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PRESS RELEASE November 23, 1999

The World Bank has Launched its Third Reopening of its 1-Year 15.5% Polish Zloty Global Note Due November 22, 2000

Washington, DC, November 23, 1999 - The World Bank has launched its third reopening of its 1-year 15.5% Polish Zloty Global note due November 22, 2000.

This PLN 200 million reopening brings the total outstanding size of the issue to PLN 600 million which is equivalent to about USD 140 million. That makes it the largest Polish Zloty deal ever launched in the international capital markets and the benchmark security in this market segment. It is also the first Polish Zloty debt security of its kind issued in Global bond format.

The original PLN 200 million issue of the World Bank was launched on November 2, 1999 via lead manager Morgan Stanley and included a syndicate of eight other financial houses. It met strong investor demand from institutional fund managers and was subsequently increased twice, by PLN 100 million each, through Morgan Stanley. The new PLN 200 million reopening of November 23, 1999 was lead managed by TD Securities.

This World Bank issue was structured in a Global bond format to appeal to investors located in North America and in Europe. The registered World Bank notes are clearing through Euroclear and Cedelbank in Europe and through DTC, the Depository Trust Company in the United States. Through this format, the notes were placed by about equal shares with institutional investor accounts in the United States and in Continental Europe.

Polish Zloty debt securities issued by international borrowers have met renewed investor interest since mid-1999 when they became fully convertible for clearing and settlement purposes. Euroclear and Cedelbank, Europe's main clearing systems for Eurobonds, are now handling payments in Polish Zloty directly, without conversion into another convertible currency as has been the practice so far.

The World Bank expects to launch further bonds denominated in Eastern European and other emerging market currencies over the course of the year 2000.