The World Bank and a group of Japanese regional banks today signed in Tokyo an agreement for a 7-year loan to the World Bank totaling Yen 15 billion ($100 million equivalent). The loan carries an interest rate of 5.20 percent a year, payable semi-annually and matures on August 18, 1994.
This borrowing would be the fifth syndicated loan to be arranged for the World Bank by Japanese regional banks. Although this is the first syndicated loan to the Bank from this group in about three years, the Bank borrowed 10 billion yen from the group in the form of a private placement last month. The Bank of Yokohama is the lead manager and agent for the loan. The group of lenders consists of 49 regional banks in Japan.
The World Bank's management has expressed its appreciation for this further demonstration of support from the Japanese authorities and the regional banks towards the Bank's development efforts.
