International Bank for Reconstruction and Development

Anonymous

International Organization, 1956, vol. 10, issue 3, 476-478

Abstract: During the period from March 29 to June 6, 1956, the International Bank for Reconstruction and Development made eight loans in seven countries. A loan of $5 million to the Empresa Electrica Quito, S.A. was announced by the Bank on March 29, to help finance hydroelectric and thermal power projects near Quito, Ecuador. The total cost of the projects, which were expected to nearly triple the supply of power to Quito, was estimated at $9 million. The Bank of America N.T. & S.A. participated in the loan, without the Bank's guarantee, to the extent of $197,000. The loan, the Bank's second in Ecuador, was for a period of 20 years at an annual interest of 4% percent, including the Bank's commission; amortization was to begin on August 1, 1959. The loan was guaranteed by the government of Ecuador.

Date: 1956
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