The following announcement was made in Tokyo on April 12:
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, $141 million equivalent, on April 26, 1979. The loan is intended to refinance, in advance, certain outstanding borrowings which will mature in the near future.
The loan carries an interest rate of 6.53% per annum, payable semi-annually, has a term of six and one-half years, and will mature October 26, 1985.
The Loan Agreement was signed today at The Bank of Japan in Tokyo. Mr. Shijuro Ogata, Director, Foreign Department, signed on behalf of The Bank of Japan and Mr. Akira Kaya, Director, Tokyo Office signed for the World Bank.
The loans outstanding to the World Bank from The Bank of Japan aggregate Yen 375.8 billion, $1.77 billion equivalent. The World Bank has, in addition, borrowed Yen 383 billion, both publicly and in private markets, of which Yen 371.6 billion, $1.75 billion equivalent, is outstanding.