International Bank for Reconstruction and Development

Anonymous

International Organization, 1961, vol. 15, issue 4, 705-710

Abstract: On June 6, 1961, the International Bank for Reconstruction and Development announced a $15 million loan to Ceylon for the expansion of Ceylon's electric generating capacity and for the extension of electric power distribution in western Ceylon. The loan, the third made by the Bank to Ceylon for the purpose of developing an integrated electric power system under the Department of Governmental Electrical Undertakings (DGEU), was to cover the foreign exchange requirements of the project; local currency costs were to be met from government contributions and from DGEU's earnings. The loan was a 25-year term loan at 5%¾ percent interest, with amortization to begin on November 15, 1964. Six commercial banks participated in the loan, without the International Bank's guarantee, for a total amount of $1.1 million.

Date: 1961
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