The Imperial Government of Iran and the World Bank have signed an agreement for a loan to the World Bank of $200,000,000. The loan will have a maturity of 12 years and the interest rate will be 8% per annum.
This borrowing from the Imperial Government of Iran is the initial implementation of certain measures recently outlined by His Imperial Majesty the Shah of Iran for the purpose of assisting the less developed countries in obtaining resources for their economic development.
In commenting on the transaction Robert S. McNamara, President of the World Bank, noted that he was particularly pleased at this first loan from the Government of Iran, a country with which the Bank has had a long and beneficial relationship. Mr. McNamara expressed his great appreciation that Iran was able and prepared to make its resources available to assist other countries in their development efforts.