The Green Revolution was a concerted effort to develop and introduce modern agricultural techniques and ever stronger variants of food grains into developing countries. A combination of governments and foundations sponsored extensive research that resulted in new, high-yielding, and disease-resistant strains of rice and wheat, which dramatically increased farm productivity. During this time, fertilizer deals were widely known within the World Bank to be a favorite of then-Bank President George D. Woods. Such deals became a common type of IFC investment (perhaps giving a whole new meaning to the old saying about investment proposals needing to pass a “smell test”).
Fertilizer projects were apparently big news, too, as evidenced by a New York Times headline on November 10, 1962: “World Bank Unit to Help Build Big Fertilizer Plant in Tunisia.” The project, construction of a $14 million plant by U.S. and Swedish sponsors, was considered a newsworthy and innovative approach to development because 10 percent of the company’s stock would be warehoused for future purchase by Tunisian investors at par.
If you have an idea for a “postcard from the past,” please email Celeste Diaz Ferraro at cdiazferraro@ifc.org.
