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PRESS RELEASE December 18, 1974

World Bank Borrows $750 Million from Saudi Arabia

The World Bank announced its largest single borrowing operation to date -- a $750,000,000 placement of its bonds in Saudi Arabia.

The agreement with the Saudi Arabian Monetary Agency provides for repayment of the obligation by the World Bank on December 15, 1984. The proceeds of the issue will be used in the general operations of the World Bank and will add to the resources available to the Bank for the financing of productive projects throughout the developing world.

The management of the World Bank has expressed its grateful appreciation to Saudi Arabia for this most welcome and significant support given to the World Bank in its development effort.