Date
Timeline Description

The sixth loan is part of a joint operation with the American investment market and the European Investment Bank.

Detail Description

The $20 million sixth loan to Cassa for the development of southern Italy is the first Bank loan to be made as part of a joint operation with the investment market in the United States ($30 million bond issue) and the European Investment Bank ($20 million equivalent). The loan will assist in the ongoing financing of a program for the economic development of southern Italy. It will entail three specific projects: a new thermoelectric project (MERCURE); and two new petro-chemical plants (SINCAT and CELENE).

Image Timeline
Press release announcing World Bank and European Investment Bank loans to Italy (1854235).
Image Timeline Caption

Press release announcing World Bank and European Investment Bank loans to Italy (1854235).

Resource
Title
Power and Industry Project
Description
P037418: Approved April 20, 1959
The profile contains project and financial information and lists of project documents and archival records.
Image
Power and Industry Project
Event
40
Title
Memo from S. R. Cope to G. Stewart Mason
Image
Memo from S. R. Cope to G. Stewart Mason
Description

Jan. 23, 1959
The Bank staff plans a joint mission to Italy with the European Investment Bank with a focus on the electric power and industrial projects (1854233).

Event
40
Title
Press release -- World Bank and European Investment Bank lend $20 million each to Italy.
Image
Press release -- World Bank and European Investment Bank lend $20 million each to Italy.
Description

April 22, 1959
Cassa per il Mezzogiorno borrows $70 million in a combined operation consisting of issues of $30 million of bonds in the New York investment market, and loans equivalent to $20 million each from the European Investment Bank and the World Bank (1854235).

Event
40
Title
Sixth Southern Italy Development Project: Appraisal Report
Image
Sixth Southern Italy Development Project: Appraisal Report
Description
Document date: March 26, 1959
The report describes and appraises the project.
Event
40
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