WORLD BANK

Press, Volume CI, Issue 29931, 19 September 1962, Page 9

WORLD BANK

1961 Loans Record (N.Z.P.A.-Reuter —Copyright) WASHINGTON, Sept. 17. The World Bank reported today that it had made a record total of 882 million dollars in new loans to under-developed countries in 1961. The previous record was 711 million dollars in 1957-58. The bank, in its report to the annual meeting of its 81 member countries, also noted with satisfaction that the sources from which it drew its funds were increasingly widespread. "The situation today is very different from what it was in the early days,” it said. “During the immediate postwar period, the bank was obliged to depend on the United States for all its funds. “The economic recovery of other countties has since been reflected in a sustained broadening of international support for the bank’s finances.” I.D.A. Credits The International Development Association (1.D.A.), an affiliate of the bank, told the annual meeting that it hid made 18 credits totalling 134 million dollars in 1961. The I.D.A. extends development credits on terms which are more flexible and bear less heavily on the balance of payments of borrowing countries than do conventional loans. The International Finance Corporation (1.F.C.), another World Bank affiliate, reported that it made investment commitments totalling 18.400.000 dollars in seven countries during the year. The I.F.C. was formed to assist the promotion of industrial development banks in emerging nations. The World Bank report said the greatest total of new loans last year (412 million dollars) was made in Latin America.