Word: bank
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Dates: during 1960-1969
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...about 5,000) town of Fayetteville in the Arkansas Ozarks, rode a horse three miles to school, milked the family's lone cow each day. His parents were wealthy. His stern, business-minded father Jay owned or held major interests in the town newspaper, a lumber company, a bank, a Coca-Cola bottling plant, a railroad, an ice company, and a hotel. Fulbright's mother led most of the town's civic activities, wrote a daily newspaper column on any topic that popped into her head...
Among more or less routine items asked for: $210 million for technical cooperation, $50 million in contingency funds, $155 million for contributions to international organizations such as the World Bank, the International Development Association and the Inter-American Bank. The President also proposed a plan to stimulate private investment in emerging nations: a tax credit for U.S. companies equal to 30% of their investment in those countries. Congress turned that idea down last year, but the prospects for passage now are brighter...
...borrow mortgage and other long-term money. Though inventory buying in fear of a May 1 steel strike is increasing demand for commercial and other under-a-year loans, most bankers see little chance that short-term rates will rise any time soon. But a coming squeeze on bank profits could easily lead bankers to tighten up later in the year. After all, no one can indefinitely defy the economic laws of gravity by paying more for money and lending it for less...
...duras to the huge irrigation and power project that is transforming Pakistan's Indus River Basin, many of the world's underdeveloped areas owe much to an organization that most Westerners have never heard of. The organization is the International Development Association, a branch of the World Bank founded in 1960 by 15 World Bank member nations to make "soft," easy-term loans-with no political strings attached-to poor nations. Last week IDA reached a milestone when the total it has loaned passed $1 billion...
...Poor to Pay. IDA gives credit only to countries so poor that they can not afford to pay even the World Bank's modest 5.5% interest rate, let alone the higher rates of conventional lending institutions. It charges no interest, gets only three-fourths of 1% annual service fee to cover its administrative costs...