International Bank for Reconstruction and Development

The fifteenth annual report of the International Bank for Reconstruction and Development, covering the fiscal year July 1, 1959, to June 30, 1960, was presented to the Board of Governors on September 27, 1960. The report noted that the year under review had clearly marked the beginning of a period of change in international economic relations, especially with regard to the less developed countries where new needs were emerging and new institutions and techniques to meet them were beginning to take definite shape. Although the external accounts of these countries had benefited from a substantial increase in the volume of their exports, their terms of trade had not shown a similar recovery, and their external public debt had increased. The Bank's lending for the year under review was slightly below the rate of each of the previous two years; it had made 31 loans totaling. $658.7 million as compared to 30 loans totaling $703 million in the previous year. Asia and the Middle East, sharing $273 million in loans between them, received the largest portion, while Africa received $183 million, Latin America $134 million, and Europe only $69 million. Lending operations continued to concentrate on basic facilities, with transportation loans amounting to $245 million, electric power loans to $208 million, and industrial loans to $146 million, while agricultural loans rose to $60 million, the highest sum in recent years. Net earnings, exclusive of receipts from loan commissions, came to $59.5 million, an increase of $13 million over the previous year; disbursements fell to $544 million, less than the $583 million of the preceding year.