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PRESS RELEASE January 30, 1989

World Bank Announces Yen 40 Billion Loan from 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 40 billion (about US$308 million). The loan will carry an interest rate of 5.70 percent, payable semiannually and will have a maturity of 25 years.

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