INDUSTRY

closed

Closed

The Load Administration Report on the $16,000,000 loan to the Kingdom of Belgium will restore internal monetary equilibrium and thereafter restrict the role of Government in economic life to the maintenance of this equilibrium by financial rather than physical controls. The loan will finance the external costs of the construction of three industrial projects, namely, the cold rolling and tin-plating mill of the Compagnie des Fers Blancs et Toles a Froid (Ferblatil), the blooming mill of Societe Anonyme d'Ougree-Marihaye, and the thermal power station of Union des Centrales Electriques de Liege-Namur-Luxembourg (Linalux). Although conditions have varied widely from industry to industry, the general level of industrial production in the Belgo-Luxembourg Economic Union has remained fairly stable over the past two years. At the same time prices have shown a distinct downward trend, while the volume of money has remained stable and conditions in the capital market have become easier. Sizeable unemployment has nevertheless persisted in Belgium since the end of 1948, and has spread to most branches of industry. Mainly as a result of the need to finance the cost of unemployment relief, a small deficit has reappeared on the ordinary budget and a program of increased public investment has been initiated.

World Bank Group

Project

Power Generation (CCGT), Manufacturing (Industrial), Steel, Geothermal, Government