Publication: Annual Address to the Board of Governors, September 23, 1957
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1957-09-23
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1957-09-23
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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.
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“Black, Eugene R.. 1957. Annual Address to the Board of Governors, September 23, 1957. © World Bank. http://hdl.handle.net/10986/31778 License: CC BY 3.0 IGO.”
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Publication Annual Address to the Board of Governors, September 12, 1955(World Bank, Washington, DC, 1955-09-12)Eugene R. Black, President of the International Bank for Reconstruction and Development, stated that the Bank, as it enters its tenth year, is going forward in the same spirit of exploration and innovation that has marked its life up to now. Against the always pressing problem of how to raise production and standards of living, we are moving in new, and we hope, constructive ways. The Bank established the Economic Development Institute, a staff college for senior officials in less developed countries. The Bank is now collecting information on credit transactions to better assess risk. 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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. 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