The World Bank and a group of Japanese regional banks today signed in Tokyo an agreement for an 8-year loan to the World Bank totaling Yen 15 billion ($119 million). The loan carries an interest rate of 5.50 percent a year, payable semi-annually and matures on June 10, 1996.
The Bank of Yokohama is the lead manager and agent for the loan. The group of lenders consists of 55 regional banks in Japan. The proceeds are being used to refinance the 8.4% loan of 1983, due June 10, 1990 from the same group of lenders.