t - World Bank
Transkript
t - World Bank
THE WORLD BANK GROUP ARCHIVES PUBLIC DISCLOSURE AUTHORIZED Folder Title: Onaran, Mekin H. - Articles and Speeches (1949 - 1950) Folder ID: 1653644 Fonds: Records of Office of External Affairs (WB IBRD/IDA EXT) Digitized: March 13, 2014 To cite materials from this archival folder, please follow the following format: [Descriptive name of item], [Folder Title], Folder ID [Folder ID], World Bank Group Archives, Washington, D.C., United States. The records in this folder were created or received by The World Bank in the course of its business. The records that were created by the staff of The World Bank are subject to the Bank’s copyright. Please refer to http://www.worldbank.org/terms-of-use-earchives for full copyright terms of use and disclaimers. THE WORLD BANK Washington, D.C. © 2012 International Bank for Reconstruction and Development / International Development Association or The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org PUBLIC DISCLOSURE AUTHORIZED ' ~Nffillll l ll mm11 1mm 1653644 A 1992-007 Other#: 13 Onaran , Me kin H. - Articles and Speeches ( 1949 - 1950) - 1v DECLASSIFIED WBG Archives 2120588 RECORDED AT THE UNITED NATIONS AT LAKE SUCCESS AND BROADCAST OVER THE TURKISH NATIOOAL RADIO ekta H_ ran. • A r11 8, all lo 1~9 1ly ~ .. l' tn 11 114 road.• o .to o ln as t cu.rrtm:er o epead. on ea ttal it·- s e~ • ·J wl~ D .b the e • ' . ne laa oN. r t.o • 0011- cl . 4 r t ~ 41-c of thelr o I ball o• ow t17 to t - • c :u. it I t it ie \ 1e o 11 tv · N.t 1· ti all lhoul oa ·· - which t 1 othe~ • iaatit;atlon wbtcb 1 · also OUJPs . tnt. I v&'Ul4 1ttce to • t.h ht leh g ol'd a.b · t th lla a lflw tr h to th · Worl B t In 1 . · t rt tour nat1 n• f t! ' en't of· 0 d. rd -. -loped 1 poytan.t s th r 0 fth 1. ck: d tt. o a• . &4l' a . So -o r th ' tto o n w re bed. tha.t h · 11th 4)0 ot 100. 000 ar 120 i111o ~1 t t that c . ot . dolla~· 11~ At " " tU.l\ , reh & h, ~? and eu. crt b1ch . &uat to th ·• 47 natlon . erra- of Accordtas \o }( Provt lone et he 8o~ ~ h Juk . a- lt 1 e p1 a1 a 'bi1lt· 4 11 r• • 1elea of u1--emnent, 201' of th Ar · :ry. th con tit tee th r .e ern ot dollar fh of' t be ~ • tb · :B o~ o 43 .1111 .. otl ot th Bank a\ the e d ot · ebruaf*J 1949 :r che4 'the scrib · capital ~ o11.• Noll fo~t lUuUt 14 . · ba to be c lled tor ln c e · t bllll oll td- up cap1t· ~ 1 of on a br ne ot 6 bl11ton doll Yiou \hat on e.nd Ob-hal 1llloa dollal- t neccuaalty. th ~7 t · td-up c \to • · lt l tll :U.rily be euff:_ l ot a' f r the cre41t Ia :B mte , oaq o~e&tt . Up Sw1 tbe PTOC dt t th 41tpo .al ot t, e· .ttl . ~rk , ln \he American to \h ·p neeat bte. h J-* tseu · bo.ltdw la. tb \ to t e tun of $2$0. 000. 00(} · tr. e•, th-e S.c.\ to \h ~~ tk t 17, 000. 000 ace Td.- Jt at o matu.rlt et. fh z,. te ot tat '~'· e1 t • he rro • ie ppr~l at•lr 4:•1/!~ •. o• a t d tor. h . Pll'PO wo · a on the ton of' th · J J t e · tet 7ft wt.ll wster tand f'r ~ of helptq \he reconetruettoa ot th W r .ace CQU rt•• .. - ) lt~ ud th d - en rie · • Qt · eon . l ally oe.CJ.-. o~ the con , me t ca ·tn · or eoct tr~ A'l't'f'!ibnR-1 rm•,rn·tt aJl7 ordlna t m ·1$ tor r at PNd ne · I 1 or in 1M p:r - ,' P'llt'ch cr dit 1 O'Q&ht . ot to the 1' t c,y. to r que :, ae • fir ,, er d! . A ec•p onl· · be bo»ro - :r, ·to · elo _ at lea t CO'd ~OUllt!'J' ol. o. a. - l i ·t tu tt t tton. t ' con~t•.t•t1UI! ot ro t i£1e roJ. ct t t ,. 1oaa loan etl e S.-t tor no r ,f1· ! e ot cl d cale'Utla ·oern . • o th . 1tlek 4 Vl lop rei pothor 1y td. ' r caJJ~t e4 'r _d. th ha 1 to tJ7, •t l • reto 1 ton • a ryt . econ tc M4 tt ta oJtler org - lo . enfl, n d. • d ll e t 1 • th c ·14 be ct ld 1· dl.y d-e.... rie • · t in - _ l to- tbe B -----....-C lt of tb etudt _ that th ~ et COltB t. 7 t~ . m el r t - 4Jl 'b '1" COWl .rlea Wt li al·aO :lten4ed to prlYate flNI tS. prt~Vld: d s, th l.oe. 1. Ye co ;por tloa e c ib& a p 1 \It ft or tb tinancieJ. olld&rtt.7 of th• fJ. . -eAt 1-otf1c.1t\l 001'- lt'IU~Nil1$_.UU'I the and \he ~~ , attd be tor whlob th loan 11 • AUoth '1: 1nte our _ which a · _ e" :B 'i h tten !oa h r , l . l ta JttU"cba•-.e tn uy ark _t t t eontt t1on n 1 p tat~pose u.po. l J:lQrpoae~ _ cannot us a loaa aade teO ott ·e • t& la r .l adle• f11'U~Ulo bonow :r 11 1 ft . ul ttlo'bl of th · loan ~ th ~~ eo e n t ton. th . l3 - :nt of thl the tu1f1 d th · u aelv Tb· teh -· ob to amc:nm-t t ct»t ·truo·t tml P1r.PO e • ao ;p: • • coZ~tr-ote t~o alr alp . -. ttte 1' pi'OJ ct • amonc vhlo o.e•elo en _ ~re.dit ther . pertatntns. to flood control and ln•lc loa, purehaae ot tloa to-r are tho st rl t.a. por text1 e aohtn ~. qui c La 11 • I , P ~ < ent . b7dro. e.,tr1e oo rin.ce · t $1 h pro th neb h&JUl ·lll be pro · . ot rb.) .1\ etory. tbe tJ t ,11 be cr • e o boat.e., ·_:ritr cone m 4 Mn'4!~rA (· gnm·t&d. tor O'Y't:~ leh w!.ll . taJ~ orrove• \h aa ·l'l'l .a t.loa.·proJ ''• lD bel' eOVAtrltr · h oredlt the laalt oul4 l _r e therein . b ma.teJ-1 \e tor l t . lt •. Th r.ml \hat 'b ot ocordanc.e with 'h t• 1 nder an to• l~c ink _ · oat 'bo~o ~J' the th t t t d an a it. •• o r in wh lo. d eoun • l.l he 1n Onn Mr. ori 10 • 2? . 1949 ia o 0 Are. • ilin~ th 11 t or .INTEBNATIONAL BANK FOR REOONS'PROC'I'ION AND· 'DEV'ELOR~ Washington 25, D. -c. Mekin Onaran1n ¥il1etlerarasl. !mar ve Kalk1nma Bankas:t. hakk1ndaki konu~as1n1n metn1. (Bu kanu~a Turlciye · radyasunda y~:yinla'l1In.ak Uzere, Lak"e success de, 5 agustas, J.9 49 da., plaga alinmi~tir.) Sevgili Yurtta~lar~: Iktl.sadt kallc1nma h~~leleri yapmakta aldugu,muz ~u devrede, n-~em.,. leketimizin~~ser.mayeye alan ihtiyacln~ hep.biliyaruz. Bir giftcinin basit bir sapan alabilmesi igint· birikmi~ bir paras~ bul'tUlmak gerelcmekteclir; kUgUk bir ipl~ f'ab r ikas;t kumak igin bir yalunu bulup, binlerce liraY1 bir araya getirmemiz laz~d1r; yo). yapmalc veya berek etli bir avay1 sularnalc igin Devletin Hazineden milyonlan bu i~e ay1rm.as1 icabeder. Memleket igindeki masraf yerlerine·harcarnek igin nas11 taplu bir Tiirk parasJ.na mUhtac aluya;rsak:, yabancl. U~keleraen alacagl.mlz istihsal mallar1n1n bedellerini odem.ek igin de, birilnni.!? yabanc1 paralar1na o suretle ihtiyaclmlz vardlro ~u halde dl~ memlelcetlerdeki kredi mi.iessese1erini go4den geqir.me.miz ve b~~ar1n mahiyetlerinl. anlamamlz en one.mli i~lerimizdendiro ~te bu dii~fulce ile Dunya Ba:nkas1n1 sizlere tan1 t mayl faydali biilmaktaylm• Zira bu Bankan1n en musait ~artlarla bize hiZffiet edebilecelc bir lcredi m"Uessesesi olduguna lcaniim .. · Kald1 ki, Di.inya Bankasmda HukUt"ietimizin d,e hissesi vard1r; yirrni milyan TUrklin para yatirdigi, yani, ayni zamanda bizim alan bir mi.i~sse senin mahiyetini ve nas1l gal1~tlg1n1 bilm~liZ kadar tabii bir ~ey alamaz. I Once, BwJcan1n ne gibi filcirlerle meydana geldigini anlataylm: l944 . Ylllnda Amerikanln Bretton Woods ~ehrinde 44 milleti~ temsilcileri topl:anara-1{ mil:;Letlerarasl bir kredi lcaaperatifi kurulmasJ,nl go'ril~U~1erdir~ Bu lcaaperatif iki gaye ile kredi ·te.min edecelcti: birincisi, harptan yikilan fabr1kalar1·; dag1lan · tarlalarl, i.mha edilen ta,~l t vasl talar1n1 yerine koymak; ikincisi, iktisaden geri kalml~ uDcelerin kalk1nmas1n1 saslamake Bu ikinci nokta birincisi kadar one.mli gorulmU~ti.ir; zira baz1 milletl·erin zengin almasl ve baz1lcar1n1n falcir kalma~q. harpJ,.a.ra ya1 aqan sebeplerden say1lm1~tlr• Bu taplant1 ve gorU~e sanunda bir an:;La~aya va~lml~ ve bir ~artname lcaleme alin~rak J~J: illetlerarasl Imar ve Kalk1nma Banl~asl ad1 al t1nda bir miiessese kurulmu~tur. Tiirlciye-.miz 11 mart 1947--tarihinde bu ~artnameye imzas;1.n1 lcoyarak beheri 100.000 dolar alan hisse senet1erindeu 430 adet.almagi taahUt etmi~ ve Barucanin ser.mayesine -43 ~ilyon dolarla, yani, 120 milyan liraeile kat1].m.l.St;Lr. Banlcada bu~UnlcU halde 48 devlet hissedqrdlr• -2~sur milyar -dolarl. bulmustur. ~artname hukfunlerine gore• her Devlet sermay·e ye yaz1ld1g1 miktarJ.n o/ o 20 s;~.n1 derhal yatlrmalcla millcelre:f'tir; leal an o/ o 80 Bankan1n ihtiyat1n1 te~kil etmektedir ve 1'12lilU halinde hiss~ sahiplerinden istenecektir. Haziran 1949 sonu itibarile Barucan1n sermayesi"8 GorUluyor ki, Banlcanln 1.5 milyar dolarl a~ an yatlnlmlfJ s~;rmayesi ve 48 devl,.etin tekef'ftil ettigi, 6.5 milyar d.o.l arllk itibarl. bulunmaktadJ.ro Bankanln yatiriJ:mi~ serraayesinin 4a d.evlete uzun vaad.eli k;reai a~malt igin yeti~iyecegf a~il~arc;lir, bunun ;iqin Ban1ca; lUzUm. go:rdUkce tahvil gil~a.rarak Amerikan piyasas1nda ve musait ba~ka piyasalarda satmakta v-e elde ettigi paralar1 kredi istiyerilerin enirine vermelctedir~ ~anlca bu suretle simdiye kada.r .A1nerL~an piya~fas1nda 250 milyon dolarllk ve Isvigre piyasaslnda 17 n1ilyon Isviqre franklik tahvil satmifJt~r. Bu tahvillerin faizleri~ vaadelerine gore, o/o 2.25 ile o/ o 3 aJ;'as1nda degifJmelctedir. Banlcan1n verdigi ~credile;r uzerinden. aldi~l faiz o/ o 4 1/2 ci varlndadJ.r.• 4 ~imdi gelelim muessesenin yaptigi muame~elere: Yllicarld.a soyledigim gibi ve ~sminden de enlafJllaca8~ uzere, Banka, istihsal vasl,talarl harpta zarara ugrayan yerlerin yeniden imarina, ve. hayat seviyesi dli~illc memlelcetlerin kallc:unnaslna hizmet maksadile kurulm~tm:. 0 itibarla, mesela kazino in~~;tsl veya yi.izme hawz~ yapilmasl iqin ltredi vermexnel~tedir. Falcat, Banlcan:tn bir hayir muessesesi oldugunu d.U~unmelc de hatall Pl'4lo Bu muesseseyi milletlerarasJ. bir kredi kooperatifi olarak kabul etmek daha. dogrudurQ Zira Banka anew~ kendi hissedarlarlna kredi aqmructadlro Ve uye memleketlerin yat1rd~klar1 paralar1n mwcadderat~ndan sorumlu·o~dugu iqin, muamelelerinde t1p~1 ticaret bankalar1n1n yapt~gl gibi, tamamen ticar~ gorU~le hareket -etmektedir. Bu.maksadl saglamruc iqin, Ban.."<:a, bir usul lfabul etmi~tir. Buna gore, lcredi istiyen uye · mem,.. leketin krediyi .sarfedecegi yerleri belirli olarak goste;r:mesi, veya bu para ile lcuracagi tesislerin lees in ilctisadt ve teknilc proj8lerini · Bankaya onceden tevd1r etmesi lazlmgelmelctedir. Bu yapild:J.ktan sonra, l~redi~ telb edeu memlekete -uzmanlar gonderilmekte ve o. memlek etin, umum1 iktisad1 mali ve teknik bilgi du:rumlarl incele:nmektedir• Bu uzmanlar, tetklicler;i. sonunda, memleketin l{rediy~ liY&katlnln derecesin.i ve verilen projelerin i~inde en mustacel ve me.mleket iqin en hay1rl1 ve karli olanlar1n1 seqe~ek bunlar1 bir ehe.mmiyet s1ras1na koymructadlr• I~te bur'ada Bankan1n onemli bir vaz1fesi daha ker+diliginaen. belirmelctedir: o da gonaerilen bu uzma:h l;l~yetlerinin ilgili uye mem... lekete, gerekiyorsa, ilctisad1 ve malt islahat iqin tavsiyelerde bulun:malarldlr• qunkli Banl~a aqtJ.~l. lcredinin ima ve faizinin lcendisine .tekrar odenmesi Uzerinde 9ok hassa~~r; bu itibarla, te~kilatl islaha muhtaq me.ml~cet1ere, ancak, bu islahat yap~lqllctan sonra para vermektedir• - 3- Burada bir nmrtayi daha ag1klamam faydal1d1~, o da ~uaur: Banlta hissedar memlelcetlerin devletlerine olduBu gibi, husus! te~ebbtis erbab1na da lcredi vermektedir• Ancak, bu taktirde borcun mahallt hukumetce garanti edilmesi ve te.minat alt1na al1nmas1 f?arttir. Hu~us1 veya yar1 resmi bir mliessese lcredi · istedie i zaman, yine aynen ticaret bankalar1n1n yapt1g1 gioi, Bankan1n uzmanlarl bu muessesenin geqmi~teki gal~~alar~nl, iti.bar1n1, VE) mall durumunu incelemekte V"e neticeda, Banlca durumu saO;lam goriirse, ve kredi ile giri~ilmesi dUf?Un5Uen i~in iktisa:l:L ve memlelcete hay:1rrlu olacagJ.na lcanaat getirirse, Hukumetin resm! kefaletile, is~enen para verilmektedir. Bankan1n bir hususiyeti de, her tii.rlu para Uzerinden kredi aqmasl. ve borqluyu i.stedigi memleketten mfibayaada serhest biral<masJ.dir, Ancak, al1nan paralar1n mahalline sarfedilmesi ~artt1r Mesela, sulama i~leri iqin al1nan para ile lokomotif m\~bayaas1na imlc&n yoktur$ Zira ozaman bUtun gaye l:aybolrou~ olur9 · Bunu saglamak iqin Baru~a, verdigi paralarla yapilan mubayaatl, al1nan mallar1n fiyatlar1n1 ve kullanild~.g1 yerleri s1k1 surette kontrol etmektedir• BU.gune lcadar Harptap. zarar goren Avrupe. memleketlerine , :i,mar malcsadiyle 525 milyon dolarllk ve G'ilney Amerilca mem:Leketlerine ve Rolanda ve F.i nlandiyaya kall~1nma malcsadile 152• 600.000 dolarllk kredi aq1lrol~t1r. Hillcumetimiz de Banlcadan lcall~J.nma kreO.isi talep etmi~ ve bu malcs·atla lU.zumlu proj el,eri Bankaya tevdi e·timi~tir. Bu proj eler aras1nda, s eyhan bo1gesinde sel aretini onleme, sulama ve sudan elelctrik istihsali, zahire ·depolamalc iqin silo tesisati, liman in~asl ve teqhizatl ~. gibi i~ler bulunmakta~lr• Son olarak, ~una inanmalctayl.Ill lei, ge;t.ecE;)kte, Bankan1n f'aaliyet1 ve hizmetleri daha, ziyade, TUrkiyem.iz gibi, zengin 'oir toprag·a , ve zekt istidadlara malik memlelcetlere -teveccun edecek ve buralarda da mesut bir hav& iqinde 'alet i~liyecelc, el ovtinecel:tir. ' Ho~ca kal1n say1n dinliyenlerim• lNTERl\JATI OTTAL BAl\!K FOR RECONSTRUCTION A1~ DEVELOPMENT Washington 25, D.c. Radio Address by Mekin Ro Onaran, Exec~tive Di~ector for Turkey, Egypt, Iran, Syria, lraq, Lebanon and Ethiopia, Broadcast Sentember 15. 1949o We all know what an im~ortant role capital ~tually play s in our present drive of economic development of our country. To buy a simple plough a peasant must have some money set aside; in order to build a modest yarn factory one must in some way bl"ing together some fe"'r thousa:ad liras; to build roads or to irrigate a fertile land, the St~te must ap~ ro pria te millions out o·f accumulated funds in the Treasury~ Just as we ne ed local currency to ~pend on capital items within the country, so vJe must have foreign currency in order to purchase and import p ~oduction goods from abroado Consequently, we have to examine foreign credit institutions and have a clear understanding of their operation and char acteristics~ I shall now try to give some information to my citizens on the structure and credit policy of the World :eook, because I am convinced that it is the ins titution which could be of good service to my country in easiest terms. But I think there is another and stronger case for my t alk on the World Ba.nk and that is, our Government is a share holder of the Bank and it is only natural that v1e all should know something about an inst i tution in which twenty million Tur~s have invested money -- in other words, an institution which is also ours. First, I would like to say a few words about ·the line of t hought which gave birth to the Wol.. ld Bank~ In 1944 forty-four nations met at Bretton Woods and discussed the institution of a sort of a coopera tive bank which would have a double task. Firstly, to procure credit for t he reconstruction of industry, agriculture and means of transporta tion dest r oyed by \var; and secondly, for the development of underdevelo!Jed areas of the World. The latter was calculated to be as important a s the former 5 becau se the e:x.i stence of rela tively baclotJe.rd and undeveloped coUL'"ltries or area s wa s looked u~on as a major threat to World peace • .An agreement "'ras reached at the conference and the Internattonal Bank for Reconstruction and Development was foundedc Turkey signed t hat Agreement on the llth of March 1947 and subscribed to the capital for 430 sha:r;es of 100,000 dollars each, vJhich amounts to 43 million dollars or 120 million Turkish liras. At present. 48 nations are members of the Baru{o The cap ital of t he ]ank at t he end of May 1949 re ached the sum of 8~ 4 billion dollarso According to the Provisions of t he Articles of Agreement, 20% of the subscribed c9-:pital must 'be paid at once by t he memb er country, t he rema ining 80% constitutes t he res erve of the Bank to be called for in case of nece s sityc Thus, the Bank has a paid-up capital of over one and one-half billion dollars and a reserve of over 6 billion dollars guaranteed by the 48 member nationso It is obvious that one and one~half billion dollars of lJa~d.,..up capital will hardly be sufficient for the credit requirements of all the members, but the Bank issues :}3onds, ~Jhenever necessary, in the American and other favorable money markets, and puts the proceeds at the disposal of the member country seeking credit. Up to the present date, the Bank issued bonds in the ~~erican market to the tune of $2,50,00o.ooo and in the Swiss money market 17,000-000 Swiss francs, the interest on these bonds varied bet'v'Teen 2.25% and 3% according to their maturitieso The rate of interest the Bank has charged from borrowers is 4-l/2%, or less, depending on the term of the loan and the condition of the money marketo No\'l a few \'lOrds on the operation of the Bank: As I mentioned before, and as you. will uncl erstanQ. from its title, the Bank has been created for the purpose of helping the reconstruction of the ~Tar damaged countries and the development of economically less developed countries~ Con:sequ.ently, no credit is granted for the construction of say, a casino or a swimming poolo And 'tve must alwa.ys bear in mind that the Bank is n<;>t a relief institution~ but contrary to any ordinary Batik and exactly like a cooperative credit society, it only gra~ts loans to its share holderso As it is ultimately res~onsible for the fate of the capital of its members, the B~ displays great prudence in its credit policy. It is an accepted rule of the Bank to requ,estj as a first step, the 'v'Jould be borro'IJITer to su'brni t definite purchasing program or in development loans, specific projects . for ·which credit is soughto As a second step in a loan operation, it sends its 1-'Iissio;n.s of experts to the ccu;ntry of prospective borrower for a close e~amin~tion of over-all econo~ic and financial position of the country apd its technical know-how4 These experts study the credit worthiness of the country and select the projects which are bankable ?-nd calculated to be most beneficial for the quick development of the country concerneda Here another significant service of the :Bank is revealed, especially for the countries that are yet in their early stage of economic development and tha t is, tne adv~ce that the Bam~ might supply to the member country, as a result of the studies of its m~ssions, as to any reform that could be car·ried out in member country's economic and financial organiza tion. In order to be sure that the loan granted is repa~d in due tiQe, the Bar~ only extends its help to countries having a suff~ciently sound economic ana. financial background and would glnd~y send, on demand, ex_yerts to advise the Government concerned on any reformso There ~s anot:P.er po;i.nt which I \~Tould like to make clear and that is, that the Bank's financial help is by no means confined to the States of memoer countries but is also extended to private firms and I -3semi-official corporations, DC}vided that the local Government guar3ntees its repayme~t. 1\Ttlen a p:;ri va."\.e firm or a corporation seeks Cl.. ecl.i t from the Bank, the standing and the financial solidity of the firm and the purpose for which the loan is going to be used are e~ually examined by the ]ank. Another interesting characterist~c of the. credit policy of the Bank \vhich deserves our attention here, is that the borrower is left free to make its purchases in any market it thinks most suitable for itself. The only condition imposed u~on the borro wer is thnt the proceeds of the loans should be spent in accordance with the terms of the Agreement between the borrower ~nd lender and for l;u.rposes ind,icated therein. J!,or example, the borrowe~ cannot use a loan made to finance an i~rigation project- in purchasing locomotives. To insure the fulfilment of this condition, the Bank supervises the purchases, the price of t4e materi al bought and the use to which such materials are :9ut in mem-ber countries themselves. The total amount of credit the Bank has so far granted for reconstruction purposes, amounts to $552,500 9 000 and the corres~onding fig~re for development is $l64olOo,ooo. The Turkish Government has also ap:9roa.ched the :Bank for a development credit and already su,bmitted its projects, among which t here are those pertaining to flood co;ntrol ~1-nd i;rr!gat;ion, purchase o;f silos for storing grain, :port er1uipment, hY'dro-electric pOvJe;r plants, cement factory, textile machinery, cargo boats, and post, telegraph, and tele!Jhone equipment. Lastly, I am convinced that the activity of the :Sanl~ in the future wiJ..l be p;r;-imarily concerned '\!lith assisting the underd.evelo~0ed countries, like Tu.rl{;ey, \.,rb,ere the natural resources are ~ich and the know~how is promi.si:ng; · and that there '\·Jill be cl~eat~d in 9uch countries, an atmosphere in which "the tool vJill work and the hand will be :9roud o! it."~~~' (*Turkish proverb.) P498 No. 1,51 (6.49) FORM INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INSTRUCTIONS FOR GROUP MAILING LIST NO. (Indicate Order of Mailing) D NAME OF LIST BE MAILED CLASS OF MAIL SERVICE NO. OF COPIES NON u.s. DATE DISPATCHED u.s. Internal Distribution D 1 ~p Miscellaneous Press Washington Hand Delivery oi~PI DHour CJHold for Instructions oi~P 2 o~~P3 Financial Editors Financial Ma azines DI~P~ D D Non U.S. Corres ondents 1n U.S. I ~PS Non U.S. Newspapers and Periodicals Request List to Receive all Press Releases and Publications D•~o New York and United Nations Onl Additional 65 Co ies to U.N. Request List-all Loan Information, Includin Missions Request List-all Pubs. and P.Rs. re Lending, Marketing Operations 01~02 of Bank, Financial Statements and Significant S eeches 01~03 10/24 SPECIAL INSTRUCTIONS 8 11 SIGNATURE(Request) ~-/(:Z-~ TOTAL COST lUlOADCAS Recorded Botng to \ t OVER VOIC 0 k to rou tod · · on eom con tru.e ton and De lopnen , ank tor Pre id nt fnunan' e tpo nt tV• a RAil 1 19.50. 12tl$ . S.!. rch 10. 1950t the line of th princi le , that 1 rof! to 8:Y• 1 also ea lt 1 o-rld :Bank, in 11o etm truotlon fo-r r in d ·• nee ee ra- tu ie ln conn c ion e of our · con 1 •':ru.ck the • S.mportan t shortc<Hnl rt vate 1n4.u tey and ore t over l e G riv; te c p1 tudy of our eoonoay o?l.d the o veq the need to neou • market 4 our dmini· r tlve 1 th the b eking ank,. et up ln ord r to vl tted Turk y 1 ot ou.r co hine , ~ ly- in order to pee:i l1lm nt, lmmeu1 tely t n up t October end o~ tud7 t.h d :O!-"de 1t fir t · tud1e . and eont ct mber ov-ern.me:nt, on the one hand, . d bu ine eountr,. on th other. been accepted th Jt ha . draw up th bro men tn the bi ot St lin ~ tr d > reeo etld tions, overnment d b r. Johnson 1a a t r sent la rke;r, working out th detail The b·r o line of thl roj · et re the c pttal of the in titut te co merci s :follo reed. to exten loan 1llion !.lll rf th htch have ank. te tnv of hi !aston' • 1ndustr1 1 eredi t 1n ti tut(: ; 111 b 12j. mllllon Ttlrk1eh lir a o£ Turkey and by ith the ot center ·urk1&h la going to be ere t d in OM r to su.pply long-term credit to up to $9 t tor 1 . ions the ••,lohnton miss on t ml sion, which he pri rojeot • of th On sked dh matters an formed t o ealls the e t o findings. wi tb .. Ol' tor 1n• tment in g eral.. draw up a priori t.r pl 12 id ve ort development the e '\ tth t ehn1c connection a · lt•d to. the et forth ih , r1v te 1ndu. try. h1eh will be tore. The b c-ribed by The Central Bank baa to th.e tnstl tute by discounting 1 t · bond up to an amount of tan lira , nd I ho e and elte e t to the in ti tute ae -d t hen re uir&d. the World Bank will grant a loan of Thus the 1n t1 tut i going to -al re ourees aacm.nt1n& 1n tot 1 to 50 million '1\u-ki h 11 o erate wlth eap1 th t:a•t1tute ta going to be reeruSted trOll 1 o have a technic 1 board co pa. ed o~ e lo lt will .e upervi8e the • loafl ts repaid t-o the tn tttut • ·eb, e pital. de S.res to ill"f'e t tn ne 1ts th t th suece P&r,iei institute'' f ul. t1 vat ere not 1 tal e The 1n•t1 t u:t ttv~ rvt.c e tnfo · v 11 ·ble ot 1t lth the require ent. howeveJ¥. eoon 1 fhi the c> a ong the World !ank: 1 ration ha roved '• '1\\Jkt ah economy bu. t 11 em nee••· tor 1 t. the in ti tute ou1 exist hen prS.nt new 1aduetry r d 1 t elf' to be em e · he po .1'b111 t1 . . to !urkey ,nd i nveetor It -rould. f. r~lrement ro. it in that lndu tr • of it l C· a:d. lni tr tlve and techn1cal at hlch o-oenl furalthed. lll be empo ered to uttllz• t1on on econ<>nd.c cond1 tiona .and l gal iw.nder ta.nd!.ng loan are u ed until the t1 e , .111 'b 1 o help introduce f o-reign ould and 1n T ' rlti h lir !'be 1n titut old proJect to d ·on t:r tablish and op r t ·e through the t1on would b. t-ticul r i~tdustl"T ehould lf ri'Y te indu. trle !eebn:lc . senice lt l in the est bli · hment of rki h e to ozok in hioh it 1nduatrt •· ot in ti tuta will !h n. !o rd eeonom1 te and teohn1ctane. tirst-cl !he institute ls going to · in foreign exch ong · rk1 · h bu 1ne • ,, and hel rov1de authorl.ta~ clarify the ote t1 - for l n tnve tor8. tlr t xpe:rt ent alorag tb e 11n~s. lf -rov · w.eoeeetlll in furkey . 1 t wlll be tslGen up in other underi velo ed to the. Barker en4 ot last 1• r ~rkey such Jni ion .o nths. and it ou.ld involve :rec r) ector tn ey tow rde the r. ll l'ker is The t b ch re ently in rker m.i ork .111 deal bro d.ly with th endatton of' the econOllly, a his report. e dir · ations tn which 1nve t ent might b Th1 rtant 1 you kno· thi d it ha · mad& its . 1" limi · ry survey • to stay three 1. economy. ion, orltlng With the Wor d Ba.nk to complet b.:tngton ·b ek t·o 1 ion i f'ollo ng: eled 1nto Tu.J'k1ab to tnv at nt . r1oritte rtous type oiDB ot unde:rt rioue i thin e eh etorl 2. rieu1tur Other m thod d 1ndu t r1al re ro .uctlon \\'hieh migbt r ·1 e the 1 vel of keyrt d tm rove the fl!f1e1eney of it dt tr1but1on -)- Pn.bl1o flll811clal )• out Turkeyrt d v ·1 o u th Que t1on of technic ro le t'l. .t it · endeavor • nt o'bJeeti orld ll olt.cie e. t id 1t 1 · g1 1· oonf1dtmt the and ou.r thre ell tt l"OJ ct • d th .eJ"'iou . eon id _r, tJ.on to our two o ·p a.b11it_ d da: t b11ity or t d to the o t important FORM No . 75 (7-48) INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ROUTING SLIP Date TO- BOY 15 Room No. Name II 2 3 FORAction A roval Information Recommendation Si nature REMARKS A little -1st, 'for 10'1 R. L. FROM- '- ~ WJ. DRAFT COPY FOR BULLETIN Information Division Public Relations Bulletin No. 46 - Seeretary's Department Speeches Copies in Arabic ot Mr. Onaran' a recorded speech about the character and operation ot the Bank have been sent to Egypt, Syria, Iraq, and Lebanon, through the courtesy ot the Governors ot these countries, to be broadcast on their respective radios. Mr. Onaran has enclosed Turkish copies to the Chambers ot Commerce ot Ankara, ot the speech in letters sent I~tanbul, and Izmir, and to the Association ot Merchants in Istanbul, on the ooeaaion ot Mr. Harold F. Johnson's mission to Turkey tor the purpose ot stuccyi.ng the ways ot ,possible reorganization ot the private capital market tn TUrkey.