International Bank for Reconstruction and Development

On April 29, 1947, the International Bank announced that it had received from the Government of the Netherlands a formal application for a loan of $535,000,000 for the financing of the more urgent projects included in its over-all rehabilitation, reconstruction and industrialization plans. On May 12, President Ismet Inonu of Turkey announced the intention of his government to seek the loan of an unstated amount from the International Bank.