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PRESS RELEASE June 3, 1953

Opening of Discussions between Bank and Japan on General Approach toward Financing Japan's Economic Development

The Government of Japan and the International Bank for Reconstruction and Development announced today that they are opening discussions on the general approach of the Bank toward the financing of Japan's economic development. These discussions follow the visit to Japan of a Bank mission in the closing months of last year, which examined the general economic situation and prospects as well as the investment requirements of Japan. Three thermal power projects, one for a 66,000 KW unit for the Chubu Electric Power Company, another for a 75,000 KW unit for the Kyushu Electric Power Company, and the third for two 75,000 KW units for the Kansai Electric Power Company, have been mentioned as a possible basis for the Bank's initial investment in Japan.