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PRESS RELEASE March 22, 1988

World Bank Announces Yen 65 Billion Loan

The World Bank and a consortium of Japanese long-term credit banks, insurance companies and other financial institutions today signed in Tokyo a ¥65 billion (about $511 million) loan agreement. The loan will bear interest at the rate of 5,5%, payable semi-annually and will have a final maturity of 15 years with an average life of 12,5 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.

Mr, Donald C. Roth, Vice President and Treasurer of the World Bank, who today signed the agreements for the loan on behalf of the Bank, expressed the Bank's appreciation for this further demonstration of support from the Japanese financial community towards the development efforts of the World Bank. Part of the proceeds of the loan will be used to refinance the 8,6% loan of 1983 due 1995 from the same group of lenders.

 


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