The International Bank for Reconstruction and Development (World Bank) announced today a proposed offering consisting of Canadian dollars 100,000,000 Five-Year Bonds due 1989.
The offering, which is expected to take place on or about February 9, 1984, will be made by an underwriting group consisting of Canadian investment dealers and chartered banks with Wood Gundy Limited and Dominion Securities Ames Limited, as lead managers, and McLeod Young Weir Limited and Richardson Greenshields of Canada Limited, as co-managers.
The Bonds, which will be non-redeemable prior to maturity, will be direct unsecured obligations of the Bank.
Net proceeds to the World Bank from the sale of the Bonds will be used in the general operations of the Bank.
The World Bank is headquartered in Washington, D.C. and has been operating since 1946. Its membership comprises 146 countries. The principal objective of the Bank is to promote the economic development of its member countries in the interest of fostering the long-term growth of international trade and improved standards of living. Its principal activity is providing loans for specific projects and related technical assistance. From its establishment to December 31, 1983, the Bank had approved loans in the aggregate amount of $94,354,397,000 to finance projects or programs in 102 countries, including loans to the International Finance Corporation. The loans held by the Bank (including loans approved but not yet effective) at December 31, 1983 totaled $70,748,415,000 of which the undisbursed balance was $34,643,462,000.