"Morgan Stanley & Co. Incorporated, Salomon Brothers and The First Boston Corporation, as managers of a nationwide underwriting group, announced the public offering of $250 million International Bank for Reconstruction and Development (World Bank) 6 3/8% 5-year notes, due January 15, 1977 at a price of 100%. The notes may not be redeemed prior to maturity.
"Proceeds to the Bank of the sale of the notes will be used in the general operations of the Bank.
"The notes being offered are not subject to the Interest Equalization Tax. The guidelines for banks and non-bank financial institutions, issued by the Federal Reserve System, place no restraint on purchases of the notes.
"The International Bank for Reconstruction and Development is an international institution, the members of which are governments, now numbering 117, all of which have subscribed to the Bank's capital. Total subscribed capital amounts to $24.0 billion, of which $2.40 billion is paid in to the Bank. The remaining $21.6 billion of subscriptions is callable only if and when required to meet the World Bank's obligations.
"The principal business of the World Bank is lending for economic development in its member countries. Since the start of operations in June 1946, the Bank has made loan commitments totaling almost $17 billion in 90 member countries principally to assist development in such fields as electric power, transportation, communications, industry, agriculture and in other sectors related to basic economic development."
