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PRESS RELEASE March 16, 1984

World Bank Announces Yen 50 Billion Syndicated Loan

The World Bank and a consortium of Japanese trust banks today signed in Tokyo a loan agreement for a World Bank borrowing of Yen 50 billion (about US$134 million equivalent at current exchange rates).The Mitsui Trust and Banking Company, Limited will act as manager and agent for this borrowing. The loan will have a final maturity of 12 years and an average life of 10.5 years, and will bear interest at the rate of 8.4% per annum payable semi-annually.

Including this borrowing, the World Bank has concluded eleven long-term loans with Japanese trust banks for an aggregate amount of Yen 275 billion (about US$1,200 million equivalent).