The World Bank has concluded arrangements for a borrowing of Yen 20 billion (about US$85.7 million equivalent) from a group of City Banks in Japan. The loan has a maturity of 7 years and bears interest at the rate of 7.90 % per annum payable semi-annually. The loan was made at par.
Mr. Koji Kashiwaya, Director of the Tokyo Office of the World Bank, who signed the agreements for the loan on behalf of the Bank in Japan, expressed the Bank's appreciation for this continued demonstration of support from the Japanese authorities and the financial institutions concerned towards the development efforts of the World Bank.
The loan was extended by a consortium of Japanese City Banks with the Dai-Ichi Kangyo Bank, Limited, The Fuji Bank, Limited, The Mitsubishi Bank, Limited, The Mitsui Bank, Limited, The Sanwa Bank, Limited and The Sumitomo Bank, Limited, as managers. The Sanwa Bank, Limited is also the agent for the loan. With this borrowing, the World Bank has concluded four transactions with the same group of banks for an aggregate amount of Yen 70 billion (about $300 million equivalent).