Date
Timeline Description

The loan of £875,000 will finance imported equipment needed for the expansion of electric power in Iceland.

Detail Description

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.

Image Timeline
Barracks used by workers on the Sog hydroelectric project (1722312; Credit: The World Bank).
Image Timeline Caption

Barracks used by workers on the Sog hydroelectric project (1722312; Credit: The World Bank).

Resource
Title
Power Project
Description
P037384: Approved June 14, 1951
The profile contains project and financial information and lists of project documents and archival records.
Image
Power Project
Event
11
Image
Workers' barracks
Title
Workers' barracks
Description
1951
The barracks were used by workers on the Sog project (1722312; Credit: The World Bank).
Event
11
Title
Report on the economic position of Iceland
Image
Report on the economic position of Iceland
Description
April 17, 1951
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).
Event
11
Title
Terms of Reference for Iceland mission
Image
Terms of Reference for Iceland mission
Description
Jan. 5, 1951
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).
Event
11
Title
Working Party meeting minutes
Image
Working Party meeting minutes
Description
Dec. 4, 1950
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).
Event
11
Title
Hydroelectric Project: President's Report
Image
Hydroelectric Project: President's Report
Description
Document date: June 12, 1951
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.
Event
11
Title
Hydro-Electric, Agriculture, and Fertilizer Plant Projects: First Administration Report
Image
Hydro-Electric, Agriculture, and Fertilizer Plant Projects: First Administration Report
Description
Document date: Aug. 26, 1953
The report examines the loans' disbursement, end use, and service.
Event
11
Title
Summary Report of the Technical Assistance Mission to Iceland
Image
Summary Report of the Technical Assistance Mission to Iceland
Description
Document date: April 12, 1951
The report discusses Iceland's development program and provides main recommendations for the country's future.
Event
11
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