The World Bank and a consortium of Japanese long-term credit banks, insurance companies and other financial institutions today signed in Washington, D.C. a ¥30 billion ($208 million) loan agreement. This loan will bear interest at the rate of 5.4%, payable semi-annually for a bullet maturity of 12 years.
The Industrial Bank of Japan, Limited, The Long-Term Credit Bank of Japan, Limited, The Bank of Tokyo, Ltd., The Nippon Credit Bank, Ltd. And Nippon Life Insurance Company are joint lead-managers for the transaction. The Dai-Ichi Mutual Life Insurance Company, The Meiji Mutual Life Insurance Company, Sumitomo Life Insurance Company, Asahi Mutual Life Insurance Company and the Tokio Marine and Fire Insurance Company, Limited, are co-managers. The Bank of Tokyo, Ltd., is also the agent for the loan.