The Bank’s first funding for Iceland's agricultural sector will aid in the increase of agricultural production in a variety of ways.
The Agriculture Project for Iceland will assist in financing a plan for the development of agriculture and improvements on individual farms. The project will aid in the increase of agricultural production by: purchasing cement, steel, timber, and other building materials for construction; constructing farm buildings, such as dairy barns, sheep sheds, horse stables, hay barns, silos, and machine sheds; erecting new farm houses and improving existing ones; and draining, plowing, reseeding, and fencing grasslands. These improvements will help to increase the output of animal products and boost Iceland's balance of payments.
The profile contains project and financial information and lists of project documents and archival records.
Signing the loan documents are H. E. Thor Thors, Icelandic Minister in the United States, and Eugene R. Black, President of the Bank (1722315; Credit: The World Bank).
Eysteinn Jonsson, Iceland Minister of Fiannce, discusses the agriculture sector loan, mentioning Mr. Kephart's study of agricultural development of Iceland (1361744).
Patersen sets out a list of steps taken or to be taken in connection with the proposed agricultural loan to Iceland (1361744).
The 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 contains a survey of Iceland's economic position, prospects for development, and major lines of future investment.
The report examines the loans' disbursement, end use, and service.