International Bank for Reconstruction and Development

Anonymous

International Organization, 1960, vol. 14, issue 4, 659-661

Abstract: The International Bank for Reconstruction and Development announced on June 17, 1960, a twenty-year term loan of $15.5 million, bearing 6 percent interest per annum, with amortization beginning in 1963, to the Republic of the Sudan, to finance most of the remaining foreign exchange costs of the Managil Irrigation Scheme, local currency requirements to be provided by the government of the Sudan. The project was an extension of, and patterned on, the Gezira Scheme, one of the most successful irrigation projects in the world, and a 10 percent annual increase in the value of Sudan's agricultural output was expected to result from its development. Three United States banks participated in the loan.

Date: 1960
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