10. Speeches of World Bank Presidents

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Annual Address to the Board of Governors, September 29, 1959
(World Bank, Washington, DC, 1959-09-29) Black, Eugene R.
Eugene R. Black, President of the World Bank, spoke about the growth of lending for reconstruction and development of its member countries. He discussed the 49 successful issues of securities, with the latest bond issue involving investors from eight countries that had not bought before. He spoke about how the Bank had established contacts with industrial development banks, public and private, in a large number of member countries, and through these hundreds of small enterprises were contributing new jobs and new production for a better material life in the underdeveloped world. Black suggested that there is a role for a new entity of private international investors from all countries to champion policies which attract private investment. He also spoke of the proposed establishment of the International Development Association. He warned against import substitution trade policies. He concluded by saying if Bank energy and resources were used rightly, it would reduce the burden of poverty in the world.
Annual Address to the Board of Governors, October 7, 1958
(World Bank, Washington, DC, 1958-10-07) Black, Eugene R.
Eugene R. Black, President of the World Bank, presented the Annual Report of the World Bank, which tells a story of how peoples and governments in many underdeveloped countries are beginning to work out the complicated problems of economic development and beginning to reap the rewards of their efforts. This was a year of more activity than anytime previously. Bank lending amounted to $711 million or over 75 percent more than the average of the previous three years. This marked increase promises to be sustained in the present year. In August, the Bank’s bond issue was oversubscribed, and place entirely outside the United States. The Federal Republic of Germany has played an increasing role as a supplier of development capital. Black urged again for the release of restrictions on the use of member capital subscriptions. The Bank played a role as mediator in the dispute over the Suez Canal. Bank advisory services expanded; resident representatives now work in nine countries. The lack of suitable projects remains the main limitation to expanding operations, but this may soon no longer be the case. Proposals are under review for regional development institutions in Latin America and the Middle East. A weighty responsibility rests on the shoulders of every government that is a recipient of external assistance to create conditions where its capital can be invested wisely and productively.
Annual Address to the Board of Governors, September 23, 1957
(World Bank, Washington, DC, 1957-09-23) Black, Eugene R.
Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about the happenings in the Middle East which threatened to bring major economic dislocation and, at times, the world outlook had been bleak. He mentioned about the large amount lent by the Bank and important additions to its capital resources during the fiscal year 1957. He explained two loans for air transport that helped Australia and India to acquire the latest types of aircraft for their air lines. He concluded by saying that the Bank should make, over the years ahead, a continued and significant contribution to the capital requirements of basic development on which higher living standards depend.
Annual Address to the Board of Governors, September 25, 1956
(World Bank, Washington, DC, 1956-09-25) Black, Eugene R.
Eugene R. Black, President of the International Bank for Reconstruction and Development, mentioned lending done in Asia, which was more than in any other continent. He spoke about the non-lending activities of the Bank which also continued to expand during the year. He discussed the role of International Finance Corporation (IFC) which came into being in July. He concluded by saying that less developed countries hold large part of the key to the future of the world.
Address before the Twenty-First Session of the Economic and Social Council of United Nations, New York City
(World Bank, Washington, DC, 1956-04-18) Black, Eugene R.
Eugene R. Black, President of the International Bank for Reconstruction and Development, discussed the newest development in the Bank's technical assistance work, including the International Finance Corporation. He explained the significant progress made by Bank in the postwar decade, and the continued and intensified efforts to accelerate the pace of development.
Common Sense and Economic Aid
(World Bank, Washington, DC, 1956-02-18) Black, Eugene R.
Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about America economic aid to other countries. He described in detail the Bank’s business of economic development. The Bank can help developing countries to make a choice in their own interests. He described a hydroelectric power project in Egypt.
Address to the Canadian Club of Montreal
(World Bank, Washington, DC, 1956-01-16) Black, Eugene R.
Eugene R. Black, President of the World Bank Group, spoke about the vigorous partnership between Canada and the World Bank. He described at length the relationship between Canada and the Bank in terms of lending and the country's progress in various areas of economic development.
Address Presenting the Eighth Annual Report
(World Bank, Washington, DC, 1953-09-09) Black, Eugene R.
Eugene R. Black, President of the International Bank for Reconstruction and Development, reviewed Bank lending and pleaded for member countries to release their local currency subscriptions to the use of the Bank. He mentioned his practice to visit for some time each year some part of the world, getting to know at first hand the economic and development problems of member countries. He discussed an indispensable element in the financing of long-term development which is the increased flow into the underdeveloped world of private investment capital from abroad. He described how the bulk of Bank's investment operations had been in the field of public utilities, especially of electric power, and Bank is constantly encountering the importance of power, even where Bank are financing projects outside the immediate power field. He concluded by saying that private capital would make a large contribution to Bank's investment, which would benefit recipient countries by helping to speed their development and to raise their productivity and their living standards.
Address Presenting the Seventh Annual Report
(World Bank, Washington, DC, 1952-09-05) Black, Eugene R.
Eugene R. Black, President of the International Bank for Reconstruction and Development, described the lending approach of the Bank to various countries in the World. He discussed the proposed International Finance Corporation as a useful instrument for stimulating investment of private capital, both domestic and foreign, in enterprises significant in economic development. He spoke about sending general survey missions, composed of impartial experts, to help countries assess their potentialities and to draw up broad programs which will best channel their own energies and resources into development. He discussed development of water resources of the Indus River. He commented on the Schuman Plan for coal and steel in Europe. He concluded by saying that Bank has a vital role to play in development.
Address Presenting the Sixth Annual Report
(World Bank, Washington, DC, 1951-09-10) Black, Eugene R.
Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about the substantial growth of Bank activities, totaling 21 loans extended to 11 different countries in fiscal year 1951. Technical assistance for preparation and execution of loan projects is increasingly significant to Bank lending operations. He reported on completion of economic survey missions to Turkey, Guatemala, Cuba, and Uruguay and progress with five others. He noted that the Bank broadened its base in the private capital markets which provide the bulk of the loan funds, including public offerings of bonds in the United Kingdom and Switzerland. The Bank expects to issue bonds in the American market more regularly. He warned against overlending to countries that are not ready to put the capital to work. He reacted to proposals for an international finance corporation to stimulate private enterprise and to make equity investments. He reiterated the fundamental principles of development. He concluded by saying that the Bank's objective is to protect and enlarge the freedom of the individual, and that is surely worth all the energy the Bank can devote to its achievement.