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Folder Title: Onaran, Mekin H. - Articles and Speeches (1949 - 1950)
Folder ID: 1653644
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A 1992-007 Other#: 13 2120588 Onaran, Me kin H. - Articles and Speeches ( 1949 - 1950) - 1 v
DECLASSIFIED WBG Archives
RECORDED AT THE UNITED NATIONS AT LAKE SUCCESS AND BROADCAST OVER THE TURKISH NATIOOAL RADIO
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.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 bereketli 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.iessese-1erini go4den geqir.me.miz ve b~~ar1n mahiyetlerinl. anlamamlz en one.mli i~lerimizdendiro
I ~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~ssesenin mahiyetini ve nas1l gal1~tlg1n1 bilm~liZ kadar tabii bir ~ey alamaz.
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•
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Haziran 1949 sonu itibarile Barucan1n sermayesi"8 ~sur milyar -dolarl. bulmustur. ~artname hukfunlerine gore• her Devlet sermay·eye 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.
GorUluyor ki, Banlcanln 1.5 milyar dolarl a~ an yatlnlmlfJ s~;rmayesi ve 48 devl,.etin tekef'ftil ettigi, 6.5 milyar d.o.larllk 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;4 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.•
~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, tama-men 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. memleketin, 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•
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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.inlandiyaya 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 plays 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~ropriate millions out o·f accumulated funds in the Treasury~ Just as we need 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 characteristics~
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 destr oyed by \var; and secondly, for the development of underdevelo!Jed areas of the World. The latter was calculated to be as important as the former 5 because the e:x.i stence of rela tively baclotJe.rd and undeveloped coUL'"ltries or areas was 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 capital of t he ]ank at t he end of May 1949 reached 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 member country, t he remaining 80% constitutes t he reserve 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 unclerstanQ. 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 that 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 organization. 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
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semi-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 borrower 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 material 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 $l64olOo,ooo.
The Turkish Government has also ap:9roa.ched the :Bank for a development credit and already su,bmitted its projects, among which t here are those pertaining to flood co;ntrol ~1-nd i;rr!gat;ion, purchase o;f silos for storing grain, :port er1uipment, hY'dro-electric pOvJe;r plants, cement factory, textile machinery, cargo boats, and post, telegraph, and tele!Jhone equipment.
Lastly, I am convinced that the activity of the :Sanl~ in the future wiJ..l be p;r;-imarily concerned '\!lith assisting the underd.evelo~0ed countries, like Tu.rl{;ey, \.,rb,ere the natural resources are ~ich and the know~how is promi.si:ng; · and that there '\·Jill be cl~eat~d in 9uch countries, an atmosphere in which "the tool vJill work and the hand will be :9roud o! it."~~~'
(*Turkish proverb.)
P498
I
FORM No. 1,51 (6.49) INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
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01~02
01~03
Request List to Receive all Press Releases and Publications
New York and United Nations Onl
Additional 65 Co ies to U.N. Request List-all Loan Information, Includin Missions Request List-all Pubs. and P.Rs. re Lending, Marketing Operations of Bank, Financial Statements and Significant S eeches
SPECIAL INSTRUCTIONS
SIGNATURE(Request)
~-/(:Z-~
BE MAILED
10/24
u.s. NON u.s.
DATE DISPATCHED
8 11
TOTAL COST
lUlOADCAS OVER VOIC 0 1 a RAil Recorded rch 10. 1950t 19.50. 12tl$ . S.!.
t Botng to \ k to rou tod · · on eom
ank tor con tru.e ton and De lopnen , the line of th princi le et forth ih
Pre id nt fnunan' e tpo nt tV• rof! , that 1 to 8:Y• 1 connection tth t ehn1c id
a · lt•d to. the o-rld :Bank, in ea lt 1
also ve
ort development d 11o etm truotlon fo-r r in Ol' .. dh sked tor
·• nee ee ra- tu ie ln conn c ion wi tb the rojeot • t o veq
S.mportan t shortc<Hnl e of our · con 1 •':ru.ck the • On of th the need to neou •
rt vate 1n4.u tey and ore t riv; te c p1 market
over l tudy of our eoonoay 4 our dmini· r tlve
draw up a priori t.r pl tor 1n• tment in g eral..
hine , ~ pee:i ly- in order to
e o?l.d ank,. 1 th the b eking ot ou.r co l1lm nt, lmmeu1 tely t n up
the e '\ G matters an formed t o
ealls the e t o 1 . ions the ••,lohnton miss on t
ml sion, which et up ln ord r to tud7 t.h
vl tted Turk y 1 t October end o~ mber d :O!-"de 1t fir t · tud1e . and eont ct ith the
ov-ern.me:nt, on the one hand, . d bu ine men tn the bi > tr d center ot th
eountr,. on th other. Jt ha . draw up th bro lin ot St reeo etld tions, htch have
been accepted th ·urk1&h overnment d b the ~ ank.
r. Johnson 1a a t r sent la rke;r, working out th detail of hi !aston' •
findings. The b·ro line of thl roj · et re s :follo ; 1ndustr1 1 eredi t 1n ti tut(:
la going to be ere t d in OM r to su.pply long-term credit to r1v te 1ndu. try. The
c pttal of the in titut 111 b 12j. mllllon Ttlrk1eh lir , h1eh will be b c-ribed by
he pri te co merci a o£ Turkey and by rf te tnv tore. The Central Bank baa
reed. to exten loan to th.e tnstl tute by discounting 1 t · bond up to an amount of
12 1llion tan lira , nd I ho e and elte e t t the World Bank will grant a loan of
up to $9 !.lll to the in ti tute ae - d hen re uir&d. Thus the 1n t1 tut i going to
-a-o erate wlth eap1 l re ourees aacm.nt1n& 1n tot 1 to 50 million '1\u-ki h 11 • !o rd ot
th t:a•t1tute ta going to be reeruSted trOll ong · rk1 · h bu 1ne n. !h in ti tuta will
1 o have a technic 1 board co pa. ed o~ tirst-cl eeonom1 te and teohn1ctane.
!he institute ls going to · lo to ri'Y te indu. trle 1n T ' rlti h lir and
in foreign exch • lt will .eupervi8e the ozok in hioh it loan are u ed until the t1 e
e ·eb, loafl ts repaid t-o the tn tttut • !eebn:lc . senice , .111 'b furalthed. hen prS.nt
e pital. de S.res to ill"f'e t tn ne 1nduatrt •· !'be 1n titut lll be empo ered to uttllz•
1ts rki h e lt l in the est bli · hment of new 1aduetry lth the require ent. howeveJ¥.
th t th institute'' P&r,iei t1on would b. old eoon a the c> ration ha roved
suece f ul. lf t-ticul r i~tdustl"T ehould em nee••· '• '1\\Jkt ah economy bu. t 11
t1 vat e 1 tal ere not v 11 · ble tor 1 t. the in ti tute ou1 be em r d 1 t elf' to
tablish and op r t ·e proJect to d ·on t:r e · he po .1'b111 t1 ... of ro. it in that lndu tr •
The 1n•t1 t u:t ould 1 o help introduce f o-reign C · it l ,nd i nveetor to !urkey
through the rvt.ce ot 1t a:d. lni tr tlve and techn1cal at f. It -rould. rov1de authorl.ta~
ttv~ tnfo · t1on on econ<>nd.c cond1 tiona .and l gal r~lrement ,, and hel clarify the
iw.nder ta.nd!.ng hlch o-oenl exist ong ote t1 - for l n tnve tor8.
fhi 1 the World !ank:1 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 1 ion, you kno· thi Jni ion a tn ey tow rde the
en4 ot last 1• r d it ha · mad& its . 1" limi · ry survey • r. ll l'ker is re ently in
b.:tngton orltlng With the Wor d Ba.nk to complet his report. The rker m.i ion i oiDB
·b ek t·o ~rkey to stay three .onths. and it ork .111 deal bro d.ly with th f'ollo ng:
1. e dir · ations tn which 1nve t ent might b t b ch eled 1nto Tu.J'k1ab
economy. Th1 ou.ld involve :rec r) endatton to tnv at nt . r1oritte rioue
1 rtant ector of' the econOllly, rtous type ot unde:rt i thin e eh
such etorl
2.
rieu1tur
Other m thod
d 1ndu t r1al
re \\'hieh migbt r ·1 e the 1 vel of keyrt
ro .uctlon d tm rove the fl!f1e1eney of it dt tr1but1on
) • Pn.bl1o flll811clal olt.cie and
out Turkeyrt d v ·1o nt o'bJeeti e.
-)-
u th orld ll t ell tt ou.r thre l"OJ ct • d th d to the
Que t1on of technic id 1 t 1 · g1 1· .eJ"'iou . eon id _ r, tJ.on to our two o t important
ro le t'l. .t oonf1dtmt the o ·pa.b11it_ d da: t b11ity or t
it · endeavor •
FORM No . 75 (7-48)
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
ROUTING SLIP Date BOY 15
TO- Name Room No.
2 II 3
FOR-Action A roval
Recommendation Information Si nature
REMARKS
A little -1st, 'for 10'1 ~ WJ.
R. L. FROM- '-
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 ot the speech in letters sent
to the Chambers ot Commerce ot Ankara, 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.