International Bank for Reconstruction and Development

Anonymous

International Organization, 1958, vol. 12, issue 4, 538-541

Abstract: On July 11, 1958, the International Bank for Reconstruction and Development made a loan equivalent to $33 million to the Japan Development Bank to assist the privately owned Sumitomo Metal Industries Ltd. to modernize and expand the capacity of its iron and steel plants. United States, German, and Swiss banks participated in the loan, without the Bank's guarantee, for a total amount equivalent to $1,100,000. The entire project was scheduled for completion by March 1962 at an estimated cost equivalent to $83 million. The Bank's loan, which financed approximately 40 percent of this total, was for a term of 15 years and bore interest of 5⅜ percent. It was guaranteed by the government of Japan.

Date: 1958
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