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PRESS RELEASE June 24, 1988

World Bank Announces Yen 25 Billion Loan through Life Insurance Companies

The World Bank and a consortium of Japanese life insurance companies today signed an agreement for a loan to the World Bank in an amount of Yen 25 billion (about $192 million). The loan will carry an interest rate of 5.50 percent, payable semiannually and will have a final maturity of 23 years.

Nippon Life Insurance Company is the lead-manager and the Dai-Ichi Mutual Life Insurance Company is the co-lead manager. The Bank of Tokyo is the agent for the loan.