India - Ninth Industrial Credit and Investment Corporation Project

RESTRICTED Report No. P-988 This report is for official use only by the Bank Group and specifically authorized organizations or persons. It May not be published, quoted or cited without Bank Group authorization. The Bank Group does not accept responsibility for the accuracy or completeness of the report. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT REPORT AND RECOMMENDATION OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED October 13, 1971  REPORT AND RECO15ThNDATION OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS OlN A PROPOSED LOAN TO THE INDUSTRIAL CREDIT AND INVESTMET CORPORATION OF INDIA IIMITED 1. * I submit the following report and recommelndation on a proposed loan to the Industrial Credit and Investment Corporation of India Limited (ICICI) with the guarantee of India for the equivalent of US$60 million to help finance ICICI's operations over a period of two years. Amortization will conform substantially to the aggregate of the amortization schedules applicable to the sub-loans and investments finan- ced out of the loan now proposed. The interest rate will be 7