Address to the Bond Club of New York, May 14, 1969

Robert S. McNamara, President of the World Bank Group, emphasizes that the Bank is a development investment institution, not a philanthropic or social welfare organization. He says the Bank’s lending policy is founded on two basic principles: sound projects and creditworthy borrowers. Loans are not...

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Main Author:	McNamara, Robert S.
Format:	Speech
Language:	English
Published:	World Bank, Washington, DC 2020
Subjects:	WORLD BANK LENDING DEVELOPMENT FINANCE DEBT LOCAL CURRENCY LENDING BOND MARKET
Online Access:	http://documents.worldbank.org/curated/en/977771468323126313/Address-to-the-bond-club-of-New-York-by-Robert-S-McNamara http://hdl.handle.net/10986/33132

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spelling	okr-10986-331322021-04-23T14:05:18Z Address to the Bond Club of New York, May 14, 1969 McNamara, Robert S. WORLD BANK LENDING DEVELOPMENT FINANCE DEBT LOCAL CURRENCY LENDING BOND MARKET Robert S. McNamara, President of the World Bank Group, emphasizes that the Bank is a development investment institution, not a philanthropic or social welfare organization. He says the Bank’s lending policy is founded on two basic principles: sound projects and creditworthy borrowers. Loans are not made unless both criteria are met. He discussed hard-loan operations of the IBRD. In the Bank’s 23-year history, there have been no losses on its loans. No government has failed to honor its obligations. The Bank has not been a target for debt repudiation as have bilateral aid agencies and private credit corporations. He says the reason is obvious. Developing nations are convinced that it is in their own best interest to keep impeccable relations with the Bank. He further states that because the Bank’s loans, made out of borrowed funds, are disbursed and repaid in the same currencies, the Bank faces no devaluation risks on its borrowed funds. Its obligations to its creditors are matched by the repayments due from the borrowers. He concludes by saying that the World Bank is unique in its security and strength, and in its purpose and program. In the business of development, hardheaded realism must be the guide. Neither naive optimism, nor despondent pessimism will do. The simple fact is that in the last third of the twentieth century the underdeveloped world will either develop, or it will be caught up in catastrophe. The one thing it will not do is stand still and wait. 2020-01-06T18:04:48Z 2020-01-06T18:04:48Z 1969-05-14 Speech http://documents.worldbank.org/curated/en/977771468323126313/Address-to-the-bond-club-of-New-York-by-Robert-S-McNamara http://hdl.handle.net/10986/33132 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: President's Speech
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	WORLD BANK LENDING DEVELOPMENT FINANCE DEBT LOCAL CURRENCY LENDING BOND MARKET
spellingShingle	WORLD BANK LENDING DEVELOPMENT FINANCE DEBT LOCAL CURRENCY LENDING BOND MARKET McNamara, Robert S. Address to the Bond Club of New York, May 14, 1969
description	Robert S. McNamara, President of the World Bank Group, emphasizes that the Bank is a development investment institution, not a philanthropic or social welfare organization. He says the Bank’s lending policy is founded on two basic principles: sound projects and creditworthy borrowers. Loans are not made unless both criteria are met. He discussed hard-loan operations of the IBRD. In the Bank’s 23-year history, there have been no losses on its loans. No government has failed to honor its obligations. The Bank has not been a target for debt repudiation as have bilateral aid agencies and private credit corporations. He says the reason is obvious. Developing nations are convinced that it is in their own best interest to keep impeccable relations with the Bank. He further states that because the Bank’s loans, made out of borrowed funds, are disbursed and repaid in the same currencies, the Bank faces no devaluation risks on its borrowed funds. Its obligations to its creditors are matched by the repayments due from the borrowers. He concludes by saying that the World Bank is unique in its security and strength, and in its purpose and program. In the business of development, hardheaded realism must be the guide. Neither naive optimism, nor despondent pessimism will do. The simple fact is that in the last third of the twentieth century the underdeveloped world will either develop, or it will be caught up in catastrophe. The one thing it will not do is stand still and wait.
format	Speech
author	McNamara, Robert S.
author_facet	McNamara, Robert S.
author_sort	McNamara, Robert S.
title	Address to the Bond Club of New York, May 14, 1969
title_short	Address to the Bond Club of New York, May 14, 1969
title_full	Address to the Bond Club of New York, May 14, 1969
title_fullStr	Address to the Bond Club of New York, May 14, 1969
title_full_unstemmed	Address to the Bond Club of New York, May 14, 1969
title_sort	address to the bond club of new york, may 14, 1969
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/977771468323126313/Address-to-the-bond-club-of-New-York-by-Robert-S-McNamara http://hdl.handle.net/10986/33132
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Address to the Bond Club of New York, May 14, 1969

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