Date
Timeline Description

The first Finnish request for a World Bank loan was made in February 1948.

Detail Description

The first Finnish request for a World Bank loan to increase Finland’s exports and reduce production costs was made in February 1948. After considering various political and economic issues, the World Bank approves a loan of $12.5 million to the Bank of Finland, guaranteed by the Finnish government, for electric power and industry. Specifically, the loan will be used to: complete the electric power program; modernize and improve the efficiency of the woodworking industries; and increase production of limestone powder for agriculture.

Image Timeline
An aerial view of the Kaukopea paper mills in Finland which is equipped with machinery purchased with World Bank funds (1721435; Credit: The World Bank).
Image Timeline Caption

An aerial view of the Kaukopea paper mills in Finland which is equipped with machinery purchased with World Bank funds (1721435; Credit: The World Bank).

Resource
Title
Electric Power and Industrial Project
Description
P037366: Approved Aug. 1, 1949
The profile contains project and financial information and lists of project documents and archival records.
Image
Electric Power and Industrial Project
Event
9
Title
Back-to-office report on mission to Finland
Image
Back-to-office report on mission to Finland
Description
Nov. 10, 1948
The report summarizes discussions held by the mission team in Finland and provides information required to enable the Bank to plan disbursement and supervision procedures (1368374).
Event
9
Title
Correspondence from Suomen Pankki-Finlands Bank to the World Bank
Image
Correspondence from Suomen Pankki-Finlands Bank to the World Bank
Description
July 23, 1949
The officials of Suomen Pankki-Finlands Bank request the Bank to increase the amount of the original loan application to $12.5 million dollars (1581786).
Event
9
Image
Dragline excavator
Title
Dragline excavator
Description
c.1949
Walking draglines and other equipment financed by World Bank loan to Finland are used in the construction of power stations (1721435; Credit: The World Bank).
Event
9
Image
The Kaukopea paper mills
Title
The Kaukopea paper mills
Description
1950
An aerial view of the Kaukopea paper mills in Finland which is equipped with machinery purchased with World Bank funds (1721435; Credit: The World Bank).
Event
9
Image
The Kaukopea sulphate mill under construction
Title
The Kaukopea sulphate mill under construction
Description
1958
The Kaukopea sulphate mill is located on one of the biggest lakes in Finland. Shown here is the boiler house under construction (1721435; Credit: The World Bank).
Event
9
Title
Electric Power and Industrial and Agriculture Timber Equipment Projects: First Administration Report
Image
Electric Power and Industrial and Agriculture Timber Equipment Projects: First Administration Report
Description
Document date: June 28, 1950
The report examines the loans' disbursement, end use, and service.  
Event
9
Title
Power and Woodworking Projects: Appraisal Report
Image
Power and Woodworking Projects: Appraisal Report
Description
Document date: March 7, 1955
Section C of this appraisal report provides a status update on the project as of 1955.
Event
9
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