Announcement of Highlights of the World Bank Group's Activities for Afghanistan in Fiscal 1974 on September 23, 1974

. ·HOL:O FOR R_ELEASE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT IN"rEHNATIONAL DF~VELOPl\1ENT ASSOCIATION 1 8 l 8 I-' STREET, N VV WASHINGTON D.C.20433 TELEPHONE, EXECUTIVE 3-6360 For Publication Monday, September 23, 1974 AFGHANISTAN HIGHLIGHTS OF THE WORLD BANK GROUP'S ACTIVITIES IN FISCAL 1974 GROUP'S GLOBAL COMMITMENT REACHES $4,517 MILLION AFGHANISTAN RECEIVES $11.5 MILLION FROM IDA FOR TRANSPORT DEVELOPMENT Afghanistan received $11.5 million from the World Bank Group during the • fiscal year ended June 30, 1974, according to the Annual Report of the World Bank and the International Development Association (IDA), released here today. All of the year's financing for economic development in Afghanistan came from IDA. The Association's credits to date have been for 50 years, free of interest, but carry a service charge of 3/4 of 1%. The year's commitment brought the cumulative total of the Group's lending to Afghanistan to $40 mil- lion in the form of IDA credits. $11.5 Million IDA Credit for Roads The credit is helping Afghanistan to improve and maintain 2,480 miles of roads essential to its economic development. It is the second credit for high- ways in Afghanistan. A credit of $5 million, extended in 1969, is financing the purchase of highway maintenance and workshop equipment, vehicles, spare parts, tools and materials for road maintenance in eastern Afghanistan. • This year's /more Note: Money figures are expressed in US dollare equivaler.L'~s. 1 • - 2 - credit will continue the road improvement and maintenance program in eastern Afghanistan and will extend the program to cover the western and southern regions. BANK GROUP ACTIVITIES IN FISCAL 1974 -- THE GLOBAL PICTURE For the sixth consecutive year, the World Bank Group has approved a record total of development assistance to the poorer nations of the world. The figure of $4,517 million for the fiscal year 1974, was $962 million higher than in the previous years. The World Bank's borrowings also reached of $1,853 million. Over 30% of this amount came from oil-exporting nations. Compared with fiscal 1973, the Bank's lending rose by almost $1,200 mil- • lion to $3,218.4 million. As had been expected, IDA committed virtually all the resources available to it by the end of the year~ Its commitments totaling $1,095.2 million, were $250 million less than in fiscal 1973. l The International Finance Corporation, the Bank's other affiliate, made investments totaling $203.4 million. - 0 - •