The International Bank for Reconstruction and Development announced on June 10, 1959, a loan equivalent to $11.6 million to the Union of South Africa. The funds were to help carry out a railway expansion program, executed by the South African Railways and Harbors Administration, that had been one of the chief objects of public investment in the Union since the end of World War II. Twelve banks participated in the loan for a total amount of $2,484,000, representing the first three maturities and parts of the fourth and fifth maturities which were to fall due between December 1961 and December 1963. Among the participating banks were: the Bank of America, Continental Illinois National Bank and Trust Company, The Philadelphia National Bank, The New York Trust Company, Morgan Guaranty Trust Company of New York, National Shawmut Bank of Boston, The First National Bank of Chicago, The Chase Manhattan Bank, First National City Bank of New York, The Northern Trust Company, and the Swiss Bank Corporation (Basle). Amortization of the loan, which was for a term of ten years and bore interest of 6 percent, was to begin in December 1961.
Report: National Conference Organised By The South African Association Of Women Graduates (Sawg), Uct Medical School, Cape Town, 2 - 4 February 2001
