Aucklanders Seeking World Bank Aid
AUCKLAND, Sept. 6. The Auckland Harbour Board is likely to ask the World Bank for a loan of more than £500,000 for dredging equipment and mobile plant. Board officials will meet World Bank representatives in Wellington next Wednesday. New dredging equipment would cost £515.000 and mobile plant £lOO.OOO. The bank Is Interested only tn the greater pro-
(New Zealand Press Association)
portion of the loan which would require overseas funds. The harbour board chairman, Mr B. C. F. Savory, said that although the interest rate would be about 0.5 per eent above the ruling rate there would be no procuration or brokerage charges. In addition. World Bank loans had the advantage of being long-term, and they did not have to be recovered every four or five years like short-term loans.
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Press, Volume CII, Issue 30230, 7 September 1963, Page 12
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135Aucklanders Seeking World Bank Aid Press, Volume CII, Issue 30230, 7 September 1963, Page 12
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