World Bank President Barber B. Conable expressed his gratitude to Norway and the United Kingdom for being the first member countries to subscribe to the $74.8 billion General Capital Increase (GCI) approved by the Bank's Board of Governors on April 27, 1988.
On August 31, the United Kingdom became the first member to fully subscribe to the 30,450 shares available to it. Norway became the very first member to subscribe to the GCI when on August 3 it took up 1,135 shares, more than one-quarter of its allocation.
Mr. Conable was happy to note that in addition to the early action of Norway and the United Kingdom a large number of other members are in the process of subscribing the shares available to them under the GCI.
At the time of subscription, members pay in 3 percent of the subscription price of $120,635 per share. The remaining 97 percent is callable only if needed by the Bank to meet its obligations for borrowings or guarantees; it may not be called for lending or administrative expenses.