Word: bank
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Dates: during 1960-1969
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...economists and social scientists-all those to whom the deposed João Goulart had often refused to listen. Out of the meetings came the broad outline of his program for Brazil. He intends, say his advisers, to encourage foreign investment, overhaul tax collection and increase revenues, limit inflationary bank credit, set up an independent central bank to control the currency presses. The government's wild spending will be cut and its mammoth bureaucracy trimmed to happier size...
...vice-presidency went José Maria Alkmim, 62, an old crony who for 28 ill-starred months served as Kubitschek's Finance Minister, during which time scandals rocked the ministry, the value of the cruzeiro dropped 50%, retail prices soared 60% and the treasury debt to the Bank of Brazil tripled...
...Washington's alphabet soup, the Inter-American Development Bank is known by its initials IDB. Latin Americans call it el BID, or simply "our bank," and it is one part of the Alianza that no one complains about. Latin Americans had the original idea, have their own man in charge, and put up more than half of the initial $813 million capital. At the bank's annual meeting in Panama City last week, hemisphere finance ministers could count the impressive results: by the end of 1963, el BID had authorized no fewer than 192 development loans totaling...
...Power & Homes. The bank was set up in 1960 to step in where private banks and other international lending institutions feared to tread. Under its able and imaginative president, Felipe Herrera, 41, a Chilean economist, el BID has granted longterm, low-interest loans for hydroelectric power in such marginal-risk areas as Guatemala and Paraguay. About 35% of its loans are for agricultural projects, which often get a cool reception from international bankers. Last year the Mexican government received $30.5 million to reclaim and settle 130,000 desolate acres in the southeastern state of Tabasco, while Venezuela and the Dominican...
Another of Latin America's major problems is private business capital; money is short and local interest rates range up to 18% annually. The bank has loaned $300 million to businessmen around the hemisphere, and at rates of less than 6%. In Peru, a private company recently got a $1,400,000 loan to begin transforming 16,000 desert acres into farmland. Other loans have gone for a synthetic rubber plant in Brazil, a wood pulp mill in Colombia, fruit processing in Argentina, textile mill expansion in Paraguay, and plants to process timber into chip board for construction...