International Bank for Reconstruction and Development

Anonymous

International Organization, 1961, vol. 15, issue 1, 190-194

Abstract: The International Bank for Reconstruction and Development announced on September 9, 1960, its first loan to Israel, in the amount of $27.5 million to help build and equip a new sheltered deep-water port at Ashdod, on the Mediterranean Sea. The Bank's loan was to cover all the foreign exchange requirements and part of the local currency costs of die first stage of the project, scheduled to be completed early in 1965; diis stage was to include the construction of about two miles of breakwaters, dredging the port area to proper depths for ocean-going ships, extension of piers to a length adequate for the accommodation of five ships at once, construction of a track and roadway within the port area and rail links outside it to a building quarry, construction of transit sheds, paved open storage areas, port utilities, and auxiliary structures, and the supply of some harbor craft, cranes, and cargo-handling equipment. Amortization on the loan, which was for a term of 25 years and bore interest at the rate of 5¾ percent per annum, was to begin in August 1965.

Date: 1961
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