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Development Loan Fund
The Development Loan Fund (DLF) was the lending arm of the United States International Cooperation Administration. It was established in 1957 as part of a revision of the Mutual Security Act. Its main purpose was extending loans to foreign nations, mostly for capital projects, repayable in the local currency of the borrower. In 1961, it merged into the United States Agency for International Development. At its creation, its legislative mandate ordered that it not "compete" with "private investment capital", the Export-Import Bank or the International Bank for Reconstruction and Development. Shortcomings and Limitations The DLF was dominated by the Department of State because the chair of the Board for the Fund was the Under Secretary of State. This interfered with the ability of the DLF to impartially and independently evaluate and accept loan proposals. The 1960 report on the Operations of the DLF insisted that there was ongoing pressure on the Fund from the Department of State ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Cooperation Administration
The International Cooperation Administration (ICA) was a United States government agency operating from June 30, 1955 until September 4, 1961, responsible for foreign assistance and 'nonmilitary security' programs. It was the predecessor of the present-day U.S. Agency for International Development. History The International Cooperation Administration (ICA) was established by the U.S. State Department Delegation of Authority 85, from June 30, 1955, pursuant to EO 10610, May 9, 1955. Its predecessor was the Foreign Operations Administration (FOA) founded in 1953. Both organizations coordinated foreign assistance operations and conducted all nonmilitary security programs for the United States. On September 4, 1961 the ICA was abolished by act of Congress (75 Stat. 446) and all functions were transferred to U.S. Agency for International Development. The ICA consisted of several departments or agencies organized by region. They included the Institute of Inter-American Affairs. His ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Security Act
The Mutual Security Act of 1951 launched a major American foreign aid program, 1951–61, of grants to numerous countries. It largely replaced the Marshall Plan. The main goal was to help poor countries develop and to contain the spread of communism. It was signed on October 10, 1951, by President Harry S. Truman. Annual authorizations were about $7.5 billion, out of a GDP of $340bn in 1951, for military, economic, and technical foreign aid to American allies. The aid was aimed primarily at shoring up Western Europe, as the Cold War developed. In 1961 it was replaced by a new foreign aid program, the Foreign Assistance Act of 1961, which created the Agency for International Development (AID), and focused more on Latin America. The Mutual Security Act also abolished the Economic Cooperation Administration, which had managed the Marshall Plan and transferred its functions to the newly established Mutual Security Agency (MSA). The Agency was established and continued by acts of Oct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance - i.e. legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "curren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Agency For International Development
The United States Agency for International Development (USAID) is an independent agency of the U.S. federal government that is primarily responsible for administering civilian foreign aid and development assistance. With a budget of over $27 billion, USAID is one of the largest official aid agencies in the world and accounts for more than half of all U.S. foreign assistance—the highest in the world in absolute dollar terms. Congress passed the Foreign Assistance Act on September 4, 1961, which reorganized U.S. foreign assistance programs and mandated the creation of an agency to administer economic aid. USAID was subsequently established by the executive order of President John F. Kennedy, who sought to unite several existing foreign assistance organizations and programs under one agency. USAID became the first U.S. foreign assistance organization whose primary focus was long-term socioeconomic development. USAID's programs are authorized by Congress in the Foreign Assistanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Capital
Financial capital (also simply known as capital or equity in finance, accounting and economics) is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, ''e.g.'', retail, corporate, investment banking, etc. In other words, financial capital is internal retained earnings generated by the entity or funds provided by lenders (and investors) to businesses in order to purchase real capital equipment or services for producing new goods and/or services. In contrast, real capital (or economic capital) comprises physical goods that assist in the production of other goods and services, e.g. shovels for gravediggers, sewing machines for tailors, or machinery and tooling for factories. IFRS concepts of capital maintenance ''Financial capital'' generally refers to saved-up financial wealth, especially that used in or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Bank For Reconstruction And Development
The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States, that is the lending arm of World Bank Group. The IBRD offers loans to middle-income developing countries. The IBRD is the first of five member institutions that compose the World Bank Group. The initial mission of the IBRD in 1944, was to finance the reconstruction of European nations devastated by World War II. The IBRD and its concessional lending arm, the International Development Association (IDA), are collectively known as the World Bank as they share the same leadership and staff. Following the reconstruction of Europe, the Bank's mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic polic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Under Secretary Of State
Under Secretary of State (U/S) is a title used by senior officials of the United States Department of State who rank above the Assistant Secretaries and below the Deputy Secretary. From 1919 to 1972, the Under Secretary was the second-ranking official at the Department of State (immediately beneath the United States Secretary of State), serving as the Secretary's principal deputy, chief assistant, and Acting Secretary in the event of the Secretary's absence. Prior second-ranking positions had been the Chief Clerk, the Assistant Secretary of State, and the Counselor. Prior to 1944, a number of offices in the Department reported directly to the Under Secretary. In July 1972, the position of Deputy Secretary superseded that of Under Secretary of State. The following is a list of current offices bearing the title of "Under Secretary of State": * Under Secretary of State for Political Affairs * Under Secretary of State for Management * Under Secretary of State for Economic Growth, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dempster McIntosh
Dempster McIntosh (17 January 1896 – 6 May 1984) was an American business executive and diplomat, serving as the United States Ambassador to Uruguay, Venezuela, and Colombia. He was also the President of Philco from 1943 to 1953 and Manager of the Development Loan Fund of the International Cooperation Administration. Early life Dempster McIntosh was born in Newport, Rhode Island, on 17 January 1896. At age seven, his family moved to Cotuit, Massachusetts, a small fishing village on Cape Cod, where his father was a gardener on the Rothwell estate. In those preadolescent years, he worked as a laborer in the summertime and was generally known as "a jovial figure." In 1908, the McIntoshes moved to Pittsburgh, Pennsylvania, where, at the age of 15, he stopped attending school and began working. However, Cotuit historian and biographer Albert Crocker Knight, author of McIntosh's biography, ''From Ocean View Avenue to Embassy Row'', has often said that it was the village, with its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vance Brand (businessman)
Vance DeVoe Brand (born May 9, 1931) is an American naval officer, aviator, aeronautical engineer, test pilot, and NASA astronaut. He served as command module pilot during the first U.S.-Soviet joint spaceflight in 1975, and as commander of three Space Shuttle missions. His flight experience includes 9,669 flying hours, which includes 8,089 hours in jets, 391 hours in helicopters, 746 hours in spacecraft, and checkout in more than 30 types of military aircraft. Early life and education Brand was born May 9, 1931, in Longmont, Colorado, and is the son of Rudolph William Brand (1903–1984) and Donna Mae Brand (; 1908–1998). He was active in Troop 64 of the Boy Scouts of America in Longmont, where he achieved its second highest rank, Life Scout. Brand graduated at Longmont High School in 1949, and at the University of Colorado at Boulder he received a Bachelor of Science degree in business in 1953 and another B.S. degree, in aeronautical engineering, in 1960. He was a membe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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