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PRESS RELEASE March 27, 1974

World Bank Borrows Japanese Yen 40.8 Billion

Mr. Tetsuo Yamanaka, Chief, Foreign Department, The Bank of Japan and Mr. Aritoshi Soejima, Director of the World Bank's Tokyo Office today signed a loan agreement under which The Bank of Japan agreed to lend the World Bank Yen 40.8 billion.

The average maturity of this borrowing is 6-1/2 years. The interest rate will be determined as the loan is drawn down through February 1975 and will be based on the yield to original subscribers of Japanese Government Guaranteed Bonds.

This transaction will bring to a total of Yen 540.8 billion, the amount which the World Bank will have borrowed in Japan in 16 separate operations, consisting of Yen 432.8 billion from The Bank of Japan, Yen 98 billion through six public offerings and Yen 10 billion through a private placement.