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PRESS RELEASE November 7, 1972

World Bank Announces Switzerland Grant to IDA

The Swiss Ambassador to the United States, Mr. F. Schnyder, and Mr. J. Burke Knapp, Senior Vice President of the International Development Association (IDA), today signed an agreement in Washington under which Switzerland grants IDA a loan of 130 million Swiss Francs (about $34 million). This interest-free loan of a 50 years duration and with a grace period of 10 years has been granted within the framework of the Third General Replenishment of IDA resources which entered into force on September 22, 1972.

On the occasion of the Second Replenishment in 1967, Switzerland – a non-member country of IDA – granted, on the same conditions, a first loan of 52 million Swiss Francs (about $12 million).