International Bank for Reconstruction and Development

Anonymous

International Organization, 1955, vol. 9, issue 2, 272-274

Abstract: Lending OperationsThe International Bank for Reconstruction and Development made a loan on November 19, 1954, of $16.2 million to finance the foreign exchange costs of a thermal electric power plant in Bombay, India. The National City Bank of New York had agreed to participate in the loan without the Bank's guarantee to the extent of $1,364,000. The recipients of the loan, the Tata Hydro Electric Power Supply Co., Ltd., the Andhra Valley Power Supply Co., Ltd., and the Tata Power Co., Ltd., had already raised the equivalent of $6.2 million toward the rupee costs of the project ($11.3 million). The loan, which was for a period of 20 years, bore interest of 4¾ percent per annum, including the Bank's 1 percent commission.

Date: 1955
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