International Bank for Reconstruction and Development

Extract

On April 29, 1949 the International Bank for Reconstruction and Development announced the results of its operations for the nine-month period ending March 31, 1949. Net income amounted to $7,383,006 as compared with $2,242,597 for the first nine months of the preceding fiscal year. The Bank's income was $15,611,704 plus $3,701,468 of the special reserve account and total expenses for the nine-month period amounted to $8,228,698. During the first three months of 1949 the International Bank approved four new loans amounting to $125,100,000, bringing the total loans approved by the Bank since its organization to $650,100,000. These four new loan agreements consisted of two agreements with two Mexican corporations in the amount of $34,100,000, an agreement with the Brazilian Traction, Light and Power Company, Ltd. in the amount of $75,000,000, and an agreement with the Kingdom of Belgium in the amount of $16,000,000. It was expected that a portion of these loans would be disbursed in currencies other than United States dollars.