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PRESS RELEASE October 13, 1978

World Bank Borrows Yen 30 Billion

The Bank of Japan and the International Bank for Reconstruction and Development (World Bank) today signed a Loan Agreement under which The Bank of Japan is lending the World Bank Yen 30 billion on October 26, 1978. The Loan is intended to re-finance, in advance, the outstanding borrowings which will mature in the near future and is the third tranche of a program which began in October 1977.

The Loan carries an interest rate of 6.14% per annum, payable semiannually; has a term of six and one-half years; and will mature April 26, 1985.

The Loan Agreement was signed today at The Bank of Japan in Tokyo. Mr. Eikichi Arai, Director, Foreign Department, signed on behalf of The Bank of Japan and Mr. Tarao Maeda, Director, Tokyo Office signed for the World Bank.

The loans outstanding to the World Bank from The Bank of Japan aggregate Yen 410.8 billion. The World Bank has, in addition, borrowed Yen 383 billion, both publicly and in private markets, of which Yen 376.7 billion is outstanding.