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PRESS RELEASE July 22, 1970

World Bank Signs Agreement on DM 200 Million 10-Year Bond Issue

Today, July 22, the World Bank and a syndicate of German Banks headed by the Deutsche Bank A.G. as manager and the Dresdner Bank A.G. as co-manager signed an agreement covering a new issue of World Bank Deutsche Mark Bonds. The principal amount of the issue is DM 200 million (US$ 54.6 million equivalent) and it bears an interest rate of 8\7 and will be offered publicly at 99¼%. The issue will mature on August 1, 1980 and will be non-callable.

The German withholding tax of 25% on interest payments made to non-residents will not apply to these bonds.

The proceeds of this issue will be used in the general operations of the World Bank. It will be listed on all German Stock Exchanges.