Bank Appendices

20078 Public Disclosure Authorized WORLD BANK AND IDA Public Disclosure Authorized ITERNATIONALBANK FOR RECONSTRUCTION ANDDEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized Annual Report 1963-64 Public Disclosure Authorized F1EClF 17 U-7 k" 1;A YJ ,IL, rn" W777 krl F;17s' P iJ:i -7:IsA OP" oi Z; N. ¼', <K; -, 9-r;-#'5 "'k - '''yt$ jar t "'%& 9, 16 K " I wig ¾ '%'%%\& "' A ? ' ' 1Ž7 NN 1 Aa ' ALA >, <>> AZ p t"4v< >4 )V<., <1st- -\ k t 4 '-N,.,r. "u< 4. "-i -- d I ¾ * -< K" 4 9 .- s44n - V w y.2rC'%4 r - 9. "6 "<Y * 't&c*/ <CV V . A1 trzA*S 4sr\ 94st0 - -.. fl7 P6 v,,' 'N ;; N a' -- V.- -Z' -V.-'- - 'I N. w, V, TAlk.j.,. ANNUAL REPORT 1963-1964 Contents-Annual Report 1963-1964 page PRESIDENT'S LETTER OF TRANSMITTAL . 2 THE YEAR'S ACTIVITIES . 4 General . I . 5 Bank Finances . 15 IDA Finances . 17 Technical Assistance . 17 COUNTRY-BY-COUNTRY ANNEX OF ACTIVITIES Africa . 21 Asia and the Middle East . I . 29 Australasia. 43 Europe. 45 Western Hemisphere . 51 BANE APPENDICES . 59 Balance Sheet . 60 Summary Statement of Loans . 68 Funded Debt . 70 IDA APPENDICES Summary Statement of Development Credits . 76 JOINT BANK AND IDA APPENDICES . 87 ~1 International Bank for Reconstruction and Development International Development Association September 7, 1964 Mv dear Mr. Chairman: In accordance with Section 10 of the By-LIaws of the International Bank for Reconstruction and Development and Section 2 of thc By-Laws of the International Development Association, I have been authorized by the Executive Directors of the Bank and the Association to submnit to the Boards of Governors this Annual Report for the fiscal year July 1. 1963 to June 30, 1964. The first section of the Report surveys the various activities of the Bank and the Association in the fiscal year, and is followcd b)y the customary Appendices, including the financial statements as of June 30, 1964, and the Administrative Budgets for the fiscal year ending Junc 30, 1965. Sincerely yours. GEORGE 1). WVOODS Pre sinl Chairmnan Boards of Governors International Bank for Reconstruction and Development, and International Development Association 2 Financial Highlights (Expressedi in millions of Uniledi States Dollars) Fiscal Years 1963 1964 BANK LOANS OF THE YEAR $ 449 $ 810 SALES OF PARTS OF BANK LOANS 273 173 REPAYMENTS OF LOANS TO BANK 113 117 GROSS INCOME 204 219 NET INCOME 83 97 TOTAL OF SUPPLEMENTAL RESERVE 558 558* TOTAL OF SPECIAL RESERVE 255 288 TOTAL RESERVES 813 846 BORROWINGS (GROSS) 124 105 NET CHANGE IN FUNDED DEBT (-) 2 (-) 27 SUBSCRIBED CAPITAL 20,730 21,186 1963 1964 IDA CREDITS OF THE YEAR 260 283 SUBSCRIPTIONS 969 987 SUPPLEMENTARY RESOURCES 6 679 *In julv 1964 the Bank allocated to the Supplemcntal Rserve $47 miltion of the net income earned in fiscal year 19G3-64 thus increasing this eeserve to $605 nilhon and total reseeses to S893 million. 3 The Year's Activities . Theyo a The year's 37 Bank Loans weremade in 28 countriesand territories,and were equivalentto $810 million. The year's 18 IDA Creditswere made in 8 countriesand territories,and were equivalentto $283 million. 4 THEWORLD BANK GROUP OF INSTITU- countries have now received financial assistance TIONS has sought to attack the stubborn from the Bank and its affiliates. problems of economic devclopment on a number The Bank group supported projects of new of fronts: providing finance in increasingly flexi- kinds in a number of the commitments they ble ways, furnishing technical and planning as- undertook during the year. The Bank made a sistance to member countries, building up local loan (in Algeria) for the first large-scale com- institutions to mobilize and channel capital for mercial plant for the liquefaction of natural gas; productive purposes, and forming international it provided funds for a sea water distillation consultative groups to coordinate the provision plant as part of a loan to Malta. For the first of external aid. On all these fronts the Bank and time, IDA extended a credit for a range of im- its affiliates have continued to broaden and in- portant capital goods manufacturing industries tensify their efforts during the year just past. For (in India); it made its second credit for the ex- the second year in the history of the group, its pansion of education (in Tanganyika), soon fol- loans, credits and investments exceeded $1,000 lowed by a third and fourth (both in Pakistan). million: World Bank loans and investments by It was a highly active year for the Bank and the International Finance Corporation (de- IDA; but it was also an introspective year. The scribed in IFC's own Annual Report) were near President and the Executive Directors began a previous maximums; development credits from thoroughgoing review of the policies and prac- the International Development Association tices of the two institutions. It resulted, among reached a record total. other things, in a resolve that the institutions The Bank's financial strength continued to should try to increase the effectiveness of their grow; its reserves reached more than $845 activities in agriculture, industry and education. million. The Executive Directors initiated steps which in future would free more of the Bank's AGRICULTURE: Post-war experience has income for use in its operations, and made pro- shown that progress in agriculture is essential to posals intended to enlarge still further the use- economic development. Agriculture is the chief fulness of IFC and IDA. In the case of IFC, the economic activity in almost all of the under- proposal was to amend the Articles of Agree- developed countries; a high proportion of their ment of the Bank and IFC so as to authorize employment is generated in this sector, and ex- Bank lending to IFC. In the case of IDA, the port earnings in a number of countries are al- proposal was that the Governors approve the most entirely dependent on it. An unduly slow transfer to IDA of $50 million of the Bank's net increase in agricultural output and income im- income for the fiscal year. In the meantime, a poses severe constraint on the growth of the group of IDA's member governments took ac- economy as a whole. But the best available in- tion to assure that their own contributions to the formation indicates that agricultural output in replenishment of IDA's resources would become the developing countries has done little more effective. than keep pace with population growth in the The Bank made its first loans in eight countries: last decade; and for some underdeveloped coun- China, Liberia, Malta, Mauritius, New Zea- tries, the cost of importing food is a heavy burden land, Portugal, Spain and Tunisia; there were on the balance of payments. Clearly, the stimula- four new borrowers from IDA: Ecuador, Niger, tion and guidance of more rapid improvements Syria and Tanganyika; and IFC made its first in agricultural techniques and organization con- commitments in Honduras, Malaysia, Nigeria, stitute a key to the achievement of a satisfactory Sudan and Turkey. Altogether, projects in 80 rate of development. 5 Bank Loans and IDA Credits 1963/64 by Area (Expressed in millions of U.S. Dollars) Bank Loans IDA Credits Total No. Amount No. Amount No. Amount Africa Algeria . 1 $ 20.50 - $ - 1 $ 20.50 Ethiopia. 1 23.50 - - 1 23.50 Liberia . 1 3.25 - 1 3.25 Mauritius . 1 7.00 - - 1 7.00 Niger . - - 1 1.50 1 1.50 Nigeria . 1 30.00 - - 1 30.00 Tanganyika. - - 2 18.60 2 18.60 Tunisia . 1 7.00 - - 1 7.00 6 $ 91.25 3 S 20.10 9 $ 111.35 Asia and Middle East China . 1 $ 7.80 - $ - 1 $ 7.80 India . - - 1 90.00 1 90.00 Iran . 1 18.50 - - 1 18.50 Japan . 2 125.00 - - 2 125.00 Jordan . - - 2 6.50 2 6.50 Malaysia . 2 59.90 - - 2 59.90 Pakistan. 3 62.00 9 146.50 12 208.50 Syria . - - 1 8.50 1 8.50 Thailand . 1 2.50 - - 1 2.50 10 $275.70 13 $251.50 23 $ 527.20 Australasia New Zealand . 2 $ 40.30 - $ - 2 $ 40.30 Europe Denmark . 1 $ 25.00 - - 1 $ 25.00 Finland . 1 7.00 - - 1 7.00 Malta . 1 7.50 - - 1 7.50 Norway . 1 25.00 - - 1 25.00 Portugal. 2 12.50 - - 2 12.50 Spain . 1 33.00 - - 1 33.00 Yugoslavia . 1 35.00 - - 1 35.00 8 $145.00 - 3 - 8 $ 145.00 Western Hemisphere Chile . 2 $ 24.00 - - 2 $ 24.00 Colombia . 2 50.00 - - 2 50.00 Costa Rica . 1 22.00 - - 1 22.00 Ecuador. 1 9.00 1 8.00 2 17.00 El Salvador. 1 9.50 - 1 9.50 Mexico . 1 40.00 - - 1 40.00 Paraguay . - - 1 3.60 1 3.60 Peru. 2 18.10 - - 2 18.10 Venezuela . 1 85.00 - - 1 85.00 11 $257.60 2 S 11.60 13 $ 269.20 6 Totals . 37 $809.85 18 $283.20 55 $1,093.05 About 7% of the Bank's lending and about already approved by the Governors of the Bank 15% of IDA's are for agricultural and forestry and IDA, will be acted on by the Governing projects, mainly for irrigation and flood control. Council of FAO in October 1964. Meanwhile, In addition, there are many transportation proj- pending such approval, the two organizations ects which benefit agriculture by improving already have begun informal cooperation in line access to markets. Nevertheless, the Bank and with the agreement. During the year, in addi- IDA are convinced of the need to broaden and tion, a mission organized by the Bank began field intensify still further their activities in support of work on a long-range study of the problems of agriculture.

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