Announcement of Indian Port Loans Signed on June 25, 1958

- . FOR IMMEDIATE RELEASE WO II L • REC()N 1818 H STREET, E3A FOR ~ON AND DEVELOP}VJENT N.W. 1 WASHINGTON 25, D. C. TELEPHONE: EXECUTIVE 3-6360 PRESS RELEASE NO. 540 SUBJEm': Indian Port Loans Signed June 25: 1958 The World Bank today entered into formal agreements to lend $43 million for port improvements at Calcutta and Madras, two of India's largest and most important port cities. One loan, of $29 million, was ~de to the Conmuss1oners for the Port of Calcutta; the other loan, of $14 million, was :made to the Trustees of the Port of Madras. Announcement of the loans was made on April 16 when they were approved by • the Bank's Executive Directors. The loan agreements have since been signed in India by representatives of the respective borrowers. The Guarantee AgreementD were today signed by Mr. H. Dayal, Charge d 'Affaires of the Embassy of India in Washington, on behalf of the Government of India. The Loan and Guarantee Agree- ments were signed by Mr. Davidson Sommers, Vice President, on behalf of the World Bank. The Bank of America, The Chase Manhattan Bank and the Irving Trust Company are participating in the two loans, without the World Bank's guarantee, for a total amount of $1,705,000. Both loans a.re for a term of 20 years and bear interest of m, including the 1% connnission which is allocated to the Bank's Special Reserve. Amortization of the loans will begin in April 19630 •