' FOR IMMEDIA TF RELEASE · , • World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 SUMMARY NEWS RELEASE May 4, 1981 WORLD BANK AND IDA APPROVE $552.7 MILLION IN LOANS TO 11 COUNTRIES The World Bank and its affiliate for concessionary lending, the International Development Association (IDA), have approved loans totaling $552.7 million to Benin, Burundi, Haiti, Jamaica, the Republic of Koreap Nicaragua, Nigeria, Paraguay, Sierra Leone, Sri Lanka, and Yugoslavia. Benin will use an IDA credit of SDR 15.7 million ($20 million) to carry out a rural development project in Borgou province in the northeastern part of the country. The project is expected to benefit some 39,000 farm families who will earn higher incomes from an expansion in cotton and foodcrop production. Burundi will use an IDA credit of SDR 20.5 mill ion ($25 million) to carry out a third highway project for improving the country's road network. • In Maiti, an IDA credit of SDR 5.7 million ($7 million) will be used to provide credit to the industrial sector through the Industrial Development Fund. In Jamaica, a $37 million World Bank loan will be used to provide credit to manufacturers of non-traditional export goods and banana exporters through the Export Development Fund, the Jamaica Export Credit Insurance Corporation, and the Jamaica Naitonal Export Corporation. The loan will be used primarily to finance imports required by manufacturers. The Republic of Korea will receive a $90 million World Bank loan to provide housing for low-income families and to further develop the capabilities of the Korea Land Development Corporation and the Korea National Housing Corporation. Some 380 hectares of urban residential land in ten medium-sized cities will be developed under the project. About 8,500 housing units will be built. Nicaragua will receive a $3.7 million World Bank loan to help finance an engineering project to expand the water supply system of Managua. In Nigeriap a $132 million World Bank loan will be used to carry out an agri- cultural development project in Bauchi state. The project is expected to raise the incomes of some 280,000 farm families. Also in Nigeria, a $142 million World Bank loan will support an agricultural development project in Kano state. Some 600,000 smallholder farm families will benefit from the project. • NOTE: IDA credits are denominated in SDRs (Special Drawing Rights), which are valued on the basis of a "basket" of currencies. The U~S. dollar equivalent of the SDR amount of the IDA credit reflects the exchange rates existing at the time of negotiation of the credit. . .. I • - 2 - In Paraguay, a $30 mil lion World Bank loan will help finance a livestock development project. Where mixed farming is practiced, the project will seek to increase the production of agricultural crops, mainly soybeans and cotton. Among the beneficiaries will be some 1,400 small farmers. Sierra Leone will receive an IDA credit of SOR 8. 1 mill ion ($10 mill ion) for a second highway project to improve road transportation in the provinces. Another IDA credit amounting to SDR 6.9 million ($8.5 million) will help provide funds to increase food production and farm incomes in the country 1 s Northern Provinci. Some 13,500 poor farm fami1ies will benefit from this project and an earlier project for integrated agricultural development. Sri Lanka will receive an IDA credit of SDR 10.9 mill ion ($13.5 million) to help finance a project for increasing the supply of trained manpower and improve the level of technical, and management expertise in the country's con- struction industry. A unified modular training system for construction-related trades will be established. In Yugoslavia, a $34 million World Bank loan will be used to help finance a project for improving the capacity and efficiency of the railway network in Kosovo province. The IDA credits will be committed when funds are available. • - 0 - •