Shortly after Spain becomes a member of the Bank, a Bank mission will visit Madrid to determine how it can assist with the country's economic development.
In October, 1958, shortly after Spain becomes a member of the Bank, a Bank mission will visit Madrid to engage with the Spanish government and determine how the Bank can assist with the country's economic development. The mission's team will report on the general structure of the economy, the country's current financial and economic position, and the obstacles that could hinder development. The mission will recommend that Spain begin a stabilization program and that the Bank assist with the preparation of the program by sending a second economic mission that would assess Spain's creditworthiness and explore what economic sectors would benefit most from the Bank's investment.
The resolution sets out the terms and conditions for Spain joining the Bank.
The report contains a general analysis of the country's economy.
May 19, 1958
The letter to the Spanish Ambassador discusses Spain joining the World Bank and the IMF and prospects for an economic survey mission to the country (1740826).
April 25, 1958
The Spanish Ambassador discusses the possibility of Bank/Fund exploratory and economic survey missions to Spain (1740826).
Sept. 19, 1958
The Charge d'Affaires expresses appreciation to the Bank for the Bank's upcoming mission to Spain (1740826).
On page 21-22 of the transcript, Kamarck relates the history of Spain joining the World Bank.
On page 27, King briefly describes a Bank mission to Spain.
The World Bank's first loan to Spain was for a Highway Improvement Project (1727983; Credit: The World Bank).