380. Editorial Note
On January 18, the International Bank for Reconstruction and Development approved the $75 million loan for Iran at 5 percent interest with 7 principal payments over a 3-year period beginning September 15, 1959. The loan agreement was signed in Iran on January 22. In view of the difficulties reiterated by Ambassador Amini, as last mentioned in Document 375, the Export-Import Bank waived its negative pledge on Iranian revenues by agreeing that for the duration of the IBRD loan it would service its own loans from Iran’s oil revenues accruing to the National Iranian Oil Company and the Iranian Government (account “O” in the Midland Bank). (Telegram 1348 from Tehran, January 18; Department of State, Central Files, 888.10/ 1–1857, and Current Economic Developments, issue no. 511, January 22, 1957, pages 20–23; Ibid., Current Economic Developments: Lot 70 D 467)