The International Bank for Reconstruction and Development has arranged to borrow an additional $115 million in U.S. Dollars from the Deutsche Bundesbank.
Of this sum, $40 million will be for three years at 2-1/2% and will replace the $40 million maturity due July 11 on a previous loan.
The other 75 million will be a new loan maturing in one, two and three years at $25 million each year. This loan will also bear interest at 2-1/2%.
This transaction will bring to a total of 250 million in U.S. dollars the amounts loaned by the Deutsche Bundesbank to the World Bank since the middle of 1957.
Mr. Eugene R. Black, President of the World Bank expressed his appreciation of this renewed evidence of the Deutsche Bundesbank’s desire to help the World Bank in its task of providing assistance to the underdeveloped countries of the world.