Loan Applications Received from Philippines on September 15, 1948

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Washington FOR THE PRESS FOR IMMEDIATE RELEASE Press Release No. 116 September 15, 1948 The International Bank for Reconstruction and Development announced today that it has received a formal application from the Government of the Philippines for a loan to finance the foreign exchange cost of four hydro-electric power projects and of a fertiliser plant in that country. The sum required was not stated in the application. This application has been received during the course of conversations which have been taking place in Washington during the past few weoks with a Financial and Technical Mission sent to Washington by the President of the Philippines and headed by Secretary of Finance Miguel Cuaderno, The conversations are covering the program of the Philippine Government for the rehabilitation and development of the Philippine economy and are the most comprehensive which the Bank has yet unertaken with a member country. They will provide essential background for convideration of the present application.