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Iceland : Mission report (English)

Between June 1951 and September 1953 the Bank made five loans, on which $5.7 million is now outstanding, for projects in Iceland. A disagreement then arose when the Bank declined to finance a proposed Government-owned cement plant which Iceland declared its firm intention to build. The Bank took the position that it would not lend further to Iceland until it knew how the cement plant was to be financed and thereafter, could not make any commitments about future loans until a mission had been to Iceland to review economic conditions. In March this year the Bank was officially informed that foreign financing for the cement plant had been arranged by means of a 15-year loan from the Danish Government, the request was renewed for a mission as soon as possible and the Bank agreed to send one.

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Iceland : Mission report (English). Europe series Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/617051468282936916/Iceland-Mission-report