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292.
A wide institutional range of financing of new
enterprises was needed, and Development Banks as such scarcely
existed in the early 1950s. There was no such organization in the
U.S. as a privately established Development Bank in the early years
of the decade. Only a few investment firms in New York, including
Wood Struthers, White Weld, and Bear Stearns, had made a very
limited number of long-term private loans for enterprises abroad
and were not interested in expanding this form of financing. The
World Bank experimented with three new development-type banks in
Ethiopia, Ceylon, and Turkey with mixed success. Two development-
type banks set up in the late 1940s by the British in Nigeria ended
up in disaster.
293.
To explore the special requirements for Development
Lending Institutions which held some promise of success, several
years were spent in the early 1950s consulting intensively with
large U.S. and European investment and commercial banks, and
reviewing the experience and problems of the few trials at the time
with Development Banks in industrializing nations. From these
efforts some understanding evolved of forms of organization,
staffing, and lending practice which might promise success for this
new form of banking. Additional information was gained from U.S.
and European banking specialists who had been engaged to explore
the problems and to work with a variety of existing small and
specialized lending programs for development purposes in a number
of countries.
158
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"ocrText": "292.\nA wide institutional range of financing of new\nenterprises was needed, and Development Banks as such scarcely\nexisted in the early 1950s. There was no such organization in the\nU.S. as a privately established Development Bank in the early years\nof the decade. Only a few investment firms in New York, including\nWood Struthers, White Weld, and Bear Stearns, had made a very\nlimited number of long-term private loans for enterprises abroad\nand were not interested in expanding this form of financing. The\nWorld Bank experimented with three new development-type banks in\nEthiopia, Ceylon, and Turkey with mixed success. Two development-\ntype banks set up in the late 1940s by the British in Nigeria ended\nup in disaster.\n293.\nTo explore the special requirements for Development\nLending Institutions which held some promise of success, several\nyears were spent in the early 1950s consulting intensively with\nlarge U.S. and European investment and commercial banks, and\nreviewing the experience and problems of the few trials at the time\nwith Development Banks in industrializing nations. From these\nefforts some understanding evolved of forms of organization,\nstaffing, and lending practice which might promise success for this\nnew form of banking. Additional information was gained from U.S.\nand European banking specialists who had been engaged to explore\nthe problems and to work with a variety of existing small and\nspecialized lending programs for development purposes in a number\nof countries.\n158"
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