Publication: Address Presenting the Fifth Annual Report
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1950-09-08
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2019-05-20
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Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about the war in Korea and the repercussions around the world. He discussed how much progress was being made in Europe in hammering out new patterns of production and trade to replace and improve prewar patterns that cannot be restored. He also said that with the cooperation of the members, Bank can aid, in creating confidence and the kind of economic environment which will encourage productive investment, both local and foreign, private and public. He examined some of the steps underdeveloped nations must take in order to effectively translate aid into concrete development.
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“Black, Eugene R.. 1950. Address Presenting the Fifth Annual Report. Meeting of the Board of Governors, September 8, 1950;. © World Bank. http://hdl.handle.net/10986/31730 License: CC BY 3.0 IGO.”
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Publication Address Presenting the Fourth Annual Report(World Bank, Washington, DC, 1949-09-13)Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about the plight of the underdeveloped member countries. Bank has greatly enlarged its knowledge of their economic problems and needs, their capacity to absorb and service external loans, and the merits of particular development projects. He discussed the most constructive contributions the Bank can make to the progress of development, especially in the least advanced countries, is to help make available to them the experience of other nations. He closed on a note that the Bank can start on the way towards equilibrium, it may find the effects of returning confidence highly cumulative and the difficulties dispelled more quickly than they dared hope.Publication Address Presenting the Seventh Annual Report(World Bank, Washington, DC, 1952-09-05)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.Publication Address Presenting the Sixth Annual Report(World Bank, Washington, DC, 1951-09-10)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.Publication Address Presenting the Eighth Annual Report(World Bank, Washington, DC, 1953-09-09)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.Publication Address Presenting the Ninth Annual Report(World Bank, Washington, DC, 1954-09-25)Eugene R. Black, President of the International Bank for Reconstruction and Development, greeted two new member countries, Indonesia and Israel. He reviewed Bank lending operations, which continues to grow. He commented on the dangers of supplier credits in situations where long-term finance is more appropriate. He mentioned the technical and financial assistance extended by the Bank to development institutions in many countries, including the construction of electric power capacity.
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