Word: loan
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Dates: during 1960-1969
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Testifying to its conservative stance, new-boy ADD so far has made only one loan: $5,000,000 to Thailand for a fish-refrigeration plant. But several other firm loan applications are in the works. Ceylon will shortly sign for a loan to improve tea production, Taiwan wants $5,000,000 for a fishing fleet, and Indonesia would like $150 million to increase food production. Malaysia has applied to ADB for a loan to build oil-palm mills, and two weeks ago the bank signed a technical-assistance agreement with the Philippines under which ADB will send five experts...
...Feed Itself. Partly responsible for ADB's go-slow approach to loans is the task of getting to know its far-flung customers-and vice versa. To accomplish this, the bank offers technical assistance where necessary, as well as surveys of its findings, including a recent study of food problems facing Indonesia and South Korea. Watanabe's pragmatic belief, which is reflected in such projects as the Thai loan and the Filipino study, is that "the region's first concern is feeding itself...
Perhaps the biggest stumbling block for ADB is its 61% interest rate, which reflects the world's tight-money markets. For struggling member-customers like Nepal, the rate could prove prohibitive. To offset this and make money more attainable, the bank is creating a special loan fund that promises to benefit both donor and recipient. The borrower would get his money at reasonable terms in exchange for agreeing to buy from donor countries the supplies for the projects involved. Canada, Denmark and Japan have promised contributions to the special fund, but its success may well depend on U.S. participation...
...average debt of almost $500 for every man, woman and child. At least part of the push to the new record can be attributed to the fact that more and more commercial banks, the leading sources of consumer credit, are augmenting their traditional personal-loan and automobile-financing activities by issuing all-purpose credit cards. Such cards, says an official of Boston's State Street Bank and Trust Co., are "what the public wants...
Werner Bundschuh, a cameraman on loan from Polymer Films, took the pictures while perched in the bomb hatch of a World...