Δευτέρα, 28 Μαρτίου 2016

1968 March 18 First Funding for Greece First funding for Greece: Loan 0530


1968 March 18 First Funding for Greece First funding for Greece: Loan 0530
1968 March 18 First Funding for Greece First funding for Greece: Loan 0530
ΕΔΩ


ΔΕΙΤΕ ΤΟ ΙΣΤΟΡΙΚΟ ΤΗΣ ΣΥΜΜΕΤΟΧΗΣ ΤΗΣ ΕΛΛΑΔΑΣ ΣΤΗΝ ΠΑΓΚΟΣΜΙΑ ΤΡΑΠΕΖΑ ΚΑΙ ΤΗΝ ΕΣΧΑΤΗ ΠΡΟΔΟΣΙΑ ΟΛΩΝ ΤΩΝ ΠΟΛΙΤΙΚΩΝ ΤΗΣ
ΣΥΜΒΑΣΗ ΜΠΡΕΤΟΝ ΓΟΥΤΣ 65 ΕΚΑΤΟΜΥΡΙΑ ΔΟΛΛΑΡΙΑ ΚΑΤΕΘΕΣΕ Η ΕΛΛΑΣ ΩΣ ΙΔΡΥΤΙΚΟ ΜΕΛΟΣ 
Η οικονομική ανάπτυξη επί Παπαδοπούλου (Βίντεο)
Εθνική Τράπεζα Επενδύσεων Βιομηχανικής Αναπτύξεως ΑΕ, 1963-2002
Ενημερωτικό δελτίο συγχώνευσης με την ΕΤΕΒΑ
ΛΟΓΩ ΤΗΣ ΣΥΓΧΩΝΕΥΣΗΣ ΜΕ ΑΠΟΡΡΟΦΗΣΗ ΤΗΣ «ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ ΕΠΕΝ∆ΥΣΕΩΝ ΒΙΟΜΗΧΑΝΙΚΗΣ ΑΝΑΠΤΥΞΕΩΣ Α.Ε.» ΑΠΟΦΑΣΕΙΣ ΤΩΝ ΓΕΝΙΚΩΝ ΣΥΝΕΛΕΥΣΕΩΝ ΤΩΝ ΜΕΤΟΧΩΝ ΤΩΝ ΕΤΑΙΡΙΩΝ: «ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑ∆ΟΣ Α.Ε.», Α΄ ΕΠΑΝΑΛΗΠΤΙΚΗ ΓΕΝΙΚΗ ΣΥΝΕΛΕΥΣΗ ΤΩΝ ΜΕΤΟΧΩΝ ΤΗΣ 20ης ΝΟΕΜΒΡΙΟΥ 2002, και Ι∆ΙΑΙΤΕΡΗ ΣΥΝΕΛΕΥΣΗ ΤΩΝ ΟΜΟΛΟΓΙΟΥΧΩΝ ∆ΑΝΕΙΣΤΩΝ ΤΗΣ 20ης ΝΟΕΜΒΡΙΟΥ 2002 & «ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ ΕΠΕΝ∆ΥΣΕΩΝ ΒΙΟΜΗΧΑΝΙΚΗΣ ΑΝΑΠΤΥΞΕΩΣ Α.Ε.», ΓΕΝΙΚΗ ΣΥΝΕΛΕΥΣΗ ΤΩΝ ΜΕΤΟΧΩΝ ΤΗΣ 6ης ΝΟΕΜΒΡΙΟΥ 2002, και ΕΠΑΝΑΛΗΠΤΙΚΗ ΣΥΝΕΛΕΥΣΗ ΤΩΝ ΟΜΟΛΟΓΙΟΥΧΩΝ ∆ΑΝΕΙΣΤΩΝ (ΚΟΜΙΣΤΩΝ ΟΜΟΛΟΓΩΝ) ΤΗΣ 21ης ΝΟΕΜΒΡΙΟΥ 2002 ΤΟ ∆ΙΟΙΚΗΤΙΚΟ ΣΥΜΒΟΥΛΙΟ ΤΟΥ ΧΡΗΜΑΤΙΣΤΗΡΙΟΥ ΑΞΙΩΝ ΑΘΗΝΩΝ ΕΝΕΚΡΙΝΕ ΤΟ ΠΕΡΙΕΧΟΜΕΝΟ ΤΟΥ ΠΑΡΟΝΤΟΣ ΕΝΗΜΕΡΩΤΙΚΟΥ ∆ΕΛΤΙΟΥ ΜΟΝΟΝ ΟΣΟΝ ΑΦΟΡΑ ΤΗΝ ΚΑΛΥΨΗ ΤΩΝ ΑΝΑΓΚΩΝ ΠΛΗΡΟΦΟΡΗΣΗΣ ΤΟΥ ΕΠΕΝ∆ΥΤΙΚΟΥ ΚΟΙΝΟΥ, ΟΠΩΣ ΑΥΤΕΣ ΚΑΘΟΡΙΖΟΝΤΑΙ ΑΠΟ ΤΙΣ ∆ΙΑΤΑΞΕΙΣ ΤΟΥ Π.∆. 348/1985 ΑΘΗΝΑ, ∆ΕΚΕΜΒΡΙΟΣ 2002


http://ha.nbg.gr/ETEBA_1963_2002.html
http://ha.nbg.gr/editions/editions13/1.html
http://ha.nbg.gr/historical.html
ΒΙΒΛΙΟ | Αναδρομή στην ιστορία της ΕΤΕΒΑ
ΕΤΕΒΑ (ιδρύθηκε από την Εθνική Τράπεζα επί διοικήσεως Δημητρίου Χέλμη) και τον σημαντικό ρόλο της στην οικονομική ανάπτυξη της χώρας. Η ΕΤΕΒΑ στις πρώτες δύο δεκαετίες λειτούργησε ως αναπτυξιακή τράπεζα, ενώ από το τέλος της δεκαετίας του 1980 στράφηκε σταδιακά στις εργασίες της σύγχρονης επενδυτικής τραπεζικής μέχρι την απορρόφησή της από τη μητρική Εθνική Τράπεζα.
Ο Αλέξανδρος Α. Βουσβούνης υπήρξε ανώτατο στέλεχος της Εθνικής Τράπεζας Επενδύσεων Βιομηχανικής Αναπτύξεως.
Υπάρχουν περιπτώσεις που η Ιστορία όταν αποτυπώνεται πλαγίως -μέσα από συγκεκριμένα παραδείγματα και περιστατικά- φωτίζονται λεπτομέρειες και παράμετροι, οι οποίες μας βοηθούν να κατανοήσουμε τη γενική εικόνα με περισσότερη πληρότητα και ευκρίνεια. Στην πραγματικότητα, η κατανόηση μιας ολόκληρης εποχής μπορεί να επιτευχθεί μέσα από την ανάλυση μιας σύγχρονης επιχειρηματικής δραστηριότητας ή ακόμη και από την ανάπτυξη ενός τραπεζικού οργανισμού. Αυτό ακριβώς αναδεικνύει η παρούσα πολυδιάστατη εργασία του Αλέξανδρου Α. Βουσβούνη με τίτλο «ΕΤΕΒΑ, Εθνική Τράπεζα Επενδύσεων Βιομηχανικής Αναπτύξεως Α.Ε., 1963- 2002».
ΣυγκυρίαΟ λόγος για μία τράπεζα που συγκροτήθηκε για να υπηρετήσει συγκεκριμένες ανάγκες, τις οποίες απαιτούσε η οικονομική συγκυρία της εποχής: Και πράγματι, η ιδέα της ίδρυσης μιας αναπτυξιακής τράπεζας στις αρχές της δεκαετίας του ’60 στην Ελλάδα ήταν πρωτοποριακή. Οσο για τα αποτελέσματα της δραστηριότητάς της, συνέβαλαν σημαντικά στην προσπάθεια μετάβασης της χώρας από το στάδιο της αγροτικής οικονομίας σε μια πιο προηγμένη. Και βέβαια, η συμβολή της ΕΤΕΒΑ έγκειται κυρίως στη χρηματοδότηση της βιομηχανικής ανάπτυξης, στην υποβοήθηση της ανάπτυξης κεφαλαιαγοράς και γενικότερα των εργασιών επενδυτικής τραπεζικής. Η περίπτωση της ΕΤΕΒΑ, εξηγεί ο Αλέξανδρος Βουσβούνης, παρουσιάζει ξεχωριστό ενδιαφέρον, επειδή εκπλήρωσε σε εξαιρετικό βαθμό τον σκοπό για τον οποίο ιδρύθηκε: Αφενός μεν είχε ουσιαστική συμβολή στην ανάπτυξη της χώρας, τόσο μέσω της χρηματοδοτικής της δραστηριότητας, όσο και μέσα από πρωτοβουλίες του ευρύτερου χρηματοπιστωτικού χώρου. Αφετέρου δε, κατάφερε να επιτελέσει τον οικονομικό της σκοπό ως επιχείρηση. Η ΕΤΕΒΑ ιδρύθηκε το 1963 και λειτούργησε 38 έτη. Αυτή είναι και η περίοδος που καλύπτει το βιβλίο ως προς τη δραστηριότητά της. Η έκδοση αυτή αποτελείται από δύο μέρη καθένα από τα οποία περιλαμβάνει δύο κεφάλαια: Το πρώτο μέρος καλύπτει την περίοδο 1964- 1981, η οποία συμπίπτει με την περίοδο της διοίκησης του Γεωργίου Γόντικα. Στη φάση αυτή, η ΕΤΕΒΑ ανήκε στην κατηγορία των αναπτυξιακών τραπεζών, ενώ ελάμβανε -επίσης- πολλές επιχειρηματικές και θεσμικές πρωτοβουλίες.
Το δεύτερο μέρος καλύπτει την περίοδο 1982- 2001, κατά την οποία η τράπεζα ακολουθεί πλέον μία μακρά και επίπονη διαδικασία μετεξέλιξης σε επενδυτική τράπεζα. Απ' την άλλη, τα τέσσερα κεφάλαια του βιβλίου αντιστοιχούν σε διακριτές περιόδους-φάσεις της ίδιας της ελληνικής οικονομίας και του τραπεζικού συστήματος και είναι ιδιαιτέρως χρήσιμα προς την κατεύθυνση της ιστορικής μελέτης της οικονομίας εκείνης της εποχής. Στο παράρτημα παρέχονται οικονομικά στοιχεία της τράπεζας, κατάλογοι των μετοχικών της επενδύσεων, στοιχεία της αποδοτικότητάς της, πίνακες των προέδρων του διοικητικού συμβουλίου και ένα σύντομο χρονολόγιο. Παράλληλα, ο συγγραφέας του έργου αναφέρεται και στην παρούσα οικονομική κρίση: «Εχω την εντύπωση ότι όταν το βιβλίο αυτό έφτανε στο τέλος του, έγινε ξαφνικά κάπως επίκαιρο, λόγω της διεθνούς οικονομικής κρίσης που ενέσκηψε. Είναι γνωστό ότι τα αίτια της κρίσης βρίσκονται στην αυτονόμηση των διοικήσεων των τραπεζών από τους μετόχους τους. Ο χωρίς όρια ανταγωνισμός, η προσπάθεια αύξησης των μεριδίων αγοράς και των τιμών των μετοχών -με προφανή οφέλη για τις διοικήσεις- έστρεψαν τις τράπεζες σε αλόγιστη επέκταση, με υποχώρηση της μέριμνας για τη στάθμιση των κινδύνων. Οποιαδήποτε επισήμανση σχετική με τα θέματα αυτά αντιμετωπίστηκε ως συντηρητισμός.
ΚριτήριαΕτσι, οι διοικήσεις πέτυχαν να επιβάλουν διαφορετικά κριτήρια από αυτά που ίσχυαν στο παρελθόν για την αξιολόγηση των επιδόσεών τους και να κρίνονται όχι από την οργανική και διατηρήσιμη κερδοφορία των επιχειρήσεων, αλλά κυρίως με βάση την τρέχουσα χρηματιστηριακή τιμή των μετοχών. Αυτό όμως έχει ως συνέπεια οι στόχοι των διοικήσεων να μετατοπίζονται από τον κοινωνικό ρόλο που επιτελεί μια επιχείρηση που εξασφαλίζει τη μακροχρόνια ανάπτυξή της, σε στόχους χωρίς μακροπρόθεσμο ορίζοντα, δηλαδή στην καταγραφή υψηλής τρέχουσας τιμής για τη μετοχή». Εν κατακλείδι, το βιβλίο αυτό πέρα από μία αναδρομή στην ιστορία της ΕΤΕΒΑ και στο εκάστοτε πολιτικό και οικονομικό περιβάλλον προσφέρει και κάτι άλλο: τη δυνατότητα στον αναγνώστη να προβληματιστεί πάνω στους τρόπους λειτουργίας των οργανισμών και των επιχειρήσεων. Αλλωστε, όπως επισημαίνει χαρακτηριστικά ο συγγραφέας, εάν ισχύει ότι οι λαοί πρέπει να διδάσκονται από την ιστορία τους, τότε ισχύει και ότι οι επιχειρηματίες και τα στελέχη πρέπει να διδάσκονται από την ιστορία των επιχειρήσεων...
Οι ευρύτερες πτυχές της οικονομικής ιστορίας της Ελλάδας και ιδιαίτερα του χρηματοπιστωτικού συστήματος στην χρονική περίοδο 1963-2002,αναδεικνύονται στο βιβλίο του Αλέξανδρου Α. Βουσβούνη "ΕΤΕΒΑ-Εθνική Τράπεζα Επενδύσεων Βιομηχανικής Αναπτύξεως ΑΕ-1963-2002"-έκδοση του Ιστορικού Αρχείου της τράπεζας- που παρουσιάσθηκε σε ειδική εκδήλωση στο αμφιθέατρο του Μεγάρου Καρατζά. ΕΔΩ

1968 March 18 First Funding for Greece First funding for Greece: Loan 0530

http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2002/07/02/000178830_98101903024256/Rendered/PDF/multi0page.pdf
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2002/07/02/000178830_98101903024256/Rendered/INDEX/multi0page.txt
http://siteresources.worldbank.org/EXTARCHIVES/Resources/IBRD_Articles_of_Agreement.pdf

RESTRICTED FILE 9COPY Report No. P-572 This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION REPORT AND RECOMMENDATION OF T HE PRESIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE NATIONAL INVESTMENT BANK FOR INDUSTRIAL DEVELOPMENT IN GREECE November 17, 1967 INTERNATIOINAL BANK FOR RECONSTRUCTION AND DEVELOPiENT REPORT AID RECODEENDATTON OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS OD) A PROPOSED LOAN TO THE NATIONAL INVESTiiENT BANK FOR INDUSTRIAL DEVELOPi!dTDNT IN GREECE 1. I submit the following report and recommendation on a proposed loan in an amount in various currencies equivalent to U.S. $12.5 million to the National Investment Bank for Industrial Development (NIBID). PART I - HISTORICAL 2. The war and the disturbed conditions which followed it left Greece with the whole of her prewar external debt in default. Negotia- tions for settling these defaults were started in the 'fifties and the sterling debt, which constituted over one-half of the total, was settled in 1964. In view of the progress in this and other settlements and in the expectation that the remaining debts would be settled promptly, I decided that the Bank would be justified in starting an active relation- ship with Greece. 3. In January 1966 NIBID asked the Bank for a loan of !>20 million, and the Greek Government agreed to guarantee a loan in this amount. An appraisal mission visited Greece in August 1966 and concluded that NIBID could utilize i!20 million within two or three years and that it was a suitable institution to receive a Bank loan. Since the European Invest- ment Bank (EIB) was also prepared to lend to NIBID it was agreed that negotiations should proceed on the basis of $12.5 million from the Bank and �7.5 million from EIB. Negotiations for the loan from the EIB were completed earlier in the year. However, the Financial Protocol to the Agreement of Association between Greece and the European Economic Com- munity, which authorized lending by the EIB in Greece, expired on October 31 znd signature of the EIR loin will hrve to await the conclusion of new Prrrngements. 4. The Bankts negotiations began in January 1967 with a Greek de- leaation headed by Mr. George Gondicas, General Manager of NIBID. The Government was represented by l'ir. Aristotelis Sismanidis, Economic Coun- selor at the Greek Embassy in Washington. Some items were left out- standing at the end of the first round of negotiations. These were satisfactorily resolved in August 1967 during further discussions with r. Gondicas, and ifxr. Georgiopoulos, legal advisor to the Hiinister of Coordination. 5. As over a year had passed since the last economic mission and the appraisal of NIBID, and in view of the political changes in Greece in April 1967, Bank and IFC staff visited Greece in the beginning of Septem- ber to review recent economic developments and to reappraise ,1BID's need for funds. Recent economic developments are summarized in the attached memorandum entitled "Recent Developments in the Economy of Greece" (No. 1). - 2 - 6. The Bank has made no loans in Greece and no further loan proposals are expected to be presented to the Executive Directors in the near future. Preliminary consideration is, however, being given to a road project and - further discussions are expected to be held on the Bank/FAO report on agri- culture which was presented to the Government in December 1966. Greece has received no IDA credits. 7. IFC has an investment of $719,082 in ordinary shares of NIBID, and is represented on NIBID's board. IFC has also three industrial invest- ments in Greece, the amounts outstanding totalling about $3.6 million. These are in General Cement Co., S.A. ($2,525,000 loan), Titan Cement Co., S.A. ($275,000 loan and $275,084 equity) and Aevol Industrial Company of Organic Fertilizers, S.A. ($48o,ooo loan). NIBID participated in the financing of the two cement companies. PART II - DESCRIPTIONJ OF THE PROPOSED LOAN Borrower: National Investment Bank for Industrial Development, S.A. (NIBID). Guarantor: The Hellenic State. Beneficiaries: Private enterprises in manufacturing, mining, shipping and tourism. Amount: Various currencies equivalent to $12.5 million. Purpose: To assist in financing the foreign exchange cost o-Z investments by beneficiary enterprises. Amortization: Semi-annual payment dates of February 1 and August 1, beginning August 1, 1969 and ending no later than August 1, 1979. The Bank and NIBID will from time to time change the amor- tization schedule to conform substantially to the aggregate of the agreed repayment schedules applicable to NIBID's loans and investments financed out of the Loan. Interest Rate: 1Ihen part of the Loan is credited to the Loan Account in respect of a sub-project, the rate of interest on that part will be the Bank's current standard rate then in effect. Commitment Charge: 3/8 of 1, per annumri. - 3 - PmRT III - THE PROJECT 8. A report entitled "Appraisal of the National Investment Bank for Industrial Development S.A. (NIBID)" (DB-32a) on the proposed pro- ject is attached (No. 2) - 9. The main financial institutions in Greece are the Bank of Greece, which is the central bank, a dozen commercial banks, a govern- ment-owned development bank and two private industrial investment banks. The National Bank of Greece (NBG) is the largest commercial bank and controls about 63% of all banking assets in Greece; it is also a major source of funds for investments in manufacturing. 10. The other investment banks in addition to NIBID are the Hellenic Industrial Development Bank (HIDB), which is a government organization, and the Investment Bank established in 1963 by the Com- mercial Bank of Greece. In 1966 industrial loan approvals by HIDB amounted to Dr 345 million, those of the Investment Bank to Dr 150 million and those of NIBID to Dr 291 million. 11. NIBID was established in 1963 by the NBG and ten foreign banks and began operations in 1964. Its present share capital is Dr 300 million ($10 million). The NBG holds 55% of the share capital, thir- teen foreign banks hold 38% and IFC 7%, equivalent to the holding of the largest foreign shareholder. NIBID's objects are the promotion of enterprises engaged in manufacturing, mining, shipping, tourism and re- lated activitiesby providing finance for the establishment of new pro- ductive enterprises in the private sector and the modernization and ex- pansion of existing ones; by the development of the capital market; by facilitating joint ventures of Greek and foreign enterprises; and by advising private enterprises on financial and technical matters. 12. NIBID's business expanded rapidly through 1966 when approvals reached Dr 291 million. In the first half of 1967 business was rela- tively slow because of a general slackening in investment, and appro- vals totalled Dr 100 million. Business has, however, been picking up recently and is expected to reach Dr 250 million by the end of the year. In 1966 its investments were equivalent to about 4-1/2% of the total gross investment in industrial enterprises. However, KIBID is still in an early stage of its operations and, given its intention to promote business, its share of industrial financing should increase further. On this basis and on the assumption that the economy will continue to grow at a reasonable rate, NIBID's approvals are expected to recover their 1966 level next year and reach Dr 360 million in 1969. 13. Most of NIBID's operations are in the form of loans; only 6% of investments as of June 1967 were in shares. Loans normally carry a basic rate of 8% to 8-1/2% plus a profit-tied interest increment that brings the expected total yield to 10%; some of the loans have a dollar clause. Loans are given for periods of 5 to 10 years. Nearly 90% of loan ap- provals were for manufacturing industry and 10% for tourist facilities. 14. NTBID is a sound organization; its top management and senior staff are caoable and cost conscious. Its disbursement and follow-up procedures are satisfactory. Project appraisal is satisfactory when dealing with relatively small and routine types of projects. While financial analysis is comDetent, engineering appraisal needs to be im- Proved, particularly for complicated projects. In association with an internationally known firm of consultants having experience in European countries, NIBID is oarticipating in a consulting company and exoects to use it when needed for engineering services both for its clients and for itself. NIBID's close relations with foreign institutions afford good prosnects of stimulating joint ventures and other forms of international cooperation. The management is also aware of the importance of devel- oping a canital market in Greece and sees as one of its roles the crea- tion of securities that might eventually be sold to the public. 15. NIBID's resources total Dr 900 million, a third each from Paid-in share capital and loans from NBG and the Bank of Greece. The loans will not be fully disbursed by the original closing dates and it is a condition of effectiveness of the Bank loan that they be postponed to December 31, 1971. At the beginning of 1968 NIBID will have about Dr 200 million in uncommitted resources. Since its new commitments are estimated to be about Dr 300 million in 1968 and Dr 360 million in 1969, NIBID will need substantial new funds. NIBID's Policy Statement limits its debt to four times its net worth; this is considered satis- factory. 16. NIBID is still in the early stages of building a portfolio. It has had no low-cost money and little leverage. Profitability has been low; in 1966, its third year, earnings before taxes and provisions for losses were .5 of net worth. As business develops over the next few years and leverage on share capital improves profitability should increase. Earnings before tax and provisions for losses are estimated to be 6.8% of net worth in 1967 and to increase to 9-10% by 1969. 17. NIBID's loans are being used to finance both imports and local goods and services. Since the drachma is freely convertible, no distinction has been made in the utilization of the loans between for- eign and local currency expenditures, but there are indications that about 65% of NIBID's future loans would be utilized for financing imports. On this basis, the proceeds of the Bank loan, which will be available only to finance foreign exoenditures, would be committed in two to three years. - 5 - 18. Under the proposed loan NIBID would have a free limit on invest- ments not exceeding Dr 6 million ($200,000). For investments exceeding Dr 6 million, for which Bank funds are to be used, Bank approval will be required, even if the Bank's share of the project is less than the total of Dr 6 million. PART IV - LEGAL INSTRUIENTS AND AUTHORITY 19. The Draft Loan Agreement between the Bank and NIBID, the Draft Guarantee Agreement between the Hellenic State and the Bank and the Report of the Committee provided for in Article III, Section 4(iii) of the Articles of Agreement are being distributed to the Executive Directors separately. 20. The proposed Loan and Guarantee Agreements conform in general to the pattern of loans of this type. As mentioned in paragraph 15 above, the postponement of the closing dates of the loans NIBID has received from NBG and from the Bank of Greece to December 31, 1971 is a condition of ef-fectiveness (Section 7.01(c)). 21. In accordance with statutory requirements of the Bank of Greece, NIBID has pledged bonds in favor of the Bank of Greece as security for the credit it is receiving. An agreement has accordingly been made under which the Bank of Greece undertakes to share equally and ratably with the Bank in the proceeds of any sale, realization or disposal of the NIBID security held in pledge by the Bank of Greece. The loan from NBG is unsecured. PARI V - THE ECONO1:1Y 22. An economic memorandum entitled "Recent Developments in the Economy of Greece" dated October 27, 1967 is attached (No. 1). It updates the economic report entitled "Current Economic Position and Prospects of Greece" (EA-166b) dated February 9, 1967, w-hich -w,Tas circulated to the Executive Directors on February 13, 1967. 23. After a fast rate of growth which averaged about 8% during 1963- 1965, expansion slowred down towards the end of 1966 as a result of a fall in investments, particularly in residential construction. This trend was reinforced by the political changes in April. In recent months, however, investments have picked up again and although total capital formation in 1967 might fall short of that in 1966, industrial expansion is expected to resume thereafter. The growth in GNP, although slower this year than in 1963-1966, is expected to be about 55. 24. The balance of payments situation improved in 1966; the deficit on current account (including private transfers) was $240 million compared with $285 million in 1965. The deficit in 1967 is expected to be about the same as last year. ;Iternal public debt is about $475 million; debt service this year is $35 million, about ,!j of forelgn exchange earnings. Foreign - 6 - exchange reserves at the end of Sentember 1967 were $270 million, equivalent to about 20% of imports of goods end services in 1966. 25. Despite some difficulties in the first half of 1967, the general economic performance has been adequate. Political uncertainties nersist, but assuming reasonable stability, prospects for growth are good. At the same time there will be a need for foreign capital. In view of its econ- omic performance and its relatively small external debt, Greece can be considered creditworthy for the proposed loan. A statement by the Greek authorities on the prewar debt is attached (No. 3). PART VI - COMPLIANCE WITH ARTICLES OF AGREEMENT 26. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank. PART VII - RESOLUTION 27. I recommend that the Executive Directors adopt the following resolution: RESOLUTION NO. Approval of Loan to National Investment Bank for Industrial Development S.A. in an amount equivalent to U.S. $12,500,000 to be gu,ranteed by the Hellenic State. RESOLVED: THAT the Bank shall grant a loan to National Investment Bank for Industrial Development S.A. to be guaranteed by the Hellenic State, in an amount in various currencies equivalent to twelve million five hundred thousand United States dollars (U.S. $12,500,000), to mature on and prior to the date or dates to be determined as set forth in the form of Loan Agreement (Development Finance Corporation Project) between the Bank and National Investment Bank for Industrial Development S.A., which has been Dresented to this meeting, to bear interest at the rate or rates of interest to be determined as set forth therein, and to be upon such other terms and conditions as shall be substantially in accordance with the terms and conditions set forth in said form of Loan Agreement and in the form of Guarantee Agreement (Development Finance Corooration Project) between the Hellenic State and the Bank, which have been presented to this meeting. George D. Woods President Attachments (3) November 17, 1967

1968 March 18 First Funding for Greece First funding for Greece: Loan 0530 – National Investment Bank for Industrial Development. The loan was used to assist in the financing of the foreign exchange cost of investments by beneficiary enterprises.

http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/EXTARCHIVES/0,,contentMDK:20035660~menuPK:56316~pagePK:36726~piPK:437378~theSitePK:29506,00.html



PROJECT
NATIONAL INVESTMENT BANK FOR INDUSTRIAL DEVELOPMENT PROJECT
http://www.worldbank.org/projects/P008418/national-investment-bank-industrial-development-project?lang=en
Greece - Development Finance Corporation Project : Loan 0530 - Loan Agreement - Conformed (English)http://documents.worldbank.org/curated/en/1968/03/18176991/greece-development-finance-corporation-project-loan-0530-loan-agreement-conformed
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/ECA/2013/08/31/090224b081e67ad9/1_0/Rendered/PDF/Greece000Devel0greement000Conformed.pdf

Greece - Development Finance Corporation Project : Loan 0530 - Guarantee Agreement - Conformed (English)http://documents.worldbank.org/curated/en/1968/03/18177414/greece-development-finance-corporation-project-loan-0530-guarantee-agreement-conformed
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/ECA/2013/08/31/090224b081e67ad8/1_0/Rendered/PDF/Greece000Devel0greement000Conformed.pdf

Greece - National Investment Bank For Industrial Development Project (English)
http://documents.worldbank.org/curated/en/1967/11/1556688/greece-national-investment-bank-industrial-development-project
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2002/07/02/000178830_98101903024256/Rendered/PDF/multi0page.pdf

Greece - National Investment Bank For Industrial Development Project (English)
http://documents.worldbank.org/curated/en/1967/10/1559277/greece-national-investment-bank-industrial-development-project
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2003/01/15/000178830_98101901575131/Rendered/PDF/multi0page.pdf