The World Bank and a consortium of Japanese life insurance companies today signed an agreement for a loan to the World Bank totaling Yen 30 billion (about $211.4 million). The loan will have a final maturity of 21 years and carry an interest rate of 6.10 percent per annum, payable semi-annually. The loan provides for transferable participations.
This is the third loan to the World Bank syndicated by a group consisting exclusively of life insurance companies. The first was extended in December 1986, and the second in June 1987.
Nippon Life Insurance Company is the lead-manager. The Dai-Ichi Mutual Life Insurance Company is co-lead manager. The Bank of Tokyo is the agent for the loan.