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Seventy-five years ago today, the newly established International Bank for Reconstruction and Development (IBRD), now known as the World Bank, made its first and only loan to Luxembourg. The loan was IBRD's fourth loan, laying the foundation for Luxembourg's steel industry and playing a key role in supporting the country's economic recovery in the aftermath of World War II.
The loan, officially dated August 28, 1947, was for US$12 million, equivalent to approximately US$155 million (€ 152 million) today, to support Luxembourg's Steel Mill Railway Project. The money financed rolling stock for the railways and equipment for the steel industry: US$4.5 million were used to purchase locomotives, box and gondola freight cars, baggage cars and miscellaneous railroad...
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