990 PERU Port . . . . Jan. 23, 1952 1954-1967 41/2% 2,500,000 89,472 574,528 988,232 610,000 847,768 2,410,528 Agriculture . . . . . . . . . . . Apr. 12, 1954 1956-1961 414% 1,700,000 -- 1,137,000 392,000 392,000 171,000 1,700,000 Agriculture . . . . . . . . . . . Apr. 5, 1955 1959-1980 434% 18,000,000 536 520,000 496,000 496,000 16,983,464 17,999,464 Roads . . . . . . . . . . . Aug. 5, 1955 1958-1964 41% 5,000,000 5,113 1,456,000 1,033,000 683,000 2,505,887 4,994,887 Roads . . . . . . . . . . . . Dec. 19, 1960 1965-1976 534% 5,500,000 - - 50,000 - 5,450,000 53,680 PERU (guarantor) Agriculture-Banco de Fomento Agropeciturio . Nov. 12, 1954 1957-1963 414% 5,000,000 229 2,442,771 748,000 748,000 1,809,000 4,999,771 Agriculture-Banco de Fomento Agropecuario . Mar. 13, 1957 1959-1965 5½% 5,000,000 - 388,000 1,101,000 1,101,000 3,511,000 5,000,000 Agriculture-Banco de Fomento Agropecuario . June 1, 1960 1963-1968 6% 5,000,000 - - 1,206,000 - 3,794,000 444,005 Industry-Cemento Pacasmayo . . . . . . Apr. 19, 1955 1958-1970 4Y8% 2,500,000 2,918 249,082 310,000 310,000 1,938,000 2,497,082 Port-Autoridad Portuaria del Callao . . . .Sept, 17, 1958 1963-1978 534% 6,575,000 - - 395,000 - 6,180,000 2,051,907 Power-Lima Light and Power Company . . . June 29, 1960 1965-1985 6% 24,000,000 - - 150,000 - 23,850,000 2,021,101 Repaid-one loan; cancelled-one loan . . . . . . . . . . . . . . 16,300,000 15,000,000 860,750 439,250 439,250 - 1,300,000 TOTAL 97,075,000 15,098,268 7,628,131 7,308,482 4,779,250 67,040,119 45,472,425 PHILIPPINES (guarantor) Power-NationalPower Corporation . . . . Nov. 22, 1957 1960-1982 6% 21,000,000 2,500,000 - 987,000 479,000 17,513,000 17,260,159 SOUTH AFRICA Transport . . . . . . . . . . . 23, 1951 1956-1965 334% 20,000,000 - 9,133,000 1,867,000 1,867,000 9,000,000 20,000,000 Transport . . . . . . . . . . . . Aug. 28, 1953 1955-1963 434% 30,000,000 -- 1,034,980 26,690,020 20,145,020 2,275,000 30,000,000 Transport . . . . . . . . . . . . Nov. 28, 1955 1958-1966 41% 25,200,000 - 2,016,000 3,024,000 3,024,000 20,160,000 25,200,000 Railways . . . . . . . . . . . . 1, 1957 1960-1967 534% 25,000,000 - 1,868,000 5,267,000 2,000,000 17,865,000 25,000,000 Railways . . . . . . . . . . . . Dec. 2, 1958 1961-1968 534% 25,000,000 - - 3,868,000 1,253,000 21,132,000 25,000,000 Railways . . . . . . . . . . . . June 10, 1959 1961-1969 6% 11,600,000 - - 2,484,000 - 9,116,000 11,600,000 SOUTH AFRICA (guarantor) Power-Electricity Supply Commission . . . Jan. 23, 1951 1954-1970 4% 30,000,000 - 1,674,882 12,625,750 9,125,895 15,699,368 30,000,000 Power-Electricity Supply Commission . . . Aug. 28, 1953 1955-1963 434% 30,000,000 - 1,375,000 24,526,000 18,530,000 4,099,000 30,000,000 TOTAL 196,800,000 - 17,101,862 80,351,770 55,944,915 99,346,368 196,800,000 Statement of Loans-June 30, 1961 (continued) Interest Effective loans sold Effective Date of rate Original Principal or agreed to be sold3 loans Principal loan (including principal repayments held by amount Purpose, borrower and guarantor' agreement Maturities commission) amount Cancellations to Bank Total sales Portion matured4 Bank disbursed SUDAN Railways & Water Transport . . . . . . July 21, 1958 1961-1978 5 3% $ 39,000,000 $ - 5 1,750,000 $ - $ 37,250,000 $ 27,122,149 Irrigation . . . . . . . . . . . . June 17, 1960 1963-1980 6% 15,500,000 - 700,000 - 14,800,000 522,107 Irrigation . . . . . . . . . . . . June 14, 1961 1968-1986 534% 19,500,0002 - - - TOTAL 74,000,000 - 2,450,000 - 52,050,000 27,644,256 THAILAND Railways . . . . . . . . . . . 27, 1950 1954-1966 3¾% 3,000,000 - 1,441,000 189,000 189,000 1,370,000 3,000,000 Agriculture . . . . . . . . . . 27, 1950 1956-1971 4% 18,000,000 - 4,652,000 796,000 518,000 12,552,000 18,000,000 Port . . . . . . . . . . . . 27, 1950 1954-1966 33% 4,400,000 - 2,117,000 275,000 275,000 2,008,000 4,400,000 THAILAND (guarantor) Railways-State Railway of Thailand . . . . Aug. 9, 1955 1958-1970 48% 12,000,000 - 1,183,000 1,105,000 1,105,000 9,712,000 12,000,000 Railways-State Railway of Thailand . . . . Apr. 28, 1961 1964-1981 534% 22,000,0002 - Note3 - Port-Port Authority of Thailand . . . . 12, 1956 1958-1971 434% 3,400,000 140,922 380,078 184,000 184,000 2,695,000 3,259,078 Multi-Purpose Project-Yanhee Elec. Authority . Sept. 12, 1957 1963-1982 534% 66,000,000 - - - - 66,000,000 31,025,174 TOTAL 128,800,000 140,922 9,773,078 2,549,000 2,271,000 94,337,000 71,684,252 TURKEY Agriculture . . . . . . . . . . . July 7, 1950 1954-1968 3Y% 3,900,000 - 1,528,000 144,000 144,000 2,228,000 3,900,000 Port . . . . . . . . . . . . July 7, 1950 1956-1975 41/4% 12,500,000 - 2,465,000 - - 10,035,000 12,500,000 Port . . . . . . . . . . . . . Feb. 26, 1954 1956-1975 47/8% 3,800,000 - 711,000 - - 3,089,000 3,613,866 Multi-Purpose Project . . . . . . . . June 18, 1952 1960-1977 434%% 25,200,000 2,356,000 1,308,000 - - 21,536,000 22,843,023 TURKEY (guarantor) Industry-Industrial Development Bank . . . Oct. 19, 1950 1957-1965 33/4% 9,000,000 323,944 3,802,056 - - 4,874,000 8,676,056 Industry-Industrial Development Bank . . . Sept. 10, 1953 1958-1968 4%7,% 9,000,000 - 2,125,000 - - 6,875,000 8,905,764 TOTAL 63,400,000 2,679,944 11,939,056 144,000 144,000 48,637,000 60,438,709 UNITED ARAB REPUBLIC (guarantor) T ransport- S uez C anal A uthority . . . . . D ec. 22, 1959 1962- 1974 6% 56,500,000 - - 5,500,000 - 51,000,000 36,592,025 UNITED KINGDOM (guarantor) Power-Southern Rhodesia . . . . . . . Feb. 27, 1952 1956-1977 434% 28,000,000 - 166,000 14,134,000 6,501,000 13,700,000 28,000,000 Railways-Northern Rhodesia . . . . . (I, 1953 1956-1972 43/4% 14,000,000 - 93,707 7,990,290 3,431,293 5,916,003 14,000,000 Power-Federal Power Board- Rhodesia and Nyasaland . . . . . . . June 21, 1956 1963-1981 5% 80,000,000 - - 32,230,316 - 47,769,684 78,997,208 Railways-Rhodesia and Nyasaland . . . . June 16, 1958 1961-1976 53/ % 19,000,000 - 2,408,736 - 16,591,264 19,000,000 Agriculture-Rhodesia and Nyasaland . . . . Apr. 1, 1960 1962-1969 6% 5,600,000 - - 2,347,000 - 3,253,000 2,405,573 Railways-East Africa High Commission . . . Mar. 15, 1955 1958-1974 43/4% 24,000,000 - 37,000 19,820,000 3,473,000 4,143,000 24,000,000 Railways-Nigeria . . . . . . . . . May 2, 1958 1962-1978 5Y/% 28,000,000 - - 4,687,105 - 23,312,895 27,174,976 Agriculture-Kenya . . . . . . . . . May 27, 1960 1964-1970 6% 5,600,000 - - 664,600 - 4,935,400 1,100,790 Power-Uganda . . . . . . . . . . Mar. 29, 1961 1964-1981 53/4% 8,400,0002 -- - Note3 - - Agriculture-British Guiana . . . . . . . June 23, 1961 1963-1969 534% 1,250,0002 - Note3 - TOTAL 213,850,000 296,707 84,282,047 13,405,293 119,621,246 194,678,547 URUGUAY Agriculture . . . . . . . . . . . Dec. 30, 1959 1963-1971 6% 7,000,000 - - - 7,000,000 57,739 URUGUAY (guarantor) Power & CommunicationsU.T.E. Aug. 25, 1950 1955-1974 41/4% 33,000,000 9,400,000 2,150,000 1,325,000 21,450,000 33,000,000 Power-U.T.E. . . . . . . . . . . Aug. 29, 1955 1958-1975 434% 5,500,000 118,000 654,000 654,000 4,728,000 5,500,000 Power-U.T.E. . . . . . . . . . . Oct. 25, 1956 1961-1981 5% 25,500,000 - - - 25,500,000 23,825,314 TOTAL 71,000,000 9,518,000 2,804,000 1,979,000 58,678,000 62,383,053 Statement of Loans-June 30, 1961 (continued) Interest Effective loans sold Effective Date of rate Original Principal or agreed to be sold3 loans Principal loan (including principal repayments - - held by amount Purpose, borrower and guarantor agreement Maturities commission) amount Cancellations to Bank Total sales Portion matured4 Bank disbursed YUGOSLAVIA Power, Agriculture, Industry & Transport . . Oct. 11, 1951 1955-1976 4'/2% S 28,000,000 $ - 5 5,651,000 S - $ - $ 22,349,000 $ 28,000,000 Power, Agriculture, Industry & Transport . . Feb. 11, 1953 1956-1978 478% 30,000,000 4,333,000 - - 25,667,000 30,000,000 YUGOSLAVIA (guarantor) Power- Yugoslav Investment Bank . . . . . Feb, 23, 1961 1965-1986 53/4% 30,000,0002 - - Note3 - - Repaid-one loan . . . . . . . . . . . . . . . . . . . . . . 2,700,000 - 2,700,000 - - - 2,700,000 TOTAL 90,700,000 - 12,684,000 - - 48,016,000 60,700,000 GRAND TOTALS $5,790,527,893 $121,735,253 $438,435,370 $997,789,516 $411,303,115 $3,996,117,754 $4,319,714,935 Plus exchange adjustments 19,972 $3,996,137,726 NOTES: Principal Amount The total of both effective and non-effective loans sold or agreed to Borrower (guarantor) and year signed Agreed to be Sold be sold is the equivalent of $1,013,185,972. ILoans made (a) to the member or (b) to a political subdivision or a 4 _________ This includes amounts which, according to information available public or private enterprise in the territories of the member with the Argentina, 1961 . . . . . . . . . . $ 625,000 4 thS inlude amon whi accor to in t a member's guarantee. Ceylon, 196196.1,099,, to the Bank, have been prepaid prior to maturity. 2 Agreements providing for these loans have been signed, but the Chile, 1961 . . . . . . . . . . . 250,000 5 The interest rate on these loans was not fixed at the time the loans loans do not become effective and disbursements thereunder do not Emp. Piblicas de Medellin (Colombia), 1961 . . 300,000 were signed; interest will be applied to each portion of the loans at start until the borrower and guarantor, if any, take certain action I.C.E. (Costa Rica), 1961 . . . . . . . 170,000 the Bank's current rate when such portion is committed for a specific and furnish certain documents to the Bank. In addition, the Bank Nacional Financiera (Mexico), 1960 . . . . 150,000 project. approved and indicated its willingness, subject to certain condi- Nacional Financiera (Mexico), 1961 . . . . 821,000 tions, to execute a loan equivalent to $25,000,000. State Railway (Thailand), 1961 . . . . . . 1,954,480 3 The Bank has entered into agreements to sell portions of loans Uganda,1961 . . . . . . . . . . . 8,315,536 shown hereafter which are not yet effective: British Guiana, 1961 . . . . . . . . . 1,000,000 Yugoslav Invest. Bank (Yugoslavia), 1961 711,000 $15,396,456 APPENDIX L Principal Officers of the Bank EUGENE R. BLACK...............................President SIR WILLIAM ILIFF........................... Vice President J. BURKE KNAPP............................ Vice President LEONARD B. RiST GEORGE L. MARTIN Special Representative for Africa Director of Marketing RICHARD H. DEMUTH ROBERT W. CAVANAUGH Director, Technical Assistance and Planning Staff Treasurer S. R. COPE M. M. MENDELS Director of Operations-Europe, Africa and Australasia Secretary JOSEPH RUCINSKI A. BROCHES Director of Operations-South Asia and Middle East General Counsel ORVis A. SCHMIDT WILLIAM F. HOWELL Director of Operations- Western Hemisphere Director of Administration I. P. M. CARGILL HAROLD N. GRAVES, JR. Director of Operations-Far East Director of Information SIMON ALDEWERELD MICHAEL L. HOFFMAN Director of Technical Operations Director, Economic Development Institute JOHN C. DE WILDE JOHN D. MILLER Acting Director, Economic Staff Special Representative for Europe *57. � � и � о � � � vi а� � Z д �U � 'г3 3 Гд �rj z � 'z N Z z � W FF �н � сч .� wo А w w� � � Н w w н й z z� д z L�y рр Й i% "' О А Ri м �-, � °� 3 � а N о � . . , о • ' • w и • W с�б w U f.wг, {1� � �w р � р z �"" д н Г� �р W � О � х w ..а �ч N .,-+ � �