The World Bank signed today an agreement with the Deutsche Genossenschaftsbank for a private placement of Deutsche Mark Notes in the principal amount of DM 200 million (about US$64 million equivalent). The notes will bear interest at 7-5/8 percent per annum. They will mature on October 15, 1990 and will be non-callable. They will be placed with cooperative banks and their clients in Germany and several other European countries and Japan.
The agreement was signed in Washington D.C. at the World Bank's annual meeting. The proceeds of the issue will be used in the general operations of the World Bank.