International Bank for Reconstruction and Development

The twelfth annual report of the International Bank for Reconstruction and Development, covering the fiscal year July 1, 1956, to June 30, 1957, was presented to the Board of Governors on September 23, 1957. Citing the increased economic activity in most of the Bank's member countries as a factor favorable to the operations of the Bank, the report noted that the twenty loans during the year had amounted to $388 million and had brought the gross total of Bank loans to $3,108 million, made up of 170 loans in 45 member countries and territories. Loans for the development of electric power had constituted $108 million, more than a quarter of the amount lent in the year, while loans made to industry had amounted to $95 million, and those for agriculture and transport each had accounted for about $55 million. Concerning the Bank's financial operations, the report stated that the year's net income, exclusive of receipts from loan commissions, had amounted to $36 million, which had been credited to a Supplemental Reserve against losses on loans and guarantees. Receipts from the commission of 1 percent charged on the outstanding balance of all loans had amounted to $17 million and, credited to a Special Reserve, had increased total reserves to $289 million. Gross income for the year, excluding loan commissions, had amounted to $74 million; expenses had been $38 million, of which nearly $30 million had been the interest paid on the Bank's funded debt. During the year under review total principal repayments to the Bank had amounted to $63 million.