Publication: Annual Address to the Board of Governors, September 23, 1957
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1957-09-23
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2019-06-03
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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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These interventions must prioritize productive use to generate large numbers of inclusive jobs in a region poised to benefit from a massive, youthful workforce—one projected to become the world’s largest by the end of this century.Publication Annual Address to the Board of Governors, September 29, 1959(World Bank, Washington, DC, 1959-09-29)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.Publication Annual Address to the Board of Governors, September 18, 1962(World Bank, Washington, DC, 1962-09-18)Eugene R. Black, President of the World Bank, spoke of the record levels for Bank and IDA commitments for economic development projects. More than four-fifths of the amount went to support power and transportation. IDA lent for purposes new to the Bank: municipal water supply, and construction of secondary schools. A new Development Advisory Service operation was created this year. He also discussed IFC’s role in improving the economic growth of the less developed countries via stimulation of private capital markets. He spoke of international trade barriers and terms of trade and their role in the capacity to repay debt. He remarked on the choice between bilateral and multilateral aid, and the influence of politics on development choices. He called for more economic objectivity in aid decisions. He also noted the problem of enlargement of IDA’s resources for the future. He concluded by saying that Bank is showing how an instrument of international cooperation can bring the world's resources to bear on the problems that are of concern to most of mankind--a kind of burning glass that can kindle the fire of hope even in the most remote and forsaken corners of the earth.Publication Annual Address to the Board of Governors, October 7, 1958(World Bank, Washington, DC, 1958-10-07)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.