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PRESS RELEASE January 15, 1976

World Bank Plans Offering of a $750 Million Note and Bond Issue

The International Bank for Reconstruction and Development (World Bank) today announced in plank to offer $750 million aggregate amount of (unreadable), consisting of $250 million Five Year Notes due July 1, 1981; $250 million Ten Year Notes due (unreadable) 1, 1986; and $250 million Twenty-Five Year Bonds due July 1, 2001. The offering which is expected to take place on or about June 27, 1976, will be made by a (unreadable) group of underwriters managed by Morgan Stanley & C. Incorporated. The First Boston Organization and Salomon Brothers.

The Bank, which began its operations in 1946, is an international institution the members of which are governments. At the present time, it has 227 governments as members.

The principal purposes of the Bank are as follows;

(a) To assist in the reconstruction and development of its member countries by facilitating the investment of capital for productive purposes, thereby promoting the long-range growth of international trade and the improvement of standards of living;

(b) To promote private foreign investment by guarantees of or participations in loans and other investments made by private investors; and

(c) When private capital is not available on reasonable terms, to supplement private investment by making loans for productive purposes out of its own resources or funds borrowed by it.

From its establishment to March 3, 1976, the Bank had approved loan commitments in an aggregate principal amount equivalent to about $31 billion to finance programs or projects in 95 countries. The loan commitments effective and held by the Bank as of March 31, 1976 totaled approximately $22 billion of which the undisbursed balance was approximately $9 billion.

The securities will be direct unsecured obligations of the Bank. The Five-Year Notes and Ten Year Notes will be non-redeemable prior to maturity. The Bonds will be non-redeemable prior to January 1, 1989 and will provide for a sinking fund calculated to retire 92% of the issue prior to maturity.

In addition to the initial delivery of the Bonds, the Bonds will also be offered by the Bank through the underwriters for sale on a delayed delivery basis to certain institutional purchasers. Delayed delivery sales will be made under contracts providing for delivery on January 5, 1977 and such other dates as may be agreed to by the Bank.

The net proceeds to the Bank from the issues will be used in the general operations of the Bank.