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PRESS RELEASE August 7, 1978

World Bank Borrows Yen 30 Million

The International Bank for Reconstruction and Development (World Bank) and a consortium of Japanese trust banks led by the Mitsubishi Trust and Banking Corporation today signed a loan agreement for a World Bank borrowing of Yen 30,000,000,000. This is the largest placement ever done in the Japanese Yen syndicated loan market. The loan has a final maturity of 20 years (with repayments in the years 1993-1998) and represents also the longest-term loan in such market. The borrowing is the equivalent of $148.4 million.

The loan proceeds will be utilized in the general operations of the World Bank.