The World Bank and the Saudi Arabian Monetary Agency signed an agreement in Washington, D.C. yesterday for the private placement of the Bank's first issue of Bonds in Saudi Arabian Riyals. The agreement was signed by Governor Anwar Ali of the Saudi Arabian Monetary Agency and for the Bank by Mohamed Shoaib, Vice President.
The Bonds in the principal amount of SRls 500,000,000 (US$140.8 million equivalent) will be dated July 1, 1974. The Bonds will mature July 1, 1984.
The proceeds of the issue will be used in the general operations of the Bank.