| Deal Description | Malaysia added the net proceeds from this transaction to its foreign exchange reserves. The proceeds were paid into the Malaysian Development Fund and were applied to capital expenditures for Development Fund projects, which included expenditures for economic development of the country and, to a limited extent, for certain defense purposes. The largest of the development programs in Malaysia at the time of the deal was the Second Five-Year Plan, 1961-1965, of the States of Malaya, which placed primary emphasis on agriculture and infrastructure development in the form of new planting and replanting of rubber trees, road construction, electrification, irrigation, and land settlement. |
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