The loan of £875,000 will finance imported equipment needed for the expansion of electric power in Iceland.
A high priority in Iceland’s investment program is financing two hydroelectric projects to further develop the resources of the Sog and Laxa rivers. The existing supply of electric power is insufficient to meet present industrial and household needs or to enable the establishment of new industries to diversify the economy and reduce dependence on fishing and related industries. The loan of £875,000 to finance the cost of imported equipment for the expansion of electric power is the first Bank loan consisting entirely of currencies other than United States dollars.
The profile contains project and financial information and lists of project documents and archival records.
The barracks were used by workers on the Sog project (1722312; Credit: The World Bank).
The Economic Department's report provides an overview of the economic position of Iceland and recommends that the Bank approve a loan for the Sog and Laxa projects (1361743).
As per the Icelandic government's request, Mr. Clark of the Economic Department will travel to Iceland to study the development program and advise on a new investment agency (1361743).
The Working Party reviews the status of the application for the $2.08 million loan and discusses whether the loan can be negotiated without sending a mission to Iceland (1361743).
The President's Report describes the loan, appraises it, ensures that the loan is in compliance with the Bank's Articles of Agreement, and recommends that the loan be granted.
The report examines the loans' disbursement, end use, and service.
The report discusses Iceland's development program and provides main recommendations for the country's future.