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World Bank Group Timeline

August 28, 1947

First World Bank funding for Luxembourg approved

By 1947, the Luxembourg government, having exhausted its restricted means of raising money domestically and being unable to borrow abroad to cover its extraordinary budgetary deficit, is taking over certain external assets reserved for modernization of its steel industry. The $12 million Steel Mill and Railway Project will finance the purchase of equipment for the Luxembourg steel industry and rolling stock for its railways. It is designed to increase national production and export potential. The equivalent of nearly $1 million USD will be disbursed in Belgian francs, making this the Bank's first use of non-dollar capital in its lending operations.

Resource Gallery

Post-War Reconstruction Project: Working Party Report

Document date: 1947
The report includes the loan application, history and structure of the Luxembourg economy, and the country's post-war rehabilitation program.

Transcript of the 106th Meeting of Executive Directors

Document date: Aug. 28, 1947
Document contains Board discussion concerning the Luxembourg loan.

Correspondence from President Dupong to President Meyer

Nov. 3, 1946
Pierre Dupong, President of the Luxembourg Government and Minister of Finance, writes to President Meyer to confirm his government's intention to request Bank assistance (1872255).

Post-War Reconstruction Project: President's Report

Document date: Aug. 28, 1947
The report provides the justification, appraisal, and recommendation for the loan.

Steel Mill and Railway Project

P037451: Approved Aug. 28, 1947
The profile contains project and financial information and lists of project documents and archival records.

History of the Luxembourg loan application

March 25, 1947
This document prepared by Bank staff provides a timeline of events related to the Luxembourg loan application (1872255).

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