The World Bank has placed an issue of DM125 million ($31,250,000) with the Westdeutsche Landesbank Girozentrale in cooperation with other German banks. Interest will be at a rate of 6-1/2 per cent per annum and repayment will be in eight annual installments starting in January 1977.
This is the second of three tranches of the private placement of a sum totaling DM400 million ($100 million) which was previously announced by the World Bank. The agreement for the first tranche of DM150 million was signed on December 16, 1968 and the agreement for the DM125 million tranche was signed today (January 24, 1969) in Dusseldorf. The third tranche, which will also amount to DM125 million, will be placed approximately 45 days from now, on conditions to be negotiated in due time.
Including the new issue in Germany signed today, the World Bank will have raised the equivalent of $900 million in the first seven months of its current fiscal year.