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PRESS RELEASE June 17, 1954

World Bank Offers Canadian Dollar 25 Million 15-Year Bond Issue

"Announcement was made today of an issue of $25 million 3-1/2% 15-year Canadian dollar bonds of 1954 of the International Bank for Reconstruction and Development. The bonds, which will be dated June 1, 1954 and mature June l, 1969, are being offered at a price of 99-1/4 by a large group of dealers and banks headed by A. E. Ames & Co. Limited, Wood., Gundy & Company Limited, and Dominion Securities Corp. Limited.

"This is the second issue of International Bank bonds offered in the Canadian market. In February 1952 an issue of $15 million 4% 10-year bonds was offered and over-subscribed.

"Including the latest issue of the Bank in Canada, total outstanding funded debt amounts to the equivalent of U.S. $776,678,354 divided into 17 issues. Eight issues amounting to U.S. $665 million are denominated in United States dollars; and the remaining nine issues equivalent to U.S. $111,678,354 are denominated in Canadian dollars, pounds sterling and Swiss francs.

"As of May 31, 1954, the Bank had entered into 102 loan commitments totaling the equivalent of U.S. $1,892,948,464. These commitments have as their objective largely the financing of the foreign exchange costs of reconstruction and development in 30 member countries of the Bank and three overseas territories of member countries. Borrowers include governments, government agencies and private business and industry. Where the borrower is not a government, the Bank (as required by its Articles of Agreement, has obtained the guarantee of the government in whose territory the project financed is located."