An agreement for a World Bank borrowing of Yen 35 billion (about US$144.7 million equivalent at current exchange rates) was signed today in Tokyo by The World Bank and a consortium of Japanese trust banks.
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% per annum payable semi-annually. As with the loan signed yesterday, August 29, the spread over LTPR for 12 year loans to The World Bank was lowered from 0.2% per annum to 0.1% per annum and the management fee was also reduced from 0.5% to 3/8%. The Sumitomo Trust and Banking Company, Limited will act as manager and agent for this borrowing.
Including this borrowing, The World Bank has concluded twelve long-term loans with Japanese trust banks for an aggregate amount of Yen 310 billion (about US$1,300 million equivalent).