World Bank Group Timeline
First World Bank funding to Belgium approved
The $16 million loan to the Kingdom of Belgium provides financing for the import of equipment for the construction of two steel mills and a power plant in the industrial district of Liege. The projects will help modernize and expand two of Belgium’s key industries and thereby contribute to an increase in the country’s productivity, in concordance with the Bank’s policy of supplementing the European Recovery Program (ERP) by helping finance projects to expand or modernize Europe’s productive capacity.
Resource Gallery
Linalux power plant under construction
1951
The completed plant will supply electricity to many private consumers and industries, among them two steel mills that contain equipment also financed under the Bank’s loan (1716467; Credit: The World Bank).
Loan Administration Report
Document date: June 30, 1950
The report discusses the loan's disbursement, end use, and effect on the Belgium economy. The general situation of the Belgian economy is also considered.
Loan signing for Belgium Industry Project
1949
World Bank and Belgian officials sign loan documents (1716467; Credit: The World Bank).
Memo from J. W. Penton to S. Alderwereld
Feb. 5, 1948
Mr. Penton circulates his report on Belgium and requests a Loan Committee meeting to discuss his findings. The report is included (1535518).
Press release --16 million loan to the Kingdom of Belgium
Feb. 28, 1949
The World Bank grants a16 million loan to Belgium to finance imports of equipment for the construction of two steel mills and a power plant (1535521).
International Bank Notes, Vol. 4, No. 5
Document date: March 1, 1950
Photos and a brief description of the project appear on the front page of the issue.
Steel and Power Equipment Project
P037358: Approved Feb. 8, 1949
The profile contains project and financial information and lists of project documents and archival records.
Interview with Davidson Sommers
Interview date: August 2, 1961
On pages 21-22, Sommers discusses challenges related to the Bank's lending policy for Belgium.
Memo from J. M. Penton to S. Aldewereld
May 13, 1948
Mr. Penton discusses the commencement of negotiations for a16 million loan to Belgium for capital equipment (1535518).
