World Bank President Barber B. Conable Jr....

World Bank President Barber B. Conable Jr. announced the formation of a new worldwide agency to insure private investors against loss from war and other hostile action. Conable said 34 countries have signed an agreement on the new Multilateral Investment Guarantee Agency and 29 others have stated their intention to join. The object is to attract more direct investment into Third World countries, to help them build the industries they need so that they can make more payments on their debts. New investments also would reduce the need to add to their existing debt, now more than $1 trillion.