Date
Timeline Description

The loan to Belgium will finance the purcahase of equipment to modernize and expand two of Belgium's key industries, steel and power.

Detail Description

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.

Image Timeline
World Bank and Belgian officials sign loan documents (1716467; Credit: The World Bank).
Image Timeline Caption

World Bank and Belgian officials sign loan documents (1716467; Credit: The World Bank).

Resource
Title
Steel and Power Equipment Project
Description
P037358: Approved Feb. 8, 1949
The profile contains project and financial information and lists of project documents and archival records.
Image
Steel and Power Equipment Project
Event
44
Title
Memo from J. M. Penton to S. Aldewereld
Image
Memo from J. M. Penton to S. Aldewereld
Description
May 13, 1948
Mr. Penton discusses the commencement of negotiations for a $16 million loan to Belgium for capital equipment (1535518).
Event
44
Title
Memo from J. W. Penton to S. Alderwereld
Image
Memo from J. W. Penton to S. Alderwereld
Description
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).
Event
44
Title
Press release -- $16 million loan to the Kingdom of Belgium
Image
Press release -- $16 million loan to the Kingdom of Belgium
Description
Feb. 28, 1949
The World Bank grants a $16 million loan to Belgium to finance imports of equipment for the construction of two steel mills and a power plant (1535521).
Event
44
Image
Linalux power plant under construction
Title
Linalux power plant under construction
Description
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).
Event
44
Image
Loan signing for Belgium Industry Project
Title
Loan signing for Belgium Industry Project
Description
1949
World Bank and Belgian officials sign loan documents (1716467; Credit: The World Bank).
Event
44
Title
Interview with Eugene Black
Image
Interview with Eugene Black
Description
Interview date: August 6, 1961
On pages 30-31, Black discusses the Bank's lending policy regarding Belgium.
Event
44
Title
Interview with Hugh Ripman
Image
Interview with Hugh Ripman
Description
Interview date: July 17 and 18, 1968
On page 11 of the transcript, Ripman briefly discusses the loans to Belgium.
Event
44
Title
Interview with Davidson Sommers
Image
Interview with Davidson Sommers
Description
Interview date: August 2, 1961
On pages 21-22, Sommers discusses challenges related to the Bank's lending policy for Belgium.
Event
44
Title
Appraisal of the Projects
Image
Appraisal of the Projects
Description
Document date: Feb. 1, 1949
The report contains an appraisal of the three projects contained in the Belgian loan application.
Event
44
Title
International Bank Notes, Vol. 4, No. 5
Image
International Bank Notes, Vol. 4, No. 5
Description
Document date: March 1, 1950
Photos and a brief description of the project appear on the front page of the issue.
Event
44
Title
Loan Administration Report
Image
Loan Administration Report
Description
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.
Event
44
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