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PRESS RELEASE July 28, 1987

World Bank to Allocate Profits to Reserves and IDA

The Executive Directors of the World Bank, formally known as International Bank for Reconstruction and Development, today have proposed to the Board of Governors that $1,013 million be allocated to the Bank's general reserve from its net income of $1,113 million for fiscal year 1987.

They also have recommended that $100 million be transferred to the International Development Association (IDA), the Bank's concessional lending affiliate. The grant will help strengthen IDA's efforts to promote development in the poorest developing countries.