Announcement of Thirty Million US Dollars Loan for Industry in the Philippines on November 7, 1974

INTERf\lATIONAL BANK FOR LOPMENT. 1818 H STREET, N.W .. WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 Bank Press Release No. 74/85 Subject: $30 million loan for industry in the November 7, 1974 Philippines The World Bank has approved today a loan of $30 million for the Private Develop- ment Corporation of the Philippines (PDCP). The loan will help the.Private Development Corporation of the Philippines to provide foreign exchange required to finance direct imports for projects in the fields of industry, agro-industry, mining, tourism and transport. A substantial part of the loan will go to assist export-oriented manufacturing projects. The loan is the Eifth Bank Group loan for PDCP and the sixth in a series of Bank Group loans for financing industrial investment in the Philippines. PDCP was • established as a privately-owned corporation in 1963 with Bank G~oup assistance. Since its inception, it has approved financial assistance totaling $140 million equivalent to industrial, agro-industrial and transportation proj~cts. Proj"ects financed by PDCP are estimated to have generated a total investment of about $390 million, created over 30,000 jobs and earned or saved foreign exchange amounting to about $200 million annually. The Bank loan for PDCP will bear interest at 8% and will be guaranteed by the Government. Repayments to the Bank will conform approximately to repayments received by PDCP on its sub-loans financed out of Bank funds which will not extend beyond 15 years. Note: Honey figures are expressed in US dollar equivalents. • 0