Word: loans
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Dates: during 1950-1959
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Last week Banker Black opened the moneybags for a still bigger loan to India: $75 million (at 4½%) for a huge, new steel mill to be built by Kaiser Industries for Tata Iron & Steel Co. The plant will eventually increase India's steel output by 45% to 2,000,000 tons annually. This week another new loan-$200 million to Chile-was approved, in Banker Black's biggest deal to date. With the money, Chile will launch an eight-year agricultural development plan to buy farm equipment, build new roads and start modern agricultural schools, thus make...
...Austria, two loans totaling $22 million for Alpine hydroelectric projects to harness one of Europe's chief remaining undeveloped natural resources. One $12 million loan is for the Reisseck-Kreuzeck power project to help add 112,000 kw. of generating capacity by 1958; the other $10 million loan will go toward new dams and power stations to add 190,000 kw. of new capacity to the 111 River system in the Austrian Tyrol...
...MendesFrance, lunched at the home of Bank of France Governor Wilfred Baumgartner. Flying on to Iran, Banker Black talked about accelerating Iran's seven-year, $930 million development program which is paid for by oil royalties. Since oil revenues are low, Black was working out a $32.5 million loan to get things rolling. This week Black moved on to Saudi Ara bia, where oil money is often frittered rather than being spent on economic projects to improve the lot of the people. On the invitation of King Saud, he will advise the Saudis on how to invest their wealth...
Then the Russians, who had previously offered a $300 million loan, started jiggling the bait again. Though Egypt's Strongman Gamal Abdel Nasser prefers Western aid, and knows that he will get more dam for the money with no political strings attached, he is cagily bargaining with both sides. Last week Nasser received Russia's junketing Foreign Minister Dmitry T. Shepilov, who arrived in Cairo with tempting new offers (see FOREIGN NEWS). But on this trip, Black hopes to nail down the deal once and for all. Both he and the Reds know the size of the stakes...
...long-ruling Liberal government. Opposition parties and most of the Canadian press bitterly opposed the lending of public funds to Trans-Canada, a firm originally set up by Texas Oilman Clint Murchison and still 83% owned by U.S. gas and oil interests. Some of the opponents of the loan held out for a public-owned pipeline; others demanded that the money be lent to a Canadian company. The government stuck to its argument that Trans-Canada was the only builder with the equipment and know-how to begin the pipeline this year. Four times during the angry debate, the Liberals...