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PRESS RELEASE March 11, 1976

World Bank Borrows Yen 18 Billion

Mr. Masaru Hayami, Director, Foreign Department of The Bank of Japan and Mr. Tarao Maeda, 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 18.4 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 1977 and will be based on the yield to original subscribers of Japanese Government guaranteed bonds.

This transaction will bring to a total of Yen 601.8 billion, the amount which the World Bank will have borrowed in Japan in 18 separate operations, consisting of Yen 493.8 billion from The Bank of Japan, Yen 98 billion through six public offerings and Yen 10 billion through a private placement.