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The World Bank Group in Colombia

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THE World Bank Group IN COLOMBIA INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL DEVELOPMENT ASSOCIATION August 1967 .... BASIC DATA AREA: 440,000 square miles POPULATION (mid-1967): 18.7 million POPULATION GROWTH: 3.2 % per annum GROSS DOMESTIC PRODUCT 1966: Rate of Growth 1956-61: 4.1 % per annum 1961-66: 4.4% per annum Per Capita (1966): us $230-$270 CONTRIBUTION TO GROSS DOMESTIC PRODUCT Percentage Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Manufacturing . .... . .. . . .. .. . .. .. . . .. . .. .. .. ... 19 Commerce...... . ..... . ... .... . . .. . . . . .. . . .... . 16 Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Other. . .. . .. . ... ..... .. .. . ... . .. .. .. .. . ... . . . . . 29 .... THE WORLD BANK GROUP IN COLOMBIA August 1967 T HE WORLD BANK GROUP has been associated with Colombia's efforts to develop her economy since the late 1940s. During this period many of the chief obstacles to develop- ment in Colombia have been reduced and the foundations laid for future economic expansion:r A national network of roads and railways has been established; electricity generating capacity has been considerably increased; and a start has been made in raising the low level of productivity in agriculture. At the same time, a substantial and lively industrial sector, backed by both domestic and foreign capital, has been built up. The first finance provided Colombia by the World Bank was a US $5 million loan for the purchase of agricultural machinery in August 1949. To June 30, 1967, a further 28 loans had been made. Total Bank lending to the country at that date amounted to $455.6 million. A credit of $19.5 million had also been ex- tended by the International Development Association (IDA), an affiliate of the Bank set up in 1960 to provide assistance to developing countries on concessionary terms. As in other countries, the bulk of the Bank and IDA's lending in Colombia has been for projects to strengthen the infrastructure of the country's economy. Power and transport come high in this category and all but $106.7 million of the Bank and IDA's assistance to Colombia has gone into these two sectors. Finance for the expansion of electric power supplies has amounted to $205.8 million, for roads and railways to $162.6 million. Other assistance has been to industry ($55 million), agriculture ($35.7 million), and telecommunications ($16 million) . In addition to Bank and IDA lending, a substantial volume of funds has been channeled into Colombia in recent years by the International Finance Corporation (IFC), another affiliate of the Bank whose task is to provide finance for and to stimulate the flow of capital into private industry. To the end of June 1967 IFC had been involved in 18 separate financing operations in Colombia involving gross commitments of $15.3 million. Over the years the World Bank Group has provided Colombia with a variety of technical assistance in connection with her economic development. The Bank has also taken the lead in forming a Consultative Group to coordinate external assistance 1 for Colombia's development. Members of the Consultative Group are Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Switzerland, the United Kingdom and the United States. The most recent meeting of the Consultative Group for Colombia was held in Paris in June 1967. The group reviewed a report, prepared by the World Bank, on the current economic situation and prospects of Colombia as well as a list of projects which have high priority for external financing. The countries and institutions represented at the meeting recognized the progress made by the Colombian Government in preparing projects for external financ- ing and jn mobilizing domestic resources necessary for comple- menting such financing. They agreed that Colombia's recent economic performance and prospects justified continued assistance from members of the Group. In terms of area, Colombia is the fourth largest country in Latin America. Much of the country consists of mountains and tropical forest, but at least one-third is accessible arable and grazing land. Agriculture is by far the biggest sector of the economy and likely to remain so in the foreseeable future. About half the population is rural. With three ranges of the Andes running approximately south- north, Colombia has great variations in climate and produces a wide variety of crops as well as livestock products. Livestock represents about one-fourth of agricultural production. Coffee, however, is the dominant produce, accounting for about one-third of agricultural output and approximately two-thirds of total exports. This heavy reliance of her foreign trade on one com- modity has placed Colombia in an exposed position. This has been sharply illustrated in recent years, when world over-production of coffee and lower prices have severely affected the balance of payments. In view of the world coffee situation, there has been a need for further diversification in Colombian exports. Apart from agricultural land, Colombia's internal resources consist chiefly of coal, iron and petroleum; the country is also rich in water and forests. The largest oil field on the West Coast of Latin America has been discovered in Colombia in the remote region of Putumayo. Colombia's population is growing at over 33 annually. The population increase has been most rapid in the urban areas, where 2 it has been running at about 6-7% a year, causing employment difficulties and over-stretching urban facilities. POWER An increase in electricity generating capacity has been an essen- tial requisite for economic growth in Colombia. In the early 1950s capacity in the main cities was insufficient to meet demand and restrictions on the use of electricity were necessary. A number of industrial establishments were forced to the costly expedient of installing their own power plants. 3 The World Bank's assistance to this sector has been mainly for projects to increase electricity supplies in three major regions- Bogota, the capital; Medellin, the center of Colombia's textile industry and a growing industrial region; and the Cauca Valley, where the development both of agriculture and industry has been considerable. Apart from being the capital of Colombia, Bogota is also a major industrial and commercial center. Demand for electricity in the area has been rising at about 13% a year. The Bank has made two loans totaling $67.6 million to increase electric power gen- eration in Bogota-the first of $17.6 million in January 1960, the second of $50 million, the largest loan so far made by the Bank to Colombia, in May 1962. The loans have helped the Empresa de Energia Electrica de Bogota to finance an expansion program costing around $100 million to treble its generating capacity from 128,000 to 428,000 kilowatts. The Bogota River is extremely favorable for the development of hydro-electric power, dropping from an elevation of 8,300 feet to 2,400 feet above sea level within 15 miles of the city. Under the expansion program extra hydro-electric generating capacity has been added and new thermal power plants constructed near Bogota. In the Medellin area, the oldest industrial community in Colombia, electricity generating capacity was raised from 136,000 to over 370,000 kilowatts between 1959 and 1965 as a result of projects undertaken by the Empresas Publicas de Medellin. The Bank provided $34 million toward the cost of these projects, $12 million in May 1959 and $22 million in May 1961. A further $45 million was lent by the Bank to Empresas in February 1964 for another project to raise the capacity of Medellin's power facilities to around 520,000 kilowatts. The increase in electricity supplies for the Medellin area has been achieved by harnessing the hydro-electric potential of the Guadalupe and N are Rivers. The increase in Colombia's demand for power has been partic- ularly rapid in the Cali area, where it has been growing at an annual rate of around 16%. Cali is well placed for development. It is located in the Upper Cauca Valley, one of the most fertile regions in Colombia, and is close to natural resources, manpower and transport facilities. In addition, the city is a major rail, road and air link with other major centers such as Bogota in the 4 north east, Medellin and Manizales in the north, Popayan in the south, and Buenaventura, the main port of Colombia on the Pacific coast. For these various reasons a large number of businesses have been attracted to the area and have greatly increased Cali's power requirements. The needs of agriculture in the Cauca Valley have also risen as more modern methods of farming have been adopted and more land has been brought under cultivation by reclamation, flood prevention and irrigation. To June 30, 1967, the Bank had made five loans totaling $44.6 million toward the cost of power development in the Cauca Valley, the largest being one of $25 million in 1960. The loans have assisted in financing new hydro-electric plants on the Anchicaya and Calima Rivers and a new thermal electric plant at Yumbo, just north of Cali. The Bank's lending began with three relatively small loans totaling $10.8 million between 1950 and 1958 to the Central Hidroelectrica del Rio Anchicaya, (CHIDRAL), a publicly owned electric power company which supplies electric power to Cali. Although these loans helped to improve the supply position considerably, the rapid population growth and industrialization of the Cauca Valley continued to place great strain on the system. Further expansion has therefore been undertaken, for which the Bank lent $25 million in 1960 and $8.8 million in 1963. This finance was extended jointly to CHIDRAL and to Corporacion Aut.onoma Regional del Cauca (Cauca Valley Corporation), an autonomous regional organization responsible for developing the resources of the Cauca Valley. Part of the 1960 loan was used to help interconnect CHIDRAL's transmission system with the power system serving the depart- ment of Caldas. Further interpooling of Colombia's power supplies is required and agreement has recently been reached among the principal power producers, under the Government's coordination, for the establishment of an enterprise which will be the institu- tional basis for a national power system. A program has been prepared to interconnect the principal producer-consumer centers and construction of the transmission lines will start in 1968. In addition to its loans for development of electric power in the Bogota, Medellin and Cauca Valley areas, which have totaled $191.2 million, the Bank has made four other loans amounting to 5 $14.6 million for the expansion of generating capacity in other parts of Colombia. These loans have helped meet the cost of improving power supplies in Manizales, a major coffee growing center; in Bucaramanga, the center of Colombia's tobacco growing industry; and in Cartagena, an important seaport in Northern Colombia. Altogether, the Bank's 14 loans for the development of electric power in Colombia have helped finance projects that have added or will add nearly one million kilowatts to the country's power systems. TRANSPORTATION Another pressing requirement of the Colombian economy has been an improvement of the country's transport facilities. The three mountain ranges dividing the country make transportation in Colombia extremely difficult. In the early 1950's the country's transport facilities were seriously inadequate and modern surface transportation between regions almost non-existent. At that time, traffic between central Colombia and Atlantic Ocean ports, as well as much internal traffic, was largely dependent upon the Magdalena River, supplemented by a few rail and road links around the main urban centers. Movement was slow and erratic and subject to frequent delays during the dry season. The report of a Bank mission sent to the country in 1949 at the Government's request stressed that Colombia's transport facilities required drastic improvement. In its view, inadequate transport facilities, particularly the highway system, were the greatest single obstacle to Colombia's economic development. One of the mission's main recommendations was that a new Atlantic railroad should be built through the Magdalena Valley to join five existing regional l~nes and form the basis of a national railroad network. It also urged that the principal highways should be rehabilitated as a matter of top priority. These proposals were embodied in a program adopted by the Colombian Govern- ment to improve the country's transport facilities. Work on the Atlantic railroad began in 1952. As originally envisaged, the new railroad was to run between Puerto Salgar in central Colombia, the terminus of an existing railroad leading to Bogota, and Gamarra, the highest point on the Magdalena served by year-round river transport. Subsequently, it was decided to extend the railroad to Fundacion, where it would connect with 6 an existing railroad to the port of Santa Marta on the Caribbean coast. Because of the terrain, the new railroad took nine years to complete. I ts total length is 480 miles. The new railroad has cut the journey to the sea from Bogota and other internal centers from several days to under 24 hours. The scope for industrial development in these areas has been greatly enhanced. Previously inaccessible but fertile agricultural regions in the Magdalena Valley have also been opened up. New farms and cattle ranches have been established. The World Bank has assisted the construction and equipping of the Atlantic railroad and the improvement of other sections of the country's railway system with four loans totaling $76.3 million. The first, of $25 million, was made in 1952. Of this, $20 million helped toward the cost of constructing the railroad, while the other $5 million was used for building and equipping railroad repair shops in Bogota. A loan of $15.9 million was made in 1955 to help finance the proposed extension of the railroad and one of $5.4 million in 1960 for additional locomotives, rolling stock and maintenance equipment. The fourth loan, of $30 million, was extended in 1963 so that the old regional railroads could be improved and the carrying capacity of the whole system increased to meet the rapid growth in traffic. At the same time as the work on the Atlantic railroad was proceeding, Colombia pressed ahead to improve its roads, par- ticularly those connecting the main cities and the principal ocean and river ports. World Bank assistance for roads in Colombia began with a loan of $16.5 million in 1951 for a three-year crash program to rehabilitate about 1,900 miles of principal highways and to close two gaps in the network of cross country roads. Because of the urgency of 't he work, it was intended at first to pave only the busiest sections of the roads and to lay the rest with gravel. During construction, however, it became evident that more sections would need to be paved to meet increasing traffic demands. Additional expense was also caused by the difficulty of the terrain; landslides were frequent. A further loan of $14.35 million was made by the Bank in 1953 toward the extra costs incurred. Part of the loan also helped to establish comprehensive maintenance facilities for the entire national highway system. The improvements to Colombia's roads brought immediate benefits. Prolonged traffic delays, due to torrents, slides and poor 7 surfaces, were virtually eliminated. There was a substantial reduction in the time taken on long journeys. Traffic increased rapidly. The road rehabilitation program was subsequently revised again to keep pace with the rapid growth of traffic and the Bank lent another $16.5 million in 1956. A further $39 million was provided jointly by the Bank and the International Development Association in 1961. This brought the total assistance provided by the World Bank Group for the development of Colombia's highways to $86.35 million. 8 By 1961 the main weaknesses of Colombia's transport system had been eliminated. By that time the country had a reasonable network of all-weather highways, an integrated railroad network and a number of serviceable airports. But large parts of the country were still unserviced by roads and it was already evident that further improvements in the system would be required. The Government and the World Bank therefore agreed in 1961 to sponsor a survey of Colombia's transport facilities and needs, with the object of formulating a coordinated program for developing the system further. The survey, published in August 1962, pre- sented a 10-year transport development plan involving total expenditure of around $650 million. Proposed spending on high- ways amounted to $445 million, on railroads $135 million, on ocean ports and inland waterways $37 million, and on airports $29 million. The Government's current transport program is directed toward the completion, modernization and extension of the existing networks. The gasoline tax was raised recently. This will help bring about a more rational distribution of traffic among the different modes of transport as well as provide funds for further highway construction and maintenance. TELECOMMUNICATIONS The development of Colombia's economy has led to a sharp increase in recent years in the demands placed upon the country's telephone system. The number of long-distance telephone calls has more than doubled since 1960, averaging an annual increase of 15%. Nearly half the calls were for purposes of commerce and industry. To provide for the growing pressure on the system a major program of improvements and expansion has been drawn up for 1967-70 by Empresa Nacional de Telecomunicaciones (TELECOM), which provides almost the entire long-distance telecommunication services in Colombia and all the international services. To improve long-distance service, the 1967-70 program provides for the installation of new high-capacity micro-wave systems interconnecting the principal cities, short coaxial and voice fre- quency cable systems, and the recovery of the existing VHF radio equipment and its· reinstallation on routes with less traffic. With the increase in the number of long-distance circuits, a 9 corresponding increase will be made in the links between terminals and the local telephone offices of the municipalities; this will be mainly automatic equipment to provide direct dialing. Inter- national service will be improved by installing five additional high frequency radio transmitters and accompanying equipment. A new receiver station will also be established some 30 miles from Bogota. The total cost of the program is estimated at the equivalent of $27.6 million. The foreign exchange requirements are $19.7 million, of which $16 million will be covered by a World Bank loan announced in June 1967. The remaining foreign exchange requirements will be met by suppliers' credits. AGRICULTURE Agriculture remains the most important sector of the economy in Colombia. More than half of the population is directly or indirectly dependent upon it for its livelihood. A large number of small farms, on or slightly above the subsistence level, coexist with large holdings, with traditional farming still predominating in both cases. While total agricultural output has increased over the last few years-in 1966 it was 22% above the level in the 1957-59 period-the supply of food and agricultural products has practically stagnated on a per capita basis because of the growth in population. As a result, Colombia has in recent years had to import large quantities of food and other agricultural commodities. Substantial improvements in agricultural production are re- quired to meet the expanding domestic requirements for food and fiber and to add to capital formation for general development a of the economy. There is also need to provide a range of agricul- tural products that could be exported to earn additional foreign exchange and in particular to make Colombia less dependent on coffee. The Colombian Government is now preparing to implement a program to raise the output and productivity of eight staple foodstuffs-meat, milk, corn, wheat, potatoes, rice, bananas and cassava. The program consists principally of the provision of additional credit to farmers and of measures to improve marketing arrangements. Agricultural policy is also oriented toward export 10 EZUELA Electric power projects Railroad project _.....,. . Bank Program - - ~~~::i~~ l~A 1 credit ) L...... Principal areas ::~::r~~- financed farm m ~ being used ~ Industr.ial (including I d;~e~:~::~:ents ) 0-'\.'\.~ ~"-"-" Livestock develo.pment areas municatlons 9 ~ * Telecom Develo~me~C (including Irrigation project t financing investments) ~ Other Other railroads roads ,. development and import substitution. Several short-term mea- sures have been taken to help producers of cattle, bananas, and other products. As part of a longer-term plan, a program for secondary and feeder roads is being prepared to facilitate the movement of farm products to their outlets. The need to raise agricultural output in Colombia is matched by the scope. Located in the Tropics and crossed by the Equator, and with land available for agricultural purposes at altitudes ranging from sea level to 10,000 feet, the country is able to produce practically any kind of crop. Vast areas suitable for farming are unused or are used at a low level of intensity. Problems have been created in some areas by a shortage of labor on the land resulting from the attraction of higher wages and better living conditions in the towns. Even in areas where labor is relatively abundant, traditional methods of agriculture are too costly. Increased use of machinery has been required. Most farm machinery has had to be imported into Colombia, thereby placing additional strain on the balance of payments. The World Bank assisted by the provision of two loans of $5 million each in 1949 and 1954. The loans were made to the Caja de Credito Agrario, Industrial y Minero, an autonomous official credit institution which provides credit and banking facili- ties to rural communities and sells farming supplies. The 1949 loan paid for the import of nearly 1,000 tractors and auxiliary equipment. Funds received from the sale of this machinery were used to establish a revolving fund which financed the import of nearly 2,000 more tractors. These imports were greater than the total number of tractors in use in Colombia when the loan was made. A similar procedure was adopted with the 1954 loan. A joint mission from the World Bank and the United Nations Food and Agriculture Organization visited Colombia in 1965 and prepared a program for the improvement of the beef cattle, dairy cattle and sheep industries. In May 1966 the Bank approved a loan of $16. 7 million to assist in financing the first stage of this livestock development program. The first stage covers a three- year period and is directed mainly at on-farm improvements, such as fencing, land clearance, water supplies, stockhandling facilities and the improvement of pastures and breeding stock. About 900 beef cattle ranches, 250 dairy farms and 35 sheep farms are expected to participate. 12 13 It is estimated that, by the end of 14 years, the farms partici- pating in this first stage of the program will be able to increase output by about 58,000 tons of beef, 63,000 tons of milk or milk products, and 400 tons of fine wool, with a gross value of $32 million. Assuming half the extra beef is exported and the wool saves imports, the net contribution to Colombia's balance of payments would be about $10 million a year. The development of Colombia's important livestock industry has also been assisted by IFC, which made an investment in 1966 of about $1.6 million in Industria Ganadera Colombiana, S.A. (INDUGAN), to help finance a major expansion of the company's beef cattle program. In addition, IFC has provided funds for a Colombian company engaged in the storage of agricul- tural produce. In August 1965 IFC announced a loan of $1 million to Almacenes Generales de Deposito Santa Fe, S.A. (ALMAVIVA), a leading private warehouse company in Colombia. A loan of $400,000 from the Chase Manhattan Bank was announced at the same time. The two loans, together with funds available from domestic sources, have been used by ALMAVIVA to build a major grain storage elevator and to complete an expansion of existing warehousing facilities. A shortage of storage facilities has led to substantial losses in agricultural produce in Colombia in recent years due to spoilage and has caused considerable fluctuation in food prices. The Colombian Institute for Agrarian Reform (IN CORA), requested the World Bank's assistance in 1964 in the develop- ment of irrigation projects. The Bank sent a mission to identify irrigation projects suitable for Bank financing, one of which is . being supported by a $9 million Bank loan announced in June 1967. Early in 1967 the Bank §ent a mission to review INCORA's investment program. INDUSTRY Manufacturing is the second largest sector of the Colombian economy after agriculture, accounting for approximately one-fifth of domestic product. Within the manufacturing sector, two tradi- tional branches- textiles and clothing and food processing and beverages-contribute almost one-half of value added and also employ nearly one-half the industrial labor force. The Colombian textile industry has in fact become one of the largest and most 14 export-conscious in Latin America. In recent years, considerable efforts have been made to diversify industrial production and other branches, such as chemicals and non-metallic minerals, have become significant. The World Bank Group has provided both direct and indirect assistance to industry in Colombia. Indirectly, Bank loans for infrastructure projects, notably in the field of transportation and power, have helped to establish an effective framework for indus- trial growth. In its capacity as executing agency for the UN Development Programme, the Bank has also provided technical assistance in the form of a study of the prospects of the Cauca Valley coal industry. The total amount of direct financial assistance provided by the Group to Colombian industry and other private enterprise exclud- ing agriculture amounted at the end of June, 1967, to $67.7 million. Of this, $55 million represented two loans by the Bank. The remaining $12. 7 million was accounted for by investment and underwriting commitments by the International Finance Cor- poration (IFC). The largest single item is a Bank loan of $30 million to Acerias Paz del Rio, S.A. which operates the only integrated steel mill in Colombia. The loan, made in 1963, helped to finance a $60 million program to expand and diversify the company's range of steel products. Over a period of years, the program is expected to result in substantial foreign exchange savings for Colombia through reducing dependence on imports. The other Bank loan, of $25 million, was provided in 1966 to meet the needs of five private development finance companies (financieras). IFC, which operates without government guarantee and pro- vides equity capital in combination with long-term loans, has made 18 commitments to a broad range of private enterprises, including manufacturing industry, development finance companies and, as already mentioned, ventures related directly to agriculture. As in all the countries in which it operates, IFC has associated itself with local and foreign investors in making its commitments. On average, for every $1 committed by IFC to industrial enterprises in Colombia, slightly over $4 has been provided from other sources. In addition, IFC has been able to revolve its portfolio by selling parts of its investment and underwriting commitments to other investors. Sales of this kind have been made to North 15 American and European financial institutions as well as to inves- tors in Colombia and now total $3.6 million. Among the enterprises assist.ed by IFC have been manufacturers of fiberboard, containers, mattresses and welding equipment. IFC has also joined with development finance companies of which it is a shareholder to finance a number of enterprises, including new plants for producing synthetic fibers and steel forgings. The best known of the Colombian enterprises assisted by IFC is Compania Colombiana de Tejidos, S.A. (COLTEJER), the largest cotton textile manufacturer in Latin America, in which IFC invested ap- proximately $2 million in 1962. IFC has also made two commit- ments to one of the leading food products manufacturers in the country, Industrias Alimenticias Noel, S.A. 16 IFC is a shareholder in three development finance companies: Corporacion Financiera Colombiana of Bogota, Corporacion Financiera N acional of Medellin and Corporacion Financiera de Caldas of Manizales. The $25 million Bank loan, made through the Banco de la Republica, is intended to meet the foreign exchange costs of private sector projects financed by the three financieras with which IFC is associated as well as financieras in Cali and Barranquilla. The five financieras were formed between 1959 and 1963, following a capital market survey in which a World Bank mission played a part. The financieras are assisting the development of industry and other private enterprise on both a national and a regional basis. Among other activities, they extend medium and long-term financing through loans, equity and under- writings; promote the establishment of new enterprises, often in association with foreign investors; and undertake import-export financing and the provision of guarantees. They have become an important source of long-term finance for the private sector, providing about 16% of total finance for investment in manufac- turing in the period 1963-66. THE ECONOMIC · DEVELOPMENT INSTITUTE The World Bank runs a staff college for senior officials of less developed countries who are concerned with the formulation and administration of policies, programs and projects related to eco- nomic development. The courses of the Economic Development Institute, or EDI as it is known, are an attempt to broaden the competence and perspective of senior officials from the developing countries in the light of the experience gained by the World Bank Group in the course of its operations. To June 30, 1967, 20 officials from Colombia had attended the EDI's courses. 17 WORLD BANK LOANS, IDA CREDITS AND IFC COMMITMENTS TO COLOMBIA As of June 30, 1967 (Expressed in thousands of U.S. dollars) PURPOSE BANK IDA IFC ELECTRIC POWER 205,800 TRANSPORTATION 143,100 19,500 TELECOMMUNICATIONS 16,000 AGRICULTURE 35,700 2,600 INDUSTRY 55,000 12,700 Total Group financing: $490,400 18 PHOTOGRAPHS Page 3. The Anchicaya hydroelectric plant in the Cauca Valley. Page 8. An oil train bound for Santa Marta descending a gradient near Los Alpes on the Atlantic Railway. Page 13. Highway construction between Loboguerrero and Delfina. Page 16. A workman taking grain samples from the inside of a silo of the Almacenes Generales de Deposito Santa Fe, S.A. (ALMA VIVA). INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT 1818 H Street, N.W., Washington, D. C. 20433 U.S.A. Telephone number: EXecu,tive 3-6360 Cable address: INTBAFRAD Office for Europe: 4, Avenue d'Iena, Paris 16e, France Telephone number: KLEber 25-10 Cable address: INTBAFRAD PARIS

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Тип документа Working Paper
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Источник Всемирный банк