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Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about underdeveloped areas of the world and the role of World Bank on those areas. He focused on the role of trade in developed and developing countries and its implications for their economic development. He explained the role of the Bank in encouraging participation of private capital in international investment.

Access to Markets --- Capital Markets --- Capital Markets and Capital Flows --- Economic Development --- Electric Power --- Energy --- Finance and Development --- Finance and Financial Sector Development --- Governance --- Hydro Power --- International Governmental Organizations --- International Trade and Trade Rules --- Private Investment

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Eugene R. Black, President of the International Bank for Reconstruction and Development, reviewed Bank lending and pleaded for member countries to release their local currency subscriptions to the use of the Bank. He mentioned his practice to visit for some time each year some part of the world, getting to know at first hand the economic and development problems of member countries. He discussed an indispensable element in the financing of long-term development which is the increased flow into the underdeveloped world of private investment capital from abroad. He described how the bulk of Bank's investment operations had been in the field of public utilities, especially of electric power, and Bank is constantly encountering the importance of power, even where Bank are financing projects outside the immediate power field. He concluded by saying that private capital would make a large contribution to Bank's investment, which would benefit recipient countries by helping to speed their development and to raise their productivity and their living standards.

Foreign Direct Investment --- Hydropower --- Private Investment --- Tariffs