The first Finnish request for a World Bank loan was made in February 1948.
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.
The profile contains project and financial information and lists of project documents and archival records.
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).
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).
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).
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).
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).
The report examines the loans' disbursement, end use, and service.
Section C of this appraisal report provides a status update on the project as of 1955.