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* Interest and amortizations shall be payable in the currencies loaned.

• Cancellation, $3,000.

Cancellation, $4,000.

Cancellation, $448,000.

Footnotes continued on following page.

7 In addition to the interest rate shown loans payable in Italian lire are subject to a service commission of 1 percent and a commitment fee of 1.50 percent.

& Cancellation, 171,121,045 lire.

Cancellation, $231,998.

10 Cancellation, $1,294.

11 Approved loans which have not become effective and disbursements thereunder will not begin until the borrower and guarantor, if any, take certain actions and furnish certain documents to the Bank.

12 In addition to the interest rate shown loans payable in German marks and British pounds are subject to a service commission of 1.50 percent and a commitment fee of 1.75 percent.

13 Cancellation, $964,294.

14 Cancellation, $1,130,000.
15 Cancellation, $270,000.
16 Cancellation, $1,400,000.
17 Cancellation, $296,347.
18 Cancellation, $697,205.
19 Cancellation, $3.600,000.
20 Cancellation, $498,805.
21 Cancellation, $1,007,865.

22 Cancellation, $625.

23 Cancellation, 1,562,500 colones.

24 Cancellation, $1,050,000.

25 Cancellation, $1,212.

26 Cancellation, $12,196.

27 Cancellation, $49,526.

28 Cancellation, 2,256,703 pesos.

29 Cancellation, $20.

30 Cancellation, $450,000.

31 Cancellation, $900,000.
32 Cancellation, $7,600,000.
33 Cancellation, $375,000.

34 Cancellation, $4.

35 Cancellation, $470,000.

36 Of the undisbursed balance of loan held by the Bank, the Bank has entered into irrevocable commit

ments to disburse $11,133,377.

Mr. PASSMAN. Would you furnish for the record a table showing the details of the 125 loans that have been made through December 31, 1965?

Mr. ROSENSON. Yes, sir.

SOCIAL PROGRESS TRUST FUND

Mr. PASSMAN. If I recall correctly, the Congress appropriated a total of $525 million for the Social Progress Trust Fund. Mr. ROSENSON. That is correct, sir.

FUND FOR SPECIAL OPERATIONS

Mr. PASSMAN. Last year the Congress authorized an appropriation of $750 million as the U.S. share of the increased resources of the Fund for Special Operations, which was to be in lieu of any further U.S. contribution to the Social Progress Fund, and to date Congress has appropriated $500 million to the Special Operations Fund, with the balance of $250 million being requested for fiscal year 1967. Is that correct?

Mr. ROSENSON. That is correct, sir.

Mr. PASSMAN. Will the Fund be self-supporting from here on in? Is that what you anticipate?

Mr. ROSENSON. I anticipate that, with the $250 million that is now being requested, the Bank will have enough resources in the Fund for Special Operations, which is the soft window, and which took over the work of the former Social Progress Trust Fund through 1967; that is, through calendar 1967.

In direct answer to your question, I do not anticipate that thereafter the FSO will be self-supporting, the reason being that practically all of the loans made from the Fund for Special Operations, and also from the Social Progress Fund, are repayable in local currency. So that to the extent the dollars are necessary to make loans for projects in Latin America, additional funds will be needed in due course.

Mr. PASSMAN. Unless, of course, the Alliance for Progress program continues to expand and dollars are made available through that source?

Mr. ROSENSON. Unless the necessary funds are made available from other sources, of course.

Mr. PASSMAN. You operate entirely in Latin America as far as disbursements are concerned.

Mr. ROSENSON. Correct, sir.

OTHER ASSISTANCE IN LATIN AMERICA

Mr. PASSMAN. Of course, the nations you serve through the InterAmerican Development Bank are also eligible to participate in all of the other aid programs we have, are they not?

Mr. ROSENSON. They are eligible to participate in the Alliance for Progress.

Mr. PASSMAN. And the International Development Association?

Mr. ROSENSON. They are eligible to participate in the International Development Association. However, very few of the Latin American countries are members of the International Development Association.

Mr. PASSMAN. Those that are members, of course, could participate?

Mr. ROSENSON. They could participate, but actually the International Development Association has made very few loans in Latin America.

Am I correct, Mr. Finkel?

Mr. FINKEL. Most of them are members, but a small proportion of IDA lending has been in Latin America.

Mr. PASSMAN. But they are eligible for IDA loans, and they are eligible, of course, for Export-Import Bank loans.

Mr. FINKEL. Yes, sir.

Mr. PASSMAN. And, of course, the Development Credit Fund, sometimes referred to as loan funds under the bilateral U.S. aid program. They are eligible for that, too, aren't they?

Mr. ROSENSON. Yes.

Mr. PASSMAN. They are also eligible for Public Law 480, and also eligible for all the U.N. special funds. In fact, I can't recall any aid faucets, or spigots, to which they are not eligible. Do you know of any?

Mr. FINKEL. No, sir.

Mr. PASSMAN. Thank you very much.

FINANCIAL STATUS-FUND FOR SPECIAL OPERATIONS

Mr. Director, would you furnish for the record the financial status of the Fund for Special Operations?

Mr. ROSENSON. Yes, sir.

Mr. PASSMAN. The total resources, commitments, unexpended funds, unobligated funds, similar to the other window that I requested. earlier?

Mr. ROSENSON. Yes, sir.

(The information follows:)

INTER-AMERICAN DEVELOPMENT BANK

Fund for Special Operations, financial status, December 31, 1965

Resources:

Contribution quotas received__.

Participations in loans-sold or agreed to be sold---.

Total resources_

Loan commitments net of cancellations_.

Total___

Loan repayments.

Unobligated funds..

Unexpended funds:

Due from banks.

Investments_____

Due from members-demand obligations---

Total______

$820, 391, 500 1, 645, 058

822,036, 558 366, 399, 554

455, 637, 004 3,856, 660

459, 493, 664

71, 274, 458

44, 474, 842

632, 292, 233

748, 041, 533

NOTE. All the figures in this table represent amounts in dollars and other member currencies expressed as their equivalent in U.S. dollars.

APPROVED LOANS

Mr. PASSMAN. Would you submit for the record at this time a statement of approved loans from the Fund for Special Operations.

Mr. ROSENSON. Yes, sir.

(The information requested follows:)

62-633-66- -14

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