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PRESS RELEASE May 15, 1974

World Bank Signs First Offering of World Bank Bonds in the United Arab Emirates

On May 15, 1974, an agreement was signed by the Government of Abu Dhabi and the World Bank for an offering at par of the Bank's bonds in the United Arab Emirates.

The aggregate principal amount of the bonds is 300,000,000 United Arab Emirates Dirhams (U.S. dollars 76,000,000 equivalent).

The bonds will be dated May 15, 1974, will carry an interest rate of 8% per annum, payable semi-annually, and will be repaid in ten installments of 30,000,000 Dirhams on May 15 in each of the years 1980-1989 inclusive.

This is the first offering of World Bank bonds in the United Arab Emirates.

The proceeds of the issue will be used in the general operations of the Bank.