The World Bank has concluded arrangements for a borrowing of Yen 20 billion (about US$86 million equivalent) from the group of regional banks in Japan. Mr. J. P. Uhrig, Director, Financial Operations Department of the World Bank, signed the agreement today in Tokyo.
The corresponding borrowing is a Yen 20 billion loan from a consortium of Japanese regional banks. The Bank of Yokohama, Ltd. will act as manager and agent for this borrowing with The Hokuriku Bank Ltd., The Ashikaga Bank Ltd., The Bank of Fukuoka, Ltd., The Chiba Bank, Ltd., The Hachijuni Bank, Ltd., The Hokkaido Bank, Ltd., The Joyo Bank, Ltd. and The Shizuoka Bank, Ltd. as co-managers. The loan has a maturity of 7 years and will bear interest at the rate of 7.90% per annum payable semi-annually. Including this borrowing, the World Bank has concluded three transactions with this group of banks for an aggregate amount of Yen 50 billion (about US$215 million equivalent).