The World Bank and a consortium of Japanese banks and casualty insurance companies today signed a 5-year, Yen 10 Billion (about US$ 77.5 million) loan agreement. The interest rate will be fixed during the first six months at 8.3 percent and thereafter at the Japanese long-term prime rate prevailing at the beginning of each subsequent six-month period. The proceeds of this borrowing have been swapped into 7.65 percent Yen fixed-rate funds.
The Bank Of Tokyo, Ltd. and the Tokyo Marine and Fire Insurance Company, Limited are lead managers. The Bank of Tokyo, Ltd. is also the agent for the loan.
