World Bank Group Timeline
Finland and Yugoslavia make first repayments of loans
Finland and Yugoslavia repay loans signed in October 1949 for the purpose of increasing the production of timber. The loans were designed as short-term loans and were the result of complicated negotiations between the World Bank, borrowing countries, and Western European nations. The loans aimed to, among other objectives, restore East-West trade in Europe.
Resource Gallery
Draft memorandum discussing timber loans to Yugoslavia and Finland
Nov. 23, 1951
The memorandum, which includes handwritten comments, describes the negotiations and terms relating to the two project loans (1618893).
Signing of timber loan to Yugoslavia
October 1949
President Black and representatives of Yugoslavia attend the signing of Yugoslavia's first loan (1729726; Credit: The World Bank).
Finland Agriculture Timber Equipment Project
P037365: Approved Oct. 13, 1949
The project is one of a series of loans designed to increase timber production in Eastern Europe and timber exports to Western Europe.
Yugoslavia Agriculture Timber Equipment Project
P009133: Approved Oct. 17, 1949
The project is one of a series of loans designed to increase timber production in Eastern Europe and timber exports to Western Europe.
