World Bank Group Timeline
The World Bank Group signs Suez Canal compensation agreement
At the request of Egypt and the United Kingdom, the World Bank Group participates in negotiations for settling claims arising from the expropriation of the Suez Canal Company. The successful resolution of the claim allows for subsequent investment in the Suez Canal Authority by both the World Bank Group and private banks.
Resource Gallery
Interview with Sir William Iliff
Interview date: Aug. 12 and 16, 1961
See pages 30-46 and 63-65 for an account of how the World Bank Group mediated the Suez Canal dispute.
Cover of Suez Canal compensation agreement
Sept.11, 1958
Agreement signed between the World Bank Group and United Arab Republic regarding the Suez compensation agreement (30141638; Credit: The World Bank).
Egypt Suez Canal Development Project
P004982: Approved Dec. 22, 1959
The project assists in financing an improvement and maintenance program for the Suez Canal to assure that it continues to be a safe passageway.
Correspondence from United Arab Republic Minister of Economy A. M. Kaissouni to President Black
June 25, 1959
The correspondence from Minister Kaissouni indicates that the United Arab Republic government has accepted the terms offered by President Black (1578352).
