Tanzania - Cashewnut Development Project

FILE COPY CIRCULATING COPY TIL 1r RETURNED TO REPORTS DESK DOCUMENT OF INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Not For Public Use Report No. P-1412-TA REPORT AND RECOMMENDATION OF THE Z co ;0 CJ ) > - PRESIDENT O < --i TO THE ., - 0 EXECUTIVE DIRECTORS O .'( > ON A > I PROPOSED LOAN I <M TO THE Z UNITED REPUBLIC OF TANZANIA FOR A i CASHEW NUT DEVELOPMENT PROJECT May 9, 1974 This report was prepared for official use only by the Bank Group. It may not be published, quoted or cited without Bank Group authorization.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.  CURRENCY EQUIVALENTS USED IN THIS REPORT In June 30, 1973, the Tanzania Shilling was set at a central rate of US$1 = TSh 6.86 and this is the rate used throughout the report. On January 19, 1974, the Shilling was revalued at US$1.0 = TSh 7.1h. Tanzania Shs 1.0 U$ 0.145 US$ 1.00 = TSh 6.86 TANZANIA FISCAL YEAR July 1st - June 30th  REPORT AND RECONENDATION OF THE PRtSIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE UNITED REPUBLIC OF TANZANIA FOR A CASHEW NUT DEVELOPMENT PROJECT 1. I submit the following repnort and recommendation on a proposed loan to the United Republic of Tanzania for the equivalent of US $21.0 million to help finance a project for cashew nut development. The loan would have a term of 20 years, including five years grace, with interest at 7-4 percent per annum. About $19 million of the proceeds of the loan would be relent to the Cashew Nut Authority of Tanzania for 20 years, including five years grace, with interest at 8-