The World Bank and a consortium of Japanese long-term credit banks, insurance companies and other financial institutions today signed in Tokyo a Yen 65 billion (about $480 million) loan agreement. The loan will bear interest at the rate of 5.7 percent, payable semi-annually and has 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 Co any 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.
The proceeds of the loan will be used in the general operations of the World Bank.