"The International Bank for Reconstruction and Development (World Bank) announced it plans to offer an aggregate of $500 million of Notes, consisting of $300 million of Five Year Notes due January 1, 1980 and $200 million of Ten Year Notes due January 1, 1985. The offering, which is expected to take place on or about December 11, 1974, will be made by an underwriting group managed by Salomon Brothers, The First Boston Corporation and Morgan Stanley & Co. Incorporated.
The Notes will be direct, unsecured obligations of the Bank; they will be non-redeemable prior to maturity. The proceeds from the sale of the Notes will be used in the general operations of the Bank.
The Bank, which began its operations in 1946, is an international institution the members of which are governments. At the present time, it has 125 governments as members.
The principal purposes of the Bank are as follows:
(a) to assist in the reconstruction and development of its member countries by facilitating the investment of capital for productive purposes, thereby promoting the long-range growth of international trade and the improvement of standards of living;
(b) to promote private foreign investment by guarantees of or participations in loans and other investments made by private investors; and
(c) when private capital is not available on reasonable terms, to supplement private investment by making loans for productive purposes out of its own resources or funds borrowed by it.
From its establishment to September 30, 1974, the Bank had approved loan commitments in an aggregate principal amount equivalent to about $24.6 billion to finance programs or projects in 94 countries. The loan commitments effective and held by the Bank as of September 30, 1974 totaled about $16.8 billion of which the undisbursed balance was approximately $6.3 billion."
Note: Money figures are expressed in US dollar equivalents.