The World Bank and a consortium of Japans financial institutions signed in Tokyo a loan agreement for a World Bank borrowing of Yen 50 billion (about US$ 223 million equivalent at current exchange rates).
The syndicated loan is extended to the World Bank by a consortium of Japanese banks and insurance companies with The Industrial Bank of Japan Limited, The Long-Term Credit Bank of Japan, Limited, The Bank of Tokyo, Ltd., The Nippon Credit Bank, Ltd., and Nippon Life Insurance Company a joint lead-managers. The Dai-ichi Mutual Life Insurance Company, The Meiji Mutual Life Insurance Company, Sumitomo Life Insurance Company, Asahi Mutual Life Company, and the Tokyo Marine and Fire Insurance Company, Limited are co-managers of the transaction. The Bank of Tokyo, Ltd. is also the agent for the loan syndicated loan, with a final maturity of 12 years and an average life of 10.5 years, bears interest at the rate of 8.4% per annum payable semi-annually.
Including this borrowing, the World Bank has concluded ten loans aggregating Yen 505 billion (about US$2.3 billion equivalent) with the Japanese banks and insurance companies included in this group of lenders.