Oil and gas activities of the world bank
- World Bank, Washington, DC (United States)
The oil crisis of the 1970s profoundly challenged the economies of most developing countries. The crisis hit the the oil-importing countries severely, and many suffered deteriorating balances of payments and increasingly unmanageable import bills. It was in this context, in July 1977, that the World Bank`s Executive Directors approved an expanded program of lending to assist the Bank`s client countries in developing their own energy resources. In 1978, the Bonn Summit and the Secretary General of the United Nations endorsed the initiation of new approaches in the energy sector by the World Bank, particularly in financing oil exploration in countries that were significant oil importers. The new initiative led to a rapid expansion of the World Bank`s lending for oil and gas projects, which reached about $1 billion in 1983.
- Research Organization:
- East-West Center, Honolulu, HI (United States). Program on Resources: Energy and Minerals
- OSTI ID:
- 121204
- Report Number(s):
- CONF-9309209--; ON: DE95014708
- Country of Publication:
- United States
- Language:
- English
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