The World Bank and a consortium of Japanese life insurance companies today signed in Tokyo an agreement for a 30-year transferable yen loan to the World Bank totaling Yen 40 billion ($246.9 million). The loan will bear interest at 6.20% a year, payable semi-annually, with one lump sum repayment of loan principal on the final maturity.
The syndicated loan, which has transferable participations, is the first yen borrowing in Japan to have a maturity as long as 30 years. It is the first syndicated yen loan extended to non-residents in Japan by a group consisting exclusively of Japanese life insurance companies.
Nippon Life Insurance Company is the lead manager. The Dai-Ichi Mutual Life Insurance Company is the co-lead manager. Sumitomo Life Insurance Company, the Meiji Mutual Life Insurance Company, and Asahi Mutual Life Insurance Company are syndicate managers. The Bank of Tokyo is the agent for the loan.