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    HOLD FOR RELEASE                           BOID FOR RELEASE                   HOLP FOR REl&SE
                                                INTEBNATIONAL BANK FOR
                                            RECONSTRUCT!~, J\Nl) DEVELOffAEMT
                                                     Washington,   n~:e.

    ..FOR THE P:a;ESS        ()
                                                                                FOR RELEA~E
                    \,'
                     I


    Press Rel,e~.se No. 164                                                     7.;0l P.M.,January'l;' 1950
0
                                                                                (To be rele~sed
               c?
                                                                                 s~ult~eously in London)



                          The International Bank tor Reconstruction and Development
                                       Ji
                                  \'-.j)
             , today issuea. ~he f oUowing statement:
                          Negotiations have .been in progre;s for some t~e between
              the Inte~ational B~ and t,he ·united Kingd,om Colonial Develop-
              ment Corporation tor a loan from the Bank to the Corporation
              of approximatel.y $5,000,000, of which the proceeds would have
              b~en devoted to the purchase 9f equipment from the dol~ar area,
              ttY be :m~ta.J.led iQ various development undertakings to be pro-
              moted, by the Corporat~on                 ~   the Pepend,ent Overseas Territories
              of th~ United Ki.flgdom.
                          It has. not been pos'si~le., at present, to' l:>ring these           o

              negotiations to a successtul conclusion. T·he Board. of the
              Co~oration have eXPressed themselves ~s unable to aQcept
              certain of the Bank's standSf>d requirements, especially the
              non-,financial covenants, on the grounds that these are not
              reQoncilable with the principles and JQ.ethods by which the
              CorpQration oper.atee.