Eight U. S. banks* teamed up with the World Bank last week to make a foreign loan, the first such cooperative venture in the bank's history. Together, they loaned $80 million to South Africa, which needs more electric power and railroad equipment to supply her rapidly expanding economy, booming from big wool exports and the discovery of new gold fields.
The World Bank put up $30 million for South Africa's state-owned Electricity Supply Commission to buy huge generators, transformers and other equipment. It put up $20 million—and the private banks another $10 million—for the state-owned Railways and Harbors Administration. In addition,...
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