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World Bank Historical Chronology: 1950-1959

1950International eventsUS occupation of Japan ends.

Prime Minister Jawaharlal Nehru institutes the first Indian Five Year Plan.

Britain recognizes Communist China. China and USSR sign a 30-year pact. China occupies Tibet, which appeals unsuccessfully to the UN.

US Senator Joseph McCarthy warns that the US government is "riddled with Communists".

North Korea invades South Korea, beginning the Korean War.

US gives military aid to the French in Indochina.

Colombo Plan goes into effect to help economic development of countries in South and South-East Asia.


1950January 1Bank announces that negotiations have been discontinued between the Bank the UK Colonial Development Corporation for a loan of approximately $5 million. The Colonial Development Corporation expressed that it was unable to accept certain of the Bank's requirements, especially the non-financial covenants.
1950January 25Bank announces sale, through competitive bidding, of $100 million of its bonds to syndicate headed by Chicago banks.
1950February 23Eugene Black makes visit to Canada to address Investment Dealers' Association of Canada, and conferences with government officials. He is accompanied by Morton Mendels, Bank Secretary and Canadian citizen.
1950March 6Bank announces sale of Swiss franc bond issue to a group of leading Swiss banks.
1950March 6Norman M. Tucker goes to El Salvador in connection with marketing of Salvadorean colones bonds.
1950March 10Robert L. Garner visits Union of South Africa and Northern and Southern Rhodesia, accompanied by John M. Penton and John H. Collier. It is the first Bank visit to these countries.
1950March 14Poland withdraws from the Bank, claiming Bank's subservience to the Marshall Plan and the intended subordination of Europe to the United States. World Bank replies that the Polish government is in error, and that the Bank's operations have been conducted in accordance with the Articles of Agreement.
1950March 23Bank mission to Ethiopia for six-week mission, headed by Orvis A. Schmidt (first Bank mission to Ethiopia).
1950April 18Bank lends $18.5 million to India for further development of Damodar River Valley.
1950April 19Bank mission to Iran for one month mission, headed by F. Dorsey Stephens (first Bank mission to Iran).
1950April 24President Black announces release from French franc subscription to Bank's capital.
1950May 3Announcement made that a group of fourteen banks, headed by the Nederlandsche Handel Maatschappij NV, has applied for the listing on the Amsterdam Stock Exchange of Netherlands Trustee certificates to be issued against the 25-years 3 percent bonds of the Bank.
1950May 11Bank reports that steel facilities it has helped to finance in Western Europe are nearing completion and that some operations have already started. A total of $28,600,000 was made available for the reconstruction and modernization of steel capacity in France, Belgium, and Luxembourg.
1950May 24Bank announces that six additional countries have taken action toward making their currencies available to the Bank for its lending operations: The Netherlands, Italy, Mexico, Honduras, El Salvador, and Paraguay.
1950May 24Bank announces that the Central Bank of Mexico has authorized domestic and foreign banks operating in Mexico to use part of their foreign exchange reserve deposits with the Central Bank to acquire International Bank bonds.
1950June 5Bank announces that Cost Rica has agreed in principle to the use of its paid-in currency for Bank lending operations.
1950June 14Bank mission to Guatemala for two months, headed by George E. Britnell (first Bank mission to Guatemala).
1950June 15First funding for Iraq: Loan 0026 - Wadi Tharthar Flood Control Project. Bank lends $12.8 million to the Kingdom of Iraq for the construction on the Tigris River of a flood control system (first World Bank loan to the Middle East).
1950June 17Bank economic mission to Turkey for three months, headed by James M. Barker.
1950JulyBank mission to Peru, headed by S. W. Anderson.
1950July 7First funding for Turkey: Loan 0027 - Grain Storage Project
1950July 11IBRD Articles of Agreement signed by Pakistan, becoming the 48th member of the Bank
1950July 30Bank mission to Union of South Africa, for four to six weeks, headed by E. G. Burland, with Martin Rosen, John H. Collier, Alexander D. Spottswood, and others. 
1950July 31Bank mission to Cuba, for three months, headed by Francis Adams Truslow (first Bank mission to Cuba).
1950August 13The Basis of a Development Program for Colombia, a report of the June 1949 mission to Colombia, is made available to the public.
1950August 22First funding for Australia: Loan 0029 - Agriculture, Industry, Transport and Mining. (The Bank's first program loan).
1950August 25First funding for Uruguay: Loan 0030 - Power and Telephone Project.
1950August 29IBRD Articles of Agreement signed by Ceylon, becoming the 49th member of the Bank.
1950August 30Yugoslavia approves use of its entire 18 percent paid-in currency, subject to consultation with Bank in each case.
1950September 7Fifth annual Governors meeting, at the Annex of the Bank of France in Paris.
1950September 13Robert L. Garner visits Finland, Sweden, Norway and Denmark (first visit by ranking Bank officer to these countries).
1950September 13First funding for Ethiopia: Loan 0031 Highway Project (01)- $5 million for rehabilitation and maintenance of road system, and Loan 0032 - Development Bank Project for $2 million for new development bank (first loan to Africa, first development bank loan).
1950September 14Iceland and Norway approve use of their paid-in currency.
1950October 13Bank and FAO jointly sponsor agricultural survey mission to Uruguay (first sector study, first mission to Uruguay).
1950October 13Bank economic mission to Pakistan, for six weeks, headed by George W. Burgess (first mission following Pakistan's membership in Bank).
1950October 19Bank announces $9 million loan to Industrial Development Bank of Turkey.
1950October 26George L. Martin appointed director of marketing.
1950October 27First funding for Thailand: Loan 0036 - Irrigation Project.
1950October 29Bank mission to Syria and Iraq (first mission to Syria), headed by F. Dorsey Stephens.
1950November 21Harold N. Graves, Jr., appointed director of Public Relations Department of the Bank. He replaces William L. Ayers, who suffered a heart attack while en route to the Annual Meetings in Paris.
1950December 28

Bank issues year end report: Total loans of IBRD passed the $1 billion mark for the first time; 49 member countries; 17 different loans approved, totaling $279,230,000; survey missions sent to Cuba, Turkey and Guatemala; establishment of a General Reserve against losses on loans and guarantees.



1951International eventsMohammed Mossadegh becomes Prime Minister of Iran and nationalized the oil industry, precipitating a major crisis with Britain.

Pakistani Prime Minister Liaquat Ali Khan is assassinated, initiating a period of civil disorder in Pakistan.

Libya becomes independent.


1951January 10Bank issues advance report based on the Cuban survey mission, advocating immediate privatization of Cuba's railways.
1951January 11Bank economic mission to Nicaragua, headed by Federico Consolo, with Albert Waterston and others (first Bank mission to Nicaragua).
1951January 23First funding for South Africa: Loan 0041 - Electric Power Development Project.
1951MarchUS International Development Advisory Board proposes that an International Finance Corporation be established as an affiliate of the World Bank.
1951April 4Bank announces appointment of W. A. B. Iliff as assistant to Eugene R. Black, President.
1951April 27Aron Broches named assistant general counsel, following the retirement of Ansel F. Luxford.
1951May 17London banking firm of Baring Bros. And Co., Ltd. Announces preparation of public offering of 5,000,000 pound issue of 3.5 percent, 20-year Bank bonds. First public offering outside the United States.
1951May 24Canadian government permits Bank to use for loans $7.5 million in Canadian dollars from paid-in capital subscription.
1951May 26Agricultural mission to Chile named - jointly sponsored by FAO and Bank.
1951June 5Report of economic survey mission to Turkey published.
1951June 7First funding for Nicaragua: Loan 0045 - Highway Project.
1951June 20First funding for Iceland: Loan 0046 - Power Project. It is the first loan consisting entirely of currencies other than the US dollar; the funds are disbursed in sterling, French francs, Danish kroner, and Norwegian kroner. 
1951June 20Joint Bank-Economic Commission for Latin America conference on economic programming opens at Pan-American union, Washington, D.C.
1951June 23Bank mission visits Belgian Congo, at the request of the Belgian government. Mission is headed by S. R. Cope, and will travel to Brussels, Leopoldville, and back to Brussels. (First Bank mission to Belgian Congo).
1951July 3Syndicate of leading Swiss banks announces the first public offering in Switzerland of Bank bonds.
1951July 3Recommendations for economic development of Guatemala made public in a report of a mission to Guatemala.
1951July 25Program for the development of agricultural resources in Uruguay made public in a report by a joint mission of FAO and the Bank.
1951AugustUN Economic and Social Council adopts a resolution requesting that the World Bank consider the possible contribution that an International Finance Corporation could make to economic development, and to report back to ECOSOC.
1951August 14Bank mission to Paraguay, for four weeks, headed by E. G. Burland (first Bank mission to Paraguay).
1951August 16Report of the Truslow mission to Cuba transmitted to the Cuban government.
1951August 31IBRD Articles of Agreement signed by Sweden, becoming the 50th member of the Bank.
1951September 10Sixth Annual Meeting opens at the Shoreham Hotel, Washington, D.C.
1951September 13First funding for Democratic Republic of Congo: Loan 0047 – Belgium Congo Development Plan Project. Loans announced of $40 million to Belgian Congo and $30 million to the Kingdom of Belgium. The loans are to carry out a ten-year development plan of the Belgian Congo (first "impact" loan.)
1951September 27Bank economic survey mission to Ceylon announced (first Bank mission to Ceylon).
1951September 30First loans repaid (Finland, Yugoslavia).
1951October 10First funding for Italy: Loan 0050 - Equipment for Development Project. Loan of $10 million made to Cassa per il Mezzogiorno of Italy ("impact" loan) 
1951October 19Bank mission to Costa Rica, headed by Federico Consolo (first Bank mission to Costa Rica).
1951October 23Bank economic survey mission to Southern Rhodesia, headed by S. R. Cope, with Andrew Kamarck.
1951October 26Bank economic survey mission to Surinam, headed by Richard H. Demuth (first Bank mission to Surinam).
1951October 31Bank economic survey mission to Finland, headed by Alexander Stevenson.
1951November 1Richard H. Demuth appointed director of technical assistance and liaison.
1951December 7First funding for Paraguay: Loan 0055 - Agriculture project.
1951December 10Bank announces that it will be participating in District of Columbia civil defense program. Among other actions, two pamphlets are distributed: "You and the Atom Bomb" and "Survival under Atomic Attack".
1951December 31

Robert L. Garner, Torkild Rieber and Hector Prud'homme travel to Teheran, Iran, to begin the Bank's study of oil situation. The purpose of the mission is "for further discussions with Iranian officials regarding the oil situation . . . and will attempt to work out . . . a basis of agreement which might make possible definite proposals leading to a resumption of oil operations in Iran".



1952International eventsIn Egypt, a revolution overthrows the monarchy and establishes a republic, headed first by General Muhammad Neguib and then Gamal Abdul Nasser.

In Bolivia, a revolution establishes Paz Estenssoro as President of Bolivia.

In Kenya, the Mau Mau rebellion (which lasts until 1959) breaks out over British colonial land policies, and British authorities declare a state of emergency.

Elizabeth II succeeds to the British throne on the death of her father George VI.

Greece and Turkey join NATO.

Nationalist leader Kwame Nkrumah becomes Prime Minister of Gold Coast.

First contraceptive pill is developed.


1952January 3IBRD Articles of Agreement signed by Burma, becoming the 51st member of the Bank.
1952January 23First funding for Peru: Loan 0057 - Port of Callao project.
1952January 25Eugene R. Black leaves for visit to Pakistan, India, Ceylon, Thailand, and Australia.
1952February 11Report of comprehensive economic survey mission to Iraq published.
1952February 13Bank staff from the United Kingdom and Commonwealth countries are given excused absence in order to attend memorial services for the late King George VI.
1952February 20Bank mission to Australia, headed by S. R. Cope, with Andrew Kamarck.
1952February 25Comprehensive economic survey mission to Jamaica announced.
1952February 27First funding for Zimbabwe: Loan 0058 - Electric Power Project.
1952March 1Bank economic survey mission to Jamaica, headed by John C. de Wilde (first Bank mission to Jamaica).
1952March 21Loan of $7 million made to KLM Royal Dutch Airlines to help finance program to replace part of its air fleet.
1952March 27First funding for Pakistan: Loan 0060 - Railway project, for $27.2 million.
1952April 3World Bank issues its review of the negotiations for the Iranian oil problem.
1952April 29World Bank submits a report to ECOSOC on a proposal for the establishment of an International Finance Corporation to stimulate economic development through private investment in underdeveloped countries.
1952May 6Surinam survey mission report published.
1952May 7Meetings begin between engineers from India and Pakistan to study, together with Bank engineers, possible technical measures to increase the supplies of water available form the Indus system of rivers for purpose of economic development. The meetings are expected to go on for some time.
1952May 22Canada releases $41 million (in Canadian dollars), freely convertible, from capital subscription.
1952June 26Pieter Leiftinck of Netherlands appointed special representative in Turkey.
1952June 26"An initial meeting between engineers from India and Pakistan has been held in the offices of the International Bank for Reconstruction and Development…in order to prepare an outline or program and lists of studies for possible technical measures to increase the supplies of water available from the Indus System of rivers for purposes of economic development." 
1952June 30Luis Machado appointed to deal with special matters in Latin America.
1952July 16William Howell appointed director of administration, succeeding Chauncey Parker, who resigned to become Chief of the Mutual Security Agency's Special Mission in Italy.
1952August 13IBRD Articles of Agreement signed by Japan, becoming the 52nd member of the Bank.
1952August 14IBRD Articles of Agreement signed by Germany, becoming the 53rd member of the Bank.
1952August 29IBRD Articles of Agreement signed by Jordan, becoming the 54th member of the Bank.
1952September 5Seventh Annual Meeting begins at Del Prado Hotel in Mexico City.
1952OctoberBank staff reorganized. Three Area Departments of Operations (Asia and Middle East; Europe, Africa, and Australasia; and Western Hemisphere)and Technical Operations Department created.
1952October 2J. Burke Knapp named director of operations for the Western Hemisphere.
1952October 9World Bank announces three missions to be sent to Africa. A mission to South Africa consists of D. Crena de Iongh, Andrew Kamarck, and John H. Collier. A mission to the Gold Coast, consisting of Benjamin B. King, is the Bank's first mission to West Africa. A mission to East Africa consists of Michael LeJeune and J. H. Williams.
1952October 17Completion of "The Major Long-Term Trends in the Mexican Economy", prepared by Mexican officials and Albert Waterston and Jonas H. Haralz of the World Bank. The joint Mexican-Bank economic study is published as The Economic Development of Mexico, in May 1953.
1952October 20Economic mission to Japan announced (first Bank mission to Japan).
1952November 26"In order to help staff members who plan to send Christmas cards to friends in the Bank," a list of staff members and addresses has been prepared.
1952December 19

Loan of $31.5 million to India for iron and steel production announced.



1953International eventsJoseph Stalin dies, and a power struggle ensues in the USSR (March 5).

London Conference of Northern and Southern Rhodesia and Nyasaland held. Over the protests of African nationalist leaders, all three territories are amalgamated for a ten-year trial period as the Central African Federation.

Anti-French riots begin in Morocco.

Korean Armistice signed.

Mossadegh overthrown as prime minister in Iran in a coup engineered by the US and Britain; Muhammad Reza Shah restored to full power.

Second Conference on Federation of West Indies takes place in London.

Mt. Everest is climbed for the first time in recorded history.

Double-helix structure of the DNA molecule is proposed.


1953January 7Henry W. Riley appointed treasurer, succeeding D. Crena de Iongh, who was elected to be Executive Director for the Netherlands.
1953January 9Jamaica survey mission report announced.
1953January 30Francois-Didier Gregh, of France, appointed director of Department of Operations for Asia and the Middle East.
1953February 12Eugene Black's seven-week trip to Egypt, Lebanon, Jordan, Iraq, Syria, Ethiopia, and Turkey announced (beginning of Aswan High Dam discussions).
1953February 26Milton C. Cross named director of technical operations.
1953March 5Mission to Germany announced.
1953March 11First funding for Zambia: Loan 0074 - Railway Project (01).
1953May 23Eugene Black leaves for three weeks visit to Paris, London, Geneva, Basle, and cities in Germany to discuss issues with government leaders and to obtain firsthand knowledge of the problems involved in the countries' development. Black returns on the Queen Elizabeth in June.
1953August 24Department of Technical Operations is replaced by the Agriculture Division, the Transportation Division, the Industry Division and the Public Utilities Division.
1953September 8Eugene Black appointed President for another five-year term (to July 1, 1959).
1953September 8IBRD Articles of Agreement signed by Haiti, becoming the 55th member of the Bank.
1953September 9Eighth annual meeting opens at the Shoreham Hotel in Washington.
1953September 18General survey mission to Nigeria announced.
1953September 25Chester A. McLain, former General Counsel of the Bank, dies.
1953September 25First funding for Panama: Loan 0086 - Agricultural Machinery Project.
1953October 15First funding for Japan: Loan 0089 - Kansai Power Project. 
1953October 20

Dorsey Stephens named Bank's regional representative in Middle East, with offices in Beirut, Lebanon.



1954International eventsIndochina conflict ends with French capitulation to Communist forces. Two separate regimes emerge: North Vietnam and South Vietnam. Cambodia and Laos also become independent.

Nasser takes power in Egypt.

Nigeria forms a federal structure uniting Northern, Eastern, and Western Nigeria, along with the UN Trust Territory of the Cameroon and the federal territory of Lagos.

General Alfredo Stroessner seizes power in Paraguay, establishing a 35-year dictatorship.

A CIA-backed coup in Guatemala overthrows Guatemalan President Jacobo Arbenz, whose nationalist, reformist policies included expropriation of land belonging to United Fruit Company.

Open insurrection breaks out in Algeria as the FLN (National Liberation Front) demands independence from France. The Algerian War continues until 1962.

US continues testing hydrogen weapons, and concerns about nuclear fallout mount.

Polio vaccine developed by Dr. Jonas Salk is used for the first time in mass inoculations.

Steerable radiotelescopes commissioned in Britain and US.

First silicon transistor is developed, and the first transistor radio is marketed.


1954January 13Bank announces general survey mission to Malaya and Singapore.
1954February 3Mission to Syria announced to make general survey of the economy.
1954February 10First funding for Ecuador: Loan 0094 - Guayas Highway Project.
1954April 8First funding for Norway: Loan 0097 - General Development Project.
1954April 15IBRD Articles of Agreement signed by Indonesia, becoming the 56th member of the Bank.
1954June 10First funding for Cote d'Ivoire (Ivory Coast): Loan 0100 Transportation Project.
1954July 9First funding for Sri Lanka (Ceylon): Loan 0101 Aberdean - Laksapara Power Project.
1954July 12IBRD Articles of Agreement signed by Burma, becoming the 57th member of the Bank.
1954July 19First funding for Austria: Loan 0102 Electric Power Project.
1954September 15C. B. H. Colquhoun replaces R. A. Wheeler as Engineering Adviser to the Bank.
1954September 21First sale of dollar bond issue entirely outside United States announced.
1954September 24Ninth Annual Meeting opens at the Mayflower Hotel, Washington.
1954December 10India and Pakistan representatives resume discussions on the Indus River system under the aegis of the Bank.
1954December 15Belgium receives loan of $20 million, with $30 million public offering of Belgian government bonds (first joint financing with market.)
1954December 23Industrial Credit and Investment Corporation of India, Ltd., receives loan of $10 million.
1954December 31

Czechoslovakia withdraws from membership in the Bank, bringing total membership in IBRD to 56.



1955International eventsChina's "New Democracy" ends and collectivization begins.

National Organization of Cypriot Fighters (EOKA) launches attacks on British forces in Cyprus.

Argentine military overthrows President Peron, forcing him into exile in Spain.

First electricity generated by nuclear power is used in Schenectady N.Y.

Tetracycline and Optical fibers are developed.


1955January 24John Duncan Miller appointed special representative in Europe. Succeeds Walter Hill, who served at this post for years.
1955March 11Bank announces establishment of an Economic Development Institute, with the support of the Rockefeller and Ford Foundations..
1955March 15First funding for East African Community: Loan 0100 - Railways and Harbours Project.
1955March 24Agricultural mission to Colombia, headed by Sir Herbert Stewart, announced.
1955March 25General survey mission to Jordan announced - to be headed by Dr. Pieter Leiftinck.
1955April 15Bank transmits charter of proposed International Finance Corporation to member governments for approval.
1955April 18Report of general survey mission transmitted to Syrian government.
1955April 19Investment market and World Bank engage in combined operation to lend $40 million to Norway.
1955May 5Joseph Rucinski appointed director of Department of Operations for Asia and the Middle East.
1955June 1Loan of $70 million to Italy announced, for projects to increase agricultural production, industrial output, and electric power service in southern Italy.
1955June 1Simon Aldewereld is appointed Director of Department of Technical Operations.
1955June 6S. R. Cope appointed director of operations, Europe, Africa, and Australasia.
1955June 15A. S. G. Hoar retires from the World Bank.
1955June 21Interim agreement on irrigation use of the Indus system of rivers signed by India, Pakistan, and the Bank.
1955July 14IBRD Articles of Agreement signed by Afghanistan, becoming the 57th member of the Bank.
1955July 29First funding for Guatemala: Loan 0124 - Highway Project.
1955August 1Corbin Allardice appointed as Atomic Energy Advisor to the Bank.
1955August 15Martin M. Rosen appointed Assistant Director, Department of Technical Operations.
1955August 25First funding for Lebanon: Loan 0129 - Litani Power and Irrigation Project.
1955August 26IBRD Articles of Agreement signed by Korea, becoming the 58th member of the Bank.
1955August 26First funding for Algeria: Loan 0131 Electric Power Development Project.
1955August 30Bank informs Egyptian government that, based upon its studies, the proposed High Dam at Aswan is technically and economically sound. Bank engineers will visit the site later in the year.
1955September 12Tenth annual meeting opens at University of Istanbul.
1955October 15Press release on the Indus Waters discussion : "It has not been possible to bring the discussions to a successful conclusion by the specified date. Consequently, by agreement between the two Governments and the Bank, the terminal date has been extended." 
1955October 21Bank's offices in the Equitable Building are burglarized, and a number of checks cashed by Bank staff were stolen.
1955October 24Bank engineers visit Cairo; discuss Aswan High Dam.
1955November 3Indus Waters agreement extended to March 31, 1956.
1955December 5International Finance Corporation - US deposits instruments of acceptance.
1955December 22

First funding for Honduras: Loan 0135 - Highway Maintenance Project, for $4.2 million.



1956International eventsSudan declares independence from Britain and Egypt.

Nikita Krushchev emerges as Stalin's successor in USSR.

Morocco becomes independent as French protectorate ends.

Suez Crisis breaks out in July. Nasser nationalizes the Suez Canal. Israel invades Egypt, followed by Anglo-French attacks on Egyptian airfields and invasion of the Canal Zone to ostensibly to separate Israeli and Egyptian forces; US forces Britain, France, and Israel to withdraw.

Pakistan adopts a new constitution making it an Islamic state.

Unrest and subsequent revolution break out in Hungary, but it is suppressed by a Soviet invasion force.

Fidel Castro lands on eastern coast of Cuba and launches the Cuban revolution.

Construction begins on Brasilia as the new capital city of Brazil.

Transatlantic cable telephone service begins.


1956.Resident Mission established in Pakistan.
1956January 9Economic Development Institute begins operations, with A. K. Cairncross as director. The first participants come from Belgian African Territories, Ceylon, Colombia, Egypt, Haiti, India, Japan, Mexico, Nigeria, Pakistan, Philippines, Thailand, Uganda, and Yugoslavia.
1956January 24President Black's visit to Egypt to discuss Aswan High Dam project announced.
1956March 9World Bank mission to the Italian Trust Territory of Somaliland. The mission staff includes D. Crena de Iongh, John H. Williams, and others.
1956April 11World Bank mission to Pakistan to discuss the establishment of an industrial credit bank in Pakistan. Mission staff includes George Woods, Joseph Rucinski, and others.
1956April 19World Bank mission to India to review progress under India's first five-year plan. Mission staff includes Thomas H. McKittrick, John C. de Wilde, and others.
1956April 30Indus Waters negotiation deadline extended indefinitely.
1956May 4First funding for Burma (Myanmar): Loan 0139 - Railway Project.
1956May 7First funding for Haiti: Loan 0141 Highway Maintenance Project.
1956June 30Bank staff grows in number to 511.
1956July 20IFC charter comes into force, with an authorized capital of $100 million. The first thirty-one members are: Iceland, Canada, Ecuador, United States, Egypt, Australia, Mexico, Costa Rica, Ethiopia, Peru, Dominican Republic, United Kingdom, Panama, Ceylon, Haiti, Guatemala, Nicaragua, Bolivia, Honduras, India, El Salvador, Pakistan, Jordan, Sweden, Norway, Japan, Denmark, Finland, Colombia, Germany and France.
1956July 24Robert L. Garner becomes President of IFC.
1956July 24New staff appointments as a result of the creation of IFC. W. A. B. Iliff, and J. Burke Knapp are named Vice presidents of Bank; Davidson Sommers appointed Vice President and General Counsel. Orvis A. Schmidt and Federico Consolo appointed to the Western Hemisphere Department. Aron Broches, Ellsworth Clark and Lester Nurick appointed to positions in the Legal Department.
1956September 18Swiss government loans World Bank 200 million Swiss francs - about $47 million.
1956September 18First funding for Costa Rica: Loan 0147 – Capital Goods Importation Credit Project.
1956September 20IBRD Articles of Agreement signed by Argentina, becoming the 59th member of the Bank.
1956September 20Michael L. Hoffman named director of Economic Development Institute.
1956September 21IBRD Articles of Agreement signed by Vietnam, becoming the 60th member of the Bank.
1956September 24Eleventh annual meeting of Governors of Bank convenes in Washington; at Sheraton Park Hotel. IFC holds first meeting.
1956September 26IFC Articles of Agreement signed by Israel, becoming the 33rd member of IFC.
1956September 26Indus Waters negotiation extended until March 31, 1957.
1956September 28IFC Articles of Agreement signed by Austria, becoming the 34th member of IFC. 
1956October 4IFC Articles of Agreement signed by Luxembourg, becoming the 35th member of IFC. 
1956November 19Announcement made that Bank is going to increase its activities in developing countries in connection with development banks and corporations. The Technical Assistance and Liaison Staff will coordinate functions relating to the study of existing development banks, to the establishment of new institutions, and to the assessment of their operating records.
1956December 3IFC Articles of Agreement signed by Burma, becoming the 36th member of IFC. 
1956December 3IFC Articles of Agreement signed by Thailand, becoming the 37th member of IFC. 
1956December 7Appeal made to Bank staff to give donations to aid Hungarian refugees.
1956December 7Announcement to staff: "The custom of sending cards at Christmas time is indeed a friendly one. However, since the staff have the opportunity of exchanging greetings in person…the managements of the Bank and Corporation suggest that cards not be exchanged between staff members."
1956December 19IFC Articles of Agreement signed by Turkey, becoming the 38th member of IFC. 
1956December 26Eugene Black strongly denies that World Bank is planning a loan to the Hungarian government, stating that Hungary is not a member of the Bank, and is therefore not eligible to borrow from it; even if it were a member, Mr. Black would not recommend a loan to the present Hungarian government.
1956December 27IFC Articles of Agreement signed by Belgium, becoming the 39th member of IFC. 
1956December 27IFC Articles of Agreement signed by Iraq , becoming the 40th member of IFC. 
1956December 27IFC Articles of Agreement signed by Italy, becoming the 41st member of IFC. 
1956December 28IFC Articles of Agreement signed by Iran, becoming the 42nd member of IFC. 
1956December 28IFC Articles of Agreement signed by Indonesia, becoming the 43rd member of IFC. 
1956December 28IFC Articles of Agreement signed by Lebanon, becoming the 44th member of IFC. 
1956December 28IFC Articles of Agreement signed by Netherlands, becoming the 45th member of IFC. 
1956December 28IFC Articles of Agreement signed by Venezuela, becoming the 46th member of IFC. 
1956December 31

IFC Articles of Agreement signed by Brazil, becoming the 47th member of IFC.



1957International events.Gold Coast becomes independent of Britain and forms the state of Ghana, with Kwame Nkrumah as Prime Minister.

Malaya becomes independent.

Treaty of Rome establishes the European Economic Community.

USSR launches first intercontinental ballistic missile, followed by the first satellites Sputnik I and Sputnik II, alarming the West and initiating the space race.

International Atomic Energy Commission established in Vienna.


1957.....World Bank establishes Resident Mission in India.
1957January 23First funding for Iran: Loan 0160 - $75 million to provide short-term financing for Iran's Second Seven-year Development Plan.
1957February 25Announcement made of the death of Kyriakos Varvaressos, one of the first Executive Directors of the Bank, and who served in the Economic Department and as Economic Adviser on the Economic Staff.
1957February 28First mission to Argentina arrives in Buenos Aires. Mission to study the general economic situation, the government's investment plans, and the agriculture, transportation and power sectors.
1957April 1Far East Department of Operations formed, with Martin Rosen director, and Ian P. M. Cargill assistant director. Bernard Chadenet will succeed Rosen as Assistant Director Technical Operations.
1957April 3IFC Articles of Agreement signed by South Africa, becoming the 48th member of IFC. 
1957April 15IFC Articles of Agreement signed by Chile, becoming the 49th member of IFC. 
1957May 6President Eugene Black takes first trip to Japan, Formosa, and the Philippines, accompanied by Martin Rosen, and others.
1957May 6Indus Waters negotiations extended until September 30, 1957.
1957June 20IFC makes first investment - $2 million in Siemens do Brasil to expand manufacturing.
1957June 26First funding for Burundi: Road and Port Project.
1957July 28Report of general survey mission to Jordan published.
1957August 2Bank and Italy sponsor study expected to lead to construction of large nuclear power station.
1957August 8IBRD Articles of Agreement signed by Ireland, becoming the 61st member of the Bank.
1957August 12IFC Articles of Agreement signed by Philippines, becoming the 50th member of IFC. 
1957August 26IBRD Articles of Agreement signed by Saudi Arabia, becoming the 62nd member of the Bank.
1957September 5IBRD Articles of Agreement signed by Sudan, becoming the 63rd member of the Bank.
1957September 6IFC Articles of Agreement signed by Cuba, becoming the 51st member of IFC. 
1957September 11IFC makes first investment in a non-manufacturing enterprise: $600,000 in Bristol de Mexico.
1957September 20IBRD Articles of Agreement signed by Ghana, becoming the 64th member of the Bank.
1957September 23Twelfth annual meeting opens at Sheraton Park Hotel in Washington, DC.
1957September 23IFC Articles of Agreement signed by Afghanistan, becoming the 52nd member of IFC. 
1957September 26IFC Articles of Agreement signed by Greece, becoming the 53rd member of IFC. 
1957October 14William Diamond's Development Banks published (first EDI publication).
1957November 6Eugene Black announces that he will visit Cairo at the request of the Egyptian government to discuss the use of the Bank's services in connection with the problem of agreeing on compensation for the nationalization of the Universal Suez Canal Company. 
1957November 22First funding for Philippines: Loan 0183 - Binga Power Project.
1957November 26Announcement made to staff: "Questions have been asked about exchange of Christmas cards among staff members. The management of the Bank and Corporation wish to make two points clear: No staff member need feel under obligation to send Christmas cards to other staff members. Those who wish to send cards to other staff members should not send them to their offices. In past years Christmas mail has imposed a very heavy workload on the Mail Room."
1957November 27

$40 million loan to Belgian Congo for road construction.



1958International eventsFederation of the West Indies goes into effect (to 1961).

United Arab Republic proclaimed as a loose federation between Egypt and Syria, with Nasser as President. The federation collapses in 1961 when Syria withdraws.

French government's Algerian policy leads to the downfall of the Fourth Republic in France. Charles de Gaulle comes to power as head of the Fifth Republic. He offers French African colonies the choice of immediate independence with loss of French aid and cultural ties, or membership in on-going French Community. Only Guinea opts for independence.

Dictator Marcos Perez Jimenez is overthrown in Venezuela, and democratic government is restored.

Mao launches the "Great Leap Forward" in China in an effort to speed up industrialization. In Iraq a revolution overthrows the monarchy and installs a left-wing regime under Brigadier Qasim. US troops intervene in Lebanon to prevent civil war.

Dr. Hastings Banda returns to Nyasaland to lead African nationalist movement against the Central African Federation.


1958January 13World Bank begins its tenth annual General Training Program for young nationals from member countries to study the operations of the Bank and its methods of dealing with economic development problems. 82 participants from 51 member countries have participated to date.
1958January 31First EDI field trip: to Mexico, to visit industrial, agricultural, and financial institutions.
1958March 6President Eugene Black begins a one-month trip to Belgian Congo, Union of South Africa, Southern Rhodesia, Northern Rhodesia, Tanganyika, Kenya, Uganda, and Sudan.
1958March 7IBRD Articles of Agreement signed by Malaya, becoming the 65th member of the Bank.
1958March 20IFC Articles of Agreement signed by Malaya, becoming the 54th member of IFC. 
1958March 28Discussions held concerning compensation of Suez Canal Company shareholders. Bank representatives include W. A. B. Iliff, Ellsworth Clark, George Woods, and others.
1958April 3IFC Articles of Agreement signed by Ghana, becoming the 55th member of IFC. 
1958April 14IBRD Articles of Agreement signed by Tunisia, becoming the 66th member of the Bank.
1958April 25IBRD Articles of Agreement signed by Morocco, becoming the 67th member of the Bank.
1958April 29Preliminary agreements on compensation of Suez stockholders signed in Rome. Final agreements to be signed at a later date.
1958May 2First funding for Nigeria: Loan 0193 – Railway Development Project.
1958May 29Jan Tinbergen's The Design of Development published.
1958June 25Joint IBRD and FAO Agricultural Survey mission to Peru begins work in Lima.
1958July 7IFC makes first investment in Asia: $630,000 in Steel corporation of Pakistan, Ltd.
1958July 14Final Suez Canal compensation agreement signed in Geneva.
1958July 18Egypt and Syria join together to form a single membership known as United Arab Republic (bringing total IBRD membership to 66).
1958July 21First funding for Sudan: Loan 0202 – Expansion of Railways and Water Transport Facilities Project.
1958July 31Indus Waters negotiations adjourned temporarily to examine the engineering plan prepared by the Pakistan delegation.
1958August 25 - 27Following a deterioration in India's balance of payments, the first meeting of India aid consortium was held in Washington, D.C. 
1958September 11IFC Articles of Agreement signed by Ireland, becoming the 56th member of IFC. 
1958September 15IBRD Articles of Agreement signed by Spain, becoming the 67th member of the Bank.
1958September 17IBRD Articles of Agreement signed by Libya, becoming the 68th member of the Bank.
1958September 18IFC Articles of Agreement signed by Libya, becoming the 57th member of IFC. 
1958September 22First funding for Malaysia: Loan 0210 – Cameron Highlands Hydroelectric Power Project.
1958October 7Annual meetings convene at the Vigyan Bhavan Palace in New Delhi (Board of Governors asks that consideration be given to increase in Bank's capital; IDA discussed.)
1958November 4

Debt Service Capacity and Postwar Growth in International Indebtedness, by Dragoslav Avramovic, published by the Johns Hopkins Press.



1959International events


 Castro entered Havana, proclaimed the Cuban Revolution, ousted Batista, and declared himself Prime Minister.
 European Free Trade Association was formed.
 Cyprus became an independent republic, with Archbishop Makarios as President.
 In China, evidence mounted that the "Great Leap Forward" was destroying the fragile Chinese economy and contributing to the deaths of millions from starvation.
 Uprising in Tibet against Chinese rule iwa suppressed, and the Dalai Lama fled to India.
 Assassination of Prime Minister S.W. R. D. Bandaranaike in Sri Lanka; he was succeeded by his wife SirimavoRatwatter Dia Bandaranaike, who then bececamethe world's first female Prime Minister.
 President Sukarno declared Indonesia a "Guided Democracy".
1959February 9IFC made its first investment in India: $1.5 milllion in Republic Forge.
1959February 19"Mr. Eugene R. Black, President of the World Bank, is leaving New York tomorrow to go to Cairo in connection with the personal and informal meidation he undertook at the request of the Governments of the United Arab Republic and the United Kingdom last month.  Mr. Black's intention is to bring about the prompt signing of the financial agreement which the two Governments initialed in Cairo last January".  World Bank Press Release, February 19, 1959.
1959March 10Aron Broches was appointed General Counsel of the World Bank and the International Finance Corporation.  Davidson Sommers was appointed Vice President.  Broches served as General Counsel until 1972, when he was appointed Vice President and General Counsel until his retirement in 1979.
1959March 17The second India Aid Consortium meeting was held in Washington.  The governments of Canada, German, Japan, the United Kingdom, and the United States were represented and the IMF sent observers.  The group considered an economic report prepared by the World Bank, the IMF's report of its annual consultations, and a report by Mr. B. K. Nehru, India's Commissioner General for Economic Affairs.  The meetings concluded that India could reasonable expect to maintain the momentum of its development program without throwing undue strain upon its external reserves.
1959AprilThe World Bank sent its first mission to Israel to make an appraisal of the economic situation.
1959April 10President Eugene Black addressed the 27th session of the United Nations Economic and Social Council in Mexico.  He gave a status report on the Bank's recent activities:  IFC had just made its 14th investment agreement, the Bank cooperated with the UN Special Fund, and had just conducted a comprehensive study of the economic feasibility of an atomic power plant in Southern Italy.  Mr. Black said that investment in public utitlities was the key to economic development in the member countries.
1959April 17The World Bank announced that a mission was to be sent to Cairo to discuss the economic situation and prospects of the United Arab Republic.  The mission visited both the Egyptian and Syrian regions of the Republic.  The mission consisted of Dr. Harold Larsen, Mahmud Burney, Joseph Rucinski, and David Gordon, and others.
1959April 18"The Government of India and the Government of Pakistan, with the good offices of the International Bank for Reconstruction and Development, entered into another inter-Governmental Agreement in connection with the Indus Waters discussions.  This inter-Governmental Agreement made provision for transitional arrangements for the period 1st April 1959 to 31st 1960, and after taking into account Pakistan's ability to transfer water in replaced from the Western Rivers, established agreed amounts for additional withdrawals by India from the three Eastern rivers (Ravi, Beas, and Sutlej) during the period covered by the Agreement.  The Agreement was signed in Washington on 17th April 1959 on behalf of Pakistan by His Excellency Aziz Ahmad, the Ambassador of Pakistan to the United States of America and on behalf of India by Mr. N. D. Gulhati, Additional Secretary to the Government of India in the Ministry of Irrigation and Power".  The Bank began its intermediary role in 1951 when President Eugene Black offered the services of the World Bank to mediate the water dispute.  This inter-governmental agreement signified a continuance of the negotiations, which were extremely difficult for both sides.  World Bank Press Release, April 19, 1959
1959 May 4The World Bank issued the Summary Report of the International Panel on Project ENSI.  The report was the work of seven internationally known experts on nuclear power, who formed the International Panel appointed by the Bank to take part in a study of the feasibility of generating electricity in Southern Italy by means of a nuclear power station.  The study was know as Energia Nucleare Sud Italia (ENSI), and recommended the selection of the International General Electric Company of New York as the supplier of the new power plant. (The Bank signed the SENN Nuclear Power Project - loan 0235 - September 16, 1959.) 
1959 May 5President Eugene Black addressed The Pilgrims, London, England.  He warned of the gap between the developed and underdeveloped nations saying that it could lead the peoples of the underdeveloped world "into the  lethargy of despair or roused to furies of envy, hatred, and malice".  He said that the dominant political event of the era - could shrink to insignificance in the face of the effects of this growing economic disparity.  "We ourseleves must play a significant part in  helping these countries to achieve the new standards of life to which they aspire.  This is a common task that we can undertake for the common good of mankind".  World Bank Press Release, May 5, 1959 
1959 May 8The Bank releases its financial statements for the nine-month period ending March 31, 1959.  Net earnings were reported as $33.5 million, while the reserves were $400.6 million.  Eighteen loans were made, totaling $380.6 million. 
1959May 29The road loan to Iran was the largest ever made by the World Bank for roads.  It was designed to help finance a large-scale project for the construction and improvement of about 1,600 miles of roads.
1959 June 3The World Bank announced that it was sending a general survey mission to Tanganyika to apraise the economic situation and assess the resources available for development.  The mission was headed by William E. Stevenson, President of Oberlin College, USA.  It was the 18th general survey mission organized by the Bank (previous missions were to British Guiana, Ceylon, Colombia, Cuba, Guatemala, Iraq, Jamaica, Jordan, Libya, Malaya, Nicaragua, Nigeria, Trust Territory of Somaliland, Surinam, Syria, Thailand, and Turkey. 
1959 June 30First funding for Gabon: Loan 0230 - Comilog (Companie Miniere de l'Ogooue) - Manganese Ore mining project.   This was gthe World Bank's first loan in French Equatorial Africa and the first to be made to a private company operating in member republics of the French Community.  The loan was designed to help finance the equipment and operation of a manganese mine in the interior of Gabon, and the construction of transport facilities in Gabon and the Congo Republic to carry the ores to the coast.
1959July 1 For second successive fiscal year, Bank lending exceeded $700 million (fiscal year 1959 as well as fiscal year 1958). 
1959September 11Report of the general survey mission to Thailand was published: A Public Investment Program for Thailand
1959September 16The World Bank announced a major increase in its capital.  The authorized capital was increased from $10 billion to $21 billion.  Increased capital subscriptions from member governments amounting to $8, 801.4 million were received. 
1959September 16The first and only loan for nuclear power was approved to Italy through the Cassa per il Mezzogiorno.  The loan was for $40 million for the construction of a 150,000 kilowatt atomic power plant. 
1959 September 16Announcement of the death of Henry W. Riley, Treasurer of the Bank and IFC.
1959 September 20The World Bank sent a general survey mission to Venezuela, headed by Henry R. Labouisse.
1959 September 28

The Annual Meetings of the World Bank/IFC convened at the Sheraton Park Hotel in Washington, D.C.  The Governors asked that the IDA charter be drafted, based upon the proposal of the United States:  "So far as the formal business of the Bank and IFC were concerned, items were disposed of regarding financial statements, annual audits, budgets, allocation of income to reserve, and in the Bank, as well, resolutions dealing with the membership of Laos and Portugal.  When these two memberships are completed, the Bank will have 70 members.  The most important business item before the Bank was the resolution... presented by the Governor of the United States on the International Development Association...'RESOLVED: That with respect to the question of creating an International Development Association as such an Association should be established and all other aspects of the matter, are requested to formulate articles of agreement of such an Association for submission to the Member Governments of the Bank'...[This resolution] provoked a great deal of interest and some 34 Governors took part.  Although at the end of the discussion the resolution was adopted, it was clear from the speeches made, that there were important difference of opinion of how the IDA charter should deal with various aspects of the proposal.  Resolving these differences will be the task of the Executive Directors during the coming months as they proceed with their drafting of articles of agreement.  International Bank Notes, September-October, 1959

1959September 29The World Bank issued its Fourteenth Annual Report.  The past fiscal years was the second year in succession that the Bank's lending exceeded $700 million, and consisted of 30 loans in 19 different countries.  Electric power was the sector with the greatest amount of lending, followed by transportation (primarily railway improvements).  Loans for industry, mining, and agriculture were also made.
1959October 6Robert W. Cavanaugh was named Treasurer of the Bank, succeeding the late Henry W. Riley.  Mr. Cavanaugh joined the Bank in 1947.
1959October 12An agricultural survey mission went to Peru.
1959October 13The IFC Articles of Agreement were signed by Argentine, who then became the 58th member of the IFC.
1959October 22The Electric Power of Regulation in Latin America was published by the Johns Hopkins Press.  The study was done by the Harvard Law School, at the request of the World Bank, to learn the effects of regulatory policies on the growth of the electric power industry.  The study concluded that despite high costs, Latin American electricity rates had been held well below the average rates prevailing in the United States.  The study recommendation was that developing nations needed plentiful electricity more than cheap electricity, and that the best way to get plentiful electricity was to pay for what the service cost.
1959November 6President Black visited Colombia and Peru, accompanied by Orvis Schmidt and others.
1959November 27Announcement of the retirement of Davidson Sommers, Vice President, who had been with the World Bank since its earliest days.
1959December 10$50 million loaned for oil pipeline to Societe Petroliere de Gerance in Algeria and Sahara.  The loan was designed to bring crude oil from the new Hassi Massaoud oilfield in the Sahara to the Algerian port of Bougie on the Mediterranean. 
1959December 10First funding for Uganda: Loan 0279 -Electric Power Development Project.  The project, which wapart of the Uganda Electricity Board's (UEB) expansion program consistedf extensions to the existing transmission and distribution systems, and small schemes with hydroelectric and diesel generating stations to supply remote areas. The project was designed to bring electricity supplies to outlying and remote areas of agricultural and other economic importance, and to help build up the load on the UEB main hydroelectric generating plant at Owen Falls on the Victoria Nile, which at that time was operating at about 50 percent capacity.
 1959December 19 President Black announced that three influential bankers would visit India and Pakistan to study the economic conditions and to acquaint themselves with the current and planned development programs in the two countries.  The three bankers were Sir Oliver Franks of Lloyds Bank, Dr. Hermann Abs of Deutsche Bank and Mr. Joseph M. Dodge of the Detroit Bank and Trust Company.  (Mr. Dodge was replaced by Mr. Allan Sproul, formerly of the Federal Reserve Bank of New York).  The "Three Wise Men" began their visit in January 1964 and issued their report in the form of a letter to President Black. 
 1959December 22 First funding for Egypt: Loan 0243 - Suez Canal Development Project - $56.5 million loaned to the Suez Canal Authority.  The loan was designed to help mett the costs of widening and deepening the Suez Canal to accomodate ships of about 46,000 deadweight tons, compared to the then maximum of 36,000 tons.  Modern harbor and communications equipment were also purchased by the Suez Canal Authority to provide shipping with the most efficient service.
 1959December 31 Problems and Practices of Development Banks, by Shirley Boskey, was published. 

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