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PRESS RELEASE September 14, 1978

World Bank Borrows Yen 70 Million

The International Bank for Reconstruction and Development (World Bank) and a consortium of Japanese banks and insurance companies managed by the Bank of Tokyo, Ltd., the Industrial Bank of Japan, Limited, and the Long-Term Credit Bank of Japan, Limited, with the Nippon Life Insurance Company as co-manager, signed today in Tokyo a loan agreement for a World Bank borrowing of Yen 70,000,000,000. 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). The borrowing is the equivalent of $361.9 million. The loan proceeds will be utilized in the general operations of the World Bank.